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CHAPTER 4 efficient and responsible management

Based on the materiality analysis that we carried out in 2016 to prepare our 2017- 2019 Corporate Responsibility Master Plan, in 2017 we updated the information sources and two-way communication channels with our stakeholders, which enabled us to see how the relevant aspects identified had evolved and to reevaluate their importance.

Specifically, we have considered internal and external information sources, in ac- cordance with the guidelines defined by the Global Reporting Initiative standard (GRI) in its GRI Standards version.

We have taken account of our stakehold- ers expectations, analysing the informa- tion gathered via the channels set up for that purpose, the assessment of regula- tory trends and the voluntary initiatives of the industry.

We have also assessed the importance of material issues according to the econom- ic, environmental and social impact they have both on our business strategy and outside of the organisation, and on their

potential to generate risks and opportuni- ties for our Company.

An analysis of the maturity of our proce- dures in each of these significant matters enabled us to set forth the main lines of the 2017-2019 Corporate Responsibility Master Plan 2017-2019 (v. 4.2 Corporate Governance) and to align them with the Sustainable development Goals.

The structure and the content of this re- port have been defined based on the rel- evant issues identified and the response that we at Cepsa are providing.

For each of the material issues that we have indicated, the following is shown: the boundary of the impact it generates, the Associated Sustainable development Goals, the block in the Corporate Respon- sibility Master Plan in which there are ac- tions geared towards improving our per- formance in this field, and an indication of where in the report the management approach that we are taking is described and the evaluation of the results of our management.

MATeRIALITy