Our culture: doing things properly
The map of Enagás stakeholders and the Materiality Analysis process are both updated with the company's strategic update.
The key spheres of relationship and the stakeholders in each of them are reviewed during the strategic updating process and are prioritised according to their level of importance and impact.
- Sector regulation
- Ministry of Energy, Tourism and Digital Agenda
- National Markets and Competition Commission
- European Network for Transmission System Operators for Gas
- International regulatory bodies
- European institutions
- Share listing/stock market
- Rating agencies
- International development
- Business partners
- Suppliers (development)
- Financial institutions
- Business operation
- Clients (transmission companies, shippers, distributors and direct consumers in the market)
- Spanish public administration
- Suppliers (operation)
Stakeholders play a key part in identifying and prioritising material issues(1) and the company relies on continuous feedback to develop and update its strategy and materiality matrix.
In 2016, Enagás updated its materiality matrix with the results obtained from an analysis of the feedback received from the main indices as well as from sustainability rating agencies that periodically evaluate the company with regard to governance, and social and environmental aspects. A key stakeholder for the company, at the same time it gathers the expectations of other stakeholders (investors, society, etc.).
In turn, conclusions that are long term in nature are drawn from the strategic reflection that has been carried out during the year. Both aspects have slightly modified the prioritisation of some of the material aspects, as can be seen below:
(1). Material issues in the economic, social and environmental spheres, using the aspects set out in the GRI Sustainability Reporting Standards as a starting point.
Given Enagás’ growing international presence, in 2016 the company initiated a project to manage stakeholders on a country by country level, following the methodology used in the definition and the management of stakeholders on a corporate level.
With regard to Enagás’ offices in Mexico and Peru, the aim was to create a stakeholder map as well as to define the relationship model with each of them. This model will allow relevant issues on a local level that are international in scope to be managed more efficiently and in advance.
Over the next year, Enagás will continue working on the definition of an associated action plan for the management of stakeholders in both of these offices.
Energy efficiency and reducing CO2 emissions are spheres on which every sustainability index and rating agency that evaluates the company place particular importance. At the same time, this is a key issue for the company given its sphere of operation, marked by the process of the transition of energy towards a low-carbon economy.
Furthermore, with regard to climate change, Enagás has identified methane emissions to be an issue that will become ever more relevant in the sector. Therefore, and as outlined in the chapter on 'Climate Change and Energy Efficiency', Enagás has been working for some time on detect ing and reducing fugitive emissions and on minimising venting.
Similarly, in issues regarding ethics and integrity, matters such as responsible taxation or the fight against corruption and cybersecurity are spheres in which the company has launched various initiatives (the publication of policies, adoption of best practices, etc.) in order to highlight their importance for business development. Finally, and in the context of the internationalisation of the company, its impact on local communities is becoming increasingly relevant. Enagás is therefore working with its affiliates to properly manage these spheres.
Both good governance and the supply chain are aspects common to all material isues and are therefore key to the value creation for the company.