Materiality analysis


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The map of Enagás stakeholders and the Materiality Analysis process are both updated whenever there is a strategic update.

Strategic update: 1. Identification: Stakeholder map. 2. Prioritisation: Internal and external consultations. 3. Validation: Materiality matrix.

The first step after the company's strategic update is to identify stakeholders by sphere of relationship, prioritising them according to their level of importance and impact.


Identification of stakeholders and relevant issues in the economic/governance, environmental and social spheres by means of the following criteria:

  • The company's profile and activity
  • The Enagás value chain
  • The Enagás Strategic Update 2015-2017
  • Enagás' CSR, 2020 Vision strategy
  • The risks and opportunities of the gas sector
  • The regulatory framework, regulations, international agreements, relevant voluntary standards
  • Investor demand (financial and non-financial issues)
  • Sector regulation
    • CNMC
    • ENTSOG
    • International regulatory bodies 
    • European institutions
  • Share listing/stock market
    • Investors
    • Rating agencies
    • Analysts
    • CNMV
  • International development
    • Business partners
    • Supporters (development)
  • Financing
    • Financial institutions
  • Business operation
    • Employees
    • Investors
    • Spanish gas system operators
    • Spanish public administration
    • Suppliers (operation)
  • Reputation
    • Media

The second step is to prioritise both the stakeholders and the importance of each of the material issues in the economic, social and environmental spheres, for which the aspects reflected in the GRI G4 guide (specific indicators) as a starting point.


Appraisal of the following aspects:

  • Level of influence and importance to the company of each stakeholder
  • Impact derived from good or bad management of each issue in:
    • The expectations of each stakeholder
    • Business growth capacity
    • Costs and revenues
    • Reputation
    • Legal compliance
    • Operation

The appraisal is both internal and external, based on knowledge and feedback from stakeholders (surveys, meetings, specific sessions, etc.).


As a result of the latest appraisal, as far as performance is concerned the stakeholders gave accessibility, transparency, dynamism and proactivity a score of 3.54 out of 4, highlighting scope for improvement in the latter two compared to other companies. Furthermore, areas prone to collaboration projects were identified, such as energy efficiency or the development of new services related to gas natural - spheres in which Enagás is working with its stakeholders. Lastly, prioritisation of the material issues was obtained.

These results are submitted to the Sustainability Committee, which is defined at General Management level and reports to the Appointments, Remuneration and CSR Committee (the highest governance body on sustainability).

Once the identification and prioritisation have been completed, the third and final step is validation.


Graphical representation of the material issues based on the level of importance to Enagás and the level of importance to stakeholders.

Internal validation of the issues is submitted to the Sustainability Committee for approval. Relevant issues serve as input for preparing the Sustainable Management Plan and the company's annual report.

After this internal validation, the following material issues are obtained.


Materiality matrix.

1. Impact on local communities
2. Environmental management and combating climate change
3. Human capital management
4. Ethical compliance and respect for human rights
5. Economic performance and cost efficiency
6. Occupational health and safety