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Materiality matrix

PZU AR 2020 > About the report > Materiality matrix
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“In the PZU Group we meet the disclosure policy standards for public companies when it comes to companies listed on a regulated market. By providing accurate and efficient disclosures regarding our business, products and intentions, we are able to give all market participants the ability to make a thorough evaluation of the PZU Group”.

[GRI 102-50]

The PZU Group’s integrated report contains data for 2020. It is in line with the overall strategy to build understanding for, and improvement in, the ESG results and build relations with key stakeholders.

This report has been prepared in accordance with the amended Accounting Act of 29 September 1994 and its requirements pertaining to non-financial reporting. Valuable hints on preparing the substantive content of this report were also provided by global guidelines and standards, among others, the international reporting standard of the Global Reporting Initiative (GRI Standards), international integrated reporting guidelines (International Integrated Reporting Council, IIRC), and guidelines of the European Commission on non-financial reporting with emphasis on reporting climate-related data and recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

“The information presented herein has been prepared with the utmost diligence according to the principles of transparency and openness espoused by the entire PZU Group. The data is accurate, consistent, comprehensive and concise at the same time. Thanks to this approach the non-financial report helps companies improve in how they practice corporate social responsibility. The issues discussed and the metrics concerning the achievement of goals show the specific actions which the PZU Group takes to achieve sustainable development”. 
Magdalena Komaracka, CFA, PZU Investor Relations Director

[GRI 102-45]

In accordance with the requirements of the Accounting Act, the report on the PZU Group’s non-financial information in 2020 encompasses non-financial information and consolidated data pertaining to the PZU Group and PZU, its parent company in line with the structure of the organization included in the Consolidated Financial Statements for the year ended 31 December 2020.

The data from PZU Życie, the Alior Bank Group, the Pekao Group, LINK4, TUW PZUW and the foreign entities doing business as AAS Balta, AB Lietuvos Draudimas and PrJSC IC PZU Ukraine are consolidated and presented in the information pertaining to the PZU Group. In turn, Alior Bank and Bank Pekao as public interest entities have also elected to make separate disclosures concerning their non-financial data, also in consolidated form.

The PZU Zdrowie Group in which PZU Zdrowie is the parent company, Armatura Kraków and PZU CO (CIG) are not public interest entities and are not subject to separate regulatory obligations regarding disclosure of non-financial data. Information regarding these companies and the other PZU Group companies has been presented in the consolidated data showcased in the report.

Additionally, updated consolidated non-financial data for 2019 for the aforementioned entities have been presented.

[GRI 102-46] [IIRC]

In line with the approach stemming from the principle of materiality, the various pieces of non-financial information have been presented to the extent necessary to evaluate the development, performance and standing of the PZU Group. Relatively less space has been devoted to smaller entities whose impact on the overall depiction of the PZU Group is minor or simply marginal.

When defining the substantive part of the report, in accordance with the international guidelines, a process comprising the following stages has been followed:

  • Identification – After analyzing the internal documents and external publications pertaining to the Group and press information of companies, and a review of industry reports, 46 key issues in corporate responsibility and business were selected;
  • Prioritization – In January 2021 the Group’s stakeholders: retail investors, suppliers, clients, business partners, brokerage house analysts, representatives of nongovernmental organizations and public institutions, representatives of central administration and Group employees ranging from senior management to lower echelons – in total more than 100 people took part in the survey concerning the materiality of the issues included in the report on non-financial information. This questionnaire also made it possible to identify the PZU Group’s well-known corporate social responsibility activities that are highly regarded by stakeholders. The findings of the questionnaire made it possible to determine what makes the PZU Group stand out as an entity operating in line with sustainable development and corporate social responsibility. This questionnaire also made it possible to identify the PZU Group’s well-known corporate social responsibility activities that are highly regarded by stakeholders. It also made it possible to determine what makes the PZU Group stand out as an entity operating in line with sustainable development and corporate social responsibility;
  • Validation – PZU Group representatives confirmed the final list of priority issues taken into account in the 2020 report.

[GRI 102-47, GRI 103-1]

Topics identified as being significant

The findings of the questionnaire have been presented on the significance matrix below. The Y axis presents the significance of topics from the governance perspective identified by the representatives of senior management. The X axis presents the topics selected by the Group’s other stakeholders. Based on the results of the analysis of the questionnaire, the identification of key issues and their prioritization, 18 significant topics from 4 areas were defined.

Topics identified as being significant

I. Employee and human rights issues

1 Transparent job and career path assessment system;

2 Education and development of employees at various levels - offering development opportunities, training, education co-funding;

3 Satisfaction survey and dialogue with employees and internal communication and its various forms;

4 Caring for occupational safety and health, including the provision of ergonomic conditions during remote work;

8 Promoting health and a healthy lifestyle among employees, ensuring work-life balance, well-being initiatives;

10 Structure of employment.

II. Social commitment

11 Commitment to fighting the Covid-19 pandemic;

13 Employee engagement in socially beneficial activities, employee volunteerism;

14 Prevention activities in safety and cooperation with rescue services.

III. Responsible management

21 Plans and strategy for the future;

22 Research and development activity, implementing innovative solutions;

23 Cybersecurity.

IV. Environment

37 Company’s response to the challenges related to climate change and reducing the adverse environmental impact;

38 Green office: initiatives, effects, internal ecological culture of employees;

39 Education and engagement of clients, employees and other stakeholders in environmental protection;

40 Impact exerted by natural catastrophes on the company’s business and its product offering;

41 Limitation of the negative environmental impact, including the reduction of its carbon footprint;

42 Incorporating environmental aspects when designing new products.