During 2017, UBI Banca updated its reporting on sustainability topics relevant in creation of value for the Group (material topics). In keeping with the definition of materiality under the GRI Standards adopted with reference to the drafting of this document, material topics “reflect a reporting organization’s significant economic, environmental and social impacts; or that substantively influences the assessments and decisions of stakeholders”.
Topics to be subject to materiality assessment were identified with reference to external documentary sources (references for the GRI Standards, sustainability reporting by other banking groups and investor questionnaires from SRI and ESG rating agencies) as well as internal sources (Business Plan, communications and statements from senior management and results from stakeholder engagement activities).
Risks potentially affecting the Group's activities were concurrently mapped with reference to a market benchmark and publications by international institutions (World Economic Forum, Task Force on Climate-Related Financial Disclosures and Carbon Disclosure Project). Risks were identified to reflect external factors in connection with key current global economic, social, environmental and geopolitical trends and internal factors in connection with corporate processes.
The topics and risks identified with this approach were subject to an assessment of UBI Banca's front-line structure, leading to the definition of a materiality matrix indicating the strategic priorities, used as a basis to formulate policies and objectives that also reflect risks and opportunities potentially having significant impacts on the Group’s activities.