Monday 25 May 2020

Engaging with Stakeholders in Bulgaria

Α+ | A-

In the broader context of the strategy of improving its stakeholder relationships, the CSR Committee in Bulgaria decided to proceed with a stakeholder engagement following experience gained in Greece.

During the last few years, TITAN Group has completely revamped the plant and its premises and has transformed it to one of the most modern facilities in the region. The development of new skills and competencies for the implementation of a standards-based stakeholder engagement plan to include both internal and external stakeholders was considered as a key priority. Thus, TITAN’s initiative in Bulgaria will also serve as a pilot project for engagement and training-related activities to be conducted throughout the region.

The objectives of the program were defined as follows:

  • Build trust with local communities

In the rural area where its plant operates, Zlatna Panega is among the largest and most prominent economic actors. So, local communities need to know that they are respected, that their views are valued and encouraged and that they are treated fairly.

  • Meet voluntary commitments and inspire collective action at local level

TITAN in Bulgaria joined the local Global Compact network early on. As part of its task to spread CSR principles and standards throughout its sphere of influence, engaging with a key stakeholder group – suppliers – to encourage them to adopt TITAN Group’s social and environmental practice or develop their own, would be a concrete way of fulfilling this commitment.

  • Capitalize on the continuous improvement facilities and further improve relations with neighbors

With a long-standing presence in the region, prior to its current ownership, the plant at Zlatna Panega has not always been a leader in social and environmental responsibility. After a multi-million € investment program undertaken by the current ownership and management, the plant has become one of the most modern facilities in the region.

  • Proactively mitigate risk

Engaging with stakeholders can help TITAN in Bulgaria identify potential risks and thus proactively mitigate them. For example, the company is committed to use alternative fuels (such as tires) and has received the necessary permits. By proactively engaging with groups that may have various concerns, better understanding and consensus is achieved.

  • Set the foundations for identifying new opportunities and innovations to enhance sustainability

This medium-term objective is aimed at improving as a learning organization, benefitting from interaction, collaboration and synergies with other groups.

The outcome of this detailed approach is incorporated into a five-year action plan to be launched in 2011 in order to lead business strategy and initiatives for corporate social responsibility and sustainable development in Bulgaria.

TITAN Zlatna Panega cement plant, Bulgaria


<< back

Distribution of TITAN
Group Social Product 2010

  • To employees for salaries, pensions and social benefits, including additional benefits beyond those provided by law:
    €239.1 million
  • To local and international suppliers:
    €801.8 million
  • For new investments in fixed assets:
    €87.2 million
  • Τo state and local authorities through taxation:
    €90 million
  • Return to shareholders and minorities:
    €17.2 million