Tuesday 17 October 2017

Report Assessment and Verification

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Report Structure, Scope and Methodology

Background

TITAN Cement S.A. produced its first Social Report in 1983 and continued in the same reporting format till 2002. In 2003 TITAN Group adopted the Global Reporting Guidelines and proceeded to produce of its first Group-wide Corporate Social Responsibility and Sustainability Report aligned with international standards and best practices. Since 2005, TITAN has followed the Communication on Progress guidelines issued by U.N. Global Compact Initiative and its Report is registered accordingly to the U.N. Global Compact electronic platform. In 2010 TITAN received an invitation to register the annual report as an “Advanced level” Report and thus, it will follow the relevant procedure.

Independent Assessment and Verification

TITAN has been committed voluntarily to extend continuously the level of transparency and improve reporting to stakeholders. Accordingly, in 2007 TITAN was among the first companies in the industry and the first one in Greece ever to achieve full independent verification of its CSR and Sustainability Report. Since then, this process has continued and expanded, so that today all wholly owned TITAN Group companies have been included and audited through this process. The 2010 Report has been independently verified by Det Norske Veritas (DNV) and the detailed verification statement is included in this section of the Report.

Scope of the 2010 Report

Data from all TITAN Group subsidiaries form the basis of this Report. The scope of the Report addresses the full range of economic, social and environmental impacts of TITAN operations. More details on economic, governance as well as principal subsidiaries are included in the 2010 Annual Report and Financial Bulletin. Thus, in the contents of this Report direct references to relevant sections are cited.

TITAN Group operates as a joint venture in Turkey and has acquired a new cement plant in Kosovo at the end of December 2010. In this Report, data from Turkey have been incorporated to the Group Report, while references made to data related to the Kosovo plant are limited and defined in the relevant texts.

Structure of the Report

The structure of this Report is similar to previous ones. It starts with a short introduction about the Report and the message from TITAN Group’s Chief Executive Officer. A more detailed presentation of TITAN’s footprint is related with an additional effort to better understand the industry and the social values of TITAN products, while all case studies regarding to social and environmental footprints are presented by region to allow a broader and more locally focused view of TITAN Group efforts and practices. This has been underlined as an expectation of our stakeholders and in this Report we try to go deeper in the analysis of our performance. Aligned with this change, new information particularly in respect to our engagement with suppliers and our efforts to improve sustainability of our products are presented in relevant sections of the Report.

The final section of the Report includes the Auditors’ Report. Progress achieved according to WBCSD/CSI goals the GRI Table of Disclosures.

Materiality and data accuracy

TITAN has made continuous efforts to develop all necessary tools that will secure both availability and accuracy of data included in the Report. This helps us, to meet our commitments from year to year, although there is always room for further improvement. For the environmental data all perfor¬mance indicators measuring emissions from cement plants are calculated in line with the CSI reporting principles, that is 100% emissions from cement plants in which TITAN has the majority share and the emissions of joint ventures or partnerships according to equity basis. For the safety data TITAN reports 100% for all activities over which it has operational control, including Turkey.

Data are calculated on the basis of the equity held by TITAN Group in each specific year except for CO2 emissions, both total and specific for years 1990-2008 that were recalculated in year 2009 to reflect changes in equity held by TITAN Group (Egypt and Turkey).

Indirect CO2 emissions are related to emissions released for the production of the electrical energy consumed at our facilities. For their calculation we use emission factors provided by the supplier of the electrical energy or other publicly available data. If no such data are available, the most recent data provided by CSI are used.

All other environmental and social performance indicators have been defined and calculated in accordance to the GRI G3 Sustainability Reporting Guidelines and the U.N. Global Compact Communication on Progress requirements.

Assurance of the “accuracy”, “completeness” and “relevance” of the Report as well as “materiality” as defined by GRI was commissioned to DNV. Both the printed and the on-line version of the Report’s content as well as relevant chapters of the Annual Report and Financial Bulletin have been included in this in depended review.

Reporting to stakeholders

This Report is directed to our key stakeholders, namely our employees, shareholders, customers, suppliers, government and regulatory authorities, local communities and NGOs. It is also directed to potential investors, analysts and any other interested party. Feedback from all is welcomed in the following web address: csr@titan.gr.

Reference to Global Reporting Initiative

As in its previous Reports, TITAN has voluntarily adopted the “G3” Sustainability Reporting Guidelines developed by the GRI, including the guidance on defining report content and materiality. TITAN declares that this Report fulfils GRI (2006, G3) requirements for application level “A+” and this has also been verified by external independent Auditors. TITAN is not including the GRI logos in this Report due to a recent change in policy by GRI, applicable to reporting organizations. However, TITAN is considering continuing applying the GRI (G3) guidelines as a framework for reporting on corporate social responsibility and sustainability (see GRI Disclosures and Indicators).

For more information please visit our website: www.titan-cement.gr or contact: Maria Alexiou, TITAN Group CSR Manager, Secretary of the TITAN Group CSR Committee, at csr@titan.gr , 22a Halkidos str., 111 43 Athens, Greece.

1st prize for quality
awarded to 2009
TITAN CSR and Sustainability
Report


For the third consecutive year the Aegean University in Greece awarded TITAN Cement S.A. the first prize for the quality of its Corporate Social Responsibility and Sustainability Report. Aegean University evaluates the CSR and Sustainability Reports published in Greece by businesses and other organizations, using the international GRI/G3 standards of the Global Reporting Initiative and a methodology developed by the Business Environment Policy and University’s Management Department.

The reports are evaluated in terms of “completeness” and “relevance”, “quality” and “materiality” compared to GRI indicators.

The results were announced during the annual CSR Reporting Forum, held in Athens, in November 2010.