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Prysmian Group's commitment to local communities

Prysmian Group's commitment to local communities

Prysmian Group's commitment to local communities

Creating value for stakeholders means directly involving people - not just employees - but also the communities and cities in which the business interacts. In today’s world, businesses are no longer seen as mere profit-making entities, but they play a crucial role in shaping the communities where they operate. Because of this, as corporations expand their global footprint, it becomes increasingly important for them to recognize and address the needs of these communities, since supporting and respecting them is not just a moral obligation but also a strategic choice for companies themselves.

Why is commitment to local communities important

Commitment to local communities brings about a multitude of socio-economic benefits both for the company and for the area in which the company operates. The commitment goes beyond corporate social responsibility; it is a strategic imperative that fosters mutual growth and sustainable development.

From an economic point of view, for example, it fosters employment and procurement in the community; the payment of taxes to local governments; as well as community development programmes and investment in infrastructure and public services, hence contributing to job creation and enhancing the economic wellbeing of the community. Moreover, committing to local communities also means building trust among the key stakeholders, which can result in stronger relationships, better partnerships, and increased support for business activities.

From an ethical point of view, committing to local communities is a demonstration of social responsibility; it shows that the company values the well-being of the people who reside in the areas where it operates. Also, by engaging with local communities, companies can ensure ethical sourcing of materials and labor, which encompasses fair wages, safe working conditions and responsible resource extraction.

Prysmian Group’s commitment to communities

One of the drivers of the sustainability strategy that has characterized Prysmian Group over the years is “Local Community Involvement”, thus contributing via various initiatives to the socio-economic development of the areas in and around the Group’s factories and offices. In 2019, the Group adopted a Donations policy, revised and updated in June 2022, to identify all activities that can contribute to satisfying the needs of our communities, in line with the Vision, Mission, Values, Code of Ethics and Policies put in place by the Group. This policy defines the main types of contributions that can be made, the guiding principles and operating methods, as well as the monitoring and communication of these activities.

To provide some numbers, in 2022, over 1,700,000 euro worth of donations were made to local communities in terms of cash, in-kind donations and donations of time.

Prysmian Group’s initiatives to assist vulnerable communities

As stated above, Prysmian Group takes a special interest in the communities in which it operates, protecting and supporting them through various initiatives. In addition to this, the particular attention to supporting vulnerable groups is noteworthy. The Group takes an equitable approach in evaluating certain areas and communities where it operates that could use additional assistance and, in order to support them, the company has undertaken specific actions. The following numbers refer to the percentage of support (donations, in-kind, time) given to the listed community engagement initiatives:

  • 37.81% Humanitarian aid
  • 18.02% Health
  • 15.72% Education and youth
  • 12.45% Economic development
  • 2.93% Environment
  • 2.86% Social welfare
  • 0.15% Arts and culture
  • 10.05% Other

Supporting and respecting vulnerable communities is an imperative for businesses. It is a matter of ethical duty - contributing to a more equitable and just world - more so than the collateral advantages such as enhanced reputation and brand image, and stakeholder engagement. By recognizing the importance of supporting local and vulnerable communities, businesses can leave a positive and lasting impact on the community in which they operate and on society as a whole.