The materiality matrix provides a summary framework of the topics which could potentially influence the actions and performances of Piaggio, its stakeholders’ decisions, as well as the level of "alignment" or "misalignment" between the priority of intervention that stakeholders attribute to the different topics and the level of commitment that the Group takes on relative to them.
The analysis process was conducted within the Finance Department by the CSR Manager with the support of the Group's Consolidated Financial Statements Department. The process comprises 5 stages:
- Identification of sustainability issues;
- Identification and engagement of relevant stakeholders;
- Assessment of the significance of topics;
- Preliminary review by the Audit, Risk and Sustainability Committee;
- approval by the Board of Directors
Piaggio updates its materiality analysis every year in order to capture material topics, i.e. topics that can generate significant economic, environmental and social impacts for the Group or that can substantially influence stakeholders' assessments and decisions.
The stage of identifying sustainability aspects that are relevant to the sector and to Piaggio was based on various sources, including relevant issues that emerged last year, a benchmark analysis of topics recognised as relevant by other major listed European groups operating in the automotive sector, corporate policies and principles of conduct and stakeholder engagement initiatives.
The changes made with respect to last year substantially took the form of a different denomination and a merger / separation of some topics.
The Group's top managers and a small but representative sample of external stakeholders (consultants, suppliers and dealers) were asked to assess the importance of the topics identified by filling in a materiality form, from which the materiality matrix was constructed. The 15 topics previously selected were positioned along the two axes:
- the x-axis shows the significance for Piaggio;
- the y-axis shows the significance for external stakeholders.
Of the 15 topics identified, only biodiversity did not exceed the materiality threshold. Piaggio's production sites are not located in protected areas or areas with high levels of biodiversity. The sole exception is the Scorzè site, which although located in an industrial zone, conveys its waste water into the drainage basin of the Venetian Lagoon. As such, the production site is subject to restrictions imposed by specific laws.
The 2021 Matrix was reviewed by the Audit, Risk and Sustainability Committee in its meeting of 17 February 2022 and approved by the Board of Directors of Piaggio & C. S.p.A. on 21 February 2022.