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GEK TERNA Group
At a glance
Financial Information Summary
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Risks Involved with Investing
Subsidiaries' Financial Statements
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Strengthening our social footprint
Promoting Human Values
Corporate Responsibility Report 2018
Strengthening our social footprint
Promoting Human Values
Corporate Responsibility Report 2018
Strategy is based on stakeholder engagement and on the identification and assessment of the most significant economic, social and environmental impacts of its activities.
At the same time, the strategy aims to enhance positive impacts and reduce negative impacts through best practices, sustainable initiatives and credible partnerships and is constantly expanding and improving for the benefit of shareholders, investors, employees and society at large.
In the context of understanding its most important economic, social and environmental impacts, the GEK TERNA Group operates in line with the UN Sustainable Development Goals(SDGs) and thus becomes an ally for social equality, prosperity and a sustainable natural environment as it has recognized that these 17 global goals are inextricably bound up with the principles of Corporate Governance and Corporate Social Responsibility to which it is committed.
Regarding the material for 2019, the SDGs per material issue and the Group’s contribution through the management approach of each issue are presented within this report.
Creation and Distribution of Economic Value
The creation and distribution of economic value is the most material issue for GEK TERNA Group based on both criteria used for the assessment, mainly because of its ability to continue to generate value for all its stakeholders and to ensure its business continuity. The Group creates and distributes income to its stakeholders through the payment of salaries to its employees, payments to its suppliers and affiliates, through direct and indirect payments of taxes to the countries of activity, the distribution of dividends to shareholders as well as from its investment in local communities. These financial flows are subject to multiple risks and uncertainties, such as market risk (exchange rate fluctuations) and regulatory and environmental risks. These risks, financial and non-financial, may, in turn, affect the Group’s cash flow, financial position, and business continuity and/or investor confidence, as well as adversely affect the value it generates and therefore distributes to its stakeholders.
Ensuring Health and Safety at Work
The Group’s focus on creating value for its People is also expressed by ensuring the health, safety and wellbeing of its employees, which is a material issue for the Group both in ensuring its business continuity and maintaining its reputation as a responsible employer and business partner while contributing to the promotion of decent work and the wellbeing of its employees. The high quality of work is primarily based on the capabilities and performance of the Group’s workforce, which is why it is a priority to provide a safe working environment. Possible risks related to this issue, such as accidents at work, incidents of lost time and other health and safety risks, can occur throughout the Group’s range of activities, both at employee level as well as at suppliers and associates, affecting both the operations (e.g. disruption) and also having financial impacts (e.g. fines, damages, and other penalties). As a result, the Group maintains and operates an integrated and rigorous Health and Safety Management System for all people employed in its facilities and/or affected by its corporate activities.
The nature of GEK TERNA's activities, primarily regarding RES, makes compliance with environmental laws and regulations in all countries it is present imperative. Implementation of environmental laws and regulations pertains to and affects not only the Group but also all suppliers and business partners. Having adopted a certified Environmental Management system and following the general regulatory framework concerning the environment is a necessary condition for cooperating with the latter. This material issue impacts the entire value chain. For instance, violation of international standards or legislation related to the environment may cause environmental and quality of life degradation or even business suspension.. .
Responsible Energy Management
GEK TERNA Group identifies responsible energy management as a material issue for its operation, as it can affect both the Group’s energy footprint and its environmental behavior through its energy management practices and measures as well as its business model, through the impact that this issue can have on the operating cost of the Group’s activities. The responsible management of the energy needs of the Group’s activities, concerns and is affected by the Group itself and its employees, as well as by its suppliers and partners throughout its supply chain. The Group, through its responsible energy practices, continually reduces its energy footprint and the greenhouse gas emissions, reduces operating costs from its presence and operations, while ensuring its license to operate and business continuity maintaining its ability to create value for its stakeholders.
Ensuring Business Ethics and Compliance
Continuous promotion of business ethics and compliance are a critical pillar of the Group’s operations as they spread throughout its operations and affect the professional behavior of its people. Recognizing the benefits of applying Business Ethics principles, the Group operates with the most stringent regulatory compliance standards, with the aim of fostering a climate of trust and value with its employees and partners, maintaining and enhancing customer and supplier relationship, protecting and maintaining its corporate reputation as well as ensuring shareholder credibility by ensuring its business continuity and growth and thus its ability to create value. A possible deviation from the applicable laws and regulations and / or failure to do so may adversely affect the Group’s reputation and its social license to operate in the country and region of operation and it may disrupt existing and future relationships with the suppliers and partners.
Emergency Preparedness is another material issue for the Group and for the safety of its employees, associates and suppliers and for the protection of the environment which is up to the Group’s ability to detect and manage timely emergencies.The demonstration of emergency preparedness by the Group is achieved through a series of measures and procedures for the prevention and detection of related incidents, the management and the continuous improvement of the safety of procedures, the establishment of procedures for the identification and response to potential accidents as a result of the Group activities, as well as the development of a safety culture, both within (employees) and outside the Group (partner suppliers). Ensuring appropriate levels of preparedness, minimizing the likelihood of accidents at the Group’s premises and throughout its supply chain, it also reduces the potential environmental and financial costs of dealing with such incidents, while enhancing the confidence of stakeholders and their stakeholders.
Continuous Talent Development and Retention
The development and establishment of GEK TERNA Group, as one of the largest business groups in the country is mainly due to the ability of its people to plan and implement its business activities. The Group’s human capital is its core strength in its ability to create value, which is why the Group ensures the continued development and retention of the talents it employs and collaborates with. The Group seeks to carry out continuing education and training programs aimed at upgrading employees’ skills and competencies, improving their productivity, reducing employee mobility and creating executives capable of implementing the Group’s strategy. The issue of continuous development and retention of talent also has an impact on the spreading of expertise to partners and suppliers through the business relationships developed by the Group, as well as on the broadening of the workforce of countries and regions.
Protection of Human and Labour Rights
The protection of Human and Labour Rights is vital for the Group and the communities within which it operates. Potential discrimination incidents, breaching its employees’ privacy and child labor could result in fine or penalty levying and damaging relations with its employees. This material topic impacts all stages of the Group's value chain. As a responsible corporate citizen, the Group recognizes that the violation of human rights could directly affect society, the environment and the economy in which it operates. By adopting and applying human rights principles in the workplace, the Group contributes to the promotion of the rule of law and the improvement of the legal systems, which are the basis for entering into any business contract.
Tackling Climate Change
Fighting Climate Change is the Group's most genuine commitment to the current environmental regulatory framework. In addition to being a legal obligation, the Group believes it is its moral obligation to actively contribute to the efforts of the International Community and our country to fight Climate Change (e.g., through the Paris Agreement, SDGs, Green Paper, the European Green Deal and the National Adaptation Strategy). Specifically, risk management but also exploiting business opportunities arising from climate change, are essential elements for responsible and effective business continuity and development of the Group and all stakeholders. The Group promotes transition to a business model that depends less on fossil fuels; it also supports alternative energy production and storage technologies, devising plans for adapting to climate change and integrating relevant risks in its business model, leading to the adoption of new technologies and therefore enhance the Group's competitive advantage. In this way, the Group strengthens its ability to create value for its stakeholders and contributes to the broader fight against Climate Change. This material topic impacts all stages of the Group's value chain and relates to its activities, its business strategy and its ability to create value in the future. At the same time, due to the nature and scale of the Group’s activities, Climate Change can affect the entire supply chain. Failing to respond to climate change could adversely influence greenhouse gases directly emitted from construction sites or indirectly from carbon dioxide produced from third parties, such as suppliers involved in the transportation of materials and necessary machinery.
Protecting and Preserving biodiversity
The protection and preservation of biodiversity and the ecosystems surrounding the Group’s activities are a material issue for the responsible and effective implementation of the Group’s business model and for the implementation of the principles of Sustainable Development with a view to protect the environment. The Group, through the implementation of responsible environmental practices and the adoption of a preventive approach to the impact of its activities on biodiversity, manages to ensure the business continuity of its operations and at the same time minimize its environmental footprint. Potential impacts on biodiversity can be caused by all the activities of the Group as well as its partners and suppliers. For this reason, the Group implements those measures that will ensure the protection and preservation of the biological wealth of the area of activity, will lead to the avoidance of possible regulatory and regulatory sanctions, protect the reputation of the Group and ensure its social license to operate.
Engagement with Local Communities and Social Investment
Building relationships of trust with the local communities where the Group operates and the Group’s social investments are a priority and a material issue for the Group’s path to Sustainable Development. GEK TERNA Group, through the adoption of responsible practices aimed at creating shared value for all stakeholders, can manage potential risks and take advantage of the opportunities presented in an ever-changing economic, institutional and social environment. This material issue concerns the Group’s areas of operation and includes the impacts on local communities of both the Group’s activities and those of its suppliers and partners. Potential risks can affect the Group’s reputation, disrupt the established and long-term relationships with local communities and result in losing the social license to operate, while at the local community level they can cause negative financial and environmental (e.g. noise and dust to the site of the activities) impacts. For these reasons, GEK TERNA Group is committed on supproting the development of the local communities in which it operates and interacts, through ongoing consultation and efforts to identify and address the real social needs presented at any time.
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