ESG: strategy, risks and governance
The entire team is dedicated to sustainability
Companies are now more aware than ever of their corporate responsibility to society and the environment of their operations. Consumers, customers and markets are increasingly penalising and rewarding companies based on how committed they are to the environment and the communities. Not being sustainable comes at an unbearable cost that is prompting companies to take swift action.
For all of the above, here at DOMINION we are committed to sustainability with this being one of the key aspects of our 2019-2023 Strategic Plan.
The sustainability strategy consists of two key aspects “We are and do Sustainability":
We are Sustainable
Despite the low impact our activity has on the environment, here at DOMINION, we are strongly committed to continue reducing this impact on a daily basis with measurable and verifiable goals:
- Reducing our carbon footprint
- Striving for accident prevention excellence
- An increasingly diverse and inclusive workforce whilst also promoting the access that women have to managerial positions
- Increasing our ethical and sustainability commitment by training our teams
- Following the best corporate governance practices for listed companies
- Broadening this sustainability strategy across our entire supply chain
We do Sustainability
DOMINION has always strived to help its customers improve their efficiency and, as sustainability is now a crucial factor for efficiency, we also help them to improve their sustainability.
Integration in the Strategy
We presented a new 2019-2023 Strategic Plan in 2019 with the purpose of setting out new goals upon completion of the previous Plan, published when the company was listed on the stock exchange in 2016, together with adapting to significant changes in the scope and expansion of activities undertaken during those years. Furthermore, disruption is becoming increasingly variable, faster and more ubiquitous in the framework in which we operate, prompting the need to constantly review our model and the proposed goals.
The new Strategic Plan also addresses the need to adapt our company to the constantly evolving reality that also affects all stakeholders related to our operations.
This framework includes our sustainability-ESG strategy, which is in line with the Global Compact, and which aside from addressing how to minimise negative effects, is also proactive as it is aimed towards positioning DOMINION as a key player in sustainability, helping our clients to become more sustainable and, as a result, more efficient.
This strategy also lays down the type of company that we strive to be for DOMINION’s employees. Furthermore, we set out the main principles regarding our relationship with the community, placing emphasis on educational development.
Lastly, we do not neglect ethical and compliance issues, which are covered by a strict Code of Conduct and a set of specific policies designed to make sure the company carries out its activities responsibly, in compliance with the standards and good practices it is specifically bound to.
Integration in Risk Management
As is the case with every company, DOMINION is exposed to various risks that are inherent in the various markets, countries and activities we operate in. These include environmental, social and governance risks.
The first step to avoid these from occurring is to identify and assess the factors that may affect our activities. This analysis is then plotted on a risk map, where combining the impact and probability of the risks occurring determines the severity of the risk and its position on the map.
Following this model, we perform regular materiality analyses (with the collaboration of an independent expert) to identify and prioritise any economic, social and environmental issues that most concern our stakeholders, who we are in permanent contact with.
Following both analyses, and as per our Risk Management Policy, DOMINION's management team performs a process which is supervised by the Audit and Compliance Committee and the Sustainability Committee to establish the appropriate action to take for each, to monitor the agreed actions and to report the analyses results.
The permitted risks levels are regularly updated in line with any changes in the corporate strategy, the risk profile of the businesses and any developments such as the Covid-19 pandemic.
Organisations that promote commitment to sustainability
The various roles in the risk management system (RMS) can be grouped into three lines of defense against the risks that threaten compliance with strategic, operational, financial and ESG (environmental, social and governance) goals.
While the first line of defense is dependent on Senior Management and the Management Team, both the second and third lines of defense are under the guidance of the Compliance Department.
As part of this framework, responsibility for promoting dedication to sustainability is separated as follows:
- Audit and Compliance Committee: this is responsible for the RMS and ethical framework and for guaranteeing compliance with regulations.
- Sustainability Committee: this is responsible for supervising, reporting and providing advice on environmental and social issues.