Stakeholder engagement and Double materiality assessment
Listening to stakeholders is a crucial step in defining strategic decisions as well as in the Group’s daily operations. Banco BPM’s organizational model includes specialized corporate functions responsible for overseeing key stakeholders.
Our stakeholders and the communication channels
Our strategy and the identification of material sustainability matters are informed by stakeholder engagement.
Double Materiality Assessment
For the purposes of its Sustainability Reporting, Banco BPM adopts a new approach based on the principle of double materiality, in compliance with the European Sustainability Reporting Standards (ESRS) and the Corporate Sustainability Reporting Directive (CSRD).
Double materiality considers two complementary perspectives:
• Impact materiality, which assesses the effects—positive or negative, current or potential—that the Group’s activities and its value chain can have on people and the environment;
• Financial materiality, which analyzes how environmental, social, and governance (ESG) issues can impact the Group’s financial position, generating risks or opportunities in the short, medium, or long term.
The process was divided into four main phases:
1. Context analysis, with a mapping of activities, stakeholder relationships, and key areas of impact.
2. Identification of impacts, risks, and opportunities (IROs) related to ESG issues, both within the Group’s activities and its value chain.
3. Assessment using qualitative and quantitative criteria, with scoring.
4. Discussion and validation, involving experts representing the views of external stakeholders and the Group’s internal governance bodies.
This methodology enables broader identification of the sustainability matters to be reported, going beyond the traditional approach and ensuring a comprehensive representation of the Group’s impacts, risks and opportunities.