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1st Stakeholders’ Forum in Greece

Engaging with key stakeholders through open and interactive communication is a long-term practice followed by the TITAN Group, aiming at enhancing transparency, building mutual trust and understanding and continuously improving its CSR and sustainability strategy and practices.

Taking this effort and commitment a step further in 2008, a new and innovative effort was launched in Greece with the organization of a nation-wide Stakeholders’ Forum in line with international standards and best practices. The Forum was organised by TITAN’ s CSR Committee in co-operation with the management team as a process for increasing awareness on specific issues among key stakeholders at national level.

After months of preparation, TITAN’s 1st National Stake-holders’ Forum was hosted at the Kamari cement plant on October 17, 2008. Participants included TITAN employees, company and industry union representatives, financial analysts, investors and shareholders, suppliers and contractors, customers, mayors of neighboring municipalities, academics, representatives of NGOs such as Transparency International, WWF, Green Peace, Praksis, media executives.

Company executives described and explained the strategy, commitments, standards and practices followed by TITAN with respect to social, environmental and governance issues, as well as voluntary commitments undertaken in the framework of international, sectoral and national initiatives. Each presentation was followed by a question and answer session during which participants exchanged views and opinions, expressed concerns and expectations, made comments, suggestions and proposals.

Discussions were focused on two main areas, closely interrelated: respect for human values and protection of the environment.

The Forum’s conclusions and recommendations covered human resources development, safety at work, environmental protection and sustainable development, local communities, transparency and accountability, communication and sharing best practices. The main conclusions however indicated that TITAN is expected to do more good where it does more harm, as well as continue intensively to branch out and add value with good practices, so as to remain a leading example in Greece.

In addition, the Stakeholders’ Forum agreed that TITAN can and must further improve its performance in such areas as saving raw materials, recycling and passing on best practices within its sphere of influence (subsidiaries abroad, associates and suppliers, clients and other stakeholders). It should also cooperate with stakeholders so as to help upgrade social attitudes and improve political decision-making on matters of corporate social responsibility and sustainable growth.

It was also pointed out that TITAN which has followed an “open door” policy of accountability and transparency has an obligation to remain in the vanguard among Greek companies, paving the way for new attitudes, practices and business standards at the national level.

The Forum suggestions and joint conclusions will be used as valuable guidelines for planning, developing and implementing TITAN’s future Corporate Social Responsibility and Sustainable Growth strategy in Greece. For this reason TITAN has widely communicated through press releases and its web-site both the deliberations and the outcome of this event and its intention to integrate the Forum recommendations in future initiatives.

Stakeholders’ Forum External Evaluation

Report

“Αs part of its commitment to using international best practice wherever possible, TITAN asked for an evaluation of the Forum according to AA1000SES* principles of Materiality, Completeness and Responsiveness. Overall, the Forum design and implementation rated very well on these three principles as presented here. Considering that the Forum was a pioneering effort in the Greek market, and was the first time TITAN took such an initiative, the areas for improvement are modest but generally indicate a need to make the stakeholder engagement process even more interactive and systematic in the future.

* Accountability 1000 Stakeholders Engagement Standard

Degree of Forum’s Achievement of AA 1000 SES Principles

“Materiality”: The agenda of the Forum addressed most major non-financial issues of interest to the stakeholders. The degree of satisfaction of this principle is considered high.

“Completeness”: Nearly all stakeholder groups were represented. The degree of satisfaction of this principle is considered medium.

“Responsiveness”: Participation of high-level management indicates a high level of responsiveness, e.g the indication that the Forum results and consensus would be the company’ “compass” in the coming years. The degree of satisfaction of this principle is considered high.

“Areas for improvement”: the agenda could be prepared on direct input provided by stakeholders. All stakeholders could be represented in the future.

Abstract from the Institute of Social Innovation Report