Sustainable Development

Stakeholders play a significant role in the decisionmaking mechanism of HELLENiQ ENERGY. For this reason, the Group – periodically and in accordance with the principles and values, strategy, activities, market and proximity – redefines the stakeholders that influence and/or are significantly affected by its business activities. Moreover, the composition of all stakeholders and the ways of communicating with them is also redefined in order to ensure an effective two-way communication, while their concerns and needs are being systematically recorded. More information on the ways and frequency of communication, as well as on the main issues raised by stakeholders and the Group’s response can be found in GRI 2-29. HELLENiQ ENERGY’s stakeholder groups, as identified, are presented below:

The analysis of ESG topics is a key tool for identifying and evaluating the priorities set by HELLENiQ ENERGY in regard with sustainable development. For this reason, a new Materiality Study was carried out at the beginning of the year 2022, with the participation of the Senior Management and representatives of all stakeholders. More specifically, three (3) focus groups in Athens and Thessaloniki, with the participation of the main representatives from all stakeholder groups, six (6) meetings with representatives of the local government of the neighbouring municipalities, twelve (12) meetings with executives of the Senior Management and one (1) online survey, with the participation of a total of 892 people, main representatives from all stakeholder groups, were held. It should also be noted that, for the first time, all members of the Group’s Executive Committee participated in the process.

The evaluation of ESG topics was based on the degree of their impact on the Group’s overall corporate performance and sustainable development, as well as their external impact on the economy, society and the environment (Double Materiality Approach). 21 topics were identified that covered all three ESG pillars (Environment, Society, Corporate Governance). Based on the assessment carried out, 6 topics (Category 1) emerged that were identified as the most material for HELLENiQ ENERGY’s sustainable development, presented in the chart below.

The results of the assessment were endorsed by the Management of HELLENiQ ENERGY, namely by the CEO and the Sustainability Committee of the Board of Directors, and accompanied by a commitment to implement effective policies based on international best practices. Four (4) out of the six (6) Category 1 topics appear, in their broadest sense/importance, in the previous materiality analysis, while the upgrading of the energy consumption and greenhouse gas emissions reduction topic, as well as the highlighting of the corporate governance topic, which are important pillars in the implementation of the Group’s new strategy, stand out.

HELLENiQ ENERGY has incorporated the United Nations’ global Sustainable Development Goals (SDGs) into its strategy, prioritizing the dissemination of the 2030 Agenda goals and actively participates in the effort to achieve them through targeted policies, actions and social programs.

Based on the results of the recent Materiality Study, the Group’s strategy is aligned with the Goals as follows:

HELLENiQ ENERGY is assessed by international organisations and independent benchmarks with regard to its economic, environmental and social performance.

In 2022, the Group participated for the 5th time in a row in the CDP assessment process, the largest program for collecting and assessing data on greenhouse gas emissions, energy consumption and evaluating corporate responsiveness to the challenges and opportunities of climate change, at the world level. The Group’s approach and the significant progress made in achieving the quantitative targets it has set (reduction of its CO₂ emissions intensity index and continuous reduction of its carbon footprint) were positively assessed, as it managed to improve its rating to A- (“Leadership – Implementing current best practices” level) from B, a rating it had received during the previous assessment, in 2021. The ranking, according to CDP, is not only higher than the European average of B, but also higher than the average for the Oil & Gas sector, which is also B, while confirming the Group’s long-term commitment not only to managing the challenges of climate change, but also to the long-term planning of business activities, with a main focus on sustainability and low carbon footprint.

HELLENiQ ENERGY also, in the last two years, achieved significant improvement in the S&P Corporate Sustainability Assessment (CSA) rating, compared to previous years, as well as improved its ranking in the rating by Sustainalytics, a reputable body of international recognition, actively participating by sending additional data.

Moreover, it is worth mentioning that HELLENiQ ENERGY is being assessed according to the ESG criteria of the Athens Stock Exchange since 2019 and has achieved its inclusion in the ATHEX ESG Index, while since December 2016 it has also been included in the Financial Times Stock Exchange-Russell Group (FTSE), FTSE4Good Index Series.

Also, the Group’s subsidiary, EKO S.A., maintains the silver distinction “Silver Recognition Level” for its business practices and commitment to sustainable development, by EcoVadis, one of the largest and most trusted global supplier assessment bodies on corporate responsibility issues. Finally, the Group was once again included in the list of “The Most Sustainable Companies in Greece 2022”, i.e. the 31 companies-Groups participating in the Sustainability Performance Directory and based on the relevant ESG assessment are the leading companies that shape the Business Map of Sustainable Development in Greece.