Snam is in a privileged position in Italy and in Europe to develop and enhance its path toward sustainability following the shared value approach.
The topic of shared value, a lens through which the Company has wished to review its approach to sustainability, was formalised in late 2010 by Michael Porter and Mark Kramer, influential experts on corporate management and local competitiveness, and it explores the link between the economic system and society in a very relevant manner. The assumption at the basis of the new conceptualisation is that companies must take action to reconcile business and society: create economic value in such a manner as to generate value at the same time not only for the Company, but also for society, simultaneously meeting the Company’s own needs and needs of a social nature. It is a new point of view that involves making the most of company know-how and reconfiguring relations throughout the chain of value.
In an attempt to follow the shared value approach in corporate operations, Snam has created a summary interpretative model, which has allowed the group to review its core and support processes from the standpoint of shared value, via a process of analysis carried out in the early months of 2012.
This document is intended therefore to show how the Company, in continuing with what it implemented in the recent past in terms of sustainability issues and from the standpoint of continual improvement, can generate shared value today in its relations with stakeholders and what the prospects for consolidation are in that regard with respect to certain processes selected as those with the most potential.
Therefore, this document is an additional module to the 2011 Sustainability Report, to which the reader is referred for specific reporting, in accordance with the Global Reporting Initiative’s international standard (version 3.1), on the sustainable development actions and performance implemented by the Company during the last period.