A fundamental part of our strategy is building relationships of transparency, respect and mutual benefit to individuals or groups that may be impacted by our activities or that may impact the future of the Organization. Celsia's mission is to create shared value with their stakeholders through the permanent building of long-term relationships and commitment to their development.
How do we identify and prioritize our Stakeholders?
The generation of shared value and the construction of long-term relations of mutual benefit is the basis of the process of identifying and selecting the stakeholders the company works with. In collaboration with its teams, the Steering Committee reviews the business's own actions, risk exposure and the generation of opportunities, the actions of third parties that have an impact on the organization and the internal and external expectations, to establish its stakeholders. With this information we annually up- date the philosophy of action and the generation of value for each group.
In 2018, and as a next stage in the evolution of our stakeholder engagement practices, we carried out an exercise to classify, prioritize and standardize our stakeholders throughout the Organization. This aims to more precisely and relevantly focus on their characteristics, information that we give to them and receive from them, and the media that we have made available to them.
For the prioritization process, we used the Stakeholder Theory of Ronald K. Mitchell, Bradley R. Agle and Donna J. Wood1 as a framework, which proposes a holistic view of relations, analyzing the stakeholders according to their power, legitimacy and urgency, as well as their attribute of attention (latent, expectant and definitive).
The result of this exercise resulted in the identification of the following stakeholders:
Which are our Stakeholder Engagement mechanisms?
At Celsia, we continuously promote the direct and transparent relations events with our stakeholders through the implementation of several two-way mechanisms that guarantee the capacity to release management results and to disclose its requirements, proposals or concerns. Some examples of these are: our transparency hotline, our community service centers, chats and social networks, website, email, newsletters, radio shows and field visits.
For each stakeholder, we have a specific relations strategy in place which materializes through daily interactions; for that reason, our Company teams, the stakeholders’ direct representatives, who through their work at our local operations, seek to consolidate and beneficial and trust relationships.
Additionally, our sustainability team periodically promotes additional dialog events and confers with stakeholders and relations leaders on behalf of the Company. The results obtained are subsequently consolidated through a corporate matrix that includes the most relevant topics for each one of them plus their corresponding communication media and frequencies.
How do we manage our Stakeholder Engagement risks?
At Celsia, we have a risk manual in place, in order to identify and address our strategic risks, which include engagement risks with our stakeholders, such as social, political, regulatory and reputational risks.
To know our stakeholder relationship matrix click here