Annual Report of the Board of Directors

Compare to Report 2010

Continuing its efforts to achieve the goals set in the context of its strategy on corporate social responsibility and sustainable development, Titan’s priorities centred around the three principles of “Safety at the workplace – Improvement of the environmental footprint - Engagement with all stakeholders”

In the realm of safety at the workplace, the Group’s track record improved overall. Unfortunately however, after more than two years with no major accident, there was one fatal accident involving an employee of a subcontractor at the recently acquired cement production unit in Kosovo.

During the course of 2011, specific investments were executed and initiatives undertaken in order to improve the Group’s environmental footprint, as well as promote active engagement with the main stakeholders at national and local levels. To that end, new environmental licenses were granted in accordance with European and international standards in Serbia and F.Y.R. of Macedonia. Also in the course of 2011, the Group’s first pilot unit for the manufacturing and use of alternative fuels was successfully completed and commissioned in Bulgaria.

With reference to the commitments that the Company has voluntarily undertaken since 2000 under the United Nations Global Compact and the Cement Sustainability Initiative, the Group engaged with employees, their representatives, local communities, NGOs, the authorities, other businesses and networks, primarily strengthening the notion of collective action as well as encouraging the exchange of opinion on crucial matters of common interest.

Given the social changes taking place in most of the Group’s centres of operation as a result of the continuing and broadening global economic crisis, employment reorganisation programmes were effected, mostly in Greece.

The questions and expectations of the Group’s main stakeholders as expressed within the process of deliberation and self-appraisal consistently conducted by the Group the last several years are included in the Group’s Annual Report for 2011.

For fourth consecutive year, the annual Corporate Social Responsibility and Sustainability Report was certified by an independent specialist firm, attaining the highest assurance level A+ as per the Global Reporting Initiative (GRI) standards and the ‘advanced’ level in accordance with the relevant standards of the United Nations Global Compact.

Further strengthening its efforts at transparency as well as engagement with local stakeholders, 2011 saw the issuing of the second Corporate Social Responsibility report by the Group’s subsidiary in F.Y.R. of Macedonia and the first such report by the Group’s subsidiary in Serbia. Moreover, a new website was inaugurated containing detailed information and data on the activities and track record with regard to corporate social responsibility and sustainable development by the Group’s subsidiary in Bulgaria.

Last, Titan Group’s action programme encouraging voluntarism was enriched in 2011 with new actions and initiatives, aiming at developing collaboration between employees as well as with specialised NGOs.