Distribution of value created by TITAN Group in 2011
Total value created in 2011 was €1026.6 million and distributed to key stakeholders as follows:
- To employees for salaries, pensions and social benefits, including additional benefits beyond those provided by law: €218.1 million
- To local and international suppliers: €642.9 million
- For new investments in fixed assets: €58.1 million
- To state and local authorities through taxation: €82.6 million
- Return to shareholders and minorities: €24.9 million
Continuous improvement of corporate social responsibility and sustainability performance depends on comprehensive and systematic stakeholder dialogue and effective engagement. In December 2010, a Stakeholder Engagement plan was launched in Bulgaria, focused on assessing of stakeholders needs and expectations. In this respect, all key stakeholders for TITAN operations in the country were invited to discuss company social and environmental strategy and priorities. The process, which included stakeholder mapping and profiling, interviews and survey through questionnaires, resulted in the following main outcomes:
- For employees the most important issues are the following:
- Health and safety at work.
- Job security and compensation.
- Environmental protection and transparency.
For communities the most important issues indicated are the following:
- Water resources and management.
- Health and safety.
- Community support.
For suppliers the most important issues identified are the following:
- On-time payment.
- Hiring subcontractors and suppliers from local market.
- Preservation of market of domestically produced cement (with respect to cement sold at lower prices and which may not be compliant with E.U. regulations).
Authorities representing local municipalities, including the municipality of Zlatna Panega, have raised during this process the following issues:
- Increase the use of alternative fuels as part of waste management strategy (tires, plastics, waste paper, animal wastes, etc) with appropriate, transparent, publicly-available information on environmental impacts.
- Secure and enhance local employment.
- Expand social dialogue and joint European projects as well as assistance to community development programs (renovation of local school, as well as in respect municipal water supply pipes, smaller road repair projects in local municipalities, etc.).