TITAN Group pledges
TITAN Group values express its engagement to apply the following international standards:
- U.N. Global Compact
- AA1000 Accountability Principles Standard
-
ISO 14001: 2004 Environmental
Management System Certification - OHSAS 18001
- SA 8000 Social Accountability
- GRI (reporting guidelines)
- WBCSD/CSI (sectoral initiative)
-
European Alliance for CSR
(European initiative) - E.U. Policy on CSR (Announcement, October 2011)
Also related to ISO 26000 CSR principles and particularly the following:
- Accountability
- Transparency
- Ethical behavior
- Respect for stakeholder interests
- Respect for the rule of law
-
Respect for international norms
and behavior - Respect for human rights
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
Compare to Report 2010
TITAN keeps its investors systematically updated on its economic, environmental and social performance. Specifically, TITAN responds to all socially responsible investors’ queries regarding special criteria applied in decision making. In this context, TITAN, with other companies in the cement industry, was assessed by Triodos Bank, using Triodos’ specific ESG criteria, and ranked first out of 14 companies in the analysis, according to which:
- TITAN’s reporting on ESG issues is comprehensive and relatively transparent.
- On governance, the company is a member of WBCSD/CSI, a U.N. Global Compact signatory and has a CSR committee responsible for ESG issues.
- On social issues, TITAN was found to have strong programs for Health and Safety in the workplace. Its Code for Procurement includes social and labor standards within the supply chain. Its labor policies are based on the ILO core principles.
- On the environment, TITAN has an extensive policy and management system, disclosing detailed data on its dust, Nox, Sox and GHG emissions and implementing programs to reduce them. TITAN also developed a more environmental friendly cement for the construction of a major dam in F.Y.R. of Macedonia