Dialogues with groups
Materiality:
At Grupo Financiero Banorte, we understand the importance of knowing the views and issues of greatest relevance to our various stakeholders by talking with them, i.e., those aspects that are important. For this reason, we have undertaken a new materiality study to ensure the validity of these issues or to uncover new issues in the economic, social and environmental fields
The core of this study was the dialogue with some of our internal and external stakeholders and the analysis of diverse public information.
Internal Analysis:
Grupo Financiero Banorte’s senior management was interviewed and filled-out questionnaires in order for us to learn about the most relevant topics and get their short and long-term opinions.
External Analysis:
This analysis consisted of various interviews with stakeholders such as:
- Civil society organizations
- Governamental entities
- International organizations
- Suppliers
Stakeholders were asked a series of questions, focused on the following aspects: fundamental tendencies in social, environmental and ethical issues trends that will drive the financial sector development in the long-term; best practices in the sector; characteristics of a responsible bank; collaborative initiatives and the areas that they would like to work on collaboratively.
In terms of consulting public information, General Shareholders’ Assembly resolutions published by ISS, Glass Lewis and As You Sow relating to social, ethical, environmental and governance aspects were reviewed for 2014 and 2015; also Sustainability Accounting Standard Board requirements were considered in their supplements related to financial services, in particular: commercial banks, Investment & Brokerage, Asset Management, Consumer Finance, Mortgage Finance and Insurance.
The information obtained through the described actions has allowed us to determine the themes of greatest relevance for both our stakeholders and Grupo Financiero Banorte - 24 topics, which are represented in the following matrix.
Based on the results obtained, the topics of greatest relevance to our stakeholders and the financial group were identified as:
- Integrated risk management
- Corporate Governance
- Responsible customer service practices
- Regulatory compliance
- Corruption and money laundering
The topics occupy their place in the graphic representation of the materiality matrix according to two axes, the horizontal axis represents the significance of the topic according to the responses obtained talking to the stakeholders chosen for this study and the vertical axis represents the significance for Grupo Financiero Banorte according to the opinions of senior management representatives.
This study has allowed us to make a profound identification in each of the priority topics and thereby, identify the short and long-term challenges, strategies and objectives and performance indicators that allow us to achieve higher standards in economic, social and environmental issues as well as in corporate governance. Generating value for each of our stakeholders, together we continue to be the strong Bank of Mexico.