We made meaningful progress in our transparency practices in 2021, as we intensified the process of active listening and engaging with all stakeholders.
The aim is to listen to requirements and expectations, but to also identify how to communicate more closely, “translating” for society the practical benefits provided by our Niobium technology applications and solutions.
The starting point was a reputational assessment survey carried out on three priority stakeholders: we listened to 300 representatives from Araxá and other communities in the vicinity of our industrial complex, carried out 500 online interviews with residents in multiple municipalities in Minas Gerais state, as well as interviews with 26 journalists, including ten representatives from the local press, nine from the regional press and seven from the national press.
Despite our privileged position in the market, for decades we adopted a lowkey stance in communications. This was reflected in the results of our reputational survey: the corporate image aspects most cited by the three stakeholder groups surveyed were leadership, performance, products and services and innovation. However, results for brand recall (familiarity) and shared value perception could be better.
With Reputational Management as one of our priority practices, in 2021 we introduced an internal and external communications program to bolster the Group’s position, focusing on Citizenship, Governance and Work Place matters.
We also enhanced our relationship with the press, expanding our digital practice and maintaining contact with representatives from Araxá and surrounding communities.
Founded on the best market practices, our corporate governance has a Board of Directors, Executive Board, five Committees (Audit and Risk, Strategy, Finance, People and Technology) and two specific commissions for our global operations: Economic Sanctions and Embargoes Committee and Sustainability Committee. See more in the PDF version of this report.
Risk Management & Compliance
In 2021, our Risk management was upgraded through a pilot project to unify the Risk Matrix into a single digital platform, providing both an integrated vision of all critical factors and the decentralized management in each area. The tool provides a macro perspective of how risks are interrelated and details the consequences of each one, which allows you to determine even more efficient mitigation plans and contingencies.
Validated by an external audit, the new system will be installed in the Company’s divisions over the course of 2022 Our Compliance Program also made technological progress in 2021. By way of the Meritum system, we systematized the flows of the main routines of the Compliance Department regarding the operation of demands resulting from the Conflicts of Interests, Gifts and Hospitality and Donations and Sponsorship policies. See more in the PDF version of this report.