18/06/2013

TITAN Group takes the lead in implementation of international standards and best practices with its issuing of the first Integrated Annual Report in Greece 

The TITAN Group is taking the lead in application of international standards and best practices with its issuing of the first Integrated Annual Report in Greece. The Integrated Report has been prepared in accordance with the International Framework Consultation Draft (IIRC) and continues a 30-year tradition of commitment to transparency and to keeping stakeholders regularly and comprehensively informed and engaged.

Corporate Social Responsibility has always been one of the TITAN Group’s core values, guiding and informing its business practice. Since 1983 the Group has been voluntarily issuing a separate Social Report, in addition to its Annual Financial Report. It has now taken the next step forward by merging the two traditional Reports into one Integrated Report. This approach, in line with what is today increasingly viewed as best practice, better reflects the fact that CSR is not ancillary to the business, but forms an integral part of it.

This new initiative underlines the Group’s commitment to transparency and to the provision of regularly updated information and equal treatment for all stakeholders, thereby helping to promote a more sustainable global economy.

The Group’s Integrated Annual Report for 2012 is the sixth in succession to be verified by an independent auditor, and adheres to every international standard that it has incorporated. The verification statement is included in the Report which is available online, at www.titan-cement.com

International Standards followed by the Integrated Annual Report

The Consultation Draft of the International Integrated Reporting Framework (IIRC, www.theiirc.org) served as a guide in developing the structure of the Integrated Report.

The Annual Report was developed to satisfy the A+ assurance level for GRI G3.1 and corresponds to the «advanced» level U.N. Global Compact criteria for Communication on Progress.

Moreover, the TITAN Group has also incorporated the following international standards:

  • AA 1000 SES, for stakeholder engagement
  • WBCSD/CSIguidelines and protocols for measuring and assessing safety performance and CO2 emissions
  • Global Reporting Initiative (GRI G3.1) guidelines
  • Global Compactguidelines for Communication on Progress regarding the integration and application of the ten principles.

TITAN Group Annual Report milestones

  • 1983: One of the first companies in Greece to issue voluntarily a separate Social Report, in addition to the Annual Financial Report
  • 2003: Issued the first CSR and Sustainability Report in accordance with the principles of the Global Reporting Initiative (GRI)
  • 2007: First time that independent auditors assessed and verified the content of the Report, in accordance with the GRI principles. GRI “A+ application level” was met.
  • 2010: The first company in Greece to be assessed at the Advanced Level as defined by the U.N. Global Compact criteria.
  •  2013: Publishing of the first Integrated Report in accordance with the International Framework Consultation Draft (IIRC).

TITAN Group Annual Report 2012 highlights:

  • 10 years of commitment to the U.N. Global Compact
  • A 47% reduction in net debt despite the 19% increase in the Group’s production capacity through investments in emerging markets, during the period 2008-2012
  • We have already achieved the set targets for 2015 relating to specific dust emissions and water consumption
  • Increase in human resources training investment
  • We have taken initiatives on the international and local level to develop collective activities with stakeholders related to CSR and Sustainable Development in all the countries in which the Group operates, including the establishment of national CSR networks and networks to promote the UN Global Compact.
  • We have launched a new subsidiary company in Bulgaria called GAEA – Green Alternative Energy Assets Ltd – in cooperation with American Environmental Evolution (E2), specializing in offering solutions for waste management/environmental protection, waste utilization and alternative fuels production.

The TITAN Group is an independent producer of cement and other construction materials, with 110 years of industrial experience. Based in Greece, the Group has cement production plants in nine countries. It is organized in four geographical sectors: Greece and western Europe; the USA; south-eastern Europe; the eastern Mediterranean. Throughout its history the TITAN Group has sought to combine the highest operational efficiency with respect for human values, society and the environment. For more information, visit the Group’s website at www.titan-cement.com

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