Our goal is to involve our stakeholders in our decision-making process, seeking to keep a constructive and on-going dialogue to learn about their expectations and to build ties to further trust.

Materiality analysis

With this focus, we regularly develop a Materiality Analysis, that is, an exercise used to identify and prioritize the social, environmental and economic matters which are highly relevant for and impact our Company and our stakeholders.

During 2017, we and our affiliates conducted an internal exercise to review, validate and prioritize material matters of the corporate Group. This involved the risks and trends of the financial sector; a benchmark with leading businesses; consultations of all stakeholders; and a review of international standards and frameworks; all of the above, hand-in-hand with the strategic direction of the Company.

Materiality process:

  • Identification – Benchmarking: External: standards, frameworks and reference companies. Internal: resource analysis.
  • Preliminary Materiality: Listing of preliminary topics which are submitted for consultation with our stakeholders.
  • Stakeholder Consultation and Information Analysis: A survey of mass stakeholder perception; In-depth survey of non-mass stakeholders.
  • Connection between Results of Stakeholder Consultation and Strategic Risk Map: Alignment of material matters and the perception of stakeholders of strategic risks.
  • Internal Validation: Review results/resources and prioritize matters with management.
    Final Materiality.


Stakeholders consulted:

  • Mass:
    • Shareholders and investors.
    • Customers.
    • Suppliers.
    • Employees.
  • Non-mass:
    • Board of Directors.
    • Guilds.
    • State.
    • Educational Institutions.
    • Media.
    • Opinion leaders.