Terna has expressed in its Ethical code its commitments to each stakeholder category which correspond to specific engagement tools such as, for example, monitoring and verification of their expectations and opinions.
Regulators of services operated under concession
These are the national and EU institutions and public bodies that by law are granted regulatory and supervisory powers over Terna, in its capacity as the operator of the electricity transmission grid and of dispatching activities. While carrying out its activities and in full compliance with respective roles, Terna - in its capacity as an independent system operator - maintains transparent and collaborative relations with these bodies, both with regard to compliance with its obligations under the current legislative and regulatory framework, and in order to make a positive contribution towards development of the framework, playing a proactive role and providing technical support to national and European institutions. Collaboration with institutions specifically involves proposals for solutions that - on the basis of Terna's distinctive know-how - enable more effective pursuit of institutional objectives, such as market efficiency, promotion of the integration of renewable sources, integration of the national market within the European market, and the integrity and security of the Italian electricity system. Terna also works with non-governmental organisations to ensure the systemic sustainability of the Development Plan's initiatives, paying ever greater attention to local areas and their enhancement.
Public decision makers and regulators
These public institutions are responsible for regulation, supervision and authorisation of a general nature, and in particular regarding the construction of infrastructure. They exert an influence over Terna and engage with the Company in the performance of their institutional roles.
Since 2016, Terna has been on the Transparency Register, established by the Ministry for Economic Development to guarantee transparency and the traceability of meetings with the Ministry's top officials.
In 2018, in addition to ordinary communication initiatives and institutional relations, on 19 September 2018 Terna attended a hearing before the Senate’s Standing Industry Committee, in connection with item no. 59, regarding support for productive activities via the use of electricity generation, storage and self-consumption systems.
These are the parties that invest, in various ways and to varying extents, in the capital of the company. Through their investment/disposal decisions, they have financial influence or also – by exercising their right to vote – decision-making influence on the company and are impacted by the financial performance of the company itself. This category of stakeholder also includes parties that, due to their professional role, can influence stakeholders, first and foremost financial analysts and sustainability rating agencies.
The Annual General Meeting of 27 April 2017 was attended by 1,284 shareholders (of which 9 in person and 1,275 by proxy), holding a total of 1,279,363,203 shares, equal to 63.650164% of the share capital, all of which bearing voting rights.
Twelve requests for information were received by e-mail from non-institutional shareholders (12 in 2016 and 7 in 2015), regarding information on the dividend policy, the share price performance, information on the dates and availability of Terna's corporate documents and/or documents relating to General Meetings and/or other information material on the Company.
The Sustainability department maintains ongoing relations with sustainability rating agencies and, in collaboration with Investor Relations, with analysts and fund managers, to whom it provides the necessary information for assessment of the Company's ESG performance. Investor Relations conducts an annual survey of financial analysts.
Electricity system operators
Together with Terna, these stakeholders make up the electricity supply chain, operating as producers, distributors and wholesalers. They engage in multiple relations with Terna, which are highly regulated and characterised by reciprocal impact and influence. These stakeholders also have the potential to influence regulatory authorities and public decision makers.
In addition to its corporate channels, Terna has developed the My Terna portals (a platform that manages the dispatching users with whom Terna has entered into a contract, supported by a dedicated call centre) and GAUDÌ, the management system for the Consolidated Power Generation Plant Register at national level.
These stakeholders have a role as mediators between Terna and other stakeholders. This category includes national and international media outlets, national and international opinion leaders, web users, universities and other scientific and research organisations, study groups and national and international influencers.
The media directly influence public opinion in general, regulatory authorities and public decision makers. They can have a direct impact on Terna’s reputation or an indirect effect on its operating and business environment and on political decisions regarding energy.
All communication activities have been developed in such a way as to make coordination between the various departments and the integration of the various tools and activities even more effective, in order to obtain ever more widespread and consistent coverage across all media. The Group's communication generated coverage via the release of 1,626 significant items, partly thanks to the publication of 91 press releases, as well as 164 local memos and position statements (up 108% compared with 2016). 415 significant articles were published in the national press and 300 in the local press, while 653 articles were posted on leading websites (up 27% compared with 2016) and 258 items were broadcast on leading TV and radio channels (up 38% compared with 2016). 33 of Terna's senior executives and 22 managers were interviewed. Overall, including traditional (newspapers, periodicals, radio and TV) and online media, Terna released a total of 19,481 items (up 3% compared with 2016). In terms of media relations, over 1,000 direct contacts were made with the editorial staff of the various traditional and web-based media outlets.
Webranking Europe 500: Terna ranked fifth in the Top 10
With a score of 88 out of 100, Terna rose to fifth place in the Top 10 of Webranking Europe 500 by Comprend 2018, the leading survey for assessing the transparency of the digital channels of leading listed European companies. In 2017 Terna was in sixth place.
For the second year running, Terna also ranked among the top five websites in the Top 10 in Italy, rising from fifth to fourth place, up 3.1 points (from 85 points in 2017 to 88.1 in 2018).
This important result rewards the Company's digital communication performance regarding not just the financial sector but also sustainability and governance, areas in which Terna was ranked number one for the first time.
The usual point of contact for Terna and its suppliers is the “Procurement Portal”, where it is possible to learn about tenders, participate in online tenders, and go through the qualification process for inclusion on the Supplier Register.
In 2014, Terna adopted the electronic platform for managing contract tenders, thus creating a paperless procedure.
Terna also has direct contact with suppliers to manage contractual relations and improve the Company’s knowledge of specific issues with groups of suppliers.
In order to expand its supplier portfolio, Terna engages in “procurement marketing” through market scouting, benchmarking and monitoring the performance of suppliers. This involves constant meetings with both Italian and overseas supplier firms.
People in the organization
These are the internal stakeholders, the company fabric, whose work makes the business possible.
In 2017, the Company conducted the 2017 Engagement Survey, an internal climate survey involving the entire workforce. The response rate was 80%.
Overall, Terna’s engagement score (81%) is broadly in line with the average across other companies in Italy who use this form of survey.
Once the survey results had been shared (through a series of internal communication initiatives focusing on the key data and subsequent working groups around the country), a specific action plan focusing on five priority areas was drawn up:
- staff development;
- inter-departmental cooperation and between central and local units;
- role of managers;
- internal communication.
The plan was communicated to everyone in the Company via the intranet.
Over the years, Terna has also monitored the “Work Satisfaction Index”, to gauge employee satisfaction.
In its current formulation, the index is comprised of the voluntary quit rate (40%) and a productivity index (60%), based on the ratio between hours actually worked and those potentially workable, calculated taking into account absenteeism.
The final index produces a score between 0-100. Below are the recorded data from the last four years: 2015: 82.9; 2016: 83.6; 2017: 87.8; 2018: 88.3.
From the initial planning phase of grid development initiatives, Terna reaches out to local communities in the areas where they will be implemented, involving local authorities (regional and local authorities, park authorities, etc.). For several years, the Company has also reached out to citizens via public meetings called "Terna incontra".
Terna voluntarily consults on the need for grid development with local authorities and listens to stakeholders' opinions in order to promote the best location for new infrastructure, identifying optimal corridors based on the classification of land according to so-called "ERPA criteria" (Exclusion, Repulsion, Problems and Attraction), and with the support of GIS (Geographic Information System) technology, which includes all information relating to different types of land use and the related protection constraints (regional, naturalistic, cultural, landscape, etc.).
During 2018, Terna held a total of 207 meetings with local authorities, involving around 118 bodies.
Terna also held 17 “Terna incontra” in eight Italian regions (Piedmont, Lombardy, Veneto, Tuscany, Sardinia, Campania, Apulia and Calabria). One meeting was held in Bisaccia (AV), Lacedonia (AV), Deliceto (FG), Avigliana (TO), San Vincenzo (LI), Suvereto (LI), Piombino (LI) and Codrongianos (SS), (two meetings) Santa Teresa di Gallura (OT), Troia (FG), Alberona (FG), Sorrento (NA), Naples, Vellezzo Bellini (PV), Cortale (CZ) and Auronzo di Cadore (BL).
Terna's role in the electricity system gives it a responsibility to society as a whole both for everyday and medium-to-long-term operation.
Terna conducts its relations with the stakeholder “society” using a variety of information tools: this site, social media (Facebook,
Twitter, LinkedIn, Instagram, Slideshare, Flickr).