total return on stock
compared to original
listing in 2003
million euro
added value distributed
to local stakeholders

Dialogue and consultation initiatives

Hera’s significant commitment to involving stakeholders is by now part of the operational structure of the departments that deal with the relations with various stakeholders.

The continuation of the Local Advisory Boards (HeraLABs) and the start of 2 new HeraLABs in Ravenna and Modena according to the new model, the improvement actions after the 2017 climate survey and the customer satisfaction surveys on all types of customers, are actions and projects that have led to a solid, preferential communication channel with the local community and main stakeholders, and have become normal analysis methods that allow us to identify areas for improvement. The results of these activities are assessed by Top Management.

Activities to raise awareness and provide training on the Code of Ethics continued in 2018.

In the sections of the report, the approach used and the results of the main dialogue and consultation initiatives carried out in 2017 are set forth by stakeholder category.


Main categories

Key issues

Key listening, dialogue and consultation initiatives


– Employees

– Non-employee workforce

– Trade unions

Stability, internal climate, training, career advancement, bonuses, remuneration, life/work balance, equal opportunities, safety, internal communication

– over 7,000 employees involved in the 19 yearly meetings that the Executive Chairman and Managing Director held between May and June in Hera Group’s local areas to illustrate the business plan and development prospects

Code of Ethics training: in 2018, training on the Code of Ethics in day-to-day management continued, now in its sixth edition, involving 25 individuals

– Herasolidale: the third edition was launched in 2018; all employees were involved in choosing 5 out of the 15 non-profit organisations selected

Heureka+: 3 new challenges and 39 ideas submitted by workers in 2018 for the project dedicated to Group employees’ ideas for innovation


– Residential customers

– Citizens residing in the areas served

– Business customers

– Consumer groups and trade associations

Service quality, tariffs, transparency, safety, service reliability, communication and information

– Yearly residential customer satisfaction survey: 6,500 interviews to Group customers

Conciliation (ADR – Alternative Dispute Resolution): over 227 requests for conciliation by customers

– 855 cases managed through the direct contact channel with consumers’ associations

14 meetings in 2018 with the concerned associations, in the seven areas in which Hera operates.


– Public shareholders

– Institutional investors

– Private investors

– Financial community

– Ethical funds

Dividends, share performance, investor relations, corporate governance aligned with best practices

Investor relations activities: meetings with 317 investors

Yearly publication of the calendar of corporate events

Interactive tools for analysing stock and business results through benchmarking with main peers available to analysts and investors on the website

– High participation of shareholders (69% of share capital) in the meeting held on 26 April 2018

Financial institutions

– Banks

– Bond market

Continuity of relations, long-term solidity of equity





– Suppliers of goods, services and work

– Qualified suppliers

– Local suppliers


Continuity of relations, qualification, bargaining conditions, payment conditions

– Meetings continued with representatives of social cooperatives working in Emilia-Romagna for monitoring the employment of 816 persons facing hardship

Public Administration

– Local authorities of reference: Municipalities, provinces, regions, their associations and local bodies

– Regulatory and control bodies

– Universities and research institutes

– State agencies

Transparent communication, concern over local issues, compliance with the law, correct management practices, innovation, partnerships

– The area managers organised 1,750 meetings with mayors and received 2,624 requests from the Municipalities of the local areas served

Local community

– Local associations

– Trade associations

– Media

– Residents in the vicinity of production plants

– Citizens’ committees

Strengthening of dialogue with the local community, support for initiatives, local investment, transparent communication, socially responsible corporate management

15 meetings held in 2018 in the 6 active Labs: 69 representatives from the various stakeholder categories took part in them

– 260 participants in the convention held in Bologna on 4 June 2018 to present the 2017 Sustainability Report

– 205 guided tours in 2018 of Herambiente plants with over 4,546 visitors, 3,500 of which were students

Environment and future generations

– Environmental associations

– Trade associations

– Technicians and experts from other companies

– Technicians and persons competent in environmental issues elected by the inspectorates

Production of energy from renewable sources, energy and water saving, district heating, water withdrawal, greenhouse gas emissions, atmospheric emissions, separate waste collection, waste management and disposal

Hera and AcegasApsAmga promoted a wide range of initiatives to promote energy and water savings, the use of mains water and separate waste collection