Attacheds I
Process for preparing the report
The Responsible Management Report includes the following stages for its preparation: preparation, data collection, drafting, review and approval, and publication and communication.
1. Preparation
The Company’s Legal Representative leads the preparation of the Responsible Management Report – BIC Management Report.
Additionally, the Company considers the changes in GRI Standards for reporting, considering that this is the standard that has been selected to respond to the requirements as a BIC Company.
The Legal Representative appointed the Public Affairs Department and the Sustainability Coordination to advance in the collection of information and construction of the Report.
2. Data collection
Considering that the Report is prepared with GRI Standards and aims to respond to commitments such as, for example, with the Global Compact, banks, to mention a few; We perform a review of the qualitative and quantitative information required by the areas. The Company has the support of platforms such as: Sygris and GreTel that allow it to systematize several of the sustainability indicators. Prior to requesting the information, it is made a review of the materiality, of the activities prioritized as a BIC company, of the sustainable KPIs linked to the credits and of the other commitments acquired to comply with them.
3. Construction
(GRI Content 2-3, 2-5)
The Responsible Management Report – BIC Management Report is published annually. The information is requested at the close of the immediately preceding year to be provided in the month of January, once the indicators for the previous year have been closed. Having adopted the legal condition of being a BIC Company, the Sustainability Coordination ensures compliance with the standard recognized by the Superintendence of Companies in Resolution 200-004394 of October 18, 2018, which, for the case of the Company, is GRI Standards.
We proceed with the documentation of management, responding to the prioritized BIC activities, the commitments acquired with other organizations and the principles of GRI Standards:
- Accuracy: with the proper qualitative and quantitative information on the management of financial and non-financial information. The reader is given the option to go deeper into content by accessing links/QR codes that provide greater detail.
- Balance: it reports information on both positive and negative impacts.
- Clarity: this report is submitted in Spanish and English. Additionally, it is published in a format accessible to people with disabilities on the website. It aims to speak in clear language using graphs and tables that make the information more understandable.
- Comparability: the evolution of the Company’s performance in key indicators is presented to facilitate the analysis of the changes and impacts that have been generated over time.
- Completeness: reports relevant management information for the year 2022.
- Context of sustainability: the Report presents the grounded management in the context of sustainable development.
- Timeliness: it is presented annually once it is approved by the General Shareholders’ Meeting at the first session of the year. It is published on the Company’s website for consultation by stakeholders.
- Verifiability: This report is reviewed by the Company’s management team, headed by the President, and is reviewed by the Audit Committee, the Board of Directors and submitted for approval by the General Shareholders’ Meeting. It includes figures reported by the Colombian operation for the Telefónica S.A. Report, which is audited by the firm PWC Contadores y Auditores Ltda.
4. Review and approve
The Responsible Management Report – BIC Management Report is submitted by the legal representative for review by the Board of Directors and is reviewed and approved by the General Shareholders’ Meeting.
5. Publish and communicate
Once the Report has been approved by the governing bodies, it is published on the website and the internal and external communication strategy is designed. It is also sent to the Global Reporting Initiative and the Superintendence of Companies in compliance with their obligations as a requirement of being a BIC Company.