Expectation Management

Millennium bcp maintains a close relationship with its Stakeholders, based on a clear and constructive dialogue, with the aim of identifying, managing and responding to their expectations, needs and ambitions.

The definition and monitoring of the material issues valued by the Stakeholders has allowed the Bank to recognise its strengths and identify opportunities for improvement. This process is essential for the definition of the Sustainability strategy, materialised by the annual Sustainability Master Plan (SMP), which aggregates a set of lines of action and guides the actions to be implemented.

The definition of the areas of intervention of the SMP results from a balance between the material issues identified, the available resources and the economic and market context. Since 2023, Millennium bcp has integrated the Double Materiality Analysis into its expectations management model, aligning with the requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).

In 2025, the Bank reviewed its Double Materiality Analysis. This process involved Millennium bcp's main Stakeholders through a consultation exercise aimed at gathering information on the most relevant sustainability issues.

The Double Materiality model considers two dimensions and identifies the company's main impacts, risks and opportunities:

Financial materiality: assesses how environmental, social and governance (ESG) factors influence economic performance and value creation for the Bank;
Impact materiality: analyzes the effects of the Bank's activities on the environment, society and human rights.

Material issues identified include:

E1 Climate change

Climate change adaptation
Climate change mitigation
Energy

S1 Own workforce

Secure employment
Working time
Adequate wages
Social dialogue
Freedom of association
Collective bargaining, including rate of workers covered by collective agreements
Work-life balance
Health and safety
Gender equality and equal pay for work of equal value
Training and skills development
Diversity
Adequate housing
Privacy