Dialogue with stakeholders
Outline policy for effective dialogue with relevant stakeholders
To ensure that the interests of the relevant stakeholders of the company are considered when the substantiality aspects of the strategy are determined, Royal BAM Group nv (‘BAM’ or ‘the company’) has formulated an outline policy for effective dialogue with those stakeholders, in accordance with best practice clause 1.1.5 of the Dutch corporate governance code.
Preliminary
BAM fully endorses the importance of an effective dialogue with its relevant stakeholders. It is vital for the company to develop an understanding of stakeholders' needs, interests and expectations. Therefore BAM interacts with its stakeholders on a regular basis and additionally engages with relevant stakeholders when this is appropriate and in the interest of the company and its affiliates enterprise. BAM annually reports on its stakeholder engagement in its annual report.
Regular interactions with stakeholders
The interests of employees, shareholders and other relevant stakeholders are considered when updating BAM’s Sustainability Strategy and the Materiality Assessment1. Input is obtained during ongoing discussions with employees (directly and/or via the relevant works council), interactions with shareholders (directly and/or via shareholder representative organisations) and interactions with other relevant stakeholders. With regard to the works council, their input is not part of formal (statutory) advice or consent rights in accordance with the Dutch Works Council Act (Wet op de Ondernemingsraden).
Additional engagement of stakeholders
In addition to the regular interactions, BAM is of the opinion that contacts between the company and relevant stakeholders may be of importance and BAM is prepared to enter into a dialogue with those stakeholders. However, not every stakeholder can be regarded as equally relevant to every sustainability aspect of the strategy, or otherwise and therefore the Executive Board of BAM shall decide on a case-by-case basis whether such a dialogue is appropriate.
BAM shall facilitate such a dialogue unless, in the opinion of the Executive Board, this is not in the interest of BAM. To assess whether or not a contact/dialogue with stakeholders is appropriate and in the interest of the company, BAM may request to be informed in advance in writing of the objective, the subjects to be discussed and the views of the stakeholder concerning these subjects. If BAM decides to enter into contact/dialogue with stakeholders, BAM shall determine the method(s) of engaging that are best suited to the purpose of the engagement.
BAM will primarily be represented by the members of the Executive Board in contacts with its stakeholders, assisted by the manager investor relations or the manager public relations. BAM may involve other employees or advisors of the company in contacts with external stakeholders, taking into account their expertise, background and seniority.
Lobbying activities
BAM recognises the importance of lobbying activities in aligning industry practices with sustainability standards and predominantly engages in lobbying or political advocacy through trade associations. As a key player in shaping the built environment, we aim to drive society and the construction industry towards a more sustainable future, contributing to global efforts to limit global warming and building resilient and energy-efficient communities. BAM is committed to ensure our lobbying activities are in line with the Paris Agreement’s goals and our ambition ‘Building a sustainable tomorrow’.
1 See pages 20-22 in BAM Annual Report 2022