• Value creation

Key observations:

The report clearly and effectively summarizes, through the use of charts, the main risks that could affect the value creation ability of the organization in the short-, medium- and long-term (International <IR> Framework, para. 4.23). First, aligned with the Content Element “Risks and opportunities” (International <IR> Framework, 4D, para. 4.25), an overview of the “Likelihood of occurrence/frequency” and “Financial liability” of the gross risks that have been identified is provided (p. 100). Then, in a table, details about the different categories of risks (market risks, operating risks, investment risks, legal risks, and financial risks), their description and analysis, and the measures undertaken to mitigate these risks are concisely illustrated (pp. 101-103). After the consideration of the possible countermeasures, a chart illustrates the main risks that remain (p. 104). Finally, the opportunities that are expected to occur, the likely timescale in which they may have an impact, and the effects in terms of “economic advantage” are presented.