MEASURING SAIPEM’S CONTRIBUTION TO SOCIO-ECONOMIC GROWTH
Creating job opportunities, developing skills and competences, and working with local suppliers and subcontractors are fundamental components of Saipem’s contribution to a country’s socio-economic development. To measure this contribution, Saipem has implemented a methodology aimed at quantifying the socio-economic externalities associated with Saipem’s local content approach.
The contribution is calculated as a multiplier effect, as well as an impact on the national GDP. Furthermore, the methodology assesses Saipem’s contribution to local employment, as well as the long-term effect of its investment on the training of its local employees.
The more recent application of the methodology to an onshore pipeline construction project in Mexico has shown a significant contribution to society:
Saipem’s project contribution to the Mexican GDP (avg.): ￼1.73 bln MXN
Multiplier effect: 1.72(Each peso spent by Saipem for the project resulted in an additional 0.72 pesos generated in the local economy)
Jobs associated with project execution: ~7,000
A TRANSPARENT COMMITMENT TO HUMAN AND LABOUR RIGHTS
According to the ILO, around 25 million people are estimated to be in forced labour. Saipem is committed ensuring respect for human and labour rights and preventing modern slavery and human trafficking in its business and supply chain. For this reason Saipem welcomes the requirements of the UK Modern Slavery Act and transparently describes its principles, policies, processes and actions to show that the Company has been working to respect and promote human rights.
PROMOTING DECENT WORK
Saipem has set its principle for the protection and promotion of human rights at the highest level in the Saipem Code of Ethics and in the Sustainability Policy. In line with these, the Human Rights and Supply Chain programme reiterates Saipem’s commitment to respecting human rights and to encouraging its suppliers and subcontractors to pursue decent work.