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Saipem’s 2010 sustainability performance is presented in detail in the Sustainability Report, a document the company publishes on an annual basis as a means of communicating with its stakeholders with regard to the programmes, actions and indicators that constitute its sustainability effort.

During the year, Saipem continued to work towards integrating a sustainable approach and the use of sustainability tools within its stakeholder relations, especially with clients and local communities, in its operations and in a number of important business projects.
The Sustainability Committee, which exercises a sustainability strategy setting role1, met twice in an official capacity during 2010. The Committee discussed sustainability programmes and approved the 2009 Sustainability Report

Local content and externalities

Saipem’s sustainability strategy is increasingly focused on maximising and developing the quality of local content as a contribution to the socio-economic context in the areas in which it operates. This approach has the objective of favouring sustainable development and wealth creation by fostering and developing local employment, the skills of local resources and local suppliers.
A project to analyse and measure the externalities associated with Saipem’s local content strategy (i.e. the direct, indirect and induced socio-economic impacts of the strategy) was launched in 2009 at Ersai (a Kazakh company, where ownership is 50% Saipem, 50% local) and continued with two assessments carried out in Angola and Peru.
The results of the analysis confirmed the positive effects of Saipem’s local content strategy on socio-economic development and skills and resources in the two areas in question. Further details on the two assessments can be found in the 2010 Sustainability Report and will be presented to relevant stakeholders during 2011.

Relationships with stakeholders

In April 2010, the fourth Sustainability Report, detailing the Group’s sustainability performance in 2009, was published. The report, which was certified by PricewaterhouseCoopers and published with a leaflet containing a brief overview of the report, included detailed information on areas in which Saipem has a strategic presence and on a number of significant local operations.
The local stakeholder communication initiatives continued during 010. Saipem produces and publishes Sustainability Case Studies regarding key countries and key projects which have stood out for their good sustainability practices and which may represent a useful point of reference for future projects in specific countries or geographical areas. During 2010, new Country Case Studies were published on Peru and Kazakhstan, while two new Project Case Studies were published on LNGi Marine Facilitiesi - CDB Melchorita (Peru) and West Delta Deep Marine PhIV and Sequoia Joint Development (Egypt). Additional case studies concerning areas of strategic interest for Saipem are currently being prepared.

All of the relevant documentation can be found on the sustainability section of the Saipem website at www.saipem.com/sustainability.

Recognition of the financial community

Saipem’s sustainability effort was recognised by both ratings agencies and financial institutions during 2010.

Following its inclusion, during the previous year, in the Dow Jones STOXX sustainability index, Saipem was included in 2010 in the DJSI World index. In March 2010, Saipem was also listed in the FTSE4Good.
This listing was confirmed in the index’s September review.
Saipem was also selected for listing in the Ethibel EXCELLENCE Investment Register and was included in the ASPI (Advanced Sustainable Performance Indices) Eurozone® indexes.
Finally, for the second year running, Saipem was recognised as a ‘Sustainability Leader’ in the Oil Equipment & Services sector in the SAM Sustainability Yearbook 2010.

Community soustainability projects

Sustainability projects continued during the year in areas where Saipem operates through the implementation of support programmes for business growth (China, Kazakhstan, Peru), the improvement of education and health facilities (Algeria, Angola, Azerbaijan, Congo, Kazakhstan) – including in partnership with local institutions – and the development of local resources.

Further details on sustainability strategies, programmes and actions can be found in the 2010 Sustainability Report, which is available on the Saipem website and is also distributed to relevant stakeholders. The report contains detailed information on the most significant countries from a sustainability perspective (i.e. Algeria, Angola, Azerbaijan, Brazil, China, Congo, Indonesia, Kazakhstan, Libya, Nigeria, Peru, Saudi Arabia).

(1) The Sustainability Committee is chaired by the Saipem Chief Executive Officer and consists of all the Directors of the Corporate functions, the deputy CEO of Saipem SA, the Chief Operating Officers of the Business Units and the Director of Integrated Projects.