Sustainability Report
2023 Non-Financial Information Statement

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Contents
Sustainability Report –Non-Financial Information
Statement

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

01 GCO07 External assurance report6 About the Group7

 Business model

8

 Strategy and results

9 Shareholding structure

10

Letter from the Chairman

3

 Corporate governance

11

About this report5 Risk management

14

Scope of information

5
02 Sustainable business17

 Sustainability Governance18

 Materiality and relationship with thestakeholders

20 Sustainability Master Plan

22

 Sustainable investment24

 Responsible products26

 International commitments andalliances

29

03 Group commitments30

 Employees

31

 Customers

40 Shareholders and Investors

43

 Intermediaries: agents and brokers

44 Supply chain45

 Climate change

48

 Environment

52

 Ethics and compliance55

 Fiscal transparency

60

 Social impact

61

 Innovation

66

04 Appendix I – Additional information

67

05 Appendix II – GRI content index

80

06 Appendix III – NFIS content index

86

07 External assurance report932

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

New Sustainability Master Plan
At GCO, we have dedicated part of 2023 to updating ourmateriality analysis with the goal of identifying theissues of concern to our stakeholders. For thisanalysis, we have adopted the double materiality
criteria laid down in the European Corporate
Sustainability Reporting Directive (CSRD), consideringboth the financial risks and opportunities arising from
ESG issues, together with the Group's impacts onsociety and the environment.
Following the results of the double materiality
analysis, we have updated our Sustainability Master
Plan for the period 2024-2026, which is structured
under four strategic pillars —good governance,sustainable business, social commitment andenvironmental responsibility— and a strategic line ofreporting and transparency, transversal to them.

Letter from the
Chairman
2-22“Enhancing people's lives is part ofour cultural values and ourcommitment to sustainability”
I begin this letter by highlighting that 2023 has been ayear in which, at GCO (Grupo Catalana Occidente), we
have continued to drive our commitment tosustainability. A year in which, as a Group, beyond
dedicating ourselves to innovation and improving
services, we have taken firm steps to continue with thetransition towards a more sustainable and egalitarian
world, because enhancing people's lives is part of ourcultural values and our commitment to sustainability.
In the following pages of this Sustainability Report –Non-Financial Information Statement, you will find all
the information on GCO's economic, social andenvironmental performance through 2023. This
document has been drawn up with reference to thestandards of the Global Reporting Initiative (GRI) andcorresponds to GCO and the entities that comprise it.
These are leading companies in the Spanish insurance
sector, in the international credit insurance sector and,recently, in the funeral sector in the Iberian Peninsula.

Driving the transition in products and services
In 2023, we continued to develop more sustainableproducts and services as a means of fostering thetransition to a sustainable economic model.
With regard to products, we have adapted the offeringof all our pension plans, unit-linked products and
EPSVs to include environmental and/or social featuresin their management pursuant to article 8 of the SFDR.
This follows on from last year, when we adapted theoffering of all our investment funds to category 8 of theSFDR, which were approved by the CNMV in February2023.
We also renewed our insurance for electric vehicles,
adding new coverage and specific services for this typeof car, with the goal of contributing to moresustainable mobility.
With regard to services, GCO's vehicle repair service
was the first to obtain the "Centro Zaragoza
Sustainable Workshop Network" certification. Thiscertificate guarantees the commitment of vehicle
repair workshops to sustainability and certifies thedevelopmentof
theirservices
following
environmental care criteria.
Lastly, I would like to emphasize that we havecomplied with the main European measures to drive
the transition by disclosing the Principal Adverse
Impacts (PAIs) in the sustainability factors of the SFDR
and the indicators of the Taxonomy Regulation.

Now, allow me to mention some of the mostoutstanding sustainable actions in 2023:

3

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Committed to continue improving environmental
performance and the protection of natural capital

Acknowledgement of our firm commitment tosustainability

As part of our endeavour to continue improving ourenvironmental performance, in 2023 we implemented
an environmental management system pursuant to
the ISO 14001 standard covering all management
processes of the Group's main real estate assets. This
enables us to understand, control and prevent
environmental impacts in an orderly and planned
manner, and to enhance environmental efficiency andperformance.

As a result of our commitment to sustainability, in
December 2023, Sustainalytics reviewed our ESG
rating, awarding us a rating of 16.9 points. This meansthat GCO has a low risk of experiencing material
financial impacts related to ESG factors. This
assessment underscores the efforts we areundertaking to develop sustainable management.

Furthermore, we also took part in the launch of
Nactiva, the first market builder in projects aiming toprotect and regenerate natural capital in the
Mediterranean area. Within this initiative, we are
involved in the development of the MedForest 360
program for the conservation, management andregeneration of Mediterranean forests.
As regards the funeral sector, I would like to highlightthe project that Mémora is carrying out with TreeNation, a leading international reforestation NGO.
Through the In Arboriam project, the company iscommitted to planting a tree for each service provided.
This action has already led to the planting of more than60,300 trees and the offsetting of render more than
21,000,000 kg of CO2 since 2020.

I would like to conclude by thanking all the employees,
intermediaries,
associates,
shareholders
andcustomers who are part of GCO. Thanks to yoursupport and the trust you place in us, we are able to
make progress on our goals regarding economic, socialand environmental sustainability. We are convincedthat together we will be able to build on the bestsustainability practices in the years to come.

José María Serra
ChairmanContributing to society's sustainable development
In the social sphere, internally, one of the major
milestones for 2023 is that, as part of the plan forequality, diversity and inclusion, we have set specifictargets for female representation as well as
maintaining the wage gap below 12% in all
professional categories.
Externally, thanks to the participation of ouremployees, we have conducted corporate volunteer
actions to help vulnerable social groups (Cheers4you
and Junior Achievement) and care for theenvironment (World Cleanup Day).
To round off our initiatives in the social sphere, I would
like to highlight the work of the Group's Foundation,
which under the new name of Fundación Occident hascontinued to promote its five lines of action: research,business and teaching, cultural actions, sports
activities and solidarity initiatives. The memory of theGroup's founder, Jesús Serra, will live on through thedevelopment of strategic projects that will bear his
name.

4

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Sustainability Report – Non-Financial Information Statement
Grupo Catalana Occidente, S. A. 2023
About this report
This report outlines GCO's sustainability development,
results and performance during 2023, as well as its
management approach and the challenges it faces.
The Sustainability Report contains the Non-Financial
Information Statement (hereinafter, NFIS), forming partof the Management Report, in accordance with Articles
262 of the Capital Companies Law and 49 of the Code ofCommerce, meeting the requirements of Law 11/2018.
Similarly, this document has been prepared in accordancewith the Global Reporting Initiative (GRI) standards.
Appendices II and III (“GRI content index” and “NonFinancial Information Statement (NFIS) content index”,
respectively) contain the list of sustainability indicatorsthat are included throughout this report.
This document has been reviewed, with regard to theinformation in the NFIS and the GRI content, by anindependent external verifier (PricewaterhouseCoopers
Auditores, S.L.), in accordance with ISAE Standard 3000,
revised and in force, and with the Action Guide on
verification engagements of the Non-Financial
Information Statement issued by the Spanish Institute ofChartered Accountants.
Likewise, the document is subject to the same approval,
filing and publication criteria as the Consolidated
Management Report. The assurance report is available on
page 83 of this document.

Scope of information
2-2, 3-2
The scope of the information contained hereincorresponds to GCO and the entities that comprise it.
On 9 February 2023, GCO acquired 100% of Mémora
Servicios Funerarios funeral group. This document
only includes information about this company fromthat moment onward.
On 31 December 2023, with retroactive accounting
effect from 1 January 2023, the merger took place ofthe companies Seguros Catalana Occidente, Plus Ultra
Seguros, Seguros Bilbao and GCO Reaseguros, throughthe absorption by Seguros Catalana Occidente of theremaining companies, merging them under the brandname Occident.
On 31 October 2023, Atradius Re, GCO's reinsurancecompany, merged into Atradius Crédito y Caución.
The financial information contained in this report istaken from the consolidated annual accounts for theyear ended 31 December 2023.
In those cases in which the information reported
presents a different scope to that established for thisdocument, this is specified in the corresponding
section or table with a footnote.

The 10 principles of the United Nations Global Compact
have been considered when preparing this document.

5

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

GCO

6Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

About the Group
2-1, 2-6
GCO is one of the leaders in the Spanish insurance sector and the global credit insurance sector and, more recently, of thefunerary sector in the Iberian Peninsula. In its more than 160 years of history, it has experienced constant growth, thanks to
its ability to adapt to changes and remain faithful to its genuine essence of insurance.
The Group has a presence in more than 50 countries through a diversified and balanced business portfolio, serving more than
3.7 million customers.
Its consolidation as one of the largest Spanish capital insurance groups is largely a result of its acquisition model, which has
allowed it to gradually integrate the leading companies in their field or geographical area.

6th biggest
insurance group in Spain

Asia and rest USA
of the world 3.8%
Southern Europe 4.0%

1st biggest funeralbusiness group in the
Iberian Peninsula

4.0%
WesternEurope
13.4%

Central andNorthern
Europe11.9%

2nd biggest
credit insurance groupin the world

Spain
63.0%

Strategic purpose
To be leaders in protecting and guiding people and companies in every stage of life in order to ensure theirpeace of mind in the present and their trust in the future.

Main figures
Volume and distributionof businessŪ5,792.6 +9.7%

Combinedratio

52.9% Traditional business
43.2% Credit Insurance business
3.9% Funeral business

92.6% +1.8 pp Traditional business
74.1% +1.8 pp Credit insurance business

Consolidated
profitShareholder
remuneration

Permanent resourcesmarket valueŪ615.5m

Ū134.1m

Ū5,738.8m

Sound financial structure
Listed on the stock market.
Stable and committed shareholders.
Rating A (AM Best) and A2 (Moody’s).

Technical rigour
Excellent non-life combined ratio.
Strict expenditure control.
Prudent and diversified investment portfolio.
7Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Business model
2-6
GCO's purpose is to be leaders in protecting and guiding people and companies in every stage of life in order to ensure theirpeace of mind in the present and their trust in the future.

Insurance businessTraditional business
The traditional business provides families and small andmedium-sized businesses with a wide range of insurance
products to cover any need, at any stage of life, by meansof a network of professional intermediaries and morethan 1,500 offices.
The lines of business we offer are:

Credit insurance business
Through the credit insurance business, the Group offers
products and services that contribute to the growth ofcompanies throughout the world, protecting them fromthe risks of non-payment inherent in the sale of products
and services with deferred payment. This business is
structurally linked to economic development and, inparticular, the evolution of non-payments and the volumeof trade at the global level.
The lines of business we offer are:

The turnover of the traditional business amounted to
3,064.7 million euros, which represents 52.9% of theGroup's total, and is distributed as follows:
Single and supplementary
10.5%
Recurring
17.9%

Multi-risk
27.0%

Funeral5.3%
Health
4.9%
Other
12.7%

Motor
22.5%

In 2023, the traditional business companies, Seguros
Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao
and GCO Reaseguros, were unified under the new
Occident brand. The purpose of the unification is tosimplify the organisation and, therefore, make it morestreamlined and able to adapt quickly to the demands ofthe market. During 2024, NorteHispana Seguros will also
be included.

The turnover of the credit insurance business for 2023
represents 43.2% of the Group's total, amounting to 2500.9
million euros.
Additional activities income
3.8%
Information income
5.7%
Facultative reinsurance
7.4%
Surety insurance
5.8%

Credit insurance
77.3%

The Group's brands through which it conducts its
activities in the credit insurance business are Atradius andCrédito y Caución.
8

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Funeral business
The funeral business accompanies families before, during
and after bidding farewell to their loved ones and offers acomprehensive funeral service that is centred on families.
The culture of the business is based on "people caring forpeople", a key concept to have a team geared towards
offering the best service every day. This team comprises
upwards of 1,800 professionals who blend excellent
training with a vocation for service, thus contributing to
the purpose of caring for all people at every step of theend-of-life process and fostering a change of mentality
with regard to death.

The turnover of the funeral business amounted to 227
million euros, which represents 3.9% of the Group's total.
Within the funeral business, the Group's brands, whichcarry out its activity, are as follows:

Strategy and results
2-6

GCO bases its strategy on three pillars —growth, profitability and solvency.
GrowthDefine the Group’s target markets, develop appropriate products and services and establish
appropriate distribution channels to reach the customer.

Returns
Recurring and sustained profitability through technical-actuarial rigour and diversification of
investments and processes that allow for low cost ratios and a high-quality service.

Solvency
Prioritise the generation and continued growth of own resources in order to finance the expansion of theGroup, ensuring a comfortable fulfilment of commitments made and an adequate return to shareholders.

In addition, the Group includes the creation of sustainable social value into its strategy, focussing its activity not only on
obtaining good financial results but also on improving the well-being of each of its stakeholders, in the economic,
environmental and social areas.

Main key trends
Sustainable management advice. Adapting boardsof directors to integrate competencies beyond thoseoutlinedintraditional
goodgovernanceframeworks. This requires, inter alia, greater insight
into the organisation's impact on stakeholders,expertise in extra-financial risks, specificknowledge of ESG, leadership and oversight ofsustainability issues.

New sustainability reporting directive. A new
regulatory framework to standardise reporting anddisclosure metrics worldwide and acrossjurisdictions.



Sustainability in the supply chain. Sustainabletransformation of supply chains to consolidate ESG
components within them.

9Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Economic, environmental and social results
2022

2023

22-23 chg.

5,245.6542.6

5,565.6
615.5

6.1%
13.4%

Financial performance (Figures in millions of euros)
TurnoverConsolidated result
Attributed to the parent company
Combined ratio in traditional business

486.6

551.8

13.4%

90.8%

92.6%

1.8 p.p.

Combined ratio credit insurance business (gross)

72.3%

74.1%

1.8 p.p.

Permanent resources at market value

4,916.3

5,738.8

16.7%

Funds under management

14,991.1

15,364.7

3.9%

247%

232%

-15 p.p.
-28.1%

Solvency ratio*

Environmental performance
Paper consumption (T)Energy consumption (GJ)
% Renewal electricity consumption
Scope 1, 2 and 3 emissions generated (TnCO2)
Carbon intensity (TnCO2/employees)

315.6

227.0

111,000.7

465,218.2

**

75.1%

77.1%

2 p.p.

6,183.8

32,814.8

**

0.9

3.7

**

7,232

8,858

22.5%

Social performance
Employees at close of the financial year

7,241

8,857

22.3%

185,820

205,589

10.6%

Accidents with sick leave (excl. commuting)

79

53

49.1%

Social contribution (millions of euros)

2.3

2.4

4.3%

Average employees
Training hours*2023 is estimated. Includes partial internal model.
**The change in the 2023 figures compared to 2022 is not expressed since the scope of the information differs between both years and is not comparable (in 2023
the information on the funeral business has been incorporated after the acquisition of Grupo Mémora in February of that year).

Shareholding structure
2-1
Grupo Catalana Occidente S.A. is the holding company that
operates as the parent company of the Group, whose
shares are listed on the Madrid and Barcelona stock
exchanges on the Continuous Market and is subject to thesupervision of the Spanish National Securities Market
Commission (CNMV). Similarly, as an insurance group, it
is subject to the supervision of the Directorate General for
Insurance and Pension Funds (DGSFP).
The main shareholder of GCO is INOC, S.A., which controls
62.03% of the Group's share capital.

Furthermore, in treasury stock, through Sociedad Gestión
Catalana Occidente S.A., the Group holds 1,977,283 sharesat a total acquisition cost of 22.8 million euros,
representing 1.65% of the share capital.
The Group's free float is 33.53%, half of which is held byinstitutional investors.
The Group has no information on the existence ofagreements between its shareholders regarding theconcerted exercise of voting rights or limiting the transferof their shares.

10

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Corporate governance
2-9, 3-3
GCO's corporate governance structure suitably differentiates the functions of direction and management from the functionsof supervision, control and strategic definition.

*The Audit Committee's functions include supervising that the Group’s environmental, social and good governance practices are consistent with the strategy andpolicies approved by the Group's Board of Directors.

Shareholders' General Meeting

Board of Directors
2-9, 3-3, 405-1

The General Meeting is the representative body of theshareholders. Its functioning and activities are governedby the Articles of Association and the Regulations of the
Shareholders' General Meeting. One of its core functions is
to approve the annual accounts and the appropriation of
profits and losses. Pursuant to the Articles of Association,
there are no restrictions on voting rights and each sharecarries one vote.
With a view to facilitating the participation of allshareholders, GCO provides an electronic discussion
forum and electronic means to enable remote voting andproxy voting. Furthermore, the Shareholders' General
Meeting is streamed on the corporate website.

The Board of Directors is GCO's highest management andsupervision body. The guiding principle of its activities isto delegate the day-to-day management to the
management team and focus its activity on oversight,
which includes, among others, the following
responsibilities:Strategic responsibility: guide policies.
Monitoring responsibility: control management.
Communication responsibility: serve as a link toshareholders.

Its operation and actions are governed by the Articles of
Association and the Regulations of the Board of Directors.
In 2023, the Board of Directors met on 11 occasions, atwhich it reviewed, was informed and, where applicable,
made decisions on the financial and non-financial
situation, results, strategic plan, acquisition transactions,policies and risk control, among other matters.

11

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

Name of Director

03 Group commitments
04 Appendix I – Additional information

Position

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

Type of Director

First appointment
date

José Mª Serra Farré

Chairman

Proprietary

15/4/1975

Hugo Serra Calderón

Deputy ChairmanManaging Director

Executive

27/6/2013

Raquel Cortizo Almeida

MemberIndependent

25/5/2023

Jorge Enrich Serra

Member

Proprietary

29/4/2021

Federico Halpern Blasco

Member

Proprietary

25/11/1993Álvaro Juncadella de Pallejá

Member

Proprietary

28/4/2022

Beatriz Molins Domingo

MemberIndependent

28/4/2022

Francisco Javier Pérez Farguell

MemberIndependent

25/2/2015

Maria Assumpta Soler Serra

Member

Proprietary

24/9/2009

Joaquín Guallar Pérez

Non-Director Deputy
Secretary

07 External assurance report

Commissions or Committees
to which they belong-Appointments andRemuneration Committee (m)-Audit Committee (m)-Audit Committee (m)-Appointments andRemuneration Committee (m)-Appointments andRemuneration Committee (c)-Audit Committee (c)25/2/2015(c) Chairman(m) Member

Delegated Committees of the Board of Directors
With a view to greater efficiency in the exercise of its functions, the Board of Directors has two delegated committees: the
Audit Committee and the Appointments and Remuneration Committee.
Audit Committee

Appointments and Remuneration Committee

The Audit Committee’s responsibilities are set out in
Article 15 of the Regulations of the Board of Directors.
Among other duties, this Committee is responsible foroverseeing financial and non-financial risks and theeffectiveness of the internal control system associatedwith them and ensuring that the annual accounts areprepared in accordance with regulations. It also monitorsthat the Group's environmental and social practices are inline with the Group's strategy and policies. Last, the Audit
Committee is responsible for proposing the appointmentof external account auditors.

The Appointments and Remuneration Committee’s
responsibilities are set out in Article 16 of the Regulationsof the Board of Directors. This Committee ensures, among
other matters, that the processes for the selection ofcandidates for directors do not suffer from implicit biases
that hinder the good work and diversity of the Board,
submitting proposals or informing the latter, as
appropriate, with total objectivity and respect for the
principle of equality, taking into consideration theirprofessional conditions, experience and knowledge. It isalso tasked with reviewing GCO's remuneration policy
and reporting on its implementation.

12

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Board diversity and experience 2-10, 2-18, 405-1
In October 2023, the GCO Board of Directors approved a
new Policy on diversity in the composition of the Board of
Directors and the selection of Board members that lays
down the principles, criteria and fundamental guidelinesthat should govern the selection process relating to theappointment and re-election of directors, pursuant toarticle 540.4 of the Spanish Companies Act andrecommendation 14 of the Good Governance Code of
Listed Companies. The principles included in the Policy
include fostering diversity in the composition of the Boardin terms of knowledge, experience, age and gender; nondiscrimination and equal treatment in the selection
process; Transparency in the process and compliancewith applicable regulations.

With regard to its composition, it is worth highlightingthat in 2023 GCO undertook changes to its Board of
Directors, with which it continues to strengthen both thediversity and the skills, knowledge and experience within
the Board of Directors. At the close of 2023, as a result of
these changes, the Group's Board of Directors consisted of
9 directors, of which 5 are proprietary, 3 are independentand 1 is executive (in 2022, the Board of Directors
consisted of 10 members, of which 4 were proprietary, 3
independent and 3 executive). The number of women on
the Company's Board of Directors represents 33.3% of thetotal number of its members, up 13.3 points from 20% in
the previous year.

With regard to the selection criteria, it provides that the
GCO Board of Directors will regularly analyse its structure,size and composition, ensuring that proposals for theappointment or re-election of directors foster diversity on
the Board. Furthermore, the Appointments andRemuneration Committee is responsible for setting atarget for the representation of the under-represented sex
and for drawing up guidelines on how to achieve thistarget.

< 30 years

0%0%Between 30 and 50 years

30%

44%

> 50 Years

70%

56%

The procedure for appointing and removing members of
the Board of Directors is laid down in GCO's Board of
Directors' Regulations which, together with theabovementioned GCO Board of Directors' Diversity Policy,
are available on GCO's corporate website.
Additionally, the Group has the Policy on Fitness and Good
Repute, which governs the requirements that must be metby the Group's strategic personnel in order to ensure thatthe positions are held by suitable persons. It establishes
that, in terms of aptitude, it will be verified that thecandidate has the appropriate training and profile toperform the functions entrusted to them, and diversity ofknowledge and experience will be favoured. With regard
to good repute, honesty and financial solvency will beassessed based on relevant evidence about theirreputation and personal and professional conduct.
Similarly, the Group follows the recommendation
included in the Code of Good Corporate Governance,
which recommends that an external expert assess theoperation of the Board of Directors every three years. As aresult, in 2021 there was an external assessment by
KPMG, in its role as independent expert, of the operationof the Group’s Board of Directors, its delegate committees
and the performance of its chairman. The result was
positive, and the external expert highlighted theappropriateness of the procedures and the operation ofthese bodies. In 2023, the Board of Directors and itsdelegated committees have also conducted internal selfassessment processes of their operations.

% members of the Board of
Directors*

2022

2023

* Including all individual members and representatives of legal entities
that are members of the Board of Directors.

Remuneration of the Board 2-19, 2-20, 405-2
The remuneration of directors is determined pursuant to
the provisions of the regulations applicable to capitalcompanies, the Articles of Association, the Regulations of
the Board of Directors and the resolutions adopted by the
Shareholders' General Meeting
The General Meeting of Shareholders is responsible forapproving the Directors' Remuneration Policy at least
every three years, as a stand-alone item on the agenda.
This policy includes the different components of the
remuneration package for directors and is governed by
the following general principles:(i) Creates long-term value.
(ii) Rewards the achievement of results based on aprudent and responsible assumption of risks.
(iii) Attracts and retains the best professionals.
(iv) Rewards levels of responsibility and professional
careers.
(v) Strives to ensure internal fairness and external
competitiveness.
The Remuneration Policy is consistent with ESG issues,
linking variable remuneration to commitments acquiredwith regard to sustainability, and stipulating that theweight of non-financial criteria may not be less than 25%of the total.

13

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Detailed information on the application of the Directors'
Remuneration Policy is included in the Annual Report on
Directors' Remuneration, provided to the CNMV in the
Directors' Report and available on the Group's corporatewebsite: www.gco.com.
The total remuneration of the Company's directors in
2023 was as follows:
Remuneration of directors*(Figure in thousands of euros)

2022

2023

Average non-executive directors men**

178.5

315,8

Average non-executive directors women

225.7

197,6

Average executive directors men***

1,078.3

1.237,3

Total remuneration of directors

5,682.2

3.725,0*This includes the remuneration of executive and non-executive directorsof GCO both in the Company and in the other Group companies.
**The increase in the average remuneration is due to the resignation of the
Executive Chairman on 27 July 2023 and his appointment as a nonexecutive director.
***Corresponds to the sole executive director of the Company. Informationon the average number of female executive directors is not included, since
this position is not held by a female executive director.

This item includes fixed and variable remuneration,
contributions to social welfare plans, per diems, statutory
benefits and others.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportManagement Committee
GCO has a Management Committee, composed of the main
executives of the parent company and its mostrepresentative subsidiaries, leads and coordinates the
day-to-day management of the Group, by delegation of
the Board of Directors.
In addition, the main insurance companies forming partof the Group have their own Management Committees.
These committees meet at least once a month, to takeactions relating to their operational follow-up.

Senior Management
Grupo Catalana Occidente S.A., as a listed company andparent company of the Group, has a Senior Management
comprising those executives who report directly to theBoard of Directors or the chief executive of the company
and, in any case, the internal auditor. The proportion of
women in the Senior Management of Grupo Catalana
Occidente S.A. in 2023 is 40%.
For further information, see the 2023 Annual Corporate
Governance Report, available on the GCO website.

Risk management
2-6, 2-12, 2-16, 2-23, 3-3

Risk management control system

Risk strategy

The Group’s risk management control system is based on
the “three lines of defence” principle.

GCO establishes its risk strategy as the level of risk that its
constituent entities are willing to assume and ensures thatthe integration of this strategy into the business plan
enables it to fulfil the risk appetite approved by the Boardof Directors.

1st Line – Taking and managing risks
Made up by the business units, which are responsible forthe assumed risk and its management.
2nd Line – Control and monitoring
It comprises the risk management control function, thecompliance function and the actuarial function. Its aim is
to define controls that guarantee compliance with risk
management processes and policies.
3rd Line – Internal audit function
The internal audit function is tasked with making an
independent assessment of the effectiveness of thegovernance system, the risk management control system
and internal control.

GCO has outlined the following risk management
concepts:








The risk management control area handles all significant
aspects of risk management, laying down guidelines andbenchmarks which are adopted by the entities, with any
necessary adaptations.

Risk profile: risk assumed in terms of solvency.
Risk appetite: risk in terms of solvency that theentities forming the Group plan to accept in orderto achieve their objectives.
Risk tolerance: maximum deviation from theappetite that an entity is willing to assume(tolerate).
Risk limits: operating limits established to comply
with the risk strategy.
Warning indicators: GCO also has a series of early
warning indicators that serve as a basis both formonitoring risks and for compliance with the risk
appetite approved by the Board of Directors.
14

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Information and communication
The governing bodies receive at least quarterly
information on the quantification of the main risks towhich the Group is exposed and the capital resources
available to deal with them, as well as information
regarding the fulfilment of the limits established in therisk appetite.
Since 2016 and on a yearly basis, the Group and theinsurance companies that comprise it publish a specific
Solvency and Financial Condition Report (SFCR) where
the risks to which they are exposed are listed andquantified. This report can be found on the corporatewebsite.

Own Risk and Solvency Assessment
The Own Risk and Solvency Assessment (ORSA) is theprocess that is at the heart of the risk management control
system. Its objective is to identify, assess, monitor,
manage and disclose the Group's short and long-termrisks.
The ORSA is performed at least once a year and assesses:Meeting of the capital requirements.
Deviation between the risk and solvency profiles.
Meeting of the capital requirements in stresssituations.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Their management, measurement and monitoring are
outlined in the Sustainability Policy and the Climate
Change and Environment Policy, as well as in the rest of
the Group's governance policies, according to which:The impacts of these risks, to the extent that they
are relevant, are analysed in the financial planningin order to adapt the strategic planning, if
necessary, taking into account the risks identified.
It implements the metrics necessary that help tomeasure and manage risks and opportunities
derived from climate change.
It performs regular reporting, at the highest level,on the identification of these risks and their impact
on business.

GCO also has processes and controls in place to identify theprincipal environmental, social and governance risks towhich it is exposed and to assess their impact in the short,medium and long term.
Lastly, it has a System of Internal Control over NonFinancial Reporting (SCIINF) which, by developing a setof processes and controls, ensures the reliability ofsustainability information.
In the following page we describe the main ESG risks
identified by the Group, classified according to their type,establishing their impact and time horizon.

The Group conducts a back-testing analysis between thecapital requirement estimates of the ORSA exercise and its
year-end results.

ESG (Environmental, Social and Governance) risks
3-3, 201-2
ESG risks are defined as those environmental, social or
governance events or factors that, were they to occur,
could affect the organisation or have a material negative
impact on the achievement of its strategic objectives.
These risks can also be an important area of opportunity
to the degree that the organisation increases its
adaptability to the changes produced by these tocounteract their effects.
GCO understands, prevents and seeks to mitigate ESG
risks, and to best manage the opportunities to provide allits stakeholders with secure, high-quality protection
against such risks.
Furthermore, as these risks can directly or indirectly
affect the Group as a whole, they are integrated
transversally in the risk policies.

15

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

ESG risk map
201-2
Type

ImpactTimehorizon*

High

Long

Increased mortality due to exposure to areas with extreme weather events (heatwaves, extreme
rainfall, etc.)

MediumLong

Increased risk of non-payment of reinsurers due to greater exposure for them, derived from theincreased claims ratio that could be caused by an increase in the frequency and severity of extreme
weather events

MediumLong

Increased claims ratio in the credit insurance business for buyers with high exposure to climatetransition and/or climate change

High

MediumDecrease in the credit insurance business in buyers with high exposure to climate transition and/or
climate change

High

MediumLoss of value of shares in sectors with a high exposure to the climate transition

High

Long

High

Long

Increase in the risk of non-payment of reinsurers due to their exposure to sectors with a higher
probability of default due to the transition to low-carbon economies

MediumMediumRisk of a drop in the Non-Life or Savings portfolio due to exposure to highly polluting sectors
affected by the transition to a low-carbon economy

Low

MediumRisk of not having our buildings adapted to the legal requirements of zero consumption properties

Low

MediumMedium

Short

Low

Short

ESG risk
Increased claims ratio due to the increased frequency and severity of the physical impacts ofadverse weather events

Environmental

PhysicalTransition Increase in credit spreads in sectors with high exposure to climate transition

Liability

Risks derived from legal or regulatory breaches in environmental matters

GovernanceSocialSocial risk derived from a breach of Human Rights (breach of the commitments in relation todiversity, equality, inclusion, etc.)
Social risk associated with changes in people management in the company

MediumMediumSocial risk related to the impact of demographic and social changes that causes an economic loss inthe different lines

Low

MediumChanges in the longevity trends in the population

Low

MediumChanges in the health trends of the various groups of population

Low

Long

Negative perception of rating agencies with regard to the company’s ESG commitment

High

Short

Governance risk arising from poor protection of personal data

MediumShort

Governance risk related to the production of responsible products determined by the applicablelegislation

MediumMediumGovernance risk related to not adapting to the new trends in innovation and digital transformation

MediumMediumCyber risks and/or not having our computer systems adapted to new labour and market trends:
remote working, IT security, digitalisation, online customer service

MediumShort

Risk arising from the inefficiency of the governance system related to ESG aspects

Low

Short

Risk derived from the composition of the Corporate Governance

Low

Short

Ethics and integrity risk related to the Code of Ethics, compliance and corruption

Low

Short

Risk related to the tax strategy and transparency

Low

Short

Risks arising from legal or regulatory non-compliance related to ESG factors or disclosure of ESG
information (breach of money laundering regulations, breach of data protection regulations)

Low

Short

Reputational risk due to loss of image in the media or on the social media, on not being considered to
be an agent contributing to the ESG factors

Low

MediumRisk of negative customer perception derived from transparency (products, company information,
etc.)

Low

MediumTime horizon of the ESG risk map: Less than 5 years (s/t), between 5 and 10 years (m/t), more than 10 years (l/t).

16

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Sustainable business

17

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Sustainability Governance
2-9, 2-12, 2-13, 2-14, 2-17
Sustainability is fostered by the Group's senior management, with the GCO Board of Directors responsible for setting andguiding the sustainability strategy, which acts transversally and impacts all areas of business. Additionally, there are threebodies responsible for supervising sustainability within the Group: Sustainability Committee, Audit Committee andCompliance Verification Committee.
The Sustainability Report includes the Non-Financial Information Statement and is approved by the GCO Board of Directors.
Furthermore, the latter is submitted for review and approval by the General Meeting of Shareholders as required by Law
11/2018, where shareholders have the opportunity to express their opinion on the initiatives and performance described.

(*) Depending on the needs of the Sustainability Committee, other areas of interest may attend, such as Fundación Occident, Real Estate Assets, Marketing andCommunication, Operations or Actuarial Function, among others.

Sustainability Committee
It has the delegated function of deciding and supervising
the Group's actions in relation to sustainability issues,
including the Sustainability Master Plan and its
corresponding regular updates. This Committee is chairedby the Financial – Risk General Management of GCO andcomprises the heads of the various areas and companiesof the Group, who represent the stakeholders.

In 2023, the GCO Sustainability Committee met on 2
occasions and discussed, among others, the following
issues:Additionally, Atradius has its own Sustainability
Committee chaired by the CFO of Atradius and comprising
managers from all the areas involved. This Committee
meets every 4-6 weeks and acts as a link between
Atradius and the GCO Sustainability Committee. Its
functions include implementing the Group's ESG strategy
in Atradius and putting into practice the sustainability
goals set for the credit insurance business.

The Sustainability area, which is part of GCO's FinanceRisk Management within the Investor Relations, Rating
and Sustainability department, organises and fosters theinitiatives and commitments of the Sustainability Master
Plan, reporting to the Sustainability Committee.
Itsobjective is to maximise the ESG impact of the Group withall its stakeholders and raise awareness about theleadership of the organisation in non-financial questions.











Monitoring and analysis of the progress made in2023 in the 2021-2023 Sustainability Master Plan.
Approval of the new materiality of GCO (double
materiality)
Proposal and approval of the new GCO 2024-2026
Sustainability Master Plan.
Supervision of the non-financial information
included in the Sustainability Report –Non-Financial
Information Statement.
Analysis of the reports of analysts and ESG rating
agencies.
Progress in the climate change strategy.
Review of sustainability-related policies.
Monitoring and analysis of new European andnational sustainability regulations (Taxonomy
Regulation, Disclosure Regulation or SFDR, Climate
Change and Energy Transition Act and Corporate
Sustainability Reporting Directive – CSRD, among
others).

18

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Audit Committee

Compliance Verification Committee

The responsibilities assigned to the Audit Committee andset out in the Board of Directors' Regulations include
monitoring sustainability strategy and practices andassessing their degree of compliance.

It is responsible for assessing, advising and reporting on
everything related to verifying compliance with theapplicable legal obligations, and those voluntarily
assumed, as well as the impact of any modification of thelegal environment and compliance risk, including thoserelating to sustainability.

Sustainability strategy
3-3
For GCO, sustainability means voluntary commitment to integrate risks into its strategy, together with responsible
management of financial matters and social and environmental aspects, promoting ethical behaviour with its stakeholders,rigorously applying the principles of good governance and contributing to the well-being of society through the creation ofsustainable value.
Sustainable value is the result of not only focusing activity on obtaining good financial results, but also promoting the wellbeing of the stakeholders to which the Group’s entities must be accountable. This value becomes sustainable when it isintegrated into the business strategy both in the short term and also in the medium and long term. This commitment isembodied through our Sustainability Policy and the 2021-2023 Sustainability Master Plan.

Sustainability policy

External sustainability rating

The Sustainability Policy outlines the framework for GCO
and its constituent entities to foster and enhancesustainable behaviour. It includes the general working
principles in terms of sustainability, and the specificsustainability targets pursued by the Group.

GCO's exposure to and management of ESG(Environmental, Social and Governance) risk is assessedby the rating agency Sustainalytics.

This Sustainability Policy is intended to respond to anincreasingly demanding European and national
regulatory framework, including the UN’s 2030 Agenda,
the Paris Agreement of the UN Framework Convention on
Climate Change, the European Green Pact, the European
Decarbonisation Strategy for 2050 and Law 7/2021 on
Climate Change and Energy Transition.
Externally, it strengthens the commitment to theprinciples of the United National Global Compact, theUnited Nations Principles for Responsible Investment(PRI), the Principles for Sustainable Insurance (PSI) andthe Sustainable Development Goals (SDGs). Internally, it is
the key tool for strengthening the Group’s commitment tosustainability and lays the foundations on which todevelop the Sustainability Master Plan.

In December 2023, the agency reviewed the Group's ESG
rating, giving it a score of 16.9 points.
The agency
therefore considers that the organisation has a low risk ofexperiencing material financial impacts related to ESG
factors and places GCO among the top 30 companies withthe best ESG rating in the insurance sector, which
includes more than 300 companies.
Similarly, GCO has been included in the new IBEX ESG
Index, which recognises it as one of the companies withthe best performance in environmental, social andgovernance aspects. The IBEX ESG Index pursues
sustainability goals in terms of fostering the developmentof sustainable practices in listed Spanish companies.
Sustainability factors are measured using a metricprovided by Inrate.

19

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Materiality and relationship with the stakeholders
Double Materiality
3-1, 3-2, 3-3
In 2023, GCO has updated its materiality analysis with the aim of identifying relevant issues for the Group and its
stakeholders.
This materiality analysis has been conducted pursuant to the dual approach promoted by the Corporate Sustainability
Reporting Directive (CSRD), considering impact materiality, which analyses the impact of the organisation on theenvironment and people, and financial materiality, which considers the impact of ESG issues on the business. To carry out
the double materiality analysis, the Group has undertaken the following process:1. Identification of ESG sources
An analysis of internal and external context information
has been undertaken to identify expectations andrequirements regarding sustainability on the part of
GCO's main stakeholders. In that regard, the analysis hastaken into account the materiality analysis of othercompanies in the sector, sustainability regulations (CSRD,
CS3D, EU Taxonomy and SFDR), analysts and ESG rating
agencies (MSCI, Dow Jones, FTSE, Sustainalytics) andstandards, voluntary initiatives and best practices (UNPRI, PSI, SASB). Drawing from this analysis, 20 issues ofconcern to GCO's stakeholders were preliminarily
identified.
2. Impact materiality assessment
For each of the preliminary topics, the assessment has
identified positive and negative impacts that theorganisation generates or could generate on people andthe environment. Once the impacts were identified, they
were assessed for severity (scale, remediability andscope) and likelihood (occurrence and time horizon). Key
areas of the organisation, external and internal
stakeholders and experts from the insurance sector weretaken into consideration for the assessment.
3. Financial materiality assessment
For each of the preliminary issues, the assessment
identified whether there were circumstances that could
give rise to risks or opportunities in the value of thecompany, considered over various time horizons andunderstood as impacts on assets, liabilities or cash flows(present or future). Once the risks and opportunities ofeach issue had been identified, they were internallyassessed by magnitude and probability (occurrence andtime horizon).
4. Prioritisation of material topics
Once both impact and financial materiality had beenassessed, a subsequent prioritisation of the material
topics identified was undertaken. This assessment used
the methodology established by EFRAG to develop the
ESRS of the CSRD.

Material topics for GCO
2-29
Material Topic

CSRD
Relationship1

Climate Change

ESRS E1

2

Working Conditions

ESRS S1

3

Talent management, professional
development and training

ESRS S1

4

Employee health and well-being

ESRS S1ESRS S2

5

Ethics and business conduct

ESRS G1

6
7

Responsible management of products
and services
Service quality and customer
satisfaction

GCO
ESRS S4

8

Diversity, equality and inclusion

ESRS S1ESRS S2ESRS S4

9Supplier relationship management

ESRS S2

10

Data privacy

ESRS S1ESRS S2ESRS S4

11

Sustainable investment

GCO

12

Cybersecurity

ESRS S1ESRS S2ESRS S4

13

Responsible governance

ESRS G1

14

Contribution to society and local
communities

ESRS S3

The most material environmental, social and governancetopics are Climate Change, Working Conditions andEthics and Business Conduct, respectively.
Issues such as financial inclusion, circular economy,
pollution, biodiversity and ecosystems, water and marine
resources and fiscal responsibility are topics that havebeen assessed but which have not proven to be material.

20

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

With the new materiality, the number of material topics
has been cut from 16 (2021-2023) to 14 (2024-2026) due
to the following changes:







Elimination of the material topics "ESG risk
management", "Human rights" and "Innovation",since they are cross-cutting issues already includedin each of the different material topics identified.
Unification of the topics "Engagement with society"and "Development of local communities" into one
material topic ("Contribution to society and local
communities").
Identification of "Diversity, equality and inclusion" asa new material topic for GCO.
Separation of the topic "Data protection andcybersecurity" into two separate topics "Data privacy"and "Cybersecurity".

The full double materiality analysis exercise will be
conducted every 3 years, coinciding with the update of
GCO's Sustainability Master Plan. However, a review of
the risks and opportunities assessed in the financial
materiality will be undertaken on a yearly basis in order
to identify possible changes that have occurred in theprobability of their occurrence.

Relationship with the stakeholders
3-3, 2-29
GCO has identified six stakeholder groups based on theimpact its operations have on them and the relevance ofeach one to the Group.
The Group makes a commitment to each of them, which
involves ongoing and transparent dialogue to understandthem and integrate them into the Group's activities. To dothis, there are various communication channels throughwhich a smooth, close and transparent relationship ismaintained with the stakeholders. Additionally, thevarious channels allow the Group to identify the needs
and expectations of all of them and, in this way, applying
the principle of transparency included in the Code of
Ethics, be able to respond to them.
Contact and interaction with stakeholders is conducted
through multiple channels such as the corporate websiteof the Group and its Foundation (Fundación Occident), theFoundation's social programmes, social networks, thewhistleblowing channel, as well as through the media.
Similarly, through the participation of GCO members invarious presentations, round tables, forums andconferences, outreach activities are conducted in the areaof sustainability, with the goal of promoting awarenessamong stakeholders.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Communication, participation and dialogue channels 2-29
Employees
The Group has channels for communication and dialogue
with its employees, both directly and also through theirunion representatives on the corresponding negotiatingboards when dealing with topics of interest and reaching
agreements on them. The main channels forcommunicating with them are the intranet, notice boards
and suggestion boxes, newsletters, employee satisfaction
surveys, in-person meetings, events and thewhistleblowing channel.
Customers
The Group maintains ongoing dialogue with thisstakeholder group through its extensive commercial
network, technical assistance services, customer careand defence services and its own network of branches.
In addition, there are other communication channels
such as the corporate website, the whistleblowing
channel, the e-Customer service, the social networks,
the customer satisfaction surveys and the corporate
magazines.
Shareholders and Investors
The group is in constant communication and dialogue
with this stakeholder group. The Analyst and Investor
Relations, Rating Agencies and Sustainability
department conducts and leads roadshows withinvestors, responding to their requests for information.
There are also other channels of communication suchas the General Meeting of Shareholders, the corporatewebsite, the analysts and investors area, theshareholder service area and the whistleblowing
channel.
Distributors/Intermediaries
The Group is in constant communication with theinsurance agents and brokers through its internal
portal. It also has other channels of communicationsuch as commercial and training sessions, thewhistleblowing channel, the corporate app and social
networks.
Associates/Suppliers
The Group has a good relationship with this stakeholder
group during the entire management process, from thetaking out of contracts to the provision of the service.
For this reason, the Group makes available to associates
and suppliers various communication channels such as
the Intranet, satisfaction surveys and thewhistleblowing channel.
Society
This stakeholder group includes the local communities,
unions, NGOs, academic sector, civil society and the publicin general.
21

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Sustainability Master Plan
2-24, 3-3
The Sustainability Master Plan (SMP) is the principal instrument through which GCO develops and implements its
sustainability strategy. Each corporate area represented in the Sustainability Committee has its own managers for promoting
and monitoring the specific initiatives established in the PDS. These managers, together with the Group's Sustainability Area,
meet in the Sustainability Committee to coordinate the strategy and analyse the most important projects in this field. There
are also sustainability interlocutors in the traditional insurance and credit insurance business, as well as in the funeralbusiness, which provide greater knowledge of the countries in which we work and greater coordination in theimplementation of initiatives.

Main progress of the year in the 2021-2023 SMP by line of action
Details of the progress made in the 2023 Sustainability Master Plan by line of work:
Environmental management. An Environmental Management System has been implemented in the Group's
main buildings aligned with ISO 14001. Additionally, with a view to contributing to protecting the environment,
initiatives and projects have been developed to minimise environmental impacts, such as World Cleanup Day andthe forestry management project developed through Nactiva Capital Natural S.L.
ESG risk management. Besides integrating ESG risks alongside the traditional risks of the insurance business by
including them in the Group's risk map, in 2023 further progress was made in conducting a materiality analysisof the climate impact on the main properties owned by the Group.
Sustainable investments. The Group's sustainable investment strategy includes a new positive screening
criterion, which excludes investment in companies with a worse management of ESG risks. In addition, newenvironmental economic sectors have been brought into the negative screening, excluding investment (thermalcoal, oil and gas exploration in the Arctic and shale energy).
Responsible products. Pension fund product offerings have been brought into line with the Article 8 category of
the SFDR, now explicitly incorporating environmental and/or social considerations in their management, beyond
merely integrating sustainability risks.
Innovation. Through Xplora, the Group's intrapreneurship programme, the Group continued to foster innovation,knowledge and analysis of the trends that will shape the future of the insurance sector.
Digitisation and omni-channelling. The Group has driven the digitisation of customer and collaborator
documentation. We also continued to develop digital solutions for customers (new Digital Health app) andintermediaries (inclusion of new functionalities in the Gestiona app using artificial intelligence).
Communication and relationship with stakeholders. Interviews have been conducted with GCO's mainstakeholders to understand their concerns, which have been used as a basis for developing the new 2024-2026
Sustainability Master Plan.
Ethics and integrity. A new Board Diversity and Director Selection Policy has been published, setting out the
principles and criteria that should govern the selection process of the Group's directors, and establishingcommitments regarding their composition in relation to the under-represented gender.
Employee experience: Compulsory training on sustainability has been given for all the Group's employees. An AIbased chatbot has been implemented that provides employees with quick and accurate answers to a wide rangeof queries.
Formalising investment in society. Fundación Occident has continued to develop social and environmental action
projects. The Group's employees have also been involved in various volunteer initiatives, organised by the Group,for the benefit of society and the planet.

22Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

New 2024-2026 Sustainability Master Plan
2-24, 3-3
Based on the double materiality analysis, the Group has been able to identify the sustainability issues that are mostimportant to its stakeholders, which has enabled it to design the new Sustainability Master Plan for the period 2024-2026.
The 2024-2026 Sustainability Master Plan is structured into 4 pillars on which 10 strategic lines have been defined in which
the Group wishes to create value. Based on these, 22 goals to be achieved and 44 actions necessary to achieve them have been
set. Below are some of the most important initiatives:2024-2026 SUSTAINABILITY MASTER PLAN
Good governance
Strengthening sustainability in governance•
Increasing the presence of the least represented sex on the GCO Board of Directors, complying
with European and national regulations.
•
Linking the proportion of variable remuneration that depends on non-financial criteria to thefulfilment of specific sustainability goals and metrics.
Improving the ESG management of the value chain•
Designing a due diligence system in human rights and the environment.
•
Training employees for responsible marketing of products and services.
Sustainable business••••

Establishing environmental commitments in underwriting.
Expanding the number of sustainable solutions offered to customers.
Developing sustainable claims management through a "zero paper" strategy and fostering theuse of sustainable repairs.
Having sustainable funeral services and facilities.

Social commitment
•
•
•
•
•

Documenting the Group's diversity and equality commitments in its own policy.
Reducing the wage gap for all levels of the organisation.
Boosting the presence of women in middle management and managers.
Offering ongoing training to employees that contributes to the efficient use of technology and theagenda and the cohesion of the team.
Increasing the budget for social action projects annually.

Environmental Liability
•
•
•
•
•

Expanding the Scope 3 emissions categories reported.
100% Of electricity consumption in Spain and Portugal from clean energy.
Reducing energy consumption by installing solar panels and using efficient lighting.
Outlining the goals of decarbonisation for the underwriting and investment portfolio, and for theGroup's operations.
Implementing the recommendations for disseminating biodiversity of the Taskforce on Naturerelated Financial Disclosures (TNFD).

A strategic line of reporting and transparency is set up transversally to the four pillars, focused on increasing the internal
control of non-financial information and improving the Group's content related to sustainability.

23

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Sustainable investment
3-3, 203-2

Governance of sustainable investment

Sustainable investment strategy

GCO's Sustainable Investment Policy, approved by GCO's
Board of Directors, outlines the ESG principles andcriteria to be taken into account by the Group in the
management of its financial investments and iscomplementary to the investment management
principles established in the Group, which are based on
the principle of prudence in its activities and whose main
objective is to ensure the commitments made to its
customers over time, with an adequate diversification of
portfolios.

As a subscriber to the United Nations Principles for
Responsible Investment (UN PRI), GCO has joined thecommitment to achieving a global and sustainablefinancial system through the incorporation ofenvironmental, social and corporate governance (ESG)
issues into its investment strategy and in the active
exercise of the property.

Additionally, the Group has an Annual Sustainable
Investment Plan which lays down the sustainable
investment goals to be achieved during each year in linewith the principles set out in the Sustainable Investment
Policy.
Furthermore, with a view to complying with the
obligations of Regulation (EU) 2019/2088 on
sustainability disclosures in the financial services sector(SFDR), the Group discloses specific information on how
sustainability risks are taken into consideration in theinvestment decision-making process and how its
investments are affected by environmental, social andgovernance factors (main adverse impacts).
All of the above information is available on the Group’s
corporate website, within the Sustainability section.
The Corporate Financial Investments Area is responsible
for ensuring that the established sustainable investment
principles are met in the organisation. At least 14 people
from the Financial Investments team are directly
involved in the implementation and compliance with thecriteria and objectives established in GCO's Sustainable
Investment Policy.
This area is also responsible for reporting periodically to
the Sustainable Investment (SI) Committee. This
Committee, which reports to the Group's Investment
Committee, is tasked with assessing and monitoring theimplementation of the Group's Sustainable Investment
Policy and the implementation of the Annual Plan. The
agreements taken by the SI Committee and approved by
the Investment Committee are reported to the Group's
Management Committee, and subsequently reported to
the Sustainability Committee on any issues deemed
relevant.

To achieve this, the Group incorporates ESG issues into its
investment analysis and decision-making processes on
the basis of the following principles:
Exclusion principles:
Negative screening according to the sector activity:
Investment in companies in which part of theiractivity is carried out in certain excluded economic
sectors is excluded (e.g. Thermal coal, Arctic oil andgas exploration and shale energy, production ormarketing of landmines, etc.).
Regulatory screening: Investment in companies
whose performance is considered controversial
and, in particular, that could adversely affect theiroperations, the environment or society in general is
excluded.
Positive screening: Investment in companies withpoorer ESG risk management, as measured by arisk rating given to companies by an external
provider, is excluded.
Integration principles:Sustainable investments: Investment in projects
aimed at the transition towards a low-carbon
economy, which is more resource-efficient and moresustainable, are progressively increased.

Investments with impact: investment in projects
aimed at achieving the social and environmental
objectives, will be gradually increased, all in linewith the priorities set out in the Group's
Sustainability Master Plan.
For the implementation of these principles, the Group has
tools from external suppliers that allow it to establish
different criteria for the selection of investments, as wellas to track the evolution of the companies in relation to
the integration of the ESG criteria in the performance of
their activity.

24

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Sustainable investment in real estate
In recent years, GCO's real estate investment
management area has focused on investing inproperties deemed sustainable from an environmental
standpoint.
In particular, the pre-investment
assessment takes into consideration aspects such asenergy certification, the existence of facilities toreduce water consumption, centralised waste
collection points, as well as any other possible
improvements that could be made in that regard.
All of GCO's real estate investments in uniquebuildings are in line with the Group's Sustainability
Policy, which means that it only invests in buildings
with LEED Gold certification or higher, and/or
BREEAM Very Good or higher. These international
standards
insustainable
construction
andmanagement guarantee the Group's compliance withthe environmental requirements it has set out toachieve.

As part of the EU Sustainable Finance Plan, theEuropean Commission has brought in the European
Taxonomy Regulation 2020/852, which determines
which economic activities are environmentally
sustainable.
GCO, as a financial sector entity and insurance group,
is an entity subject to the obligations of this Regulationand must report to the market eligibility andalignment indicators relating to its non-life
underwriting activities and on-balance sheet assets.
The main alignment KPI’s of GCO's assets according to
the Taxonomy as of 31 December 2023 has resulted asfollows:

As of 31 December 2023, and pursuant to the Group's
Sustainable Investment Policy, the value of the Group's
sustainable investments as a proportion of total
investments and funds under management represents
54% (51% in 2022).
GCO's sustainability-related investment commitments
are included in the Annual Sustainable Investment Plan.
These include commitments related to the fight to combat
climate change, such as not investing in companies
where more than 10% of their turnover is related to:
The extraction or generation of energy from thermal
coal
Oil and/or gas exploration in the Arctic offshore
regions
Shale energy extraction

07 External assurance report

Asset eligibility and alignment according to the EU
Taxonomy

Sustainable investment metrics and targets
In 2023, GCO exceeded its sustainable investment targetof 10%, set for this year in the Annual Sustainable
Investment Plan.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

Turnover-based: 3.39% aligned investments infinancial and non-financial undertakings and realestate assets over total covered assets.
CapEx-based: 4.11% aligned investments infinancial and non-financial undertakings and realestate assets over total covered assets.

For further information on the calculation
methodology and breakdown of data under Annexes
IX, X, XI and XII of the Commission DelegatedRegulation (EU) 2021/2178 of 6 July 2021 see
Appendix I of this report.
Information on the eligibility and alignment of theGroup's non-life underwriting business can be foundin the "Responsible Products" section.

Additionally, within the goals of the 2024-2026
Sustainability Master Plan, a target has been set tomeasure Scope 3 emissions associated with investments,
in order to set decarbonisation targets and drive decisionmaking.
For further details on sustainable investmentcommitments see GCO's Annual Sustainable Investment
Plan at www.gco.com/inversion-sostenible.

25

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Responsible products
3-3
100% of GCO's investment funds, unit linked products and pension plans/EPSVs are classified as Article 8 according to the
SFDR.
GCO understands that developing innovative and sustainable solutions sensitive to changing consumption patterns andfostering the implementation of new technologies and energy sources represents a competitive advantage and theopportunity to better adapt to the changing needs of its customers. As such, it offers solutions that incorporate customer
preferences and contribute to promoting sustainability.

Insurance businessResponsible products
Sustainable investment funds (Article 8 SFDR)
Sustainable pension funds and EPSVs (Article 8 SFDR)
Other products with sustainable connotations *Policies
Assets Under Management (AUM)
Policies
Assets Under Management (AUM)
Policies
Premiums

2023
7,823
Ū807.3 m
57,565
Ū707.8 m
18,642
Ū701.2 m*Included insurances are personal mobility, cyber risks, environmental risks, electric vehicles, Senior health and wellness and Agricultural.

Financial products that promote environmental and/or
social characteristics (Article 8 of SFDR)GCO has adapted its investment fund product offering to
the Article 8 category of the SFDR. Thus, the Group's
range of investment funds explicitly includes
environmental and/or social considerations in their
management, beyond merely integrating sustainability
risks. Information is given in both the pre-contractual
documentation for the product and the regular reports on
how these sustainability characteristics are integrated
with the aim of making it easier for customers to identify
these products.
Similarly, as of 1 October 2023, the Group has adapted theinvestment policy of its unit linked products and pension
funds/EPSVs to foster environmental and social
principles pursuant to Article 8 of the SFDR.
Personal mobility insurance
In recent years, due to the increased concern about theenvironment and seeking sustainable solutions, the big
cities have promoted changes to reduce the use of private
vehicles. These changes, coupled with population growth,
the high density of cities and increased travel, have led toa paradigm shift in transport and the emergence of a newmobility.
"Personal Mobility" is a comprehensive mobility
insurance product that ensures the user has all risks
covered in their journeys, regardless of the method oftransport used (such as rental and sharing vehicles,
scooters, city bikes, taxis, vehicles for hire or public
transport). With that, the Group is helping to mitigate theenvironmental and social problems associated withurban mobility, focussing on sustainable mobility.

Cyber-insurance
The digital transformation poses new problems andneeds that affect our customers. Both companies andindividuals are increasingly exposed to a higher riskof cyberattacks that can jeopardise important aspects
such as: Data storage and processing in an ethical andsecure manner, physical and reputational integrity,
harassment by social networks, etc. GCO responds tothese needs by offering its customers protection
against the risks involved in operating in an
increasingly digital era. To this end, the Group has acyber-insurance for companies that provides, among
other aspects, protection against cyber-attacks,
preventive services and professional advice. In addition,it has a cyber insurance policy for individuals thatprovides a package of coverage options and services tomeet the needs of our individual customers. This productfor individuals was made available for sale in 2022.
Environmental risk insurance
The Group participates, together with other companies inthe sector, in the environmental risk pool. This pool is aneffective incentive to prevent these risks since, due to thelack of sufficient development of this type of insurance
on an individual basis in the Spanish market and the highlevel of specialisation required. The coverages given
through environmental liability insurances enable todeal with the costs arising from the necessary repair ofthe environment that has been damaged due to acontamination event. In its environmental insurance
offer, the Group provides this cover to companies, boats,residential buildings and single-family dwellings.

26

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Electric vehicle insurance
The transformation of carbon-based economies for newparadigms of sustainability, where energy efficiency andenvironmental protection play an essential role, isalready one of the world’s main priorities. Organisations
that gradually adapt their offer to cover this energy
transition will open new markets and will be better
prepared for the future.
The car insurance offer includes a specific insurance
package for electric and plug-in hybrid vehicles, which
are committed to sustainability by mitigating the carbon
footprint.
Financial inclusion products
In the insurance sector, the basis of financial inclusion isto ensure access to protection against certain risks forvulnerable groups.
These groups include people over 65 years of age, whose
public pension is sometimes insufficient to cover theirregular expenses, and rural producers, who are more

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportvulnerable to various types of risks, with low population
density and reduced income levels. GCO is aware of thisand has products adapted to suit the needs of thesegroups:Senior Well-being Health is a medical insurance forthe elderly designed to meet all the health needs thatarise at this stage of life at more affordable prices. It
offers, among other services, preferential care lines,
home care medical staff, home care staff (cleaning,
personal assistance, purchase of medicines, etc.) anda medical directory adapted to suit their needs.
Lifetime reverse mortgage is a product for retired
people that lets them liquidate their property wealthand receive a monthly annuity for life, while
retaining the use and ownership of the home.
Agricultural Insurance guarantees the income andcontinuity of agricultural and livestock farms, which
form part of the fundamental activity for the rural
environment, covering the damage they may suffer
in the event of fire, loss of crops, animal disease,adverse weather, etc.

Funeral business
Sustainable coffinsWith respect for biodiversity and forest conservation,
GCO's funeral business is committed to using ECOcertified coffins, ensuring that the raw material for theseproducts is sourced from controlled felling andsubsequent reforestation.
Coffins with ECO certificate supplied% coffins with ECO certificate out of totalcoffins supplied

2023
38,45369.7%

Oxo-biodegradable shrouds
Oxo-biodegradable shrouds are used in funeral services.
They are known for their ability to decompose in any
environment, as long as oxygen is present, even in theabsence of water, thus reducing the environmental
impact.
Ecofunerals
GCO's funeral companies offer ecological funeral services,in order to reduce the impact of the funeral process onnature. The purpose of this product is to respond to thegrowing social interest in sustainability and respect for
the environment.
Ecofunerals cut greenhouse gas emissions by more than
30% and reduce the emission of dioxins that are toxic tohealth.
This product is also committed to using environmentally
managed mortuaries, using flowers from organic crops,
memorials made from FSC or recycled paper, andtransporting the deceased in electric or hybrid vehicles.
Financially inclusive funeral services
GCO's funeral companies support families without
resources so that they can provide a funeral service free ofcharge, or on a subsidised basis, through the protocol ofagreements with municipal and regional social services.
This contributes to meeting a real need and not excluding
any family from funeral services.

27

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Sustainability in underwriting

As a signatory to the Principles for Sustainable
Insurance (PSI) developed by the United Nations
Environment
Programme
Finance
Initiative(UNEPFI), GCO is committed to integrating
environmental, social and governance (ESG) issues
into its decision-making processes.



In 2023, the Group's commitments have been further
strengthened by establishing the incorporation ofsustainability criteria in the underwriting policy as agoal of the 2024-2026 Sustainability Master Plan. The
aim is to gradually move towards the transition to a
low-carbon economy in line with the objectives of theParis Agreement.
GCO also supports its customers in their transition to
decarbonisation. In the case of the credit insurance
business, Atradius helps its major corporate customers
to diagnose their sustainability situation and tounderstand the credit risks related to sustainability. It
also seeks to help customers by sharing ESG
knowledge gathered through external reports or selfreported data and then having an open discussion withthem about their plans to transition to a moresustainable company, all of this while also giving theminformation on best practices.
In the case of traditional business, the Group engages
in an ongoing dialogue with its individual customers
by informing them of their environmental
contribution through the use of sustainable practices
in claims management and, in addition, by training
industrial insurance customers in risk prevention andrisk management, including climate risk prevention
measures.

Underwriting eligibility and alignment according
to EU Taxonomy
As a financial sector entity and insurance group, GCO is
subject to the obligations of the Taxonomy Regulation
2020/852, which determines which activities areenvironmentally sustainable.



05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Volume of premiums aligned: 142,644,457.7Ū
(3.23% alignment)
Volume of premiums eligible but not aligned:
9,950,946.8Ū (0.23%)
Volumeofnon-eligible
premiums:
4,264,354,254.7Ū (96.55%)

The lines for which compliance with the Taxonomy
requirements has been analysed are non-life
insurance related to cover weather-related risks:
Medical expenses insurance
Income protection insurance
Occupational accident insuranceMotor vehicle civil liability insurance
Other motor vehicle insuranceMarine, aviation and transport insuranceFire and other damage to property insuranceAssistance insurance
It should be noted that the regulation excludes relevantlines for the Group's business, such as credit and surety
insurance, which represents over 40% of GCO's business.
The analysis of eligibility and alignment of non-life
premiums covering climate change risks took into
consideration all products that include in their coveragesome kind of risk related to climate phenomena(temperature, wind, water, floods, storms, snow, or othersimilar events), whether chronic or acute. Therefore, all
the products that have been deemed eligible and/oraligned include coverage that help mitigate the adverse
effects that weather risks can have on the Group's
policyholders, not to mention the role played by theConsorcio de Compensación de Seguros in the coverageof extraordinary risks in the Spanish market.
For further information on the calculation
methodology and the breakdown of data in accordancewith Annex IX, X and XI of the Commission DelegatedRegulation (EU) 2021/2178 of 6 July 2021, see
Appendix I of this report.
Information regarding the eligibility and alignment of
GCO's consolidated asset items is included in the"Sustainable Investment" section.

These obligations include the duty to report to themarket the eligibility and alignment indicators of the
non-life underwriting activity related to climatechange adaptation and mitigation objectives, to which
the insurance activity is likely to be able to contribute.
The main GCO KPI’s as of 31 December 2023 are set out
below.

28

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

International commitments and alliances
2-28
GCO adheres to the principles of the Global Compact and it is committed to the Sustainable Development Goals. The Group isalso a signatory to the UNEP FI Principles for Sustainable Insurance (PSI) and UNPRI Principles for Responsible Investment(PRI).

Sustainable Development Goals(SDG)
The business of the Group's
companies and the projects ofFundación Occident intrinsically
impact the SDGs because of the very nature of theircore activities. The contribution to these objectives isin chapter 3 regarding the Group’s commitments,
within the Social Impact section.
Principles
for
Responsible Investment
Aware that the exercisingof its corporate responsibility can contribute to acomprehensive and stable global economy that helps
protect the world's assets, in 2020 GCO adhered to the
Principles for Responsible Investment (PRI) agreed by
the United Nations.
Global Compact
Since 2002, the Group hasremained committed to the ten
principles of the United Nations
Global Compact. This implies a
commitment to align its strategies and operations withthese universally recognised principles, which aregrouped into four areas: human rights, labour
standards, the environment and combatting
corruption.
Principles for Sustainable
Insurance
In 2020, the Groupadhered to the Principles
for Sustainable Insurance(PSI) drawn up by the United Nations Environment
Programme Finance Initiative, which constitute abenchmark framework for the sector in the attempt toaddress social, environmental and governance risks
and opportunities.

Nactiva
GCO is one of thecompanies forming part of Nactiva Capital Natural S.L.,
a collective platform for investment in natural capital,
the purpose of which is to drive projects in the
Mediterranean area, taking advantage of theopportunities offered by nature and integrating andconnecting various social and economic agents with aview to maximising the scope and capacity of the
projects to protect and regenerate natural capital.
Other sector alliances
In addition to the Group’s adhesion to the previous
initiatives and benchmark organisations onsustainability, in Spain, the Group’s companies are also
involved with the main UNESPA sector associations(Association of Insurance Companies, which
represents Spanish insurance companies before thepublic administrations) and ICEA (Spanish insurance
sector studies service), which have sustainability
working groups and programmes. Through UNESPA,GCO supports the work of Finresp (Centre for
Responsible and Sustainable Finance in Spain).
The Group is also a member of the EWI (Empower
Women in Insurance) network, whose goal is to drive
the presence of women in insurance management.
Finally, internationally through Atradius, the Groupparticipates in ICISA (International Credit Insurance &Surety Association) and Berne Union, also known as
the International Union of Credit and Investment
Insurers, which provide ideas and information that
improve the Group’s services.

29

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Group commitments

30

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Employees
2-7, 3-3, 405-1
The team is the most important asset when it comes to creating value for the customers and shareholders of the Group's
entities. The Group’s human resources policy contains the commitments acquired regarding the recruitment,
development and retention of talent for an effective management of employees.

Profile of the people working in the Group
2-7, 405-1
At year-end 2023, the Group's global workforce totals 8,858 employees, up 22.5% compared to 2022 (7,232 people).
This increase is the result of incorporating the employees of Grupo Mémora, a company acquired by GCO in February2023.
Out of the total number of employees, 47% are women (48% in 2022).
2022

2023

Employees at 31 December*

7,232

8,858

Average employees

7,241

8,857

*Employee data follows the headcount criterion.
*Employment contracts in force at 31 December, excluding the Atradius Board of Directors and traditional business contracts.

Employees by age and gender< 30 years% women30-39 years% women40-49 years% women> 50 years% women
Total

Employees according to professional category and gender
2022
566
50.2%
1,369
51.5%
2,289
53.4%
3,008
42.7%
7,232

2023
729
50.2%
1,699
50.2%
2,803
51.5%
3,627
41.9%
8,858

Employees by country and gender
Spain
Netherlands
Germany
United Kingdom
Belgium
France
Italy
United States
Denmark
MexicoAustralia
Portugal
PolandHong Kong
China
Singapore
IrelandRest of the World
Total employees

Men
2,251
285
217
185
86
106
96
66
41
63
29
36
22
21
12
15
26
179
3,736

2022
964
67.1%

Administrative support% women
Qualif. admin. and sales staff% womenMiddle management and technical supervision% women

4,602
50.1%
1,535
33.8%

Senior management% women

131
17.6%

Total

7,232

2022
Women
2,053
154
254
144
133
119
107
60
33
58
34
58
26
22
27
26
12
176
3,496

Total
4,304
439
471
329
219
225
203
126
74
121
63
94
48
43
39
41
38
355
7,232

2023
2,241
51.6%
4,645
51.0%
1,801
34.6%
171
17.0%
8,858

Men
2,995
291
220
184
84
115
97
69
43
65
28
204
26
20
9
16
26
186

2023
Women
2,556
160
246
146
135
122
105
65
32
56
37
214
27
25
29
25
13
187

Total
5,551
451
466
330
219
237
202
134
75
121
65
418
53
45
38
41
39
373

4,678

4,180

8,858
31

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Employees by work schedule and country2022
Part-time
361
132
129
39
45
15
23
2
6
0
7
0
2
0
0
0
2
16
779

Full-time
3,943
307
342
290
174
210
180
124
68
121
56
94
46
43
39
41
36
339
6,453

Spain
Netherlands
Germany
United Kingdom
Belgium
France
Italy
United States
Denmark
MexicoAustralia
Portugal
PolandHong Kong
China
Singapore
IrelandRest of the World
Total employees

Total
4,304
439
471
329
219
225
203
126
74
121
63
94
48
43
39
41
38
355
7,232

Full-time
5,028
327
352
289
177
217
178
132
69
121
61
415
51
45
38
41
37
354

2023
Part-time
523
124
114
41
42
20
24
2
6
0
4
3
2
0
0
0
2
19

Total
5,551
451
466
330
219
237
202
134
75
121
65
418
53
45
38
41
39
373

7,932

926

8,858

40-49
years
2,420
345
28
10
2,803

> 50
years
3,259
342
16
10
3,627

Employees by type of contract, work schedule and age*
2022
< 30
years
431
18
109
8
566

Permanent – Full-time
Permanent – Part-time
Temporary – Full-time
Temporary – Part-time
Total

30-39
years
1,193
117
51
8
1,369

40-49
years
1,947
322
17
3
2,289

2023
> 50
Years
2,690
301
14
3
3,008

< 30
years
570
29
105
25
729

30-39
years
1,475
147
59
18
1,699

Employees by type of contract, work schedule and job category*
2022
Admin.
Support

Permanent – Full-time
Permanent – Part-time
Temporary – Full-time
Temporary – Part-time
Total

2023

MiddleQualif.
Management
Admin. andand technicalsales staff
supervision

621
248
83
12
964

4,036
452
105
9
4,602

1,476
55
4
0
1,535

Employees by type of contract and gender*
Permanent contract
Temporary contract
Total

Men
Women
Men
Women

2022
3,628
3,391
108
105
7,232

2023
4,557
4,030
121
150
8,858

Seniormanagement

Admin.
Support

128
3
0
0
131

1,695
354
138
54
2,241

MiddleQualif.
Management
Admin. andand technicalsales staff
supervision

4,133
436
69
7
4,645

Seniormanagement

1,728
70
1
2
1,801

Employees by type of work schedule and gender*
2022
Full-time
Men
3,618
Women
2,835
Part-time
Men
118
Women
661
Total
7,232

168
3
0
0
171

2023
4,502
3,430
176
750
8,858

*Given the low turnover in the Group, since the headcount at year-end (8,858) remains practically unchanged in relation to the average headcount(8,857), it is not necessary to calculate the average annual number of contracts, since the figures obtained would be practically identical.

32

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
01 GCO
02 Sustainable business

Letter from the Chairman
About this report

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

New hires by age and gender

New hires 401-1

2022
50%

Age

Men
55%
50%
Women

45%
2023

2022

Redundancies by age and gender

Men

Women Total

< 30

3

3

6

30-39

15

11

40-49

12

> 50
Total

Men

Total

12

4

16

26

20

16

36

13

25

23

20

43

9

6

15

25

14

39

39

33

72

80

54

134

Men

Women

Total

98

68

166

135

104

239

30-39

91

82

173

114

129

243

40-49

68

64

132

113

112

225

> 50

54

41

95

67

76

143

Total

311

255

566

429

421

850

2023

Men

Women

Total

Men

Women

Total

5

6

11

40

31

71

32

27

59

27

17

44

2

0

2

11

5

16

0

0

0

2

1

3

39

33

72

80

54

134

Women

Total

Administrative
support
Qualif. admin.
and sales staff
Middlemanagement
and technicalsupervision
Seniormanagement
Total% Turnover* by age and gender

Total leavers by age and gender

2022
Men

2023

2022

2023
Total

Total

2022

Women

Women

2023

Women

< 30

2023

Age

Men

Men

Redundancies by professional category and gender

2022

Age

07 External assurance report

Women

Total

Age

Men

Women

Total

Men

< 30

26%

22%

24%

27%

25%

26%

< 30

74

63

137

99

90

189

30-39

16%

14%

15%

11%

12%

12%

30-39

103

101

204

96

103

199

40-49

7%

8%

7%

6%

6%

6%

40-49

70

94

164

81

92

173

> 50

7%

8%

7%

10%

8%

9%

> 50

122

101

223

206

123

329

Total

10%

10%

10%

10%

10%

10%

Total

369

359

728

482

408

890

*The turnover is calculated as total leavers as a percentage of total
employees (excluding movements among Group companies).

Diversity, equality and inclusion
2-17, 3-3, 405-1, 406-1
GCO is firmly committed to effective equal opportunities.
This commitment promotes diversity as a key competitive
advantage for our businesses and a priority strategy inpeople management and the generation of an inclusive
culture that promotes a balance between professional andpersonal life in all areas.

reasons of sex and moral harassment, and the Equality
Committee is responsible for ensuring compliancewith this protocol.

Diversity and equal opportunities
Pursuant to Organic Law 3/2007 for the effective
equality of women and men, GCO has an Equality Planin all Group companies in Spain, the goal of which is toenhance the employment position of women in relation totheir jobs and careers.

Furthermore, several of the entities have a protocol for
preventing and dealing with sexual harassment forStrengthening GCO's commitments to equality, thefollowing initiatives are worth mentioning:
As part of its strategic plan for equality, diversity andinclusion, GCO has set concrete targets for female
representation and the pay gap:
26% of women in middle and senior managementin the credit insurance business by 2027.
30% women in middle and senior management of
the traditional insurance business by 2027.
Keeping the pay gap below 12% in all professional
categories in the traditional and credit insurance
business.
33

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

GCO runs training courses and webinars on equality
for all employees and for the Group's Board of
Directors, with the goal of raising awareness of thebasic legislative framework regarding genderequality in the work environment and raisingawareness among employees on various related
topics such as subconscious bias, the promotion of
psychological safety at work and empathy.

information has also been broadened, and the Group's
website is equipped with the most advanced
accessibility techniques and guidelines around theworld, making it possible for all kinds of users tobrowse the site.

The Group belongs to the EWI (Empower Womenin Insurance) Network, an industry initiative
advocating real and effective gender equality,
whose goal is to boost the presence of women in
insurance management.

In the area of flexibility and reconciliation, the Groupis promoting new ways of working that favour selfmanagement of time, focusing on the productivity andefficiency of employees. It also makes these various
measures available in order to respond to theirpersonal needs.

Labour inclusion and non-discrimination
The Group’s Code of Ethics promotes real equal
opportunities, beyond gender diversity, and does not
accept, any type of discrimination in the professional
field for reasons of age, race, gender, religion, politicalopinion, national origin, sexual orientation or
disability.
Cases of discrimination received
through the available channels*% of resolved cases**
Human Rights complaints***

2022

2023

9

19

78%

74%

0

0

Flexibility and work-life balance
3-3

Remote working
Remote working was introduced for the Group’s
employees in 2021. This model sets out various
teleworking archetypes depending on the type of
position: hybrid mode, which enables employees tocombine on-site work in the office with up to 30-40%
of the working day to be carried out remotely, andremote mode, when the above percentages of remote
work are exceeded.
Employees with hybrid mode
Employees with remote working mode

*For confidentiality reasons, actions taken following the identificationof cases of discrimination in the organisation are not reported.
**Resolved cases are defined as closed cases.
***Human rights grievances do not include discrimination.

Similarly, the Group is committed to employing people
with different abilities. At year-end, 116 people withdisabilities form part of the Group's workforce (100people in 2022).
In that regard, the entities Occident and GCO
Tecnología y Servicios have been granted thecertificate of exceptionality awarded by the State
Public Employment Service, under the provisions ofRoyal Decree 364/2005, of 8 April, governing theexceptional alternative compliance with the reserve
quota in favour of disabled workers. This certificate ofachievement allows the aforementioned Group
companies to cover the percentage of the workforce
with disabilities established by Law through service
provision agreements with authorised Special
Employment Centres.
With a view to guaranteeing Universal Access forpeople with disabilities, the Group has offices andwork centres where access is enabled for people with
reduced mobility, both for its own employees and for
associates, customers and visitors. Furthermore, all
new facilities have ramps, parking spaces and toilets
for people with disabilities. Accessibility to

2022

2023

4,364

4,249

842

968

The hybrid mode enables employees in traditional and funeralbusiness to work 30% of the working day remotely, and 40% of theworking day for employees in credit insurance business.

Work-life balance
The Group is focussing on the balance between
people's personal and professional lives as a lever toencourage real equality and to do this it has specificmeasures in the different countries in which it
operates.
In Spain, some of the key measures available toemployees are: flexible start and finish times, singleshift working hours on Fridays and during thesummer months, the option of voluntary leave ofabsence for one year with guaranteed re-entry, as wellas canteen services, medical centres, physiotherapy
and a sports club, available at some of its sites.
Similarly, these companies offer social benefits suchas a parenthood benefit, aid for disabled family
members, life insurance in excess of the conditions set
forth in the insurance sector collective bargaining
agreement and personal loans.
At Atradius, the measures aiming at facilitating andimproving people's work-life balance are subject to theregulations in each country. We can highlight, forexample, the granting of personal loans in the United34

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Kingdom or a health clinic that allows employees in
the Netherlands to consult a doctor when theyexperience an imbalance between their work andpersonal life.
In relation to the right to disconnect, in 2019 the Groupapproved the internal policy on the right to disconnect
from work for all employees outside the normal
working hours established in the collective bargaining
agreement or contract, as well as during periods ofholiday, sick leave and unpaid leave. Among otheritems, this policy includes the right of employees not
to answer emails, messages and calls of a professional
nature, as well as recommendations to promote theresponsible and effective use of digital tools.
Throughout the year, the Group's employees receive
training and education on the use of electronic devices
and digital resources.

Occupationalframeworklabour,healthandsafety3-3, 403-1, 403-2, 403-3, 403-4, 403-5, 403-6
Health and safety
The Group's entities in Spain have a health and safety
service in accordance with current labour legislation.
In addition, there are internal procedures andregulations related to occupational health and safety,
including self-protection plans for all buildings, risk
assessments and annual action plans.
In turn, there is a joint health and safety service thatcovers most of the Group's insurance companies,
allowing for a more consistent management. The
entities that are not under this service have their own
or outsourced one, based on criteria of efficiency andspecialisation.
The general aim is to achieve the following objectives
in occupational health and safety:a) Compliance with current legislation for theprevention of occupational risks and the working
conditions of employees.
b) Reduction and elimination of workplace accidents
and occupational diseases in all work centres.
c) Development of a health and safety culture basedon the consideration of people as its main asset.
In addition, the companies in the Group's traditional
business with more than fifty employees and with
employee representation have Health and Safety
Committees that are entrusted with the task ofprotecting the health and safety of the employees. The

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportmeetings are annual, although extraordinary
meetings can be requested to deal with any urgent
topics. There is no general policy for the Atradiuscountries, as most of these countries have their own
policy in accordance with local legislation or collective
bargaining agreements.
On a corporate level, although there is no specifichealth and safety policy generally applicable, theGroup's commitment to the health and safety of its
employees is embodied in its sickness protocols, theinclusion in collective bargaining agreements ofbenefits in cases of incapacity of any kind to perform
work and the creation of an Employee Well-being Plan
to foster comprehensive health care.
Similarly, the Group promotes health through offering
its employees medical examinations, with thefrequency being established on the basis of the job
position. Equally, in different work centres employees
have access to services for the care and well-being of
the employees (such as social clubs offering healthyeating, gymnasiums, swimming pools, tennis andpaddle tennis courts) or agreements with special
conditions for employees in work centres that do notprovide these services.
Besides the abovementioned steps implemented toprotect employees, the Group has collective
agreements that address issues related to their healthand the prevention of occupational risks.
Employee Well-being Plan
In 2023, health and safety training and amental health workshop were held in order toacquire resources, tools and guidelines tobecome aware of and work in a practical
approach on aspects that foster integral
development, psychological and physicalhealth, self-knowledge, self-esteem, personaland social well-being and the creation of morepositive and cohesive group climates or
atmospheres.
Throughthesemeasures,alongside
those
implemented in the areas of flexibility and work-lifebalance, the Group demonstrates its concern for thewell-being of its employees and for having a low rateof absenteeism from work. During 2023, 585,505
hours of absenteeism have been recorded (469,679
hours in 2022).

35

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

2022

Accident rate indicators 403-9, 403-10
Men
No. accidents with leave (excl. commuting)
No. of days lost due to accident with leave (excl. commuting)

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

2023
Women

37

07 External assurance report

Men
42

Women
26

27

1,301

867

749

1,093

6,242,655

5,845,500

7,919,311

7,071,331

Frequency index**

5.93

7.19

3.28

3.82

Severity index***

0.21

0.15

0.09

0.15

0

0

0

0

0.00

0.00

0.00

0.00

0

0

0

0

No. hours worked according to the collective agreement*

No. of deaths (as a result of a work accident)
Death rate****No. of professional illnesses detected* The hours worked have been reported according to the collective agreement to standardise the criteria between the traditional business and the credit
insurance business.
** Frequency rate= (No. of accidents with sick leave excluding commuting accidents/no. of hours worked according to agreement)*1,000,000*** Seriousness index = (No. days lost due to accidents with sick leave/ no. of hours worked according to agreement)*1000**** Death rate= (No. of deaths due to accidents at work/ no. of hours worked according to agreement)*1,000,000

Employee coverage 2-30, 407-1
To improve the regulation of the working conditions of
its employees, the Group strives to guarantee that thelargest possible proportion of its staff throughout theworld are covered by collective bargaining
agreements.
GCO guarantees freedom of association and collective
bargaining pursuant to Article 5.8 of the Code of Ethics,
encouraging social dialogue to consult and negotiatewith employees. In that regard, the Group companies
encouragetheparticipationofworkers'
representatives in collective bargaining processes,
reporting on issues that may affect workers, as well ason the company's situation and the evolution of
employment in the company.
In the traditional business, all companies are governedby collective bargaining agreements. In the funeralbusiness, employees who are not covered by collective
bargaining agreements are covered by company
agreements
negotiatedwiththeWorkers'
Representation in each area and by the Workers'
Statute. In the credit insurance business, thepercentage of employees covered by collective
bargaining agreements is closely linked to national
legislation.

In 2023, 81% of the Group's employees are covered by collective bargaining agreements (85% in 2022).
Country

2022

2023

Spain

93%

85%

Netherlands

97%

96%

Germany

100%

99%

United Kingdom

92%

92%

Belgium

100%

98%

France

100%

100%

Italy

98%

97%

United States

0%1%

Denmark

97%

97%

Mexico45%

45%Australia

0%0%Portugal

65%

93%

Poland0%0%Hong Kong

0%

0%

China

0%

0%

Singapore0%0%

Ireland29%

28%

Rest of the World

28%

27%

Total

85%

81%
36

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Training and development
2-17, 3-3, 404-1
GCO has always prioritised human and professional
development, investing in continuous training, giving
priority to internal promotion, encouraging personal
motivation, teamwork and innovative initiative. That
is why, in the companies in the traditional business,there is a series of professional development
programmes, appropriately structured to accompany
the employees through their growth process.

In addition, the Group has a job standardisation modelthat is has produced itself. This management tool isconsidered essential in establishing professional
development pathways.

These programmes are supplemented by many othertraining courses that the training units are continually
updating. In addition, skills-related training anddevelopment for employees is promoted through theGoodhabitz platform.

Compulsory sustainability training is given to
all Group employees, as well as to GCO's
Management Committee and Board of
Directors.

In the case of the credit insurance business, the“Atradius Academy” is a learning platform available toall employees where they can find a wide selection of
online courses. The platform receives regular updates
that include the addition of new courses. The aim is toencourage employees to take an active role in theirown training development and take advantage of allthese opportunities to keep refreshing theirknowledge and improving their professional skills.

Professional development programmes








Polaris Programme: Designed for new hires, it
is a welcome programme in which all theopportunities offered by the Group arepresented to employees.
Delta Programme: For newly incorporated
people, this programme seeks to make surethat employees are better acquainted with thereality of their company and the functions andchallenges of each department.
Insignia Programme: intended for developing
people with a multi-company vision, in which
the Group's corporate areas are presented andemployees are encouraged to strengthen theirpersonal brand.
Apolo Programme: Dedicated to employees
who have assumed responsibility for
managing people and teams, to work on
developing the Group's own management
skills and tools.

Sustainability training

The training covers basic concepts onsustainability,
climatechangeandenvironment, ESG risks, regulation and trends,
sustainability
initiatives
and
GCO's
sustainability strategy. The aim of this training
is to involve the entire workforce in theGroup’s sustainability, raising their awarenessof the ESG concepts and giving them guidelines
on how to contribute to obtaining thesustainability objectives.
Attracting young talent
Similarly, the group is focussing on talented young
people who are enthusiastic about their professional
development, promoting the employment of students
and recent graduates through university and school
agreements. Work placements in the company
encourage young people to learn and grow, giving
them the opportunity to demonstrate their aptitudes
and develop new knowledge and skills.

In France, Atradius has been awardedtheHappyTrainees
label
which
acknowledges companies that haveachieved excellence in their student
integration, support and training systems.

37

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

In 2023, upwards of 205,589 hours of training were provided to Group employees (185,820 hours in 2022), 11% morethan the previous year, representing an average of 23 hours per employee (average of 26 hours per employee in 2022).
2022

Training hours 404-1
Administrative support
Qualified administration and sales staff
Middle management and technical supervision
Senior officers

Men
6,516
53,15731,754
4,250

Average training hours 404-1

Women
12,83855,44020,811
1,055

2023
Total
19,354
108,597
52,564
5,305

Men
17,83950,14733,790
3,073

2022
Men

Administrative support
Qualified administration and sales staff
Middle management and technical supervision
Senior officers

Total
41,730105,11354,584
4,162

2023
Women

20.6
23.2
31.3
39.4

Women
23,891
54,966
20,795
1,089

Men
19.8
24.0
40.1
45.9

Women
16.5
22.1
28.7
21.6

20.6
23.2
33.4
37.5

Performance assessment 404-3
Performance assessment allows us to have a full vision of the internal talent in the Group, and to take decisions anddesign action plans based on the needs detected.
The Group’s performance assessment procedure consists of the following phases: Self-assessment: Employees assess their skills, as well as achievement of the goals set.
 Assessment by the manager: the team managers conduct the assessment of the employees.
 Personal interview and personalised improvement plan: the manager and the employee share the conclusions
and set the goals for the forthcoming year.
In 2023, 53% of professionals subject to performance assessment have been assessed through this tool (61% in 2022).
Percentage of employees receiving regular evaluations
on their performance and professional development
Administrative support
Qualified administration and sales staff
Middle management and technical supervision
Senior officers

Men
29%
59%
84%
71%

2022
Women
38%
59%
79%
83%

Total
35%
59%
82%
73%

Men
8%
63%
77%
50%

2023
Women
21%
62%
72%
69%

Total
15%
62%
75%
53%

Remuneration and benefits
3-3
The group focusses on a remuneration system basedon a meritocracy and rewarding performance,cooperation and teamwork. The different collective
bargaining agreements that apply, depending on thecompany, establish salary bands to ensure internal
equity and attract talent. In these agreements, underno circumstances are there pay gaps on the basis ofgender. The Group also periodically carries out
aggregate remuneration studies between men andwomen to ensure that it applies a non-discriminatory
remuneration policy based on the responsibilities
assumed and the results obtained.
Generally speaking, GCO's compensation model
includes fixed and variable annual remuneration, as
well as a flexible remuneration system that has
included, among others, a Share Delivery Plan inrecent years. Other examples of flexible remuneration
include: payment of public transport tickets, healthinsurance, childcare and job-related training, among
other benefits.
Additionally, the Group's employees have an extensive
programme of social benefits including pension plans,company canteen or compensation for meals,
financing of employee training (university training,
MBA, languages), help for disabled family members,
personal loans, birth bonus, offers and specificagreements for vehicle leasing.
GCO has partnership agreements with seven
prestigious institutions (UNIR, UOC, EADA, ISDI, EAE,
The Valley and Deusto Business School). These
agreements offer discounts of up to 40% on training
programmes to GCO employees and, depending on thecentre, their families.
Since 2016, employees of the Group's different
companies who end their employment period due to38

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

retirement have the opportunity to take part in the
GCO Retirees' Association, the purpose of which is tofoster and promote communication and relations
between its members through social and culturalactivities that are co-financed by the Group and consistof visits to museums, conferences, themed routes,
attending shows and gastronomic gatherings.

Support
Qualified administration andsales staff
Middle management andtechnical supervision
Senior officers

Men
Women
Average remuneration ratio women/men
Men
Women
Average remuneration ratio women/men
Men
Women
Average remuneration ratio women/men
Men
Women
Average remuneration ratio women/men

Average remuneration by age and gender and wage gap 405-2< 30 years
40-49 years

30-39 years>50 years

07 External assurance report

Furthermore, with the goal of achieving a betterorganisational adaptation of the workforce with aview to the future corporate unification of the
traditional business, GCO has presented a voluntary
redundancy plan that will be implemented over two
years.

Average remuneration by professional category and gender and wage gap 405-2
Admin.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

Men
Women
Average remuneration ratio women/men
Men
Women
Average remuneration ratio women/men
Men
Women
Average remuneration ratio women/men
Men
Women
Average remuneration ratio women/men

2022

2023

24,62428,655116%
48,404
43,16089%
77,62966,06785%
163,220
146,68590%

27,113
26,85399%
54,15346,652
86%
82,36868,281
83%
170,316
152,736
90%

2022

2023

31,077
29,71896%
43,65338,48888%
56,69444,73879%
67,99250,99675%

33,05930,01691%
44,33837,72885%
56,03945.26081%
70,18852.81375%

The decrease in the Average remuneration ratio women/men in 2023 compared to 2022 is due to the acquisition of Grupo Mémora in February 2023.
The wage gap based on age originates from the larger number of men who in previous years accessed high responsibility jobs. This difference isgradually being eliminated since there is currently greater balance between the number of women and men who access these types of positions.

Culture and employee experience
The Group understands that its employees are one ofits greatest assets and therefore endeavours to provide
an enriching working environment for them.
In 2023, GCO has been selected as one of
the 100 best companies to work for in
Spain according to the Forbes ranking,which rates not only the remuneration
conditions but also those measures that improve
employees' quality of life.
The opinions and ideas of the Group's employees areimportant so that we can create a better working
environment. That is why we regularly work
environment surveys, which allow the Group to gain adeeper understanding of the experience of theemployees and to work on strengthening our bestinternal practices.
Commitment and employee satisfaction are the key
attributes that the Group seeks to maintain with its
employees. The latest work environment survey for
employees in the traditional business produced thefollowing results:
93% of the respondents want to continue working
in the Group.

They have given a score of 8.8 out of 10 for thelevel of collaboration and comradeship within theteams and departments.
The employees rated job security and pride of
belonging to the organisation at 8.8 out of 10.

39

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Following the results obtained, a series of initiatives
were launched, including the following: launching a
corporate well-being plan, further promoting remote
work and increasing the visibility of the professional
opportunities generated by the Group.
Additionally, in order to be more streamlined andimprove the employee experience, an AI-based
chatbot was implemented on the intranet in 2023,
which has been designed to provide accurate andquick responses to a broad range of queries on issues
such as training, recruitment and hiring, social
benefits and occupational risk prevention, among
others. This will streamline and improve
communication between employees and the humanresources area.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

In the case of Atradius employees, the following
results were obtained after the last satisfaction survey:The level of satisfaction with the organisation was
8 out of 10.

Employees also rate the organisation's
inclusiveness and the degree of collaboration andteam spirit within teams and departments an 8
out of 10.
These results have led to the Group rolling out global
and local action plans in each country, which include,
among other activities, the launch of workshops,
development programmes and training to ensure thecontinuous learning and development of its
employees.

Customers
2-6, 3-3
GCO's core goal in its relationship with its more than 3.7 million customers* is to offer them competitive products anda quality service, based on personal and close advice and agile management.

Customer experience
GCO is committed to giving its customers simplified
and clear information, and to resolving any queries
they may have about the content of its policies andservices, or in the event of any incident.
This commitment, in the credit insurance business, isembodied in the Customer Service Charter and, in the
traditional insurance business, in its adherence toUnespa's Guide to Good Practices for Transparency in
the Marketing of Insurance.
Similarly, both the professionals who provide service
to customers during a claim and the contact centre
staff have customer experience guidelines that lay
down clear protocols on how to relate and interact withthem, in order to offer the highest level of service
during the exercise of their activity.
GCO works on a daily basis to offer excellent service,
enhance products and, in short, provide the customer
with a differential experience. To this end, the Group
conducts various analyses that collect the Voice of the
Customer to find out their degree of satisfaction andrecommendation, their opinion and needs, as well as
their image of the brand.

Customers
Traditional insurance
Personal
Companies
Retention rate
Credit insurance
Retention rate Spain
Retention rate Other
Funeral business
Personal
Insurance companies

2022
3,543,237
90%
10%
87%
80,65094%
94%
Not reported
Not reported
Not reported

2023
3,593,539
89%
11%
88%
83,142
94%
95%
54,52821,26133,267NPS (Net Promoter Score): Indicatormeasuring the degree of customer loyalty.

for

Traditional business: 49.1% (-0.8 pp)(Post-contracting surveys, post-claim,
pre-renewal and post-renewal)

Funeral business: 80,69%(Post-service surveys)

Customer Journey: Customer Journey: its goal is
to continuously review the main interactions ofcustomers with the company, identifying the key
points of value contribution in order to design
measures geared towards enhancing theirexperience.

*Insurance customers include policyholders and funeral customers include the services provided.

40

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

In 2023, several initiatives have been undertaken to provide a better experience and positive customer satisfaction.








Preferential financing is offered through acredit bank to enable customers to pay for the
repair of claims not covered by car insurance.
Your digital health is a comprehensive healthservice with a strong focus on prevention andcare. It provides with access to a team of
specialist doctors wherever you are, as wellas providing different services such as
medical chat, video consultation, medical
reports or prescriptions.
Improvements have been made to the
Healthcare and Mixed Reimbursement
health products, now including morecomprehensive
diagnostic
tests
for
pregnancy, particularly when there are risks
for the mother and/or foetus, as well as new
surgical techniques and treatments toenhance the medical care provided topolicyholders.
In the contact centre, a specific channel has
been created for senior customers in order tospeed up and improve their care. To do so,
operators have been specifically trained in
how to adequately assist people over 65 yearsof age.









Personalised videos are sent to customers
explaining the content of their policies, inorder to inform customers in an agile,
comprehensive and individualised way.
GCO is working on developing on-demand
insurance with the goal of responding to thepace of life and the needs of the newgenerations. Under this proposal, the idea isto provide flexibility in contracting, allowing
coverage to be purchased at a specific timeand for a specific duration.
WithinAtrium,theonlinepolicymanagement portal for credit insurance
customers, Atrium Analyser has been rolled
out. This is a tool that lets customers seethemselves as buyers, see how Atradius canhelp them grow their business and enables
them to find quality buyers in the markets inwhich they do business.
Through customer feedback, the E2E
customer journey has been improved on
Atradius Agora, the e-commerce platform
launched by Atradius to allow its customers
to submit and monitor debt collection cases,
pay invoices and communicate with theiraccount manager.

Complaints and claims system
3-3Good management of customer complaints and claims is a basic element in the quality of service. The first step inresolving them is to offer the customer immediate attention from whoever is directly in contact with them.

Insurance businessIn Spain, GCO has regulations for defending customers adapted to the requirements of Order ECO/734/2004 of 11
March on the customer service departments and services of financial institutions and the commitments assumed by
the insurance sector through the guidelines on good practices for internal complaint resolution promoted by Unespa.
This regulation is also applicable to the Group's other financial customers (participants in investment and pension
funds, members of GCO's EPSV and customers of Occident Hipotecaria). Outside Spain, given the singularity of its
business, Atradius has its own process for dealing with complaints and claims based on internal procedures and theregulations present in each country.

41

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Process for responding to complaints and claims:
Different accessible channels for customers to report their complaints and claims through letters, theCustomer Service Department mailbox, contact centre, regulator's mailbox, telephone, email or in the specificsections of the website to receive complaints, claims or queries.
Designation of managers to assess the causes of complaints and claims and coordinate their resolution andidentify whether it is a requirement of the regulator.
Information to customers and users on the status of complaints and how they are resolved.
Oversight of complaints and claims by the Delegate responsible for managing the complaint or claim. In
Spain, an inspection is also conducted by the Customer Ombudsman.
Annual registration and measurement of the number of complaints received for statistical purposes andachievement of goals.
Pursuant to the above procedure, the details of complaints and claims of the insurance business are presented:
Claims and complaints from the insurance businessIn Spain and Andorra

2022

2023

4,427

5,857

3,607

4,185

Resolved

3,212

3,675

Open

395

510

437

387

Admitted for processing

Other countries
Admitted for processing

437

387

Resolved

404

351

Open

33

36

In Spain, this includes data from the traditional business in Spain and Andorra and from the Atradius business in Spain. In this context, complaints are
deemed to be those submitted by users of financial services who, in order to obtain the restitution of their interests or rights, submit specific facts
referring to actions and omissions of the Company or which represent a detriment to their interests or rights through breach of contracts, oftransparency and customer protection regulations or of good financial practices and usages. Complaints are also deemed to be those referring to thefunctioning of the financial services provided to users by the entities and presented due to delays, type of attention or any other type of shortcoming.
In all other countries, complaints and claims from Atradius Business outside Spain are included, which are deemed to be the expression of dissatisfaction
due to an error or delay in the provision of the service or the provision of a service in an unsatisfactory or sub-standard manner.

Funeral business
All GCO funeral business centres are certified by the ISO 9001 Quality Management and UNE EN 15017 Funeral Services
standards, which require a procedure to be in place for dealing with customer complaints. Compliance with thisstandard is assessed annually through audits conducted by AENOR International (for Mémora) and Bureau Veritas(for Asistea).
Process for responding to complaints and claims:
Different accessible channels for customers to report their complaints and claims through the contact centre,
telephone, email, on the website or in the work centres.
Designation of managers to investigate and analyse the origin or otherwise of complaints and claims.
Response to customers on the status of complaints and how they are resolved
Annual registration and measurement of the number of complaints received for statistical purposes andachievement of goals.

42

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Pursuant to the above procedure, the details of complaints and claims of the funeral business are presented:
Claims and complaints from the funeral business

2022

2023

Not reported

368

Not reported

368

Resolved

Not reported

367

Pending

Not reported

1Complaints and claims
Admitted for processing

Shareholders and Investors
In 2023, GCO continues along a positive trend, with growth in turnover and sound results, with an improvement of
more than 13.4% in its consolidated profit. In addition, it has maintained a strong, close and transparent relationshipwith the financial market.

Dividends, attractive return on investment
In 2023, the Group increased its dividend by 8.67%,
distributing 134.1 million euros.
1.03

2022

In this regard, the Group has two specific areas within
the organisation to respond to queries fromshareholders and institutional investors, their
proposals and expectations on the management in aclose and individualised way.

1.12

2023

Shareholder Relations Unit:+34 935 825 001
accionistas@gco.com

Units: euros/share

All of the information about the evolution of theGroup's shares can be found on the Group's corporatewebsite.

Transparency of information
2-23
Shareholder confidence is key to our sustainability
over the long term. The relationship between theGroup and its shareholders and investors is built on
providing them with as much information,transparency and approachability as possible. GCO
conducts its activities pursuant to the principles ofgood governance and corporate responsibility, which
entails ongoing improvement in the accessibility,
quality, frequency and clarity of the relationship with
its core stakeholders.
The communication policy for economic-financial,non-financial and corporate information and contacts
with shareholders, institutional investors and proxyadvisors, which is posted on the corporate website,
describes the various communication tools andchannels to ensure the principles of integrity,transparency, truthfulness, immediacy and equality intheinformation
provided
toshareholders,institutional investors, proxy advisors and themarkets in general, as well as relations with them.

Investor
Relations,Sustainability Unit:+ 34 915 661 302
investor@gco.com

RatingAgencies

andThis last unit covers the relationship with financial
analysts, stock market analysts and rating agencies,
given that the reports and opinions of all of theminfluence the decision-making process of institutional
investors. As such, their role is crucial to GCO's
liquidity and share price formation.
During 2023, the Group conveyed its value proposition
to the financial markets through quarterly
broadcasting of published results (via webcast in
Spanish and English) and by holding roadshows andconferences in several European countries, both onsite and online. These events bring the Group'sbusiness reality closer to both institutional investors
and small shareholders.

43Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Intermediaries: agents and brokers
2-8Intermediaries are a key part of the Group’s relationship with its environment. They come into contact with customers,
generate confidence in order to understand their particular needs, and provide value through their professionalism
and closeness. That is why, good communication and a trusting relationship with intermediaries are fundamental toproviding good customer service.
The commercial network of the GCO companies
comprises 14,709 traditional business intermediaries,
mainly exclusive agents and insurance brokers, and1,450 offices.
15,032
1,518

14,709
1,450

2022

2023

Number of offices

Number of intermediaries**The data on intermediaries follow the headcount criterion as at 31
December of the financial year.

The contractual relationship of intermediaries withthe various insurance companies of the Group isgoverned by a commercial contract.
Management of intermediaries
Considering current trends and the needs of its
customers, GCO is committed to encouraging the figureof the hybrid salesperson, training intermediaries toprovide them with resources and skills that enable
them to adapt to the digital reality with a view toproviding a better service to customers.
For the marketing management of intermediaries, theGroup has developed Gestiona, a single Customer
Relationship Management (CRM) between entities thatstandardises the monitoring of the sales activity of
traditional business companies and features
functionalities such as video call and chat with thecustomer through the Gestiona app. The application
uses 360º Vision to display the customer's information
in a unique and comprehensive way. The indicators
section provides access to surveys carried out oncustomers at various points along the customer
journey. Alerts are also displayed in the access toCommercial Management when there are customers
who have responded to a satisfaction survey with an
NPS (level of recommendation) score of very good orvery negative.

Similarly, data analytics has been built in for creating
and managing the network of intermediaries.
Professional development and training
Training of agents is a fundamental value, allowing
the Group to build its business through quality ofservice and customer satisfaction and trust. That is
why the various companies comprising the Group
make available to the intermediaries a series oftraining itineraries and the necessary tool for these
professionals to perform their tasks in the mostprofessional manner possible, in a way that is close
and adapted to customer needs, thus improving theireffectiveness.
Training across the distribution network in the
traditional business is focussed on developing thesales force and business growth. A special focus was
also given to cross-selling, prevention of cancellations,customer loyalty and the use of new tools and systems.
Furthermore, efforts are being made to foster andstrengthen intermediaries' knowledge of the
responsible marketing and sale of products andservices. Specifically, they have been encouraged totake training in specialised attention to the mostvulnerable groups, such as customers over 65 years ofage and the disabled.
Trust and security
The Group's companies manifest the values ofconfidence, peace of mind and security that they wish
to provide to their customers through the broker
network. For this, they are provided with support that,in addition to training, includes other tools that have apositive impact on their activity. These include theoption of creating their own website and profile onsocial networks or the use of corporate material topresent their services visually.
Intermediaries’ satisfaction
GCO measures the satisfaction indicators of its
traditional business intermediaries on an annual
basis. Through an opinion survey for exclusive agentscarried out by ICE, the Group ascertains the level ofgeneral workplace satisfaction of its agents.

In 2023, new changes have been brought in and work
has been done on adding new features to the tool basedon AI algorithms.

44

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Supply chain
3-3, 2-6
GCO companies work with two kinds of service providers: Suppliers, who provide products and services of a general nature, not directly linked to the insurance business:cleaning, maintenance and IT support, among others.
 Associates, whose service is essential for the performance of the insurance activity: loss adjusters, lawyers,
workshops and repairers.

Supplier management

Associate management

2-6

2-6

In 2023, GCO worked with upwards of 13,000
suppliers, resulting in expenditure of approximately
530 million euros (in 2022, GCO worked with morethan 7,500 suppliers, resulting in expenditure of 368
million euros).

Prepersa is the GCO company that manages the
specialist claims settlement partners of the traditional
business companies: loss adjusters, workshops,
repairers and, from 2021, the network of lawyers. The
workshops are part of a network named AutoPrestoand the repairers are from the Technical Repairs
Service (TRS).

Specifically, in the traditional insurance business thenumber of suppliers was 3,933 (4,419 in 2022) and
2,833 in credit insurance business (3,082 in 2022). The
expenditure incurred on these suppliers amounted to
161 million euros and 249 million euros, respectively(compared to 153 million and 215 million in 2022).

In 2023, it worked with 2,834 partners (2,685 in 2022)
and the total expenditure was 260.9 million euros(217.5 million in 2022).
Type of associates

In the funeral business, collaboration has taken placewith 6,285 suppliers, resulting in an expenditure of
120 million euros.
Responsible supplier selection
The Group's supplier screening is based on theprinciples of objectivity, impartiality, transparency,
equal treatment and quality. The Group also strives toencourage responsible management by suppliers,
including social and environmental aspects among thecriteria for their selection. In traditional business,these criteria are laid down in internal regulations
and, specifically, in the supplier selection manual.
In the credit insurance business, Atradius has a
Procurement Policy that regulates suppliermanagement.
In the funeral business, the selection, monitoring andassessment criteria in the procurement process havebeen designed to meet the requirements of theintegrated quality, environmental and social
responsibility management system. This systemfollows the guidelines of the UNE-EN ISO 9001, ISO
14001 and SGE 21 standards, among others. It isstipulated that, whenever possible, suppliers thatcomply with environmental criteria will be selected(e.g. ISO 14001 certification, low noise andatmospheric emissions, low electricity and water
consumption, etc.).

711

720

General claim
adjusters

228

230

Motor claim adjusters

125

115

Medical claim
adjusters
2022

889

1,002

Repairers

380

437

AutoPresto
workshops

352

330
Lawyers2023

45

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Orders received

Technical Repairs
Service (TRS)
adjustments
48.7%

07 External assurance report

APCAS a system of certifying experts who do not havea degree but who do have experience, so that they can
prove their knowledge and aptitude and offer themadvantageous conditions as they are part of thePrepersa network.

Car inspections
Medical insurance claims 2.1%
adjustments
2.3%

1,600,379
assignments
received

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

Sundry claims
adjustments
27.7%

Lawyer assignments
6.6%
Various inspections
0.7%

Motor claims
adjustments
11.9%

The associates are there to ensure the effectivenessand speed of the service provision when resolving theincidents suffered by customers of the Group’s
insurance companies, as well as to provide thoseentities with technical information related to risks,
claims and other circumstances. For this reason,
Prepersa’s actions must always be quality oriented.
For this purpose, its activity has the UNE-EN ISO 90012015 quality certification, which guarantees that its
processes
aregearedtowards
continuous
improvement and that it has an efficient organisation
with regard to planning, control and analysis ofresults.
Associate satisfaction survey
As every year, the "associate satisfaction survey" wasconducted among 2,887 associates, of which 33%
responded. The main objective of the survey is tounderstand the Group’s relationship with its supply
chain through their opinions, assessments andexperiences.
Some of the findings from the survey are as follows:
The associates rated GCO's innovation capacity asvery good, with a score of 8.2 for this question.

They stated that the organisation helps them toresolve any queries, incidents or any problems
that may arise, giving this question a score of 8.1.
They rated the Group's professional competence
as very good (8.5).
Training for associates
In 2023, GCO associates received a total of 2,610 hoursof training (5,504 hours in 2022). The training
programmes were given by Prepersa staff in person
and also with video tools and webinars, and associates
rated the training sessions very positively.
In 2023, Prepersa took part in designing training
courses given by APCAS (Spanish Association of
Insurance Loss Adjusters) and the INESE training
centre for the various loss adjusters who join theGroup's network. Furthermore, it has arranged with

Integration of ESG issues into the supply chain
3-3, 308-1, 407-1, 414-1
The Group extends the reach of its principles to its
supply chain as a key to consolidating a network ofsuppliers and associates consistent with the corporate
values.
Throughout 2023, the Group has continued to insert
clauses in contracts with traditional and funeralbusiness suppliers, through which the Group ensuresthat they abide by the same ethical and sustainability
principles, comply with the labour regulations that
affect them and are up to date with their tax
obligations. In 2023, 517 contracts with suppliers haveincluded the sustainability clauses (430 in 2022).
Similarly, in the funeral business, a specificsustainability clause has been gradually included incontracts with suppliers. This clause requires
suppliers to ensure compliance with the ethical,
labour, social and environmental criteria laid down in
the Declaration of Human Rights, as well as thoseadvocated by the ILO. In the same way, it ensures that
suppliers know, observe and assume those points that
may concern them in the Code of Conduct.
With regard to associates, they must all respect thecorporate values in order to be able to maintain arelationship with the Group. Therefore, they must
adhere to the GCO Code of Ethics before receiving anyorder.
Prepersa also fosters good practices related toefficiency and minimisation of resources, which
include policies of repair rather than replacement or
the application of new technologies that make itpossible to locate and repair water damage more
efficiently in a non-invasive manner. The applicationof these practices has saved more than 715 tonnes ofCO2. It also avoids extended repair periods and does
not require the use of extra material.
Additionally, a Collaborator Coverage Plan has beendeveloped, involving relocating associates andselecting new ones to cover the places where the repair
service was not offered, in order to save time intravelling and to improve efficiency. Besides
improving customer service, this project will enable
the development of future plans to reduce indirect CO2
emissions arising from these journeys.
46

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Similarly, a new procedure for assessing claims
arising from atmospheric phenomena has been rolled
out through video assessment, with a group of
specialist loss adjusters who are fully dedicated to thiskind of assignment. This has led to an improvement inefficiency by attending to more claims, eliminating
emissions derived from travel and improving thecustomer's perception of the service.
It is also worth highlighting the launch of a project todigitalise all documentation issued to customers andprofessionals, thereby cutting down on the use of
paper. This documentation includes contracts withassociates, the compensation proposal given by theloss adjuster to the customer, the Home Claims
Intervention Sheet (STR) and the Inspection Reportfollowing repairs in Autopresto workshops.
Environmentally, all AutoPresto workshop contracts
include a clause requiring the workshops to beaccredited as waste managers, providing Prepersa
with the information required to justify this. All thesecontracts are issued digitally in order to cut down on
the company's paper consumption.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportareas in which it conducts business, with 96% ofspending going to local suppliers (97% in 2022). Lastly,in the funeral business, 92% of expenditure is allocatedto hiring local suppliers.
As regards associates, in 2023, 98% of expenditure wasallocated to associates in Spain (96% in 2022).

Average payment period for suppliers andassociates
The average payment period to suppliers of the Group
companies is 21 days (14 days in 2022), with nooutstanding balance to be paid in excess of the legal
payment period (30 days, unless otherwise agreed by
the parties).
In the case of associates, Group companies pay
amounts to associates on a daily basis, where theaverage payment period is 1 day (same figure as in2022). Furthermore, associates have at their disposal
an application where they can consult and reconcile
payments of orders and invoices issued to Group
entities. This prevents the associate from having tocommunicate their information requirements todifferent company departments.

Certified sustainable workshops
The vehicle repair service that GCO offers
through the AutoPresto workshop network
has become the first to receive the "CZ
Sustainable Workshop Network" certification.
This seal guarantees that its activity is carriedout in accordance with sustainability andenvironmental care criteria.

At present, the supply chain is not audited for ESG
issues.

Distribution by geographical area
203-2, 204-1
At GCO, working with local suppliers and associates
not only has a positive impact on the economic
development of the communities in which we dobusiness, but also cuts operational risk by reducing
service execution times.
In the traditional business, due to its activity andpresence in Spain, the hiring of freelancers or small
local businesses as suppliers is favoured. Thus, in 2023
most of the orders were placed with suppliers in Spain,with 99% of the expenditure going to local suppliers (asimilar figure to 2022). In the credit insurance
business, the Group allocates most of its expenditure
to developing the business fabric in the geographical47

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Climate change
3-3With the aim of being an active part of the transformation towards a low-carbon economy, GCO is committed to being a zeronet emissions organisation by 2050 in its insurance underwriting portfolio.
The Group also follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) andintegrates climate change risk information and performance into its reporting.

Climate change governance
2-9, 2-13(1) Approves the climate change strategy and policy.
(2) Proposes the climate change strategy and targets. Monitors the execution of the strategy and regularly
reviews its evolution.
(3) Supervises and regularly monitors the climate change strategy and compliance with the actions andobjectives associated with it.
(4) Oversees the Group's risk management control system.
(5) Assesses, advises and reports on all matters relating to the verification of compliance with the legal
obligations applicable to climate change.
(6) Regularly monitors compliance with climate change targets.
(7) Tasked with governing and coordinating the process of identifying and assessing the Group's climate changerisks.
(8) Coordinates and develops with all the businesses the climate change strategy, the proposal of targets and themonitoring of the actions to be undertaken.
(9) In charge of implementing the climate change strategy

48

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Climate change strategy
GCO supports the Paris Agreement and is working
towards being an active part of the solution to climatechange. To do this, it focuses its strategy on gradually
reducing its greenhouse gas emissions.

-

The Group’s Climate Change and Environment Policy
constitutes its action framework and defines thecommitments assumed in this area. In this regard, GCO
will set intermediate, progressive and science-basedtargets that will allow it to achieve the ultimate goal ofbeing a carbon neutral company in its underwriting
portfolio by 2050.
Identified below are the Group’s risks and opportunities
related to climate change and we describe theorganisation’s resilience to them, taking into accountdifferent climate-related scenarios.
Risks and opportunities of climate change
2-6, 2-12, 2-23, 3-3, 201-2
Within the framework of the risk management system,
the Group undertakes to identify the risks andopportunities related to climate change, including them in
its risk map, and to analyse their impact on financial
planning. Among the risks included in the risk map, thefollowing have been identified as the main categories:---

Physical risks: Those derived from climate change
and which arise from a series of specificmeteorological events. They may entail financial
implications for the organisations, both relating todirect damage caused to assets and indirect impacts
arising from an interruption that affects the supply
chain.
Transition risks: These arise as the company adapts
to a low-carbon economy. There are a series of factorsthat influence the adjustment to a sustainableeconomy such as, for example, the evolution of thedifferent policies, the regulations, new technologies
or business models, change of sensitivities and social
preferences or the evolution of the framework andlegal interpretations.
Liability risks: Arising from claims either for civil
liability or directly against insurers for failing tomanage climate risks appropriately.

Disclosure of information on how these climate risks havebeen factored into the Group's risk map, as well as theirstrategic impact and time horizon is explained in chapter
1 under "Risk management".

-

-

-

Market opportunities: access to new markets thathave undergone changes as a result of climatechange and therefore require new insurance
coverage.
Opportunities in the use of resources: cost reduction
and savings through more efficient management of
resources and the use of more efficient andsustainable buildings.
Resilience opportunities: Participation in renewableenergy programmes and adoption of energy
efficiency measures.
Product and service opportunities: Development of
new low emission products and services andaccording to new customer preferences.
Energy source opportunities: Reduction of exposure
to future increases in the price of fossil fuels andreputational benefits of using less carbon-intensive
energies.

Analysis of scenarios
In 2023, GCO once again conducted an assessment of the
impact that climate change risks could have on its
business. To do so, the Group's risk profile was used as astarting point, estimating the impact that two opposing
climate scenarios would have on it: one with a global
temperature increase of no more than 2°C, and the otherwith an increase of more than 2°C.
To simulate both scenarios, an analysis was performed on
the scenarios proposed by the Intergovernmental Panelon Climate Change (IPCC) in its latest report of August
2021, where potential impacts were defined, taking into
account environmental and socio-economic factors
intrinsically linked to climate change. Based on thisinformation, the scenarios analysed are:

Scenario with an increase in the planet’s global
temperature of no more than 2°C: The SSP1RCP2.6 scenario has been selected aligned withthe upper boundary of achieving the Paris
Agreement targets and the updated nationallydetermined contributions (NDCs) at COP26. This
scenario would be mainly affected by transition
risks.
Scenario with an increase in the planet’s global
temperature exceeding 2°C: Information from the
SSP5-RCP8.5 scenario has been used, which
represents a no-climate-policy scenario thatenables the most unfavourable climate conditions
to be examined. This scenario would be affected
exclusively by physical hazards.

In addition to the existing risks described above, there arealso a series of associated opportunities that the Grouptakes into account in order to take advantage of them andposition itself correctly:
49Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

The results of the analysis of these scenarios projected
over a 5-year time horizon reveal the following possible
impacts on the business:First, an increased claims ratio in the traditional
business of around 1% in the least unfavourable
scenario and less than 5% in the worst-casescenario.
Secondly, a possible negative impact on the equity
valuation of around 10% and a possible negative
impact on the fixed income valuation of around 1%
in the SSP1-RCP2.6 scenario.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Metrics and goals
305-1, 305-2, 305-3
GCO calculates Scope 1 and 2 emissions and some
Scope 3 emission categories. The conversion factors
used for the calculation are as indicated by:

Department for Environment, Food and Rural
Affairs (DEFRA)
International Energy Agency (IEA)

Emissions*

2022

2023

Climate change management

Scope 1 (Tn CO2)491.7

20,786.8

2-23

Scope 2 (Tn CO2)

2,394.0

2,151.7

3,298.0

9,876.3

285.7

202.9

985.7

5,404.0

Total Scope 1 and 2

As part of its general risk management and control model,
the Group develops regular risk identification andassessment processes, including climate change risk. This
allows it to identify material risks that could have anegative impact on its risk profile and to actively manage
them ahead of time.

Scope 3 (Tn CO2)
-Purchased goods and services(paper and coffins)-Fuel and electricity activities (notincluded in Scope 1 and 2)-Business travel (rail, air)Total Scope 1, 2 and 3

These processes are updated at least once a year in order
to identify the Group's key vulnerabilities andopportunities with a forward-looking view, and cover all
types of risks faced by the Group in its day-to-day
operations, including climate change risks. The Group's
risk appetite level, approved by the Board of Directors,
determines the risk levels the Group is willing to assume
to reach its goals.
The management, measurement and monitoring ofclimate change risks is outlined in the Climate Change
and Environment Policy, as well as in the Group's
other governance policies, according to which:The impacts of these risks, to the extent that they are
relevant, are analysed in the financial planning inorder to adapt the strategic planning, if necessary,taking into account the risks identified.
It implements the metrics necessary that help tomeasure and manage risks and opportunities
derived from climate change.
Regular reporting is carried out to the highest level on
the quantification of the main risks to which theGroup is exposed and the capital resources available
to deal with them, as well as information regarding
the fulfilment of the limits established in the risk
appetite.

In order to better manage risks, internal controls on
ESG risks have been rolled out. These include theannual update of the Group's ESG risk map andSustainability-related Policies, such as the Climate
Change and Environment Policy.

2,026.6

4,269.4

6,183.8

32,814.8*Emissions calculated from the reported energy consumption. Sourceof electricity emission factors: International Energy Agency (IEA
2023). Source of emission factors for the remaining fossil fuels and thevarious categories of Scope 3 Department for Environment, Food &Rural Affairs (DEFRA 2023).
Scope 1 includes own emissions from the consumption of natural gas,
refrigerant gases, fuel consumption (petrol, diesel A, B and C) and own
vehicle fleet. Scope 2 includes emissions generated by electricity
consumed and purchased. Scope 3 includes indirect emissions fromcategories of purchased goods and services (paper), from activities
related to fuel and electricity (not included in Scope 1 and 2) and frombusiness travel (rail and air).
The change in the 2023 figures compared to 2022 is the result of the
inclusion of emissions from the funeral business with theincorporation of Mémora into the Group in February 2023 andmethodological adjustments in the calculation of Scope 1 emissions.

The Group has also calculated its exposure to sustainable
activities based on the Environmental Taxonomy as at 31
December 2023. The eligibility and alignment indicatorsfor both asset and non-life insurance premiums areincluded in chapter 2 under "Sustainable investment" and"Responsible products", respectively.
Offsetting emissions
Aware of the importance of its activity on theenvironment, the Group's funeral business is undertaking
an emissions offsetting project in collaboration with TreeNation, a leading international reforestation NGO.
Through this project, called In Arboriam, the company
undertakes to plant a tree for each service performed,
always with the consent of the families, in order to createa large forest paying tribute to the deceased in the name of
their loved ones and contributing to their memory, whileat the same time having a positive impact on theenvironment on a global scale.
50

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Detailed information on the initiative can be found on the
Mémora corporate website:www.memora.es/inarboriam.
Through this project, in 2023 more than 22,214 trees wereplanted, which means more than 5,728.6 Tn of CO2 wasabsorbed. As a result, the Group's emissions after theoffsetting would be as follows:
Emissions2023

Total Scope 1 and 2

23,938.5

Offsetting (Tn CO2)

5,728.6

Total Scope 1 and 2 after offsetting

17,209.9

Scope 3 (Tn CO2)

9,876.3

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportemissions associated with investments, in order to set
decarbonisation targets and drive decision-making.
Furthermore, the Group seeks to ensure that theemissions associated with its underwriting portfolio
gradually contribute to the common goal of a global
temperature rise of no more than 1.5°C. Accordingly,
GCO has set itself the goal of reducing the emissions
associated with its underwriting portfolio to net-zeroby 2050.
The Group also believes that having an ongoing
dialogue with customers is key to creating asustainable future.

Objectives for the transition
GCO advocates the transition to a low-carbon andclimate-friendly economy, in line with the climate
objectives of the Paris Agreement. With this aim, it has
a Sustainability Master Plan through which it setsclimate change-related targets for the Group's various
areas and businesses.

In that regard, in the credit insurance business, theGroup has set itself the goal of helping its major
corporate customers to diagnose their sustainability
situation and to gain an understanding of how ESG
factors and issues translate into credit risks. With thisin mind, during 2023, Atradius contacted 35 major
customers and conducted surveys and interviews withthem, resulting in a more accurate understanding ofwhat kind of support customers need with respect tosustainability and what Atradius can do about it.

The Sustainability Master Plan 2021-2023 has
culminated in implementing an environmental
management system in the Group's principal
buildings, enabling it to operate in line with the goals
set by the Group in terms of climate change and theenvironment.

Atradius also seeks to help customers by sharing ESG
knowledge gathered through external reports or selfreported data and then having an open discussion
with them about their plans to transition to a moresustainable company, while also giving theminformation on best practices.

Additionally, with a view to involving the entire
organisation in the transition, content relating toclimate change and the environment has been
included in the sustainability training offered to 100%of GCO employees, as well as the Group's Management
Committee and Board of Directors.

In the traditional business, GCO is committed tostrengthening the bond with its customers throughenvironmental awareness-raising and sensitisation,
to support the transition towards decarbonisation of
the planet.

Total Scope 1, 2 and 3

27,086.2

With regard to investments, the Annual Sustainable
Investment Plan includes GCO's climate changecommitments for the year, which involve notinvesting in companies in which more than 10% of
their turnover is related to certain fossil fuelextraction sectors.

To achieve this, the Group has set itself the goal of
informing its home and auto customers about theemissions reductions that come from using
sustainable practices when managing their claims. By
doing so, GCO raises awareness about the importanceof cutting emissions, fosters the implementation ofsustainable practices and encourages the transition of
its customers towards a sustainable economic model.

Within the goals of the 2024-2026 Sustainability
Master Plan, a target has been set to measure Scope 3

51

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Environment
3-3,302-1
GCO's day-to-day operations do not have a material
impact on the environment. Nevertheless, the Group
recognises the effects of its activities on theenvironment, mainly arising from the consumption of
raw materials and energy consumption. Given thetype of activity carried out, water consumption andwaste management data are not deemed relevant, but
efficient use of waste is encouraged.
The Group has a Climate Change and Environment
Policy in which it is committed to a process of ongoing
improvement in environmental performance and thefight to combat climate change, along with compliancewith all environmental regulations.
To achieve this, the Group has put in place anenvironmental management system that follows theguidelines of the ISO 14001:2015 standard and covers
all real estate asset management processes.
Several environmental initiatives are being carriedout in GCO's main buildings, including the following:














Fitting 5 new photovoltaic plants to increaseenergy self-consumption, joining the 9 alreadyinstalled.
Procuring electricity with a Guarantee of Origin
for all the Group's buildings in Spain.
Fostering sustainable mobility by installing 75
chargers for electric vehicles in some of theGroup's most representative buildings. Parking
spaces for scooters and bicycles have also been
installed.
Creating a specific communication channel withthe tenants of the Group's leased buildings, to beable to channel and deal more efficiently with any
queries they may have.
Regularly monitoring energy consumption to
detect deviations and optimise efficiency.
Ongoing control of water consumption,
monitoring of possible leaks and awarenessraising among staff.
Internal and external communications on themain environmental challenges.
Controlling waste arising from construction andrefurbishment.
Adding specific environmental clauses in tenders
and in works and maintenance contracts.
Additionally, in 2024 we intend to include
sustainability requirements in contracts forconstruction materials.

GCO is in the process of obtaining Biosphere
Certification for sustainable tourism in Torre
Bellesguard, a flagship building owned by GCO.
Work is underway to implement the ISO 14001
standard in the printing activity.

The Group also took part in external environmental
initiatives such as Earth Hour, the Electric Vehicle Fair
and European Sustainable Mobility Week, andcontributed to World Cleanup Day, in which
employees from various countries volunteered to takepart in clean-up campaigns on land and at sea.
In the funeral business, this environmental
management system based on ISO 14001:2015 iscertified by AENOR in the case of Mémora and Bureau
Veritas in the case of Asistea. Furthermore, the funeralcompanies have the following quality andenvironmental certifications:

ISO 15017:2020 (Quality in Funeral Services).
ISO 9001:2015 (Quality Management Systems)

Similarly, in funeral service management, several
environmental protection measures are taken, themost important of which are as follows:











Use of ecological and biodegradable funeralproducts.
Elimination of any polluting material before
incineration and its subsequent recycling, as wellas the reuse of these materials in developing
countries.
Prioritisation of local suppliers, which allows for
reduced emissions.
Plan for fitting photovoltaic panels.
Management of crematorium ovens duringcremations and servicing to optimise energy
consumption.
Recycling of metal waste generated in cremations.
Use of organically grown flowers.
Transport of the deceased in hybrid and electricvehicles.

Lastly, the Group does not have any liabilities,
expenses, assets, provisions nor contingencies of anenvironmental nature that may be of any significancein relation to its assets, financial position and results.

52

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Sustainable use of resources
Below are the main indicators on the sustainable useof resources of the Group's main entities.

replacement of air conditioning facilities with othermore energy-efficient units.

Materials 301-1, 301-2
In an effort to achieve efficient document
management and reduce paper consumption, theimplementation of electronic documentation has beenpromoted in business processes, including those
involving the customer. Remote working has
accelerated this process.

Regarding the credit insurance business, the DC
Tower, where Atradius has its offices in Austria, isLeed Platinum and BREEAM certified. In addition, theAtradius building in Barcelona (Spain) is Leed Goldcertified and the buildings in Namur (Belgium),
Levallois-Perret (France), and Poland are BREEAM
certified. The Atradius office building in Indonesia andthe Atradius office in California (USA) are Leed
Platinum certified.

Consumption of materials
Paper consumption (kg)*% recycled paper
Wood coffins (m3)2022
315,6232023
227,023

8%

10%

Not reported

740

These actions have helped to reduce
consumption in the Group's buildings.
Energy consumption (GJ)**The credit insurance business paper consumption has been

Natural Gas

Additionally, PVC-free vinyls are used in thecommercial offices, printed using aqueous dispersion
polymerisation. This method is free of ozone
emissions and hazardous volatile pollutants.

Electricity

PetrolThe maintenance and refurbishment of the Group'sbuildings are governed by energy efficiency
principles, with the goal of cutting energy
consumption and CO2 emissions. Currently, a total of 8
buildings owned by the traditional businesscompanies have sustainable building certificates(LEED or BREEAM) and another 6 buildings are
currently undergoing the certification process.
The new works and renovations include motion
detectors, automatic light intensity control and465,218

9,206
77,744
101,795
161,074

Vehicle fleet

In 2023, a project has been rolled out to digitalise theenvironmental signage in the Group's main buildings,
with different messages that foster care for theenvironment through QR codes.

Energy 302-1
GCO encourages good energy practices among its
entities, fostering the consumption of renewableenergies. For example, 77% of electricity consumption
in 2023 will come from renewable sources (75% in2022).

111,001

Total

calculated by extrapolating the consumption up to November,
extrapolating the month of December.

In the funeral business, varnishes containing
synthetic solvents have been replaced by water-based
varnishes in the majority of coffins produced, with aview to reducing harmful emissions in cremation
services.

energy149,919
3,875

Diesel A

34,097

Diesel B+C

18,322

Propane Gas

20,187
2022

2023*The change in the 2023 figures compared to 2022 is the result of the
inclusion of the incorporation of Mémora into the Group in February
2023 and methodological adjustments in the calculation of energy
consumption.
In the traditional and funeral business, electricity and natural gas
consumption has been calculated based on actual consumption up to
November, extrapolating the month of December, and in the credit
insurance business, consumption in November and December has
been estimated.
In the vehicle fleet category, only the energy consumption
corresponding to the insurance business is included. Energy
consumption from the fleet of vehicles used in the funeral business is
included in the categories Petrol and Diesel A.

Key reduction measures 3-3
With the aim of contributing to reducing consumption,
the Group has launched different initiatives, among
which the following stand out:In Spain, the Group continued to fit photovoltaic
panels for self-consumption. Twilight switches
have also been fitted to set switch-off times for
signage and outdoor lighting in special buildings
and commercial offices to cut energy
53Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report



















01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

consumption. Additionally, the Group has
established a centralised time control system forair conditioning.
In Portugal, a process of renovating offices has
begun that will include best practices from the
Leed/BREEAM principles.
In the Atradius Denmark office building, solar
panels have been fitted to help produce renewableenergy for self-consumption.
In Austria, conventional light bulbs have been
replaced by LED bulbs and Free-Cooling is used
for air conditioning and cooling.
In Belgium, the "Zero Waste" initiative is being
further pursued by focusing actions on thedimensions with the highest impact (waste,
mobility, energy and consumables). A specificmobility programme developed between Atradius
Belgium and the regional authorities has beenrolled out in 2023 and is subject to annual audits
by external auditors, who have now awarded it a
5-star rating. As part of the programme,
employeesareinvolvedthrough
events/challenges. New charging points forelectric vehicles have also been fitted and electricbicycles are made available to employees.
In France, work has been carried out locally tofoster participation in initiatives focused onenergy saving, sustainable mobility and reductionof paper consumption.
In Norway, energy for heating is produced by arenewable source of energy reprocessing fromfjord heat.
In the United States, they have reflective blinds,
thereby reducing the sun's heat and using lessenergy for cooling.
In Mexico, energy-saving light bulbs and motion
sensors are used for lights. Furthermore, paper
and ink consumption has been substantiallyreduced by replacing printing processes withmailing, and electronic signatures have been
implemented for policies.
In the UK, all lights have been replaced with LED
bulbs and electric blinds have been fitted tocontrol solar heat to reduce cooling in summer.
Additionally, the car fleet is being renewedfavouring hybrids and all-electric cars.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Natural Capital
Natural capital is one of the most valuable assets that
communities have, providing natural resources thatare crucial to the well-being of communities. The
Group strongly believes that organisations have a
responsibility to champion the protection of natural
assets and biodiversity by advocating greener
practices and in so doing, help communities manage
the impacts of climate change. It recognises the crucialrole of nature-based solutions in addressing the global
climate crisis, raising the resilience of ecosystems andcurtailing associated risks, while contributing to
mitigation by strengthening ecosystem services.

Conservation of natural capitalGiven the unique nature of the funeral business, which
due to its activity has a different impact on natural
capital compared to the insurance business, a range ofactions are undertaken to preserve biodiversity,
including: reforestation, use of PEFC-certified wood,use of biodegradable products (shrouds, urns, etc.),
wreaths with organically grown plants, reminders on
FSC or recyclable paper, replacement of the fleet withhybrid vehicles and monitoring of emissions andinspections at the facilities.
Furthermore, the facilities and the activity do not havean impact on biodiversity conservation, given that thecentres are located outside protected areas and theenvironmental licences are in place to carry out theactivity.
At Mémora's coffin factory, as a preservation measure,
we choose to buy pieces of wood of different sizes tobuild the different models of coffins, adjusted as far as
possible to the production to avoid wasting wood. The
sawdust produced in the production process is used for
combustion in the biomass boiler that produces part ofthe energy used.
Conservation measures are also taken at thecrematoria: the environment and the distances to thevarious protected sites in the area are included in themonitoring reports.

54

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Recovery of natural capital
GCO is one of the companies comprising Nactiva
Capital Natural S.L., a collective platform forinvestment in natural capital. Natural capital is thequest for productive investment opportunities inenvironmental areas to drive growth while protecting
the planet and combating climate change.
Nactiva is the first initiative of its kind in the European
Union and its goal is to drive projects in the
Mediterranean area, taking advantage of theopportunities offered by nature and integrating andconnecting various social and economic agents with aview to maximising the scope and capacity of the
projects to protect and regenerate natural capital.
The projects are geared towards protecting forests,
land, coastline and water.
In turn, Nactiva has taken on an awareness-raisingrole by participating in roundtables and podcasts, andthrough social media and e-newspaper outreach.

Nactiva Forests
Nactiva forests is one of the initiatives in which GCO iscurrently involved, which is dedicated to supporting
projects for the protection, sustainable forest
management and regeneration of Mediterranean forests,
ensuring their conservation and beneficial use forcommunities and the environment.
The initiative is built on the understanding that forests
play a crucial role in climate change mitigation, giventhat they are natural carbon sinks that, throughphotosynthesis, absorb CO2 and return oxygen to theatmosphere.
Among the impacts expected to be gained in the form ofbenefits are the mitigation of fires, thereby lessening therisk of loss of forest areas, the preservation of
biodiversity, the capture of forest products for sale,
improvement in the quality of life of local residents andthe offsetting of emissions.

Ethics and compliance
2-23, 2-25, 2-26, 3-3
GCO has procedures and a framework in place to ensure the adequacy and compliance with its obligations, both internallyand externally. Indicated below are the Group’s main policies, whose description and results are set out throughout thisReport.
Group compliance policies 3-3
Code of Ethics
Sustainable Investment Policy
Climate Change and Environment Policy
Human Resources Policy
Corporate Tax Policy
Sustainability Policy
Business Continuity Policy
Investment Policy
Reinsurance Policy
Underwriting Risk, Provisioning Risk and Claims Management Policy
Policy on diversity in the composition of the Board of Directors and the selection of Board members
Policy on the Disclosure of Economic-Financial, Non-Financial and Corporate Information and on Contact
With Shareholders, Investors and Voting Advisers
Reputational risk management protocol
ORSA Policy
Capital Management Policy
Policy on Fitness and Good Repute
Internal Supervision Policy
Risk Management System Policy
Internal Auditing Policy
Verification of Compliance Policy
Remuneration policy
Right to Disconnect From Work Policy
Outsourcing policy

Location
Corporate website
Corporate website
Corporate website
Corporate website
Corporate website
Corporate website
Internal
Internal
Internal
Internal
Corporate website
Corporate website
Internal
Internal
Internal
Internal
Internal
Internal
Internal
Internal
Internal
Internal
Internal

55

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Code of Ethics
The Group's Code of Ethics, formulated and approved by
the Board of Directors, is the document that lays down theguidelines that must govern the ethical behaviour of thedirectors, employees, agents and associates of GCO in their
daily performance with regard to their relations andinteractions with all stakeholders.
The Code of Ethics is distributed to all staff, agents andassociates through the intranet of each of the Group's
entities and must be read and accepted by all persons
working in the Group. This code can be viewed on theGroup's corporate website: www.gco.com.
In January 2021, the Code of Ethics was updated to bringit into line with the new realities facing the Group andincludes the commitments undertaken in the fields ofhuman rights, sustainability, good governance,
professional development, regulatory compliance andequal opportunities, along with other improvements. It
has subsequently been renewed on several occasions; thelatest version being dated November 2023.
Both Atradius and the companies in the funeral business,given the uniqueness of their structure and business, havealso their own code of conduct, which observes theguidelines defined in the Group's Code of Ethics.
Respect for human rights 3-3, 408-1, 409-1
As laid down in the Code of Ethics and the Human
Resources Policy approved by the Board of Directors, theGroup supports, respects and contributes to the protectionof internationally acknowledged fundamental humanrights. The Group makes every effort not to be anaccomplice in any form of abuse or violation of humanrights among its stakeholders and undertakes to defend
their compliance in all its activities and in thegeographical areas where it operates.
Respect for human rights is a responsibility of all persons
and entities to which the Group's Code of Ethics applies.
Along with other basic standards of behaviour, the Groupadheres to the Universal Declaration of Human Rights, aswell as the United Nations Guiding Principles on Businessand Human Rights, the International Labour
Organisation's Declaration on Fundamental Principles
and Rights at Work and Conventions and the OECD
Guidelines for Multinational Enterprises.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportnot been necessary to include special mechanisms toprevent such breaches. Equally, in the value chain of theinsurance entities, practically all their suppliers arenational or from jurisdictions in which the same
standards apply, meaning that it has not been necessary
to apply additional measures.
As regards the credit insurance business, Atradius also
has its own Declaration of Human Rights with the purposeof adapting it to the provisions of the Universal
Declaration of Human Rights of the United Nations and inaccordance with the principles and values of the Group's
Code of Ethics.
In 2023, as in the previous year, there were no
substantiated complaints of human rights violations
across the Group. Discrimination complaints arecovered under the sub-section Respect for andsafeguarding of human rights in the section Generalprinciples and values of the Group's Code of Ethics.

Whistleblowing channel
2-25, 205-3, 406-1
The Group has a confidential whistleblowing channel,
which is accessible via the Group's website, 24 hours aday, 7 days a week, enabling employees and any
interested third party to report, confidentially andanonymously, queries and/or possible breaches of theCode of Ethics, of any other internal regulations or policiesof the Group, as well as actions or omissions that may
result in a criminally punishable irregularity or the
manipulation and/or falsification of financial data.
Once the report is received, it is handled by Corporate
Internal Audit as established in the document"Whistleblowing and fraud reporting channel" and its
implementing regulations “Procedure and methodologyof action for the analysis of irregularities and internal
fraud of GCO”.
During 2023, the Group has received 92 communications
through the existing whistleblowing channels, of which 15
were not accepted for processing. Of the remaining 77
communications, 68 have been resolved during 2023 (41substantiated cases and 27 unsubstantiated) and 9 are
pending resolution as of December 31, 2023 (in 2022, 69
communications were received through the existing
whistleblowing channels).

In this regard, all of the Group’s traditional and funeralbusiness is carried out in Spain and the Principality ofAndorra, where child labour and forced labour are subject
to intense scrutiny by the labour authorities. The Group's
insurance, reinsurance, management and funeralcompanies all adhere to the legislation in force and it has
56

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Verification of compliance3-3, 2-16
Operating in a highly regulated sector means that acompliance verification function is crucial. This essentialfunction and second line of defence is dedicated toensuring compliance with the obligations that affect theorganisation, including both mandatory and voluntary
regulations, assessing the potential impact of any changes
in the legal environment on the Group's operations andthe identification and assessment of compliance risk. It
also includes advising the Group’s Board of Directors andall other individual companies forming it aboutcompliance with the legal, regulatory and administrative
provisions affecting the Group, as well as compliance withinternal regulations.
The compliance verification function is managed by GCO's
Compliance Verification Committee, the main function ofwhich is to coordinate, supervise and establish common
criteria for all the Group's regulated entities with regard to
the application of both mandatory and voluntary
regulations.
It is also entrusted with ensuring compliance with theinternal regulations developed regarding the system forthe prevention and detection of crimes that may becommitted by the Group's legal entities. Atradius has its
own structure comprising both the compliance function atentity level and local compliance duties. It supports theCompany in complying with the applicable laws, rules
and regulations.

Personal data protection and cybersecurity
3-3, 418-1
The Group is committed to guaranteeing the confidence of
its stakeholders with regard to the protection, processing
and privacy of personal data. In that regard, the Privacy
and Personal Data Protection Policies, and the use of ICT
Resources, are intended to establish the Group's goals inthis field and to lay down a working framework toguarantee and improve such protection.
The Group also has a Corporate Governance Frameworkon personal data protection and information security
available on the corporate website, which outlines thecommitments and principles being promoted and theorganisational structure in this area. As a result of theforegoing, GCO has undertaken to process the personal
data of the natural persons pursuant to the following
principles:
-

-

2-16

In 2023, no money laundering reports have been
received. As part of the prevention system and with a view
to fostering a culture of compliance within theorganisation, the Group has implemented a training planon the prevention of money laundering and the financing
of terrorism.

07 External assurance report

Furthermore, the Group has a Corporate Governance
Framework on the prevention of money laundering andterrorist financing published on the corporate website
with the aim of fostering transparency and contributing tostakeholder confidence.

Prevention of money laundering and the financing
of terrorism

The Group has a manual for the prevention of money
laundering and the financing of terrorism which outlines,
among other topics, all internal control measures
implemented by the Group's entities subject to theregulations on the prevention of money laundering andthe financing of terrorism. These systems are subject to anannual analysis by an external expert who draws up areport and who, in 2023, found the Group to have asatisfactory system for the prevention of money
laundering and terrorist financing. The Board of Directors
assesses this report together with proposals for actions toremedy the shortcomings identified and implement
improvements.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

-

-

-

-

-

Lawfulness, fairness and transparency in theprocessing of the personal data of data subjects,
obtaining such data by lawful and transparent
methods, clearly informing them of theirsubsequent processing, and with the explicit
consent of the data subject where necessary.
Purpose limitation: personal data will be gatheredand processed for specific, explicit and legitimate
purposes, pursuant to the purpose and aim
informed to the data subject at the time ofobtaining the data.
Data minimisation: the processing of personal
data will be adequate, relevant and limited towhat is strictly necessary for the purposes forwhich they were collected.
Accuracy: the personal data processed must be
accurate and kept up to date, and inaccurate data
must be deleted or rectified.
Limitation of the retention period: the personal
data undergoing processing will be kept for thetime necessary for the purposes for which they
were collected.
Integrity and confidentiality: personal data will
be processed with appropriate security andprotection against unauthorised or unlawfulprocessing, loss or destruction.
Proactive responsibility and accountability: notonly should compliance with the above principles
relating to the processing of their personal data beensured, but this must also be susceptible to being
proven.
57

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

In order to guarantee the security and reliability of theinformation, the Group has internal control procedures
over the information systems and the Corporate
Information Security Policy, which is brought into linewith the information systems security guidelines defined
under ISO/IEC 27001 and NIST standards, which lay down
an internationally recognised security reference
framework.
Similarly, with the aim of ensuring compliance with theapplicable regulations on personal data protection, theGroup has a data protection officer (certified in accordancewith the DPO Certification Scheme of the Spanish Data
Protection Agency —AEPD). It also has a Personal Data
Protection Committee, as the executive body responsible
for applying the regulations on personal data protection
and the use of information and communication
technology resources.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

In 2023, 6,851 hours of data protection and cybersecurity
training were provided (3,735 hours in 2022).
Finally, Internal Corporate Audit has included in theMulti-Year Plan the conducting internal and external
audits of GCO's technological environment are conductedannually to ensure compliance with regulations andstrengthen cybersecurity. The results of these audits are
submitted to the Audit Committee and the Board of
Directors. In 2023 the following audits have been carriedout: (i) external audit developed by KPMG Asesores, S.L. ofreview of the recommendations of the 2021 audit, (ii)external audit carried out by KPMG Asesores S.L. of the
management of the IT patching and upgrades and (iii)
audit carried out by KPMG Asesores, S.L. on the exercise ofa mock crisis management exercise in the event of acybersecurity incident.

Fight against fraud, corruption and bribery
In the case of the credit insurance business, it also has a
Personal Data Protection Advisory Committee, which
comprises its data protection officer and the directors ofvarious business units and, in each of the countries inwhich it does business, there is a representative to ensurecompliance with the applicable personal data protection
regulations in those regions.
Furthermore, given that potential cyber-attacks are
considered one of the main risks in the sector, the Groupalso has a Chief Information Security Officer with theduties of coordinating and controlling the technicalsecurity measures of the Group's information systems
required by the General Data Protection Regulation.
Similarly, for the credit insurance business, the Group has
its own Chief Information Security Officer.
In 2023, the Group did not receive any substantiatedcomplaints relating to breaches of customer privacy
received by third parties (0 complaints in 2022) and 2
requests were received from regulatory authorities (4complaints in 2022) which have been rejected by the
AEPD. Moreover, no cases of leaks, theft or loss ofcustomer data have been identified.
Similarly, in 2023 there were only 1 cybersecurity
incident (1 incident in 2022) and no security breachaffecting personal data (no breach in 2022) at GCO.
In the event of an attack on GCO's cybersecurity, there is a
Business Continuity Policy and a Contingency Plan that
includes the guidelines to be followed by the Group in theworst case scenario. GCO also has an incident response
plan that sets out the actions to be taken by the staff
depending on the incident and its severity. In turn,
employees are provided with mandatory training toprevent attacks, as well as mechanisms for reporting acybersecurity incident or suspicion that one has occurred.

205-2, 205-3
In order to prevent corruption and bribery, the Group
undertakes to perform all its activities in accordance withthe legislation in force in all scopes of action and in all
countries in which it operates. To do this, it has a Crime
Prevention Model that includes the measures taken toprevent corruption and bribery. As part of this model, theGroup has a map of criminal risks and with controls to
reduce compliance risks.
Additionally, the Group has internal regulations thatdevelop the Code of Ethics: the Protocol of the person
responsible for criminal compliance, the whistleblowing
channel for irregularities and fraud, the procedure andmethodology for analysing irregularities and internal
fraud, the protocol for detecting conflicts of interest withpublic sector entities, the protocol for action when
receiving judicial documentation, the protocol for actionin the event of receiving an inspection or a request for
information, and the manual of procedures for selecting
suppliers. It uses these documents to structure the
Criminal Prevention Model and the mechanisms forbreaching the Group's Code of Ethics.
In order to improve understanding of criminal risks andthe actions and conduct expected of employees, the Group
has training courses on the prevention of criminal liabilityof legal persons and on market abuse and insider
information (course on the Group's code of conduct), with
1,323 employees having received training on thesesubjects in 2023 (3,582 employees in 2022).

58

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

During 2023, as in the previous year, no cases ofcorruption were detected in the Group. Furthermore, nopublic legal cases related to corruption have beenrecorded.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportfinancing or unjust enrichment. In that regard, 67
incidents of internal fraud were detected in 2023, with anoperational cost* of 201,378 euros for contracting, claims
and others (in 2022, 48 incidents of internal fraud weredetected, amounting to 352,343 euros).

The Group has anti-fraud procedures in place to help
identify possible malicious acts or omissions in the taking
out of insurance, in the reporting of claims or in thesubstantiation of damages, which are intended for the
purpose of improper gain, money laundering or terrorist*Operational Cost is understood as the real financial damage thatfraudulent practices constituting internal fraud have caused to theorganisation.

Anti-corruption training by professional category 205-2
2022
No. employees

2023
No. employees%%

Administrative support
Qualif. admin. and sales staff
Middle management and technical supervision
Senior management

426
2,463
651
42

44%
54%
42%
32%

451
732
130
10

20%
16%
7%
6%

Total

3,582

50%

1,323

15%

Anti-corruption training by country 205-2
2022
No. employees
Spain
Netherlands
Germany
United Kingdom
Belgium
France
Italy
United States
Denmark
MexicoAustralia
Portugal
PolandHong Kong
China
Singapore
IrelandRest of the World
Total

2023
%

No. employees

%

728
434
469
328
219
225
203
126
74
71
63
91
48
29
39
41
38
356

17%
99%
100%
100%
100%
100%
100%
100%
100%
59%
100%
97%
100%
67%
100%
100%
100%
100%

656
51
23
308
20
25
14
121
7
5
3
8
8
4
3
3
10
54

12%
11%
5%
93%
9%
11%
7%
90%
9%
4%
5%
2%
15%
9%
8%
7%
26%
14%

3,582

50%

1,323

15%

59

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Fiscal transparency
3-3
The Group has a corporate tax policy, the purpose of whichis to describe the strategy for complying with its tax
obligations in all countries and territories in which it
conducts business, as well as to maintain an appropriate
relationship with the relevant tax administrations. This
policy is reviewed every year by the Board of Directors of
the Company and was last updated in January 2024.

financial year and the degree of compliance with thepolicy.
The Group promotes transparent, clear and responsible
communication of its main financial figures, by providing
its different stakeholders with information concerning
the payment of all taxes that are applicable in each of thejurisdictions in which it is present.

Prior to the drawing up of the annual accounts and thefiling of the corporation tax return, the person responsible
for tax matters in the Group informs the Board of Directors
about the tax-related strategies deployed during the

In 2023, the amount accrued for corporate income tax
totals 183 million euros (154.6 million euros in 2022).

Tax information. Profit and taxes obtained by geographical areas 3-3(figures in millions of euros)

Profit

2022

2023

Tax
accruedTax
accruedTax paid

ProfitTax paid

Spain

364.1

70.4

105.4

392.1

82.5

133.5

Netherlands

-68.5

-12.5

0.2

18.2

5.8

-1.2

Germany

72.0

23.7

4.7

81.9

27.3

7.1

United Kingdom

36.9

7.7

5.5

29.4

7.0

8.5

Belgium

23.9

7.1

9.2

35.9

9.1

6.9

France

23.0

5.8

2.7

33.3

8.7

8.7

Italy

35.2

11.0

2.0

37.0

7.0

8.2

United States

27.4

6.0

7.0

18.5

4.2

4.9

Denmark

4.2

0.9

1.8

10.5

2.3

0.2

Australia

14.1

4.3

9.8

9.9

3.0

5.9

Portugal

-

-

-

7.0

2.6

3.1

Hong Kong

12.9

-0.3

1.0

18.5

2.8

0.0

Ireland

107.0

13.4

1.2

42.9

5.0

18.4

Greece

5.0

1.1

1.4

5.8

1.3

1.3

Norway

5.2

1.3

0.8

7.1

1.8

1.6

Russia

-21.8

0.0

2.6

2.7

0.1

0.4

Switzerland

11.3

2.2

2.3

7.4

1.4

1.3

Rest of Europe

20.7

5.3

4.6

22.1

2.8

4.9

Rest of OECD

19.5

5.8

4.6

14.5

4.5

3.9

Rest of the World

5.1

1.4

1.7

3.5

3.8

2.9

697.2

154.6

168.5

798.2

183.0

220.5

0.0

0.0

0.0

0.0

0.0

0.0

697.2

154.6

168.5

798.2

183.0

220.5

Total
Consolidation adjustments foreignbusiness
Total

Paid tax corresponds to the amounts actually paid or received in concept of corporation tax during the financial period and includes payments on
account and withholdings on the current year, as well as final settlements and returns from previous periods. For its part, accrued tax corresponds tothe tax expenses recorded at the close of the financial period in relation to the profit obtained for that period. Lastly, Profit corresponds to pre-tax profit.
Adjustments for foreign business have been recorded under their corresponding country.

60

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportSocial impact
3-3, 203-2, 413-1
The Group bases its business model on respect for people and on contributing positively to the environment and its
stakeholders. The commitment undertaken with the communities in which it operates has been linked to economic
development, well-being and quality employment for more than a century.

GCO has received the 2023 Family Company Award in recognition of its business trajectory, the creationof value and family continuity.
Economic value generated and distributed 201-1(figures in millions of euros)
Economic value distributed

2022

2023

4,110.6

4,987.1

Customers

Payment of the insured benefits upon occurrence ofthe damage or eventuality foreseen in the insurance
contracts.

2,306.9

2,992.3

Public administrations

Payment of taxes (social security contributions,
corporate income tax, surcharges levied and input
VAT.

582.8

646.3

Intermediaries

Payment of commissions to agents and brokers forservices provided.

588.9

643.3

Employees

Staff expenses (salaries, employee benefits, training,etc.).

513.1

576.2

Shareholders

Dividends paid by the Group to shareholders.

116.6

126.6

Foundations and non-profit
organisations

Contributions of Group companies made to
foundations and non-profit organisations.

2.3

2.4

65.2

67.5

4,175.8

5,054.6

Economic value retained
Direct economic value generated
The direct economic value generated by the Group responds to the sum of the distributed value and the value retained.

In parallel, its social action is organised through its two foundations, Fundación Occident and Fundación Mémora.

Fundación Occident
The GCO Foundation, which changed its name to
Fundación Occident, is a private non-profit
organisation created in memory of Jesús Serra
Santamans, GCO's founder, whose purpose is toimplement projects with the goal of making a better
society for everyone, always guided by values such as
solidarity, effort and teamwork.
At present, the Foundation provides support anddrives initiatives in research, business and teaching,social action, sport and the promotion of the arts.

Distribution of the contribution of Fundación
Occident in the different lines of action 2023:
Promoting arts
24%

Sport
29%

Business andTeaching
10%

Research 22%
Social Action
16%

61

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Fundación Occident approves its action plan eachyear, detailing all the activities to be carried out, theirpotential beneficiaries and the necessary human andmaterial resources. A formal protocol is available toensure objectivity, specifying the criteria for selecting
the proposed initiatives and programmes. The projectvaluation committee is the responsible body. Throughbi-monthly meetings, they select the set of new
projects and assess the status of ongoing projects,
among other duties. These projects and initiatives
include participation programmes, impact assessment
and development programmes.

In 2023, Fundación Occident has been
awarded the IMPULSA CULTURA Seal,
which acknowledges its values and its great work tofoster cultural projects and actions with a major
positive impact on society.

A good example of these projects is the Foundation's
collaboration with UNHCR, the UN refugee agency,with which it has been working since 2021 on various
programmes to help displaced young people.
Another initiative worth highlighting is thepartnership with the Tomando Conciencia Schools
project. This is a programme to encourage healthy
habits in public schools. This programme consists ofseveral lessons and challenges that take place at
different schools, with the goal of promoting healthy
habits in children aged 10 to 12. The activities are
conducted through interactive digital content coveringvarious topics such as healthy eating, respect for theenvironment, daily activity and communicating andexpressing emotions.
Furthermore, through the Fundación Occident
scholarships and agreements with the various
business schools, universities and organisations
dedicated to this purpose, students with a goodacademic record and aptitude for training, but with aninsufficient income per family unit to be able to afford
this type of studies, are offered the possibility ofundertaking qualified higher studies. These grants
safeguard the principle of equal opportunities. The
initiative is being carried out in Spain and also ininternational cooperation in Kenya or refugee campswith displaced persons, channelling this aid with theUnited Nations Agency for Refugees (UNHCR).
Furthermore, Fundación Occident works with otherentities such as the Spanish National Cancer ResearchCentre (CNIO), the National Centre for Cardiovascular
Research (CNIC), the Canary Islands Astrophysics
Institute (IAC), the Spanish National Research Council(CSIC),theInterhospitalFoundationfor

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Cardiovascular Research (FIC), the Spanish
Foundation for Science and Technology (Fecyt), Save
the Children, Doctors without Borders, Manos Unidas
and Save the Med Foundation.
In 2022, Fundación Occident joined the Foundations
for Climate pact, which advocates an active fight totackle the climate crisis, with the goal of being able tolead a task force for the insurance sector. It also drives
the Changemakers at Sea project in partnership with
the Save the Med Foundation, which aims to cut downon the use of single-use plastic through solutions
based on the three most important R's (Refuse, Reduce
and Reuse).
With regard to research, in 2023 Fundación Occident
financed a pilot study on the early detection andscreening of cardiovascular risk prevalence in 4 healthareas in the Community of Madrid, with highly
satisfactory results and evident scalability.
Fundación Occident also undertakes actions geared
towards financial inclusion with the goal of training
those people with difficulties in developing theireconomic capacity. A training and job placement projectfor people with disabilities is carried out in the form ofworkshops and conferences, the participants will learn
strategy, the keys of entrepreneurship, marketing,finances, the legal and regulatory aspects and people
management, among other areas. The Foundation also
runs a training plan for young Kenyan women withlimited economic resources, providing them with accessto secondary education and a trade.
In the area of Promoting the Arts, there was a notable
increase in the number of actions and beneficiaries in2023 in the Poetízate, poetry in the classroom
programme, which seeks to present poetry in a friendly
and attractive way to provide adolescents with morecommunicative and expressive tools.
In 2023, through Fundación Occident, GCO undertooka total of 34 social projects (35 projects in 2022).
Contribution of Fundación Occident to social projects:
2,191,131
2023
2,175,655
2022

In the coming years, GCO is committed to raise its
contribution to Fundación Occident in order to step up its
social action efforts.

62

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Fundación Mémora
Fundación Mémora was created in 2016 with the goalof improving society through the knowledge andexperiences acquired by Mémora throughout its
journey.
Its mission is to provide help to society, supporting andenhancing the care of people and families in theprocess of the end of their lives and the professionals
who are involved taking care of them.
The action undertaken by Fundación Mémora is basedon four pillars: awareness-raising, training, researchand innovation, and social action.
The first area is geared towards raising awareness andsensitisation, publicising strategies for active andhealthy ageing, and training people to face death as the
final part of life. For this purpose, in different cities, theAulas Mémora are held. These are a series of outreachsessions in the form of conferences, workshops,
concerts, etc., intended for the general population and,especially, for the elderly, caregivers and healthpersonnel.
Secondly, the Foundation has the will to be abenchmark entity in the training of professionals in
the fields of health, social and health care and social
services. The Foundation offers a broad range oftraining (courses, conferences, seminars and cycles)
and is acknowledged as an organiser of accredited
continuing education activities for professionals in thehealthcare field. In 2023, a new accredited online
course on Advance Directives (Advance Directives)
has been launched in agreement with the Barcelona
College of Doctors and the Luzon Foundation.
Another of its goals is to be a benchmark for all those
involved in the end-of-life cycle. In particular, forprofessionals involved in palliative care services in
aspects of improving care for patients and theirfamilies. In order to liaise with professionals in thefields of patient care, projects are run in conjunction
with the research institutes of the centres. Some of the
projects carried out in 2023 are Music Therapy, Art
Therapy and End of Life Management.
Lastly, various social action programmes have been
undertaken, creating spaces of support for families,
professionals and volunteers, which include
psychological support for bereavement, offering
services such as: a helpline with specialised
psychologists 24 hours a day, 365 days a year, support
from the web community Your Network Support andin-person psychological care, both individual andgroup.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Fundación Mémora is aware that society must review
how it cares for its elderly, and in 2019 it presented asocial reflection project called Caring Cities. This
project stems from the need for cities to develop a newmodel of care that enables the creation anddeployment of services that guarantee the quality ofcare and support for the elderly. These cities will beable to have a broad and cross-cutting approach tostructuring and responding to the needs arising from
population ageing, placing special emphasis on
attending to the end-of-life process, focusing on
preventing death in situations of vulnerability andunwanted loneliness.
A city model is being structured that is based onbringing care for the elderly to the centre of all thepolicies deployed in the municipalities (a pilot project
has been worked on with Logroño City Council).
In 2023, Fundación Mémora has earmarked 410,407.4
euros to a total of 476 social projects.

Commitments of the Group’s companies
2-28
GCO is committed to a sponsorship strategy that drives
sport, social integration and sustainability in general.
Thus, in 2023, the Group's companies have enteredinto various collaboration agreements, including thefollowing:









The Fair Saturday movement has been sponsored,
which undertakes activities linked to art andculture for the benefit of social causes.
In support of adapted sports, the Copa del Rey
wheelchairbasketball
tournamentwassponsored, as part of a commitment to the Spanish
Sports Federation for the Physically Disabled.
In support of sport and a healthy lifestyle, theBilbao-Bilbao Cycle Tour has been sponsored.
It also partnered the DaleCandela Charity Festivalwith the goal of raising the profile of ALS sufferers
and their carers in the Basque Country.
Atradius has supported non-profit organisations
such as Oxfam Novib to back the training ofentrepreneurs in third world countries and Youth
Off the Streets, which through its services andprogrammes gives young people security, support
and opportunities to build a positive future.

63

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

The Group also continued its commitment tosponsorship agreements linked to sport, music andculture. In that regard, it renewed its collaborationagreement with the Starlite Festival, which has beenrenamed Starlite Occident, and also sponsored its firstedition in Madrid, Christmas by Starlite. It also begansponsoring the Occident Summerfest Cerdanya
festival.

GCO is also involved in the consultation processes ofindustry and business associations in order to obtain amore holistic view of common challenges and to
jointly advance the sustainability of the insurance
industry. The expenditure allocated to businessassociation activities in 2023 is 536,099 euros(287,431 euros in 2022), with the largest contribution
corresponding to UNESPA, which is in charge ofrepresenting insurance in Spain on issues of current
concern to society.

Social action and corporate volunteering
GCO channels the charitable concerns of its employees
through corporate volunteering and generates aculture of collaboration and support among its staff
for other social groups in need.

07 External assurance report

Fundación Prevent: mentoring for entrepreneurs
with disabilities who receive training at ESADE toassess and enhance their business plan or grants
for higher education for students with disabilities
for their inclusion in the labour market.



Fundación Exit: volunteering, the aim of which is
to combat school failure and prevent students
from dropping out of school at an early age. Eachvolunteer acts as a coach and accompanies ayoung person, aged between 16 and 19, in defining
a personal/professional goal, as well as guidingthem in the steps to take to achieve it.

Horizons 2023 workshops: the Prepersa teamassembled a total of 15 bicycles that were donatedto the MAGONE Foundation, which will be
donated to children at risk of social exclusion.

With regard to the promotion of sport, in 2023 theGroup sponsored the Conde de Godó tennis trophy, theBaqueira/Beret ski resort and the Era Escòla school.
In total, the amount allocated by the Group to
sponsorship projects in 2023 amounted to 4.0 million
euros (3.5 million euros in 2022). Additionally, theGroup is involved in partnership actions withUNESPA, ICEA, the Valle de Arán Ski School and theReal Club Tenis of Barcelona. In 2023, the amount ofthese partnership actions totals 2.0 million euros (1.2
million euros in 2022).

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

In addition, in 2023 the credit insurance business has
undertaken a total of 31 initiatives to contribute tosocial action locally (22 initiatives in 2022) with acontribution of more than Ū50,807 (Ū108,721 in 2022).
Actions included the collection of donations forvarious causes, such as Atradius France's participationin "Les foulées de l'assurance" to raise funds for theprevention of cardiovascular diseases, Atradius NL's
participation in the Amsterdam City Swim to raise
funds for ALS, and the participation in the Race for deCure in Milan, Rome and Greece, a sporting event toraise funds for the fight against breast cancer.
Similarly, in 2023, clothing was collected in responseto the earthquake catastrophe in Turkey and Syria,
and computer equipment was donated in Vietnam.

In 2023, corporate volunteering initiatives continued
to be rolled out in the Group's companies, including thefollowing:CHEERS4U: recreational training featuring Group
employees with the aim of learning how tointeract with and teach new skills to people withintellectual disabilities.



Junior Achievement: in partnership with Unespa,
Group employees gave training sessions inschools to encourage financial education.

World Cleanup Day: Group volunteers fromvarious countries took part in clean-up and littercollection campaigns, mainly in coastal areas,swamps, rivers and canals, for World CleanupDay.
64Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Contribution to the SDGs
3-3
The approval by the UN’s General Assembly of the 2030 Agenda for Sustainable Development and with this the Sustainable
Development Goals (SDG) entails the commitment of governments as well as civil society and companies to contribute totheir achievement. The activities undertaken by GCO and the work carried out by Fundación Occident enable us tocontribute to several of the United Nations Sustainable Development Goals.

More than Ū63,600 donated to educational
accompaniment, emotional support and nutrition
programmes with Save the Children and Fundación
Balia



Ū22,385 donated to food banks



23 hours of training per employee

11% of Fundación Occident's contributions areearmarked for teaching projectsMore than Ū93,500 allocated to grants for young
people with low family incomes in secondary andhigher education centres of referenceMore than 100.000Ū allocated to grants for young
people at high risk of vulnerability for theiracademic and professional training, as well as thedevelopment of educational facilities in international
cooperationMore than 8,000 employees

116 employees with a disability5,217 employees teleworking97% permanent contracts



850 new hiresTurnover rate of 10%

183 million euros accrued in corporate income tax

Range of products and services with environmental
coverageOffices with Leed energy ratingPhotovoltaic plate installation project at the mainbuildings

Principles for Sustainable Insurance (PSI)

Principles for Responsible Investment (PRI) United
Nations Global Compact

1,842 days lostNo occupational illnessŪ90,000 donated for training and maternalintervention in international cooperation



905 students trained in healthy habits through the
Tomando Conciencia Schools programme

Employee well-being programme: mental healthworkshopsMore than Ū466,000 earmarked for R&D&I projects
relating to oncological, cardiovascular and dietarydiseases

Accompaniment in hospital centres for children withdifficulty in diagnosis

53% of employees are men and 47% are women

Member of the EWI Network, which promotes thepresence of women in the management of insurancecompanies

Grants for job training and entrepreneurshipprogrammes for people at risk of exclusion(disability and/or high vulnerability). 1084 hours ofcorporate volunteering.

Adapted skiing and sailing sports programmes foryoung people with disabilities: 380 people took part



118 grants in musical and piano training for children
in situations of exclusion

Cleanup Day volunteering, involving cleaning andlitter collection campaigns mainly in coastal areas,swamps, rivers and canals

57,099.81 allocated to environmental education forschool children

No confirmed case of corruption

2.4 million euros allocated to contributions and nonprofit organisations

65

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportInnovation
3-3
The Group considers that a culture that embraces change and at the same time encourages and motivates its employees toinnovate is the fundamental cornerstone to be able to adapt the offer of products and services to the needs of all types ofcustomers. In 2023, the Group invested 95.1 million euros in innovation (81.5 million euros in 2022) and in 47 R&D&I
projects (47 projects in 2022).

Xplora Programme

Atradius Business Transformation programme

Xplora is the intrapreneurship programme of the Group's
traditional business companies, which assists theorganisation to understand, take ownership of andenthusiastically foster an innovative corporate culture.
This programme brings together training in innovation
and a platform designed to enable employees to propose
ideas that will enable the GCO to enhance its products andservices.

The Atradius Business Transformation programme
addresses the challenges of new digital trends (such as
big data and blockchain) and offers the employees of thecredit insurance business the opportunity to play a role inthem through various initiatives.

Xplora Space Platform
Through the Xplora Space platform, the Group’s
employees can see the latest news about new trends ininnovation and contribute ideas to challenges launchedby the organisation.
In the last year, employees have contributed upwards of
17 ideas to the 2 challenges proposed in the programme.
Out of these, 5 ideas have been supported and 1 is in the
project phase.
Training in innovation with Xplora Academy and Xplora
InspiraXplora Academy is the Group’s training programme ininnovation and digital transformation. It holds
workshops for employees and provides advanced
training in agile and innovation methodologies. ThroughXplora Inspira, events are held for employees with theaim of bringing the latest trends in innovation closer in
an immersive way, through exclusive talks andexperiential workshops. In 2023, 2 events were held, andthe topics covered were generative AI and open
innovation.
Xplora Stars for the development of new products
Xplora Stars was created in 2020 and is designed todevelop new products and services in the areas of cybersecurity, urban mobility and the elderly, counting on thecollaboration and ideas of the Group’s employees andinsurance agents for its development. In 2023, a new ondemand insurance product has been developed.

These include Shaping Tomorrow Together, aprogramme designed to prepare Atradius employees forthe new challenges brought about by the adoption of newtechnologies.
Furthermore, the Atradius Academy learning platformmakes online courses available to all Atradius employees
and sends out newsletters on digital trends.

GCO Ventures
GCO Ventures is the Group's new corporate venturing
entity created with the aim of identifying, building andlaunching new businesses aligned with GCO's strategy
and priorities, so as to support them and turn them intothriving businesses. By doing so, it seeks to support
entrepreneurs by offering them a space where their ideas
can materialise and to accompany them at an early stage
to help accelerate their growth. Once the initiatives havebeen identified, they are offered the necessary backing
for their development through two channels:Venture building: the company works closely withentrepreneurs to help them develop their ideas,
validate their business models and make them growsuccessfully.
Venture capital: financing to start-ups either directlyor through venture capital funds, in order to provide
them the opportunity to propel their idea and refine
their business model.

The first project in which GCO Ventures is participating in
2023 is the founding and launch of Adecua, a venture
whose goal is to adapt the homes of elderly people withvarying degrees of mobility and cognitive ability. In
doing so, Adecua addresses the need to design anddevelop solutions that contribute to the well-being ofseniors, and thus seeks to respond to the challenge of theageing population.

66

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Appendix I – Additional information

67

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

European Taxonomy
economic activities

of

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

environmentally

07 External assurance reportsustainable

The EU Taxonomy Regulation (EU Regulation 2020/852), which entered into force on 12 July 2020, lays down theclassification system for environmentally sustainable economic activities.
This Regulation deems an activity to be economically sustainable when it substantially contributes to achieving one ormore of the six environmental objectives of Taxonomy: 1) climate change mitigation, 2) climate change adaptation, 3) thesustainable use and protection of water and marine resources; 4) the transition to a circular economy, 5) pollution
prevention and control, and 6) the protection and restoration of biodiversity and ecosystems.
Besides making a substantial contribution to at least one of these objectives, it must be proven that the economic activity
meets established technical screening criteria, does not cause significant harm (DNSH) to the rest of the objectives andfulfils the minimum social safeguards (MSS).
Article 8 of the Taxonomy Regulation establishes for all companies required to disclose non-financial information(according to Directive 2013/34/EU), the need to include information on how and to what extent the undertaking’s
activities are associated with economic activities that qualify as environmentally sustainable.
In the 2023 fiscal year, financial undertakings are required to disclose eligibility information concerning Taxonomy
Objectives 1 to 6 and alignment information for Taxonomy Objectives 1 and 2.
GCO has conducted an analysis of the Taxonomy requirements regarding its insurance activity, excluding funeral services
from scope due to their low significance.

Asset eligibility and alignment according to the EU Taxonomy
The present procedure is compulsory throughout the Group, and GCO is in charge of reporting the consolidated Group
information required by the Taxonomy.
Within the Delegated Regulation (EU) 2021/2178 and its amendments (published in June and November 2023), theindicators to be developed by insurance and reinsurance undertakings to calculate the indicators of their investment
activities (assets) are explained.
Based on the type of assets on GCO's balance sheet (according IFRS 9 and IFRS 17), the assets that may affect the denominatorand numerator of the key performance indicator have been selected.:
Denominator: assets considered within the scope of the asset indicator covered by the Taxonomy.
Numerator: assets considered within the scope of the asset indicator covered by the Taxonomy, that are analysed inorder to identify whether or not they are aligned with the Taxonomy.
Pursuant to Article 7 of Delegated Regulation (EU) 2021/2178 the following clarifications are made in relation to the scope of
assets to be considered in the key performance indicator:
Exposures to central governments, central banks and supranational issuers are excluded from the calculation of thenumerator and denominator of the key performance indicator for financial undertakings.

Derivatives are excluded from the numerator of the key performance indicator for financial undertakings.
Exposures of companies that are not required to publish non-financial information pursuant to Article 19a or 29a of
Directive 2013/34/EU (NFRD) will be excluded from the numerator of the key performance indicator for financial
undertakings.
In order to obtain the eligibility and alignment percentages (and thus compliance with the DNSH and MSS criteria) of thecompanies that are part of the Group’s asset portfolio, the Clarity tool has been used. The amounts of the aligned investments
have been calculated on the basis of the 2022 alignment percentages published by the companies where GCO has a positionat the end of 2023.

68

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

The results obtained for GCO are as follows (figures in thousands of euros):
Key Performance Indicator (KPI)
The weighted average value of all the investments of
insurance or reinsurance undertakings that are directed atfunding, or are associated with Taxonomy-aligned economic
activities relative to the value of total assets covered by the
KPI, with following weights for investments in undertakings
per below:

The weighted average value of all the investments of
insurance or reinsurance undertakings that are directed atfunding, or are associated with Taxonomy-aligned economic
activities, with following weights for investments inundertakings per below:

Turnover-based: 0.011%*

Turnover-based: 1,354.0*

Capital expenditures-based: 0.013%*

Capital expenditures-based: 1,585.2*

The percentage of assets covered by the KPI relative to total
investments of insurance or reinsurance undertakings (total
AuM). Excluding investments in sovereign entities.

The monetary value of assets covered by the KPI. Excluding
investments in sovereign entities.

Coverage ratio: 80%

Coverage: 12,674,344.8***The KPIs for the weighted average of aligned investments have been calculated using the alignment percentage of each investment based on its weight within
the GCO portfolio.
**The covered assets included assets that cannot be classified into the categories of aligned, eligible non-aligned, and non-eligible due to lack of information. The
covered assets that have been able to be classified are included in the following tables.

Additional, complementary disclosures: breakdown of denominator of the KPIThe percentage of derivatives relative to total assets coveredby the KPI.

The value in monetary amounts of derivatives.

0.00%

0.0

The proportion of exposures to financial and non-financial
undertakings not subject to Articles 19a and 29a of Directive
2013/34/EU over total assets covered by the KPI:

Value of exposures to financial and non-financial
undertakings not subject to Articles 19a and 29a of
Directive 2013/34/EU:

Non-financial undertakings: 11.00%

Non-financial undertakings: 1,393,932.2

Financial undertakings: 24.25%

Financial undertakings: 3,098,555.2

The proportion of exposures to financial and non-financial
undertakings from non-EU countries not subject to Articles
19a and 29a of Directive 2013/34/EU over total assets coveredby the KPI:

Value of exposures to financial and non-financial
undertakings from non-EU countries not subject to Articles
19a and 29a of Directive 2013/34/EU:

Non-financial undertakings: 8.56%

Non-financial undertakings: 1,084,706.1

Financial undertakings: 8.60%

Financial undertakings: 1,090,009.0

The proportion of exposures to financial and non-financial
undertakings subject to Articles 19a and 29a of Directive
2013/34/EU over total assets covered by the KPI:

Value of exposures to financial and non-financial
undertakings subject to Articles 19a and 29a of Directive
2013/34/EU:

Non-financial undertakings: 20.49%

Non-financial undertakings: 2,596,842.1

Financial undertakings: 22.12%

Financial undertakings: 2,803,551.0

The proportion of exposures to other counterparties andassets over total assets covered by the KPI:

Value of exposures to other counterparties:

22.54%

2,857,058.2

69

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

The proportion of the insurance or reinsurance undertaking’s
investments other than investments held in respect of life
insurance contracts where the investment risk is borne by thepolicy holders, that are directed at funding, or are associatedwith, Taxonomy-aligned economic activities:

Value of insurance or reinsurance undertaking’s
investments other than investments held in respect of life
insurance contracts where the investment risk is borne by
the policy holders, that are directed at funding, or areassociated with, Taxonomy-aligned economic activities:

15.81%

2,003,558.6

The value of all the investments that are funding economic
activities that are not Taxonomy-eligible relative to the valueof total assets covered by the KPI:

Value of all the investments that are funding economic
activities that are not Taxonomy-eligible:

Turnover-based: 57.33%
Capital expenditures-based: 61.77%

Turnover-based: 7,266,555.9
Capital expenditures-based: 7,829,392.2

The value of all the investments that are funding Taxonomyeligible economic activities, but not Taxonomy-aligned
relative to the value of total assets covered by the KPI:

Value of all the investments that are funding Taxonomyeligible economic activities, but not Taxonomy-aligned:

Turnover-based: 7.98%
Capital expenditures-based: 6.87%

Turnover-based: 1,011,907.0
Capital expenditures-based: 871,233.9

Additional, complementary disclosures: breakdown of numerator of the KPIThe proportion of Taxonomy-aligned exposures to financial
Value of Taxonomy-aligned exposures to financial and nonand non-financial undertakings subject to Articles 19a andfinancial undertakings subject to Articles 19a and 29a of
29a of Directive 2013/34/EU over total assets covered by the
Directive 2013/34/EU:
KPI:
Non-financial undertakings:
Turnover-based: 3.12%
Capital expenditures-based: 3.95%

Non-financial undertakings:
Turnover-based: 395,491.2
Capital expenditures-based: 500,770.0

Financial undertakings:
Turnover-based: 0.15%
Capital expenditures-based: 0.15%

Financial undertakings:
Turnover-based: 19,228.1
Capital expenditures-based: 19,228.1

The proportion of the insurance or reinsurance
undertaking’s investments other than investments held inrespect of life insurance contracts where the investment risk
is borne by the policy holders, that are directed at funding, orare associated with, Taxonomy-aligned:

Value of insurance or reinsurance undertaking’s
investments other than investments held in respect of life
insurance contracts where the investment risk is borne by
the policy holders, that are directed at funding, or areassociated with, Taxonomy-aligned:

Turnover-based: 3.08%
Capital expenditures-based: 3.21%

Turnover-based: 390,679.6
Capital expenditures-based: 407,411.2

The proportion of Taxonomy-aligned exposures to othercounterparties in over total assets covered by the KPI:

Value of Taxonomy-aligned exposures to othercounterparties over total assets covered by the KPI:

Turnover-based: 3.37%
Capital expenditures-based: 0.21%

Turnover-based: 15,389.7
Capital expenditures-based: 936.2

70

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Breakdown of the numerator of the KPI per environmental objective (Taxonomy-aligned activities)
1) Climate change mitigation

Turnover: 1.74%
CapEx: 4.13%

2) Climate change adaptation

Turnover: 0.013%
CapEx: 0.006%

Transitional activities: A
0.04% (turnover)
0.10% (CapEx)
Enabling activities: B
1.15% (turnover)
2.40% (CapEx)
Enabling activities: B
0.013% (turnover)
0.0007% (CapEx)

The following are the templates corresponding to nuclear and fossil energy established in Delegated Regulation (EU)2022/1214 amending Delegated Regulation (EU) 2021/2178:
Template 1 Nuclear and fossil gas related activities
Row
1

2

3

4
5
6

Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration anddeployment of innovative electricity generation facilities that produce energy from nuclear processes withminimal waste from the fuel cycle.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or
industrial processes such as hydrogen production, as well as their safety upgrades, using best available
technologies.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that
produce electricity or process heat, including for the purposes of district heating or industrial processes
such as hydrogen production from nuclear energy, as well as their safety upgrades.
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
combined heat/cool and power generation facilities using fossil gaseous fuels.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heatgeneration facilities that produce heat/cool using fossil gaseous fuels.

NO

NO

YES

YES
YES
YES

Information on Turnover (figures in thousands of euros)
Template 2 Taxonomy-aligned economic activities (denominator)
Turnover
Row

1

2

3

4

5

Economic activities
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.26 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of the applicable KPIAmount and proportion of taxonomy-aligned
economic activity referred to in Section 4.27 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of the applicable KPIAmount and proportion of taxonomy-aligned
economic activity referred to in Section 4.28 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of the applicable KPIAmount and proportion of taxonomy-aligned
economic activity referred to in Section 4.29 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of the applicable KPIAmount and proportion of taxonomy-aligned
economic activity referred to in Section 4.30 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of the applicable KPIAmount%Climatechangemitigation (CCM)
Amount
%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

2,882.8

0.05%

2,882.8

0.05%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

CCM + CCA

Climate change
adaptation (CCA)
Amount %71

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

67
8

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.31 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of the applicable KPIAmount and proportion of other taxonomy-aligned
economic activities not referred to in rows 1 to 6
above in the denominator of the applicable KPI05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

0.0

0.00%

0.0

0.00%

0.0

0.00%

258,280.8

4.29%

217,749.8

3.61%

1,668.4

0.03%

261,163.6

4.33%

220,632.6

3.66%

1,668.4

0.03%

Total applicable KPI

Template 3 Taxonomy-aligned economic activities (numerator)
Turnover
Row

1

2

3

4

5

6

7

8

Economic activities
Amount and proportion of taxonomyaligned economic activity referred to in
Section 4.26 of Annexes I and II to (EU)
Delegated Regulation 2021/2139 in the
numerator of the applicable KPIAmount and proportion of taxonomyaligned economic activity referred to in
Section 4.27 of Annexes I and II to (EU)
Delegated Regulation 2021/2139 in the
numerator of the applicable KPIAmount and proportion of taxonomyaligned economic activity referred to in
Section 4.28 of Annexes I and II to (EU)
Delegated Regulation 2021/2139 in the
numerator of the applicable KPIAmount and proportion of taxonomyaligned economic activity referred to in
Section 4.29 of Annexes I and II to (EU)
Delegated Regulation 2021/2139 in the
numerator of the applicable KPIAmount and proportion of taxonomyaligned economic activity referred to in
Section 4.30 of Annexes I and II to (EU)
Delegated Regulation 2021/2139 in the
numerator of the applicable KPIAmount and proportion of taxonomyaligned economic activity referred to in
Section 4.31 of Annexes I and II to (EU)
Delegated Regulation 2021/2139 in the
numerator of the applicable KPIAmount and proportion of other taxonomyaligned economic activities not referred toin rows 1 to 6 above in the numerator of theapplicable KPI
Total amount and proportion of taxonomyaligned economic activities in the
numerator of the applicable KPIAmount%Climatechangemitigation (CCM)
Amount
%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

2,882.8

1.10%

2,882.8

1.10%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

258,280.8

98.9%

217,749.8

83.38%

1,668.4

0.64%

261,163.6

100%

220,632.6

84.48%

1,668.4

0.64%

CCM + CCA

Climatechangeadaptation (CCA)
Amount%72

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Template 4 Taxonomy-eligible but not Taxonomy-aligned economic activities
Turnover
Row

1

2

3

4

5

6

7

8

Economic activities
Amount and proportion of taxonomyeligible but not taxonomy-aligned economic
activity referred to in Section 4.26 ofAnnexes I and II to (EU) DelegatedRegulation 2021/2139 in the denominator of
the applicable KPIAmount and proportion of taxonomyeligible but not taxonomy-aligned economic
activity referred to in Section 4.27 ofAnnexes I and II to (EU) DelegatedRegulation 2021/2139 in the denominator of
the applicable KPIAmount and proportion of taxonomyeligible but not taxonomy-aligned economic
activity referred to in Section 4.28 ofAnnexes I and II to (EU) DelegatedRegulation 2021/2139 in the denominator of
the applicable KPIAmount and proportion of taxonomyeligible but not taxonomy-aligned economic
activity referred to in Section 4.29 ofAnnexes I and II to (EU) DelegatedRegulation 2021/2139 in the denominator of
the applicable KPIAmount and proportion of taxonomyeligible but not taxonomy-aligned economic
activity referred to in Section 4.30 ofAnnexes I and II to (EU) DelegatedRegulation 2021/2139 in the denominator of
the applicable KPIAmount and proportion of taxonomyeligible but not taxonomy-aligned economic
activity referred to in Section 4.31 ofAnnexes I and II to (EU) DelegatedRegulation 2021/2139 in the denominator of
the applicable KPIAmount and proportion of other taxonomyeligible
butnottaxonomy-aligned
economic activities not referred to in rows 1
to 6 above in the denominator of theapplicable KPI
Total amount and proportion of taxonomy
eligiblebutnottaxonomy-aligned
economic activities in the denominator of
the applicable KPIAmount%Climatechangemitigation (CCM)
Amount
%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

33,021.4

0.55%

33,021.4

0.55%

0.0

0.00%

2,840.7

0.05%

2,840.7

0.05

0.0

0.00%

66.0

0.00%

66.0

0.00%

0.0

0.00%

1,006,584.4

16.71%

782,301.7

12.98%

195,614.8

3.25%

1,042,512.6

17.30%

818,229.8

13.58%

195,614.8

3.25%

CCM + CCA

Climatechangeadaptation (CCA)
Amount%Template 5 Taxonomy non-eligible economic activities
Row

Economic activities

AmountTurnover

Percentage

1

Amount and proportion of economic activity referred to in row 1 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPI

0.0

0.00%

2

Amount and proportion of economic activity referred to in row 2 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPI

0.0

0.00%

3

Amount and proportion of economic activity referred to in row 3 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPI

888,035.3

14.74%
73

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
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4

5

6
7
8

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

Amount and proportion of economic activity referred to in row 4 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPIAmount and proportion of economic activity referred to in row 5 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPIAmount and proportion of economic activity referred to in row 6 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPIAmount and proportion of other taxonomy-non-eligible economic activities not referred
to in rows 1 to 6 above in the denominator of the applicable KPI
Total amount and proportion of taxonomy-non-eligible economic activities in the
denominator of the applicable KPI

07 External assurance report

1,282,064.3

21.28%

927,211.0

15.39%

803,044.4

13.33%

821,072.7

13.63%

4,721,427.7

78.36%

Information about CapEx (figures in thousands of euros)
Template 2 Taxonomy-aligned economic activities (denominator)
CapEx
Row

1

2

3

4

5

6

7

8

Economic activities
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.26 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of taxonomy-aligned
economic activity referred to in Section 4.27 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of taxonomy-aligned
economic activity referred to in Section 4.28 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of taxonomy-aligned
economic activity referred to in Section 4.29 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of taxonomy-aligned
economic activity referred to in Section 4.30 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of taxonomy-aligned
economic activity referred to in Section 4.31 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the denominator of theapplicable KPIAmount and proportion of other taxonomyaligned economic activities not referred to inrows 1 to 6 above in the denominator of theapplicable KPI
Total applicable KPIAmount%Climatechangemitigation (CCM)
Amount
%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

4,166.4

0.06%

4,166.4

0.06%

0.0

0.00%

31.8

0.00%

31.8

0.00%

0.0

0.00%

56.0

0.00%

56.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

544,718.8

8.15%

519,379.0

7.77%

774.1

0.01%

548,973.1

8.21%

523,633.3

7.83%

774.1

0.01%

CCM + CCA

Climatechangeadaptation (CCA)
Amount%74

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Template 3 Taxonomy-aligned economic activities (numerator)
CapEx
Row

1

2

3

4

5

6

7

8

Economic activities
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.26 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.27 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.28 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.29 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.30 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.31 ofAnnexes I and II to (EU) Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
Amount and proportion of other taxonomyaligned economic activities not referred to inrows 1 to 6 above in the numerator of theapplicable KPI
Total amount and proportion of taxonomyaligned economic activities in the numeratorof the applicable KPIAmount%Climatechangemitigation (CCM)
Amount
%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

0.0

0.00%

4,166.4

0.76%

4,166.4

0.76%

0.0

0.00%

31.8

0.01%

31.8

0.01%

0

0.00%

56.0

0.01%

56.0

0.01%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

544,718.8

99.23%

519,379.0

94.61%

774.1

0.14%

548,973.1

100%

523,633.3

95.38%

774.1

0.14%

CCM + CCA

Climatechangeadaptation (CCA)
Amount%Template 4 Taxonomy-eligible but not Taxonomy-aligned economic activities
CapEx
Row

1

2

3

Economic activities
Amount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II
to (EU) Delegated Regulation 2021/2139 in the
denominator of the applicable KPIAmount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II
to (EU) Delegated Regulation 2021/2139 in the
denominator of the applicable KPIAmount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II
to (EU) Delegated Regulation 2021/2139 in the
denominator of the applicable KPIAmount%Climatechangemitigation (CCM)
Amount
%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

CCM + CCA

Climatechangeadaptation (CCA)
Amount%75

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

4

5

6

7

8

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Amount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II
to (EU) Delegated Regulation 2021/2139 in the
denominator of the applicable KPIAmount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II
to (EU) Delegated Regulation 2021/2139 in the
denominator of the applicable KPIAmount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II
to (EU) Delegated Regulation 2021/2139 in the
denominator of the applicable KPIAmount and proportion of other taxonomyeligible but not taxonomy-aligned economic
activities not referred to in rows 1 to 6 abovein the denominator of the applicable KPI
Total amount and proportion of taxonomy
eligible but not taxonomy-aligned economic
activities in the denominator of theapplicable KPI05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

9,350.5

0.14%

9,350.5

0.14%

0

0.00%

419.6

0.01%

419.6

0.01%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

840,259.5

12.57%

712,135.3

10.66%

25,558.1

0.38%

850,029.6

12.72%

721,905.4

10.80%

25,558.1

0.38%

Template 5 Taxonomy non-eligible economic activities
Row
1

2

3

4

5

6
7
8

Economic activities
Amount and proportion of economic activity referred to in row 1 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPIAmount and proportion of economic activity referred to in row 2 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPIAmount and proportion of economic activity referred to in row 3 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPIAmount and proportion of economic activity referred to in row 4 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPIAmount and proportion of economic activity referred to in row 5 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPIAmount and proportion of economic activity referred to in row 6 of Template 1 that istaxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to DelegatedRegulation 2021/2139 in the denominator of the applicable KPIAmount and proportion of other taxonomy-non-eligible economic activities not referred toin rows 1 to 6 above in the denominator of the applicable KPI
Total amount and proportion of taxonomy-non-eligible economic activities in the
denominator of the applicable KPI

CapEx
amountPercentage

0

0.00%

0

0.00%

590,296.1

8.83%

1,226,592.8

18.35%

948,006.1

14.8%

195,713.7

2.93%

2,323,655.3

34.77%

5,284,264.0

79.07%

The amounts in terms of CapEx and Turnover in the tables "Additional numerator breakdown", "Template 2", "Template 3", "Template 4" and "Template 5", havebeen calculated using the eligibility and alignment percentages obtained in Clarity with respect to the amount of investment.

As the analysis of the eligibility of Taxonomy objectives 3 to 6 can only be performed through proxies (via NACE), thesefigures have not been included in the previous mandatory reporting tables.
The result of the eligibility analysis according to objectives 3 to 6, conducted via proxies, is included in the following table:
Total Eligible Assets with Objectives 3-6 PROXY
Total Eligible Assets – Objective 3 "Sustainable use and protection of water and marine resources".
Total Eligible Assets – Objective 4 "Transition to a circular economy".
Total Eligible Assets – Objective 5 "Pollution prevention and control".
Total Eligible Assets – Objective 6 "Protection and restoration of biodiversity and ecosystems".
TOTAL

Amount (Ū thousand)
116,199.3
222,715.8
52,550.6
0391,465.7
76

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
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01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Qualitative information on asset eligibility and alignment indicators following the EU Taxonomy.
The denominator has considered the covered assets, which are: Goodwill, Intangible Assets, Real Estate, Land andEquipment for own use, Investments in real estate (other than for own use), Investments (other than Index Linked and Unit
Linked assets), Participations, Variable Income, Private Fixed Income, Structured Notes, Collateralised Securities,
Investment Funds, Derivatives, Deposits (other than cash equivalents), Other Investments, Assets held for unit-linked
contracts, Loans and Mortgages, Loans and Mortgages to individuals, Other Loans and Mortgages, Loans and policies,
Deposits to Assignors, Treasury shares, Cash and cash equivalents.
In the numerator, the following have been treated as potentially eligible assets: Investments (other than Index Linked andUnit Linked assets), Investments in Real Estate (other than for own use), Participations, Variable Income, Private Fixed
Income, Structured Notes, Collateralised Securities, Investment Funds, Deposits (other than cash equivalents), Assets held
for unit-linked contracts, Loans and Mortgages, Loans and Mortgages to individuals, Other Loans and Mortgages, Loans andpolicies.
Eligibility and alignment information for the above assets is obtained through the Clarity tool. Assets that have an
identifying code that Clarity does not recognize, that is, they do not have an ISIN, have been analysed separately. The issuer
data has been obtained manually through their reports or from other investments of the same issuer that have been loaded
into Clarity.
For investment funds for which information is available, a look-through of the fund has been conducted and its eligibility
and alignment has been analysed. Funds for which there is no information available, have been included as non-eligible.
Furthermore, intra-Group investments have been deemed covered and non-eligible since they are investments defined byregulation, but for which it is not possible to assess their eligibility and alignment.
In the case of environmentally sustainable bonds (green bonds) issued by a company, the Taxonomy allows to include
specific information regarding the eligibility and alignment within the calculation of the KPIs on such financing. Therefore,
in the calculation process, GCO did not use information on the eligibility and alignment of the company issuing theenvironmentally sustainable bond, but rather the specific information of the bond, using the Clarity tool. Additionally, theTaxonomy Regulation establishes that environmentally sustainable bonds that are supranational, issued by governments
or central banks, should be included if information reported by the issuer is available.
In case the issuer has not specifically published information regarding the environmentally sustainable bond, the issuer's
data is used as for the rest of the assets.
Regarding real estate assets, only those intended for third-party use have been considered eligible. In order to define theiralignment, analysis has been conducted on the 37 main properties of the Group that generate turnover (lease payments)
during the year, and it was identified whether they have CapEx from renovations to improve environmental efficiency. The
rest of the real estate assets have been deemed as non-aligned due to their low materiality regarding the total portfolio. The
turnover and CapEx of the real estate assets in the fiscal year have been taken into account for the calculation of eligibility
and alignment.
Once these criteria were verified, the 37 real estate assets have been checked for compliance with the regulatory
requirements of activity 7.7 Acquisition and ownership of buildings for climate change mitigation and adaptation objectives.
To determine if the real estate assets that meet the above criteria are finally aligned, it has been evaluated whether they
comply with the DNSH. To this end, it has been analysed whether these real estate assets could be materially exposed tophysical climate risks. When it has been determined that the climate risk is material, it has been analysed whether
adaptation solutions are available through a climate risk adaptation plan.
With regard to real estate investment funds, an analysis has been conducted to verify the availability of Taxonomy
information in accordance with Articles 8 or 9 of the SFDR Regulation. Based on this analysis, each real estate investment
fund has been requested to provide its alignment data. For those funds that had such data, it has been taken as a reference
for calculating the corresponding KPIs included in the tables reported above. However, for those funds that do not have thisinformation, their underlying assets (real estate assets and infrastructure) have been analysed whenever possible.
The Taxonomy information of GCO's real estate assets and real estate investment funds has been collected by completingquestionnaires defined for this purpose.
77Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Underwriting eligibility and alignment according to EU Taxonomy
Within the Delegated Regulation (EU) 2021/2178 and amendments thereto (published in June and November 2023), theindicators to be developed by insurance and reinsurance undertakings relating to their activity are explained. In order tocalculate these indicators, the information has been extracted from the non-life insurance activity and from the reinsurance
activity.

Do No Significant Harm (DNSH)

Absolute
premiums,
year tProportionofpremiums,
year tProportionofpremiums,
year t-1

Climatechangemitigation

Water
and
marineresources

CirculareconomyPollution

Biodiversity
andecosystems

Minimum
safeguards

Thousand Ū

%

%

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

142,644.5

3.23%

N/A

Y

Y

Y

Y

Y

Y

A.1.1 Of which reinsured

N/A

N/A

N/A

-

-

-

-

-

-

A.1.2 Of which stemmingfrom reinsurance activity

N/A

N/A

N/A

-

-

-

-

-

-

A1.2.1 Of which reinsured(retrocession)

N/A

N/A

N/A

-

-

-

-

-

-

9,950.9

0.23%

N/A

4,264,354.3

96.55%

N/A

4,416,949.7

100%

N/A

Economic activities

A.1. Non-life insurance andreinsurance underwriting
Taxonomy-aligned
activities (environmentally
sustainable)

A.2. Non-life insurance andreinsurance underwriting
Taxonomy-Eligible but notenvironmentally
sustainable activities (notTaxonomy-aligned
activities)
B. Non-life insurance andreinsurance underwriting
Taxonomy-non-eligible
activities
Total (A.1 + A.2 + B)

Qualitative information on eligibility and underwriting alignment indicators following the EU Taxonomy.
For the eligibility analysis, all non-life lines of business in the scope of GCO was thoroughly analysed. The analysis identified
the lines of business that directly provide cover for at least one climate risk based on the table in Appendix A to DelegatedRegulation (EU) 2021/2139. The premiums exclusively related to climate risk have been considered as eligible premiums.
The information reported has been calculated using data obtained from information management systems of the Group. The
information found in each of these systems is at a different level of granularity and sometimes it has not been possible toidentify premiums linked to climate risks. Due to this, there are two different situations depending on the information
available:

Breakdown of the premium at a coverage level: in these cases, the eligible premium has been obtained by applying thepercentage of climate coverage to the total premium of the policy. To this end, only coverage related to atmosphericphenomena have been selected.
Historical series of claims: in cases in which it has not been possible to break down the premium by coverages, but it
has been possible to identify the presence of climate coverage, an approximation has been made based on claims data.

78

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
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01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

The calculation of the alignment according to Taxonomy Regulation involves analysing three requirements:
1.

Technical selection criteria (TSC): the compliance with TSC has been analysed in detail for each of the eligible lines ofbusiness obtained above. The gathering of GCO Taxonomy information for the analysis of the TSC has been conductedby filling out questionnaires based on solid evidence. Below, it is described how the company complies with each TSC:•
TSC 1.1: the insurance activity uses advanced modelling techniques through prospective climate scenario analyses
conducted by the Risk Area.
•
TSC 1.2: GCO discloses how it considers climate change risks in the Sustainability Report.
•
TSC 1.3: the procurement of climate coverages is established by default regardless of the insurance modality, which
provides an incentive for their acquisition and ensures risk reduction.
•
TSC 1.4: following a climate risk event, there is a company procedure in place to evaluate and contact the customer
according to its claims ratio to establish the renewal conditions.
•
TSC 2.1: product pricing establishes lower premiums based on the preventive measures available (for example, if
a home insurance policy covers a house constructed with heat and fire-resistant materials, the risk exposure islower, therefore resulting in lower premiums).
•
TSC 2.2: the company provides articles, commercial notes or informative materials available on its website
detailing preventive measures that can be adopted to mitigate risk.
•
TSC 3.1: the products of the lines of business considered in the KPI’s of eligibility and alignment have coverageagainst climate events (rain, wind, hail, etc.).
•
TSC 3.2: product conditionalities include coverages related to secondary effects derived from natural risks (forexample, secondary effects of fires resulting in smoke, vapours, dust, etc.).
•
TSC 4.1 and 4.2: GCO shares information with the Insurance Compensation Consortium free of charge.
•
TSC 5: GCO has internal action procedures enabling a high level of service in the event of large-scale climate claims
and informs intermediaries and customers about the existing channels for declaring the claim.

2.

DNSH criterion: in order to fulfil this criterion, the volume of eligible premiums obtained from customers with fossil
fuel-related NACE codes has been extracted from the volume of eligible premiums.

3.

MSS criterion: GCO fulfils the Minimum Social Safeguards as set out in the due diligence procedures and policies,
including those required by the Taxonomy regarding respect for and compliance with the following principles andstatements:OECD Guidelines for Multinational Enterprises.
ILO Declaration on Fundamental Principles and Rights at WorkUN Guiding Principles on Business and Human RightsInternational Bill of Human Rights

On the basis of the information obtained from the above analysis, the percentage of alignment of eligible premiums has been
calculated.
The data used to calculate the KPIs of Taxonomy correspond to the figures included in GCO's Consolidated Management
Report (based on IFRS 4). GCO's Consolidated Annual Accounts 2023 (note 2.e Comparison of information) includes thereconciliation between the financial statements (based on IFRS 17) and the Consolidated Management Report (based on IFRS
4).

79

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Appendix II – GRI content index

80Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

GRI content index
GRI Standard

Contents

Page or direct response

OmissionFoundation (2021)
GRI 1: Foundation

Claims of reporting in accordancewith the GRI Standards
GRI content index

Page 5 and 79

General Disclosures (2021)
THE ORGANISATION AND ITS REPORTING PRACTICES

2-1 Organizational details

2-2 Entities included in theorganisation's sustainability
reporting

2-3 Reporting period, frequency andcontact point

2-4 Restatements of information

2-5 External assurance

Grupo Catalana Occidente, S.A.
Paseo de la Castellana nº4, 28046(Madrid)
Pages 7 and 10
Page 5
See also Appendix I and Appendix II of
GCO's
AnnualReport2023(Consolidated
Annual
Accounts
section) and note “2.f) Basis of
consolidation"(NotestotheConsolidated
Annual
Accounts
section).
Report period: Financial year 2023
Frequency: Yearly
Date of issue: 29 February 2024
Contact point: investor@gco.com
No material restatements in the
period. Indicated on the document in
the event of restatements of
information.
Page 92

ACTIVITIES AND WORKERSGRI 2: General Disclosures

2-6 Activities, value chain and otherbusiness relationships

Pages 7-10 and 40

2-7 Employees

Pages 31-40
The Group does not have employeeswith non-guaranteed hours

2-8 Workers who are not employees

Page 44

GOVERNANCE
2-9 Governance structure andcomposition
2-10 Nomination and selection of
the highest governance body
2-11 Chair of the highest governingbody
2-12 Role of the highest governancebody in overseeing themanagement of impacts.
2-13 Delegation of responsibility for
managing impacts
2-14 Role of the highest governancebody in sustainability reporting
2-15 Conflicts of interest
2-16 Communication of criticalconcerns
2-17 Collective knowledge of thehighest governance body
2-18 Evaluation of the performanceof the highest governance body
2-19 Remuneration policy

2-20 Process for determining
remuneration

Pages 11, 12, 18, 19 and 48
Page 13
José María Serra Farré.
The Chairman of the Board of
Directors does not have any senior
management
functionsintheorganisation
Pages 14, 15, 18, 19 and 48
Pages 18, 19 and 48
Pages 18 y 19
2023 Annual Corporate Governance
Report (Section D.6)
Pages 15 and 57
Pages 18, 37 and 38
Page 132023 Annual Corporate Governance
Report (Section C1.17)
Pages 13 and 14
Annual Remuneration Report 2023
(Section A)
Pages 13 and 14

81

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
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01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Annual Remuneration Report 2023
(Section A)
2-21 Annual total compensation
ratio
STRATEGY, POLICIES AND
PRACTICES
2-22 Statement on sustainable
development strategy
2-23 Policy commitments
2-24 Embedding policy
commitments
2-25 Processes to remediate
negative impacts
2-26 Mechanisms for seeking advice
and raising concerns about ethics

The information relating tothis indicator is not publishedfor confidentiality reasons.

Pages 3 and 4
Pages 14, 15, 43 and 55-59
Pages 22 and 23
Pages 55-59
Pages 55-59

2-27 Compliance with laws andregulations

In 2023, 1 penalty amounting toŪ278,000 has been received (3penalties amounting to Ū158,000 in2022). Accounting provisions forclaims of any nature and above athreshold of 30,000 euros arereported.
No fines or penalties have been
receivedforbreachesofenvironmental laws or regulations in
2022 and 2023.

2-28 Membership of associations

Pages 29, 63 and 64

2-29 Approach to stakeholder
engagement
2-30 Collective bargaining
agreements

Pages 20 and 21
Page 36

Material topics (2021)
GRI 3: Material topics

3-1 Process to determine material
topicsPage 20

3-2 List of material topics

Pages 20 and 21

RESPONSIBLE INVESTMENTGRI 3 (2021): Material topics
GRI 203 (2016): Indirect economic impacts

3-3 Responsible investment
management approach203-2 Significant indirect economic
impacts

Pages 24 and 25
Pages 24 and 25

RESPONSIBLE PRODUCTS
GRI 3 (2021): Material topics

3-3 Responsible productmanagement approach

Pages 26-28

GRI 417 (2016): Marketing and labelling417-2 Cases and non-compliances
related to information and labellingof products and services

No cases of breaches of regulations or
voluntary codes relating to productand service information and labelling
have been recorded in 2022 or 2023.

GRI 3 (2021): Material topics

3-3 ASG risk management approach

Pages 14-16

GRI 201 (2016): Economic performance

201-2 Financial implications andother risks and opportunities due toclimate change

Pages 15, 16, 49 and 50

3-3 Corporate governancemanagement approach

Pages 11-14

ESG RISK MANAGEMENTCORPORATE GOVERNANCE
GRI 3 (2021): Material topics

GRI 405 (2016): Diversity and equal
opportunities

405-1 Diversity of governancebodies and employees

Pages 11-13, 33 and 34

The percentage of employees
broken down by professional
category and age group is notreported (only absolute figures
are reported).

82

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Letter from the Chairman
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01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

ETHICS, INTEGRITY AND TRANSPARENCY

GRI 3 (2021): Material topics

3-3 Ethics, integrity andtransparency management
approach

Pages 55-59

GRI 201 (2016): Economic performance

201-4 Financial assistance received
from the government

In 2023, Grupo Catalana Occidente S.A.
did not receive any public subsidies (in2022 it received 200 thousand euros thatwent to the Catalana Occidente Actuarial
Tool project).

GRI 205 (2016): Anti-corruption

205-2 Communication and training
about anti-corruption policies andprocedures
205-3 Number of cases involving
corruption and bribery

GRI 206 (2016): Unfair competition

206-1 Legal actions for anticompetitive behaviour, anti-trust
and monopoly practices

GRI 415 (2016): Public policy

415-1 Contributions to politicalparties and/or representatives

Pages 58 and 59
Pages 56, 58 and 59
In 2023, there have been 2 incidents ofanti-competitive behaviour in thefuneral business, one with afavourable judgement for GCO andanother in process. (0 records in2022).
As in 2022, no contributions havebeen made to political parties in 2023.

CUSTOMER EXPERIENCEGRI 3 (2021): Material topics

3-3 Customer experiencemanagement approach

Pages 40-43

DATA PROTECTION AND CYBERSECURITY
GRI 3 (2021): Material topics

GRI 418 (2016): Customer privacy

3-3 Data protection andcybersecurity management
approach418-1 Substantiated complaints
concerning breaches of customer
privacy and losses of customer data

Pages 57 and 58

Pages 57 and 58

INNOVATIONGRI 3 (2021): Material topics

3-3 Innovation management
approach

Page 66

MANAGEMENT OF SERVICE PROVIDERS
GRI 3 (2021): Material topics
GRI 204 (2016): Acquisition practices
GRI 308 (2016): Environmental evaluationof suppliers
GRI 414 (2016): Supplier social assessment

3-3 Management of service
providers management approach204-1 Proportion of spending on
local suppliers308-1 New suppliers that werescreened using environmental
criteria
414-1 New suppliers that werescreened using social criteria

Pages 45-47
Page 47
Pages 46 and 47
Pages 46 and 47

CLIMATE CHANGE AND ENVIRONMENTAL MANAGEMENTGRI 3 (2021): Material topics

GRI 301 (2016): Materials

3-3 Management approach toclimate change and environmental
management301-1 Materials used by weight orvolume301-2 Consumables recycled

GRI 302 (2016): Energy

GRI 305 (2016): Emissions

302-1 Energy consumption within
the organisation
305-1 Direct (Scope 1) GHG
emissions305-2 Indirect GHG emissions whengenerating energy (scope 2)
305-3 Other indirect (Scope 3) GHG
emissionsPages 48-55
Page 53
Page 53
Pages 52 and 53
Pages 50 and 51
Pages 50 and 51
Pages 50 and 51

QUALITY EMPLOYMENTGRI 3 (2021): Material topics

GRI 401 (2016): Employment

3-3 Quality management approach

401-1 New employee hires andemployee turnover

Pages 31-40

Page 33

No figures are reported inrelation to the total number of
new employee hires broken
down by region, nor new
recruitment by age range,
gender and region. The total
number of departures and the83Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportturnover rate per region are
not reported.

GRI 402 (2016): Employee-company
relations

GRI 405 (2016): Diversity and equal
opportunities

GRI 406 (2016): Non-discrimination

GRI 407 (2016): Freedom of association andcollective bargaining

402-1 Minimum notice periods
regarding operational changes

The minimum notice periods are
established in the different collective
agreements of the organisation’s
employees. In countries that do nothaveacollective
bargaining
agreement, the applicable local laws
are applied.

405-1 Diversity of governancebodies and employees

Pages 33 and 34

405-2 Ratio of basic salary andremuneration of women to men
406-1 Incidents of discriminationand corrective actions taken
407-1 Operations and suppliers inwhich the right to freedom of
association and collective
bargaining may be at risk

The percentage of employees
broken down by professional
category and age group is notreported.

Pages 13, 14 and 39
Pages 33, 34 and 56
Pages 36, 46 and 47
No operations or suppliers withsignificant risk of being involved in
freedom of association and collective
bargaining cases have been identified.

RECRUITMENT, DEVELOPMENT AND RETENTION OF TALENTGRI 3 (2021): Material topics

GRI 404 (2016): Training and education

3-3 Management approach to talentattraction, development andretention management404-1 Average hours of training peryear per employee
404-3 Percentage of employees
receiving regular performance andcareer development reviews

Pages 32 and 33
Pages 37 and 38
Page 38HEALTH AND SAFETY
GRI 3 (2021): Material topics

3-3 Health and safety management
approach403-1 Occupational health andsafety management system403-2 Hazard identification, risk
assessment, and incident
investigation
403-3 Occupational health services
403-4 Worker participation,
consultation, and communication
on occupational health and safety403-5 Educating employees on
occupational health and safety403-6 Encouraging health among
employees

Page 35
Page 35
Page 35
Page 35
Page 35
Page 35
Page 35

GRI 403 (2016): Occupational health andsafety403-9 Work-related injuries

Page 36

There is no information
available on the number ofoccupational injuries withmajor
consequences(excluding fatalities), the rateof occupational injuries withmajor
consequences(excluding fatalities), or therate of recordable occupational
injuries.
No information is available
regarding workers who are not
employees, but whose jobs orworkplaces are controlled by
theorganisation(intermediaries,
associates,
etc.)

84

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

403-10 Work-related ill health

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

Page 36

07 External assurance report

No information is available
regarding the main types ofoccupational ailments andillnesses.
There is no information
available on the number ofdeaths resulting from an
occupational disease or illness.
No information is available
regarding workers who are not
employees, but whose jobs orworkplaces are controlled by
theorganisation(intermediaries,
associates,
etc.)

COMMITMENT TO SOCIETY
GRI 3 (2021): Material topics

GRI 201 (2016): Economic performanceGRI 203 (2016): Indirect economic impacts

3-3 Commitment to society
management approach
201-1 Direct economic value
generated and distributed, inparticular relating to the creation of
economic value.
203-2: Significant indirect economic
impacts

Pages 61-65

Pages 60 and 61

Pages 47, 61-65

DEVELOPMENT OF LOCAL COMMUNITIESGRI 3 (2021): Material topics

GRI 413 (2016): Local communities

3-3 Management approach to local
community development
413-1 Operations with local
community engagement, impact
assessments, and development
programmes

Pages 61-65

Pages 61-65

HUMAN RIGHTSGRI 3 (2021): Material topics

3-3 Human rights management
approach

GRI 408 (2016): Child labour

408-1 Operations and suppliers at
significant risk for incidents of childlabor

GRI 409 (2016): Forced or compulsory
labour409-1 Operations and suppliers at
significant risk for incidents offorced or compulsory labour
412-1 Operations that have been
subject to human rights reviews or
impact assessments

GRI 412 (2016): Human rights evaluation

412-3 Significant investment
agreements and contracts that
include human rights clauses or that
underwent human rights screening

Page 56
Page 56
No operations or suppliers withsignificant risk of being involved inchild labour have been identified.
Page 56
No operations or suppliers withsignificant risk of being involved inforced or compulsory labour havebeen identified.
No operations have been identified
that should be subject to review or
evaluation regarding impact onhuman rights.
There are no significant investment
agreements, defined as investment
management mandates, given thatGCO directly manages almost all
investments.

85

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Appendix III – NFIS content index

86Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

Non-Financial Information Statement (NFIS) content index
The following table contains the pages of this Report in which the information required by Spanish Law 11/2018, of 28
December, on non-financial information and diversity, can be found.
Information requested by Law 11/2018

Related GRI standards*

Page or direct response

General information
Brief description of the group’s business model (businessenvironment and organisation)

2-6 Activities, value chain and otherbusiness relationships

Pages 7-10, 40, 49 and 50

2-1 Organizational details

Grupo Catalana Occidente, S.A.
Paseo de la Castellana nº4, 28046(Madrid)
Page 7 and 10

Geographical presence
Business model

Objectives and strategies of the organisation

Policies

Results of thepolicies

Risks

Reportingframework

Main factors and trends that could affect its future
performance
Description of the policies applied by the Group regardingthese issues, including due diligence procedures applied for
identifying, assessing, preventing and mitigating significant
risks and impacts, and verification and control procedures,
including what measures have been adopted.
The results of those policies, including relevant non-financial
KPIs to enable monitoring and assessment of progress and tosupport comparability across companies and sectors, in linewith the national, European or international frameworks
used.
The main risks related to those issues linked to the group’s
activities, including, where relevant and proportionate, its
business relationships, products or services that may havenegative effects in these fields and how the group manages
these risks, explaining the procedures used to detect andevaluate them in accordance with the national, European orinternational reference frameworks for each area.
Information must be included on any impacts detected, with abreakdown of the impacts, in particular the main short-,
medium- and long-term risks.
Mention in the report of the national, European orinternational reporting framework used for the selection of
key indicators of non-financial results included in eachsection2-6 Activities, value chain and otherbusiness relationships
2-22 Statement on sustainable
development strategy
2-6 Activities, value chain and otherbusiness relationships

3-3 Management of material topics

Page 7
Pages 3 and 4
Pages 9, 14-16, 49 and 50
Pages 11-16, 24-28, 31-43, 45-59
and 61-66

3-3 Management of material topics

Pages 11-16, 24-28, 31-43, 45-59
and 61-66

2-12 Role of the highest governancebody in overseeing the management of
impacts.

Pages 14-16, 18, 19, 49 and 50

1 Foundation

Pages 5 and 79

3-3 Management of material topics

Pages 15, 16, 49 and 50

2-27 Compliance with laws andregulations

No penalties have been received
by GCO for breaches ofenvironmental laws or
regulations in 2022 and 2023.

Environmental assessment or certification procedures.

3-3 Management of material topics

Pages 52 and 53

Resources assigned to the prevention of environmental risks

3-3 Management of material topics

Pages 52 and 53

Application of the principle of precaution.

2-23 Policy commitments

Pages 50 and 51

Amount of provisions and guarantees for environmental risks

3-3 Management of material topics

Pages 15.16, 49 and 50

3-3 Management of material topics

Pages 53 and 54

Information about environmental matters

Current and forecast effects of the company’s activities on theenvironment and, where appropriate, health and safety

Environmental
management

Pollution
Circulareconomy andprevention andmanagement ofwaste

Measures to prevent, reduce or repair emissions that seriously
affect the environment; taking into account any form ofactivity-specific air pollution, including noise and light
pollution
Circular Economy and actions on prevention, recycling, reuse,other forms of recovery and disposal of waste

Not material

Actions to combat food waste

Not material

Consumption and supply of water according to local
restrictions

Not material*2021 unless indicated otherwise

87

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Consumption of raw materials and measures taken to
improve the efficiency of their use
Sustainableutilization of
resources301-1 (2016) Materials used by weightor volume301-2 (2016) Consumables recycled

Direct and indirect energy consumption

302-1 (2016) Energy consumption
within the organisation

Measures taken to improve energy efficiency

3-3 Management of material topics

07 External assurance report

Page 53
Page 53
Pages 52 and 53
Pages 52-54

302-1 (2016) Energy consumption
within the organisation
305-1 (2016) Direct (Scope 1) GHG
emissions305-2 (2016) Indirect (Scope 2) GHG
emissions305-3 (2016) Other indirect (Scope 3)
GHG emissions

Pages 52-54

3-3 Management of material topics

Pages 15, 16, 49 and 50

201-2 (2016) Financial implications
and other risks and opportunities due
to climate change

Pages 49 and 50

Reduction targets voluntarily established in the medium andlong-term to reduce greenhouse gas emissions and themeasures implemented for this purpose

3-3 Management of material topics

Pages 51 and 52

Measures taken to preserve or restore biodiversity

Not material

Impacts caused by activities or operations in protected areas.

Not material

Use of renewable energies

Significant elements of greenhouse gas emissions generated
as a result of the company’s activities, including the use of thegoods and services it produces

Climate Change
Measures adopted to adapt to the consequences of climatechangeProtection of
Biodiversity

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

Pages 50 and 51
Pages 50 and 51
Pages 50 and 51

Information on social and staff-related matters
2-7 Employees

Pages 31-33

405-1 (2016) Diversity of governancebodies and employees

Pages 33 and 34

2-7 Employees

Pages 31-33

401-1 (2016) New employee hires andemployee turnover

Page 33405-2 (2016) Ratio of basic salary andremuneration of women compared tomenPages 38 and 39

Implementation of policies on the right to disconnect

3-3 Management of material topics

Pages 34 and 35

Employees with a disability

405-1 (2016) Diversity of governancebodies and employees

Page 34

Organisation of the working time

3-3 Management of material topics

Pages 34 and 35

Number of hours of absenteeism

3-3 Management of material topics

Page 35

Measures to facilitate work and private life balance and toencourage shared responsibility by both parents.

3-3 Management of material topics

Pages 34 and 35

3-3 Management of material topics

Pages 35 and 36

Total number and distribution of employees by gender, age,country and professional classification

Employment

Work
organization

Health andsafetyTotal number and distribution of employment contract types,
annual average of permanent contracts, temporary contracts
and part-time contracts by gender, age and professionalclassification
Number of dismissals by gender, age and professional
category.
Average remuneration and its evolution disaggregated bygender, age and occupational classification or equal value.
Pay gap, the remuneration of equal or average jobs in thecompany.
Average remuneration of directors and executives, including
variable remuneration, allowances, compensation andpayment into long-term savings benefit systems and anyother payment broken down by gender

Health and safety at work conditions

403-1 (2016) Occupational health andsafety management system403-2 (2016) Identification of hazards,
risk assessment and investigation ofincidents
403-3 (2016) Occupational healthservices403-4 (2016) Worker participation,
consultation, and communication on
occupational health and safety403-5 (2016) Worker training on
occupational health and safety403-6 (2016) Promotion of worker
healthPage 35
Page 35

Page 35
Page 35

Page 35
Page 3588

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Work-related accidents, in particular their frequency andseverity, as well as occupational diseases; disaggregated bygender.

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report403-9 (2016) Work-related injuries

Page 36403-10 (2016) Work-related ill healthPage 36

3-3 Management of material topics

Page 212-30 Collective bargaining agreements

Page 36

3-3 Management of material topics

Page 36

3-3 Management of material topics

Pages 20, 39 and 40

Policies implemented in the field of training

3-3 Management of material topics

Pages 37 and 38

Total number of training hours by professional classification

404-1 (2016) Average hours of training
per year per employee

Page 38

Universal accessfor disabled
peopleUniversal access for disabled people

3-3 Management of material topics

Page 34

Equality

Measures adopted to promote equal treatment andopportunities for men and women
Equality plans (Chapter III of Organic Law 3/2007, of 22
March, for effective gender equality), measures taken to
promote employment, protocols against sexual and genderbased harassment, integration and universal accessibility forpeople with disabilities
Policy against any type of discrimination and, where
necessary, management of diversity

3-3 Management of material topics

Page 33 and 34

2-23 Policy commitments

Pages 55 and 56

2-26 Mechanisms for seeking advice
and raising concerns about ethics

Pages 55 and 56

Social relations.

Organising social dialogue, including procedures for
informing, consulting and negotiating with staff;
Percentage of employees covered by collective workers
agreements by country.
Balance of collective bargaining agreements, especially in thefield of occupational health and safety.
Mechanisms and procedures that the company has in place toencourage worker involvement in managing the company, interms of information, consultation and participation.

Training

Information on respecting human rights

407-1 (2016) Operations and suppliers
in which the right to freedom of
association and collective bargaining
may be at risk

Application ofdue diligenceprocedures
Application of due diligence procedures regarding humanrights; prevention of risks of human rights violations and,
where applicable, measures to mitigate, manage and redresspossible abuses committed

408-1 (2016) Operations and suppliers
at significant risk for incidents of childlabor409-1 (2016) Operations and supplierswith significant risk of being involvedin forced or compulsory labour
412-1 (2016) Operations that have been
subject to human rights reviews or
impact assessments
412-3 (2016) Significant investment
agreements and contracts that include
human rights clauses or that
underwent human rights screening

Complaints relating to cases of human rights violations

Pages 36, 46 and 47
No operations or suppliers withsignificant risk of being involvedin freedom of association andcollective bargaining cases havebeen identified.
Page 56
No operations or suppliers withsignificant risk of being involvedin child labour have been
identified.
Page 56
No operations or suppliers withsignificant risk of being involvedin forced or compulsory labour
have been identified.
No
operations
have
been
identified that should be subject
to review or evaluation regarding
impact on human rights.
There
are
no
significant
investment agreements, definedasinvestment
management
mandates, given that GCO directly
manages almost all investments.

406-1 (2016) Incidents of
discrimination and corrective actions
taken

Pages 33, 34 and 56

2-27 (2016) Non-compliance withsocial and economic laws andregulations

In 2023, 1 sanction amounting toŪ278,000 has been received(during 2022, 3 sanctions
amounting to Ū158,000 werereceived). Accounting provisions
for penalties above a threshold of
30,000 euros are reported.

3-3 Management of material topics

Page 5689

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

406-1 (2016) Incidents of
discrimination and corrective actions
taken

Promoting and complying with the provisions of the core
conventions of the International Labour Organisation related
to respect for freedom of association and the right to collective
bargaining; Eliminating discrimination in employment andoccupation; The elimination of forced or compulsory labour;
The effective abolition of child labour.

407-1 (2016) Operations and suppliers
in which the right to freedom of
association and collective bargaining
may be at risk408-1 (2016) Operations and suppliers
at significant risk for incidents of childlabor409-1 (2016) Operations and supplierswith significant risk of being involvedin forced or compulsory labour

07 External assurance report

Pages 34 and 56
Pages 36, 46 and 47
No operations or suppliers withsignificant risk of being involvedin freedom of association andcollective bargaining cases havebeen identified.
Page 56
No operations or suppliers withsignificant risk of being involvedin child labour have been
identified.
Page 56
No operations or suppliers withsignificant risk of being involvedin forced or compulsory labour
have been identified.

Information on the fight against corruption and bribery

Measures implemented to prevent corruption and bribery.

3-3 Management of material topics

Pages 58 and 59

2-23 Policy commitments

Pages 58 and 59

2-26 Mechanisms for seeking advice
and raising concerns about ethics
205-3 (2016) Number of case involving
corruption and bribery
3-3 Management of material topics

Information on
the fight against
corruption andbribery

2-23 Policy commitments
Measures to combat money laundering.

Contributionsorganisations

made

to

foundations

andnon-profit

Pages 58 and 59
Page 59
Page 57
Page 57

2-26 Mechanisms for seeking advice
and raising concerns about ethics
205-2 (2016) Communication andtraining about anti-corruption policies
and procedures201-1 (2016) Direct economic value
generated and distributed
413-1 (2016) Operations with local
community
engagement,
impactassessments,
anddevelopment
programmes

Page 57

3-3 Management of material topics

Pages 22, 23, 45-47, 61-65

Pages 57-59
Page 61

Pages 61- 64

Company information

The impact of the company’s activity on local employment anddevelopment

Commitment by
the company tosustainable
development203-2 (2016) Significant indirect
economic impacts
204-1 (2016) Proportion of spending on
local suppliers
3-3 Management of material topics

The impact of the company’s activity on local populations andthe region.

Relationships with members of the local communities and thetypes of dialogue with them

Inclusion of social, gender equality and environmental
matters in procurement policies

413-1 (2016) Operations with local
community
engagement,
impactassessments,
anddevelopment
programmes
2-29
Approachtostakeholder
engagement

Consideration of their social and environmental responsibility
in relationships with suppliers and subcontractors

Supervision and audit systems, and their results

Page 47
Pages 61-65

Pages 61-65

Pages 20 and 21

2-28 Membership of associations

Pages 29, 63 and 64

3-3 Management of material topics

Pages 45-47

3-3 Management of material topics
Subcontracting
and suppliers

Pages 47, 61-65

Pages 45-47

2-6 Activities, value chain and otherbusiness relationships
308-1 (2016) New suppliers that werescreened using environmental criteria
414-1 (2016) New suppliers that werescreened using social criteria

Pages 45-47

3-3 Management of material topics

Pages 46 and 47

Pages 46 and 47
Pages 46 and 47

90

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

Measures for the health and safety of consumers
Consumers

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

2-6 Activities, value chain and otherbusiness relationships

Pages 46-47

3-3 Management of material topics

Pages 40-43, 57 y 58

418-1 (2016) Substantiated complaints
concerning breaches of customer
privacy and losses of customer data

Pages 57 and 58

3-3 Management of material topics

Page 60

201-4 (2016) Financial assistancereceived from the government

In 2023, Grupo Catalana Occidente
S.A. did not receive any public
subsidies (in 2022 it received 200
thousand euros that went to theCatalana Occidente Actuarial Tool
project).

2-1 Organizational details

Grupo Catalana Occidente, S.A.
Paseo de la Castellana nº4, 28046(Madrid)
Pages 7 and 10

Profits obtained country by country
Tax paid on profits.
Tax information
Information on public subsidies received

Other material information
Other
information
about theCompany’s
profileInformation on
Corporate
Governance
Information on
the involvementof stakeholders

2-6 Activities, value chain and otherbusiness relationships
2-9
Governancestructureandcomposition
2-13 Delegation of responsibility for
managing impacts
2-29
Approachengagement

tostakeholder

Pages 11, 12, 18, 19 and 48
Pages 18, 19 and 48
Pages 20 and 21

2-2
Entities
includedintheorganisation's sustainability reporting

Page 5
See also Appendix I and Appendix
II of GCO's Annual Report 2023
(Consolidated Annual Accounts
section) and note “2.f) Basis of
consolidation" (Notes to theConsolidated Annual Accounts
section).

3-1 Process to determine material
topicsPages 20 and 21

3-2 List of material topics

Pages 20 and 21

2-4 Restatements of information

Other useful
information

Pages 7-10, 40-45

2-3 Reporting period, frequency andcontact point

1 Foundation
2-5 External assurance

206-1 (2016) Legal actions for anticompetitive behaviour, anti-trust andmonopoly practices

402-1 (2016) Minimum notice periods
regarding operational changes

404-3 (2016) Percentage of employees
receiving regular performance andcareer development reviews

No material restatements in the
period.
Indicatedonthedocument in the event ofrestatements of information.
Report period: Financial year2023
Frequency: Yearly
Date of issue: 29 February 2024
Contact point: investor@gco.com
Pages 5 and 79
Page 92
In 2023, there have been 2
incidents of anti-competitive
behaviourinthefuneralbusiness, one with a favourable
judgement for GCO and another inprocess. (0 records in 2022).
The minimum notice periods are
established in the different
collective agreements of theOrganisation’s employees. In
countries that do not have acollective bargaining agreement,
the applicable local laws areapplied.
Page 3891

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

415-1 (2016) Contributions to politicalparties and/or representatives
417-2(2016)
Cases
andnoncompliances related to information andlabelling of products and services

Information requested by (EU) Regulation 2020/852, on Taxonomy

Asset indicators

Template: The proportion of the insurance or reinsurance
undertaking’s investments that are directed at funding, or areassociated with, Taxonomy-aligned in relation to total
investments

07 External assurance report

As in 2022, no contributions havebeen made to political parties in
2023.
No cases of breaches ofregulations or voluntary codes
relating to product and service
information and labelling havebeen recorded in 2022 or 2023.

References used

Regulation
Taxonomy(EU)

2020/852

Pageon

Pages 68-71

Delegated Regulation (EU) 2021/2178 oftheCommission,
supplementing
Regulation(EU)
2020/852,
on
Taxonomy – ANNEXES IX and X

Non-life
insurance
premium
indicators

Template: The underwriting KPI for non-life insurance andreinsurance undertakings

Qualitative
information

Qualitative information for market understanding of asset
indicators and non-life insurance premium indicators.

Delegated Regulation (EU) 2021/2178 oftheCommission,
supplementing
Regulation(EU)
2020/852
on
Taxonomy - ANNEX XI

Pages 25, 28 and 77-79

Information on
nuclear energy
and fossil gas

Standardized templates for disclosing information on
exposures to the nuclear energy and fossil gas sectors.

Delegated Regulation (EU) 2021/2178 oftheCommission,
supplementing
Regulation(EU)
2020/852
on
Taxonomy - ANNEX III

Pages 71-76

Page 7892

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance report

External assurance report93Grupo Catalana Occidente, S.A.
and subsidiaries
lndependentverification report
Consolidated Non-Financia! lnformation Statement
31 December 2023

pwc
This version of our report is a free translation of the original, which was prepared in Spanish. Ali possible care has been taken
to ensure that the translation is an accurate representation of the original. However, in ali matters of interpretation of
information, views or opinions, the original language version of our report takes precedence over this translation.

Independent verification report
To the shareholders of Grupo Catalana Occidente , S.A.:
Pursuant to article 49 of the Code of Commerce, we have verified , with the scope of a limited
assurance engagement, the Consolidated Non-Financia! lnfarmation Statement far the year ended 31
December 2023 of Grupo Catalana Occidente , S.A. (Parent company) and subsidiaries (hereinafter
Grupo Catalana Occidente or the Group) included in the accompanying 'Sustainability report - NonFinancial lnformation Statement' (hereinafter NFIS) which farms part of the Group's consolidated
management report.
The content of the NFIS includes additional infarmation to that required by current mercantile
legislation in relation to non-financia! infarmation , which has not been covered by our verification work.
In this respect , our work was limited solely to verifying the infarmation identified in tab les 'Appendix 111
NFIS content index' and 'Appendix 11 GRI content index' included in the accompanying NFIS.
Responsibility of the directors of the Parent company
The preparation of the NFIS included in the Group's consolidated management report , and the content
thereof, are the responsibility of the Board of Oirectors of Grupo Catalana Occidente, S.A. The NFIS
has been drawn up in accordance with the provisions of current mercantile legislation and using as areference the criteria of the Sustainability Reporting Standards of the Global Reporting lnitiative ("GRI
Standards") as per the details provided far each matter identified in tables 'Appendix 111 NFIS content
index' and 'Appendix 11 GRI content index' included in the accompanying NFIS.
This responsibility also includes the design , implementation and maintenance of the interna! control
considered necessary to allow the NFIS to be free of material misstatement dueto fraud or error.
The Board of Directors of Grupo Catalana Occidente , S.A. are also responsible far defining ,implementing , adapting , and maintaining the management systems from which the infarmation
required to prepare the NFIS is obtained.
Our independence and quality management
We have complied with the independence requirements and other ethical requirements of thelnternational Code of Ethics far Professional Accountants (including lnternational lndependenceStandards) of the lnternational Ethics Standards Board far Accountants (IESBA Code of Ethics) which
is faunded on fundamental principies of integrity, objectivity, professional competence and due care ,confidentiality and professional behaviour.

Pricewaterh ouseCooper s A udito r es, S.L. , Torre PwC, Pº de la Castellana 259 B, 28046 Ma drid, Espafía
Te l.: +34 915 684 400 / +34 902 021111, Fax : +34 915 685 400, www.pwc.es
R.M . Madrid . hoja M-63 .988, folio 75, lomo 9.267 , libro 8.054 , sección 3ª
Inscrita en el R.O.A.C. con el número S0242 • NIF: B-79031290

1

pwc
Grupo Cat al ana Occidente, S.A. and subsidiaries
Our firm applies lnternational Standard on Quality Management (ISQM) 1, which requires the firm todesign , implement and operate a system of quality management including policies or procedures
regarding compliance with ethical requirements , professional standards , and applicable legal andregulatory requirements .
The engagement team consisted of professionals specialising in Non-financia! lnfarmation reviews ,specifically in infarmation on economic, social , and environmental performance.
Our responsibility
Our responsibility is to express our conclusions in a limited assurance independent verification reportbased on the work we have performed. We carried out our work in accordance with the requirements
laid down in the current lnternational Standard on Assurance Engagements 3000 Revised, 'Assurance
Engagements other than Audits or Reviews of Historical Financia! lnfarmation ' (ISAE) 3000 Revised ,issued by the lnternational Auditing and Assurance Standards Board (IAASB) of the lnternational
Federation of Accountants (IFAC) , in the Guidelines far verification engagements of the Non-Financia!
lnfarmation Statement issued by the Spanish lnstitute of Auditors ('Instituto de Censores Jurados deCuentas de España').
In a limited assurance engagement, the procedures performed vary in nature and timing of execution ,and are less extensive , than those carried out in a reasonable assurance engagement andaccordingly , the assurance provided is also lower.
Our work consisted of posing questions to management as well as to the various units of the Group
that were involved in the preparation of the NFIS, the review of the processes far compiling andvalidating the infarmation presented in the NFIS, and applying certain analytical procedures andreview procedures on a sample basis, as described below:•

Meetings with the Group personnel to understand the business model, policies and management
approaches applied , principal risks relating to these matters and to obtain the infarmation required
far the externa! review.

•

Analysis of the scope , relevance and integrity of the content of the NFIS far the year 2023 , basedon the materiality analysis carried out by the Group and described in section 'Materiality', taking
into account the content required by current mercantile legislation.

•

Analysis of the procedures used to compile and validate the infarmation presented in the NFIS
far the year 2023.

•

Review of infarmation relating to risks , policies and management approaches applied in relation
to material matters presented in the NFIS far the year 2023.

•

Verification, by means of sample testing , of the infarmation related to the content of the NFIS far
the year 2023 and that it was adequately compiled using data provided by the sources of
infarmation .

•Obtaining a management representation letter from the directors and management of Parent
company.

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pwc
Grupo Catalana Occidente, S.A. and subsidiaries
Conclusion
Based on the procedures performed in ou r verification and the evidence obtained , nothing has cometo our attention that causes us to believe that the NFIS of Grupo Catalana Occidente, S.A. andsubsidiaries far the year ended 31 December 2023 has not been prepared , in all material respects , inaccordance with the provisions of current mercantile legislation and using as a reference the criteria of
GRI as per the details provided far each matter in tables 'Appendi x 111 NFIS content index' and'Appendi x 11 GRI content index' included in the accompanying NFIS.
Emphasis of matter
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 relating to
the establishment of a framework to facilitate sustainable investments , as well as the Delegated Acts
promulgated in accordance with the provisions of the afarementioned Regulation , establish the
obligation to disclose infarmation on the manner and extent to which the company's investments areassociated with eligible economic activities in relation to the environmental objectives of sustainable
use and protection of water and marine resources , transition to a circular economy, prevention andcontrol of pollution and protection and restoration of biodiversity and ecosystems (the rest of theenvironmental objectives), and in relation to certain new activities included in the objectives of climatechange mitigation and adaptation to climate change, far the first time far the year 2023. Theafarementioned regulation also establishes far the first time far the year 2023 the obligation to disclose
infarmation on the manner and extent to which the company's activities are associated with economic
activities aligned with the activities included in the objectives of climate change mitigation and climatechange adaptation , excluding the new activities mentioned above . Consequently, the NFIS does notinclude comparative infarmation on alignment in relation to the objectives of climate change mitigationand climate change adaptation , nor does it include comparative infarmation on eligibility in relation to
the rest of the environmental objectives , nor in relation to the new activities included in the objectivesof climate change mitigation and climate change adaptation. Furthermore , to the extent that theinfarmation referring to eligible activities in the year 2022 was not required with the same level of detailas in the year 2023 , the infarmation disclosed on eligibility is not strictly comparable either in the NFIS .
In addition , it should be noted that the Board of Directors of Grupo Catalana Occidente, S.A. haveincorporated infarmation on the criteria that, in their opinion , allows far improved compliance with theafarementioned obligations and which is defined in section 'Appendi x I Additional infarmation' of theaccompanying NFIS. Our conclusion has not been modified in relation to this matter.
Use and distribution
This report has been drawn up in response to the requirement established in current Spanish
mercantile legislation and therefare may not be suitable far other purposes and jurisdictions .
PricewaterhouseCoopers Auditores , S.L.

PRICEWATERHOUSECOOPERS AUDITORES, S.L.
Original in Spanish signed by
Margarita de Rosselló
29 February 20243

Sustainability Report - Non-Financial Information Statement Grupo Catalana Occidente, S.A. 2023
Letter from the Chairman
About this report

01 GCO
02 Sustainable business

03 Group commitments
04 Appendix I – Additional information

05 Appendix II – GRI content index
06 Appendix III – NFIS content index

07 External assurance reportwww.gco.com
For more information, contact:
investor@gco.com+ 34 915 661 302

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