CSR Management

Managing our business sustainably and responsibly means not only creating value and complying with laws and regulations but also developing constructive relations with anyone who is directly or indirectly affected by our initiatives: our "stakeholders".

The Code of Ethics, first adopted in 2004 and now in its fifth edition is the vehicle we use to express our principles and represent our wish to invest in transparent dialogue.

This is the cornerstone of our approach to business, which guides, evolves, and supports the development of our business initiatives. This important document is accompanied by the Sustainability Policy and the Human Rights Policy approved by our ESG Committee, previously the Sustainability Committee.

The coming decade's great climate change challenge requires a rapid and radical response from all individuals, institutions, the financial community and businesses. In this scenario, institutional investors are also reassessing the foundations of modern finance, paying increasing attention to sustainability and environmental, social and governance (ESG) issues, favouring the businesses most committed to this challenge in their choices.

In particular, sustainability is becoming complementary leverage across the entire value chain, and ESG initiatives are increasingly a constituent element of business strategy. To address this crucial challenge, since July 2020, our Corporate Social Responsibility office has been merged into the new Investor Relations & CSR department, the purpose of which is to develop and oversee the Group's CSR plan and all its CSR initiatives while ensuring that the Group's value is fully disclosed to the financial community.

We activate governance bodies and operating structures able to guarantee the rigorous management of activities and promote an integrated approach to sustainability within the Group, monitoring the achievement of sustainability goals.

The following structures are directly involved in the sustainability management process:

  • ESG (previously Sustainability) Committee
    Guides and monitors all sustainability activities. The responsibilities of the Internal Sustainability Committee include:
    - the definition of the Group's sustainability focus points and promotion of corporate social responsibility;
    - the approval, supervision and evaluation of sustainability objectives and priority areas for actions related to CSR;
    - the approval of the materiality analysis, timings and methods of communication for the Non-Financial Statement and for CSR initiatives.

    In 2019, the Sustainability Committee met twice and, among its main activities, acted as a "Green Bond Committee", choosing projects to be funded with the revenues generated through the allocation of the Green Bond, with reference to the Green Bond Framework.
  • Corporate Social Responsibility Department
    This department is mainly responsible for:
    - collecting all the inputs coming from the lines, representing them in the Sustainability Report, established according to international benchmark standards;
    - supporting the Committee in carrying out its tasks, in particular in monitoring, reporting and operationally implementing the objectives, via the CSR Working Groups;
    - operationally implementing the CSR-related orientations identified by the ESG (previously Sustainability) Committee within the Group.
  • CSR Working Group
    These working groups operate across organisational units and are tasked with:
    - identifying the reporting areas of the report and reporting the Key Performance Indicators (KPIs) to represent the Group's activities and identifying new ones, if necessary;
    - identifying initiatives and collecting requests from the main stakeholders, so that they are given the right importance, also in the Sustainability Report.
  • Supervisory Body
    It is tasked with:
    • Monitoring the effectiveness of the Model and compliance with the Code of Ethics;
    • Verifying the adequacy of the Model to prevent the commission of the crimes referred to in Italian Legislative Decree 231/01;
    • Overseeing the updating of the Model;
    • Providing training on the Code of Ethics and on 231 issues;
    • Assessing the information received.
  • Human Capital Committee
    Deals with the development of personnel. Assesses and checks the reports of possible violations of the Human Rights Policy.