Governance & management
The Board of Directors of the Parent Company is the body responsible for setting the Group's goals and commitments for sustainability, in addition to assessing risks, opportunities and areas for improvement. It is supported by the Corporate Governance Social and Environmental Sustainability Committee which performs a consultative, recommendatory and preparatory role for the Board of Directors regarding the corporate governance and social and environmental sustainability decisions for which it responsible. It consists of non-executive directors, most of whom are independent directors.
The Group CEO is responsible for the implementation at Group level of the sustainability strategies and policies identified by the Board of Directors. At Group Head Office level, specific functions, committees and working groups have also been set up to ensure we systematically take into account social and environmental aspects related to business activities, as well as economic ones:
- Group Sustainability and Social Responsibility, function reporting to the Group Communications and Public Affairs Director, responsible for defining, implementing and reporting on the Group’s social responsibility model through the dialogue with GHO functions and involvement of sustainability managers in the countries where the Group operates.
- In order to achieve greater integration of sustainability with the core business, two cross-functional committees and working groups focus on specif issues:
- EMS Review Committee: an internal body which reviews the Group environmental management system based on the ISO 14001 standard.
- Responsible Investment Committee: a cross-functional body that assesses issuers on the basis of the Group’s environmental, social and governance criteria, and supports the Group CIO’s decisions regarding potential exclusions from the Group’s investments.
- Responsible Business Lab: a working group involving the Group Sustainability and Social Responsibility function, the Group Investments, Assets and Wealth Management function and the Group Chief Operations and Insurance Officer function, which coordinates sustainability activities of significance for the Group business.
- Integrated Reporting Lab: a working group involving the Group Sustainability and Social Responsibility function, the Group Chief Financial Officer function and the Corporate Affairs function, which defines and implements a common reporting approach.
- Sustainability Community: a network of sustainability managers at the local level. Moreover, in some countries Sustainability Committees have been formed to operate at national level with a view to improving the organisation and the coordination of activities in the social and environmental fields.