players and management tools in corporate sustainability context

1

UNIVERSITÀ DEGLI STUDI DI TORINOFACOLTÀ DI ECONOMIA

ACADEMIC COURSE IN BUSINESS ADMINISTRATION

DISSERTATION

PLAYERS AND MANAGEMENT TOOLS IN CORPORATE SUSTAINABILITY CONTEXT

Prof. Maurizio CisiProf. Willem Tousijn

Examinee: Federico Capellomatr. 282316

ACADEMIC YEAR 2010/2011

lunedì 15 aprile 13

2Facoltà di Economia

Federico CapelloUniversità degli Studi di Torino

Players and management tools in corporate sustainability context

INTRODUCTION

• the thesis was born with the goal of filling up that biographical emptiness typical in the Sustainability Reporting and in the CSR practice; defining who are the main actors operating in the

Italian market and understanding their behavior.

• the Research has been carried out meeting sector specialists and analyzing the main communication tool for non-financial datas used by companies: the Sustainability Report.

• FTSE MIB listed companies, in December 2011, were used as samples. It has been examined their sustainability reports for the years 2008-2009-2010.

• the second part of the thesis deepens the analysis of sustainability report double role: as a tool supporting the company CSR practices and as a tool for effective communication with the

outside world. Everything has been backed by two researches that have related report quality - CSR communication quality - ESG rating level obtained.

• The business approach, able to give an objective vision of the context, came with a sociological analysis of the activity performed by the main players. The intention was to assess those players

behavior considering also the diffusion of a business model reckoned sustainable for real.




ITALIAN MARKET STRUCTURE

Entities operating in corporate sustainability context with influence on the compilation of an extra-financial report

PART I

Players and management tools in corporate sustainability context

COMPANYXUNGC

GRIIFACAccountAbilityGBSABIIIRCISO

VIGEOSAMECPIEIRISOEKOM ResearchMSCI ESG ResearchAEI

SAPEnablonSASMicrosoft CorporationBSI Entropy InternationalCredit 360CSR Nordic Aps

EconometicaVoluntasNewsweekSustainalitycsTrucostCorporate RegisterCarbon Disclosure ProjectCSR Manager NetworkLundquist

SGSERM CVSBureau Veritas Certification FranceDet Norske VeritasPwcKPMGErnst & YoungDeloitteAccentureAvanziRGAProtivitiValue Partners

Aletti Gestielle SGR Generali Investments SicavAureo Gestioni SGR Pioneer Asset ManagementBNP PARIBAS Investment Partners SGR Pioneer Investment Management SGREtica SGR Sella Gestioni SGREurizon Capital SGR UBI Pramerica SGR

NGOTrade UnionsSuppliersCustomersCurrent and Future EmployeesPublic Administration

SDA BocconiLUISS

RESEARCH ORAGNIZATIONS CONSULTING

ASSURANCEANALYSTS - RATING ESG

CSRINVESTMENTS

FOUNDS

SUSTAINABILITY REPORT

Other Stakeholders

engaged in CSR

Associations Pubblications

Research

Software solutions suppliers

Business Schools




• through the reports analysis it was possible to find out which companies present their sustainability report to external assurance.

• it was possible to deepen such aspect thanks to companies offering advisory services in addition to limited auditing

• starting from the analysis of the published reports it was possible to trace those compilation and auditing standards, most spread, and consequently to identify the main Research Organizations that deal with the drawing of the above mentioned standards.

• the importance of an external evaluation on companies CSR practices quality led the research to reconstruct the identity and profile of the analysts and ESG rating agencies

• some kind of investors, generally funds manager companies, use extra-financial logics in their decisions. This behavior is due to the corporate social responsibility.

COMPANYXUNGC

GRIIFACAccountAbilityGBSABIIIRCISO

VIGEOSAMECPIEIRISOEKOM ResearchMSCI ESG ResearchAEI

SGSERM CVSBureau Veritas Certification FranceDet Norske VeritasPwcKPMGErnst & YoungDeloitteAccentureAvanziRGAProtivitiValue Partners

Aletti Gestielle SGR Generali Investments SicavAureo Gestioni SGR Pioneer Asset ManagementBNP PARIBAS Investment Partners SGR Pioneer Investment Management SGREtica SGR Sella Gestioni SGREurizon Capital SGR UBI Pramerica SGR

RESEARCH ORAGNIZATIONS CONSULTING

ASSURANCEANALYSTS - RATING ESG

CSRINVESTMENTS

FOUNDS

SUSTAINABILITY REPORT

MAIN PLAYERS...

Players and management tools in corporate sustainability contextlunedì 15 aprile 13



MAIN PLAYERS... ASSURANCE PRACTICE

AZIENDAX

ASSURANCE

ORGANIZZAZIONI DI RICERCA

ANALISTI - RATING ESG

SOCIETÀ DI CONSULENZA

FONDI INVESTIMENTO

CSR

REPORT DI SOSTENIBILITÀ

Altri Stakeholder

attenti alla CSRBusiness

School

Associazioni Pubblicazioni

Ricerca

Fornitori di soluzioni software

dei soggetti che operano a fianco delle maggiori imprese in Italia sono stati

analizzati i report degli anni 2008, 2009 e 2010 presentati dalle società incluse nel

FTSE MIB a dicembre 2011.

Il risultato, per le società quotate e per i soggetti revisori è presentato nelle

seguenti tabelle:

FTSE MIB a Dicembre 2011 (in rosso il Report INTEGRATO)FTSE MIB a Dicembre 2011 (in rosso il Report INTEGRATO)FTSE MIB a Dicembre 2011 (in rosso il Report INTEGRATO)

Società incaricata alla revisione del Bilancio di SostenibilitàSocietà incaricata alla revisione del Bilancio di SostenibilitàSocietà incaricata alla revisione del Bilancio di SostenibilitàSocietà 2010 2009 2008

1 A2a Pwc Pwc Assenza Soc. Revisione2 Ansaldo Sts Pwc Assenza Soc. Revisione incluso in Finmeccanica3 Atlantia (incl. in Autostrade) KPMG KPMG KPMG4 Autogrill Spa KPMG KPMG KPMG5 Azimut No Bil Sost No Bil Sost No Bil Sost6 Banco Popolare DELOITTE DELOITTE DELOITTE7 Bca Mps KPMG KPMG KPMG8 Bca Pop Milano Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione9 Bulgari No Bil Sost No Bil Sost No Bil Sost

10 Buzzi Unicem Pwc Pwc Pwc11 Campari No Bil Sost No Bil Sost No Bil Sost12 Diasorin No Bil Sost No Bil Sost No Bil Sost13 Enel KPMG KPMG KPMG14 Enel Green Power incluso in Enel incluso in Enel Società non costituita15 Eni Ernst & Young Pwc Pwc16 Exor No Bil Sost No Bil Sost No Bil Sost17 Fiat SGS SGS SGS18 Fiat Industrial incluso in Fiat Società non costituita Società non costituita19 Finmeccanica Pwc ERM CVS Assenza Soc. Revisione20 Fondiaria-Sai Ernst & Young DELOITTE DELOITTE21 Generali Ass Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione22 Impregilo Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione23 Intesa Sanpaolo Ernst & Young Ernst & Young Ernst & Young24 Lottomantica Ernst & Young Ernst & Young Ernst & Young25 Luxottica Group No Bil Sost No Bil Sost No Bil Sost26 Mediaset S.P.A. No Bil Sost No Bil Sost No Bil Sost27 Mediobanca No Bil Sost No Bil Sost No Bil Sost28 Mediolanum Ernst & Young Ernst & Young Ernst & Young29 Parmalat No Bil Sost No Bil Sost No Bil Sost30 Pirelli e C SGS SGS SGS31 Prysmian Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione32 Saipem Ernst & Young Pwc Pwc33 Snam Rete Gas Ernst & Young Pwc Pwc34 Stmicroelectronics DNV Bureau Veritas C. F. Bureau Veritas C. F.35 Telecom Italia Pwc Ernst & Young Ernst & Young36 Tenaris Assenza Soc. Revisione Assenza Soc. Revisione No Bil Sost37 Terna KPMG KPMG KPMG38 Tod’s No Bil Sost No Bil Sost No Bil Sost39 Ubi Banca KPMG KPMG KPMG40 Unicredit KPMG KPMG KPMG

TESI DI LAUREA - Attori e strumenti nella sostenibilità d’impresa

Università degli Studi di Torino - Facoltà di Economia 70

• the analysis considers companies listed on the FTSE MIB in December 2011

• companies that have published sustainability reports during the years 2008,2009,2010 and how many of those reports have been controlled by a third-party assurance, have been identified.




20102010 20092009 20082008Società Revisione n° Soc. Revisionate n° Soc. Revisionate n° Soc. RevisionatePwc 5 A2a 5 A2a 4 Buzzi UnicemPwc 5

Ansaldo Sts5

Buzzi Unicem4

EniPwc 5

Buzzi Unicem

5

Eni

4

Saipem

Pwc 5

Finmeccanica

5

Saipem

4

Snam Rete Gas

Pwc 5

Telecom Italia

5

Snam Rete Gas

4

KPMG 7 Atlantia 7 Atlantia 7 AtlantiaKPMG 7Autogrill Spa

7Autogrill Spa

7Autogrill Spa

KPMG 7

Bca Mps

7

Bca Mps

7

Bca Mps

KPMG 7

Enel

7

Enel

7

Enel

KPMG 7

Terna

7

Terna

7

Terna

KPMG 7

Ubi Banca

7

Ubi Banca

7

Ubi Banca

KPMG 7

Unicredit

7

Unicredit

7

UnicreditErnst & Young 7 Eni 4 Intesa Sanpaolo 4 Intesa SanpaoloErnst & Young 7

Fondiaria Sai4

Lottomatica4

LottomaticaErnst & Young 7

Intesa Sanpaolo

4

Mediolanum

4

Mediolanum

Ernst & Young 7

Lottomatica

4

Telecom Italia

4

Telecom Italia

Ernst & Young 7

Mediolanum

4 4Ernst & Young 7

Saipem

4 4Ernst & Young 7

Snam Rete Gas

4 4

DELOITTE 1 Banco Popolare 2 Banco Popolare 2 Banco PopolareDELOITTE 1 2Fondiaria Sai

2Fondiaria Sai

SGS 2 Fiat 2 Fiat 2 FiatSGS 2Pirelli e C

2Pirelli e C

2Pirelli e C

ERM CVS - - 1 Finmeccanica - -Bureau Veritas Certification France - - 1 Stmicroelectronics 1 StmicroelectronicsDNV 1 Stmicroelectronics - - - -Numero bilanci sottoposti a revisione 23 22 20Soc. incluse in bilanci del FTSE MIB 2 Enel Green Power 1 Enel Green Power 1 Ansaldo StsSoc. incluse in bilanci del FTSE MIB 2

Fiat Industrial1 1

Tot società sottoposte a revisione 25 23 21Bilanci redatti in assenza di revisione esterna

5 Bca Pop Milano 6 Ansaldo Sts 6 A2aBilanci redatti in assenza di revisione esterna

5Generali Ass

6Bca Pop Milano

6Bca Pop Milano

Bilanci redatti in assenza di revisione esterna

5

Impregilo

6

Generali Ass

6

Finmeccanica


5

Prysmian

6

Impregilo

6

Generali Ass


5

Tenaris

6

Prysmian

6

Impregilo


5 6

Tenaris

6

PrysmianTot società con un bilancio sostenibilità 30 29 27Mancata redazione bilancio di sostenibilità

10 Azimut 10 Azimut 11 AzimutMancata redazione bilancio di sostenibilità

10Bulgari

10Bulgari

11Bulgari

Mancata redazione bilancio di sostenibilità

10

Campari

10

Campari

11

Campari


10

Diasorin

10

Diasorin

11

Diasorin


10

Exor

10

Exor

11

Exor


10

Luxottica Group

10

Luxottica Group

11

Luxottica Group


10

Mediaset S.P.A.

10

Mediaset S.P.A.

11

Mediaset S.P.A.


10

Mediobanca

10

Mediobanca

11

Mediobanca


10

Parmalat

10

Parmalat

11

Parmalat


10

Tod’s

10

Tod’s

11

Tenaris


10 10 11

Tod’sTotale 40 39 38Società non costituite alla data - - 1 Fiat Industrial 2 Enel Green PowerSocietà non costituite alla data - 1 2

Fiat Industrial

L’analisi conferma il ruolo rilevante nell’attività di assurance delle società di

revisione, perlomeno per quanto riguarda le grandi società quotate.

TESI DI LAUREA - Attori e strumenti nella sostenibilità d’impresa

Università degli Studi di Torino - Facoltà di Economia 71

• entities offering assurance practices are divided as shown in the table

• companies offering limited report auditing can be divided in two categories: big auditing companies and quality certification companies

Dall’analisi condotta sulle società quotate all’interno del FTSE MIB è emerso che

le società incaricate delle pratiche di assurance del report di sostenibilità sono le

seguenti:

Symbol Name

PwCPricewaterhouseCoopers

AUDIT PRACTICE

KPMG KPMG AUDIT PRACTICE

E&Y Ernst & Young

AUDIT PRACTICE

Deloitte Deloitte Touche Tohmatsu Limited

AUDIT PRACTICE

SGS SGS Italia

CERTIFICATION OF QUALITY

PRACTICE

ERM CVS ERM CVSCERTIFICA

TION OF QUALITY

PRACTICEBVCF

Bureau Veritas Certification France


PRACTICE

DNVDet Norske Veritas


PRACTICE

Le prime quattro sono società di revisione, che spesso ampliano il proprio incarico

al report di sostenibilità tramite formula della revisione limitata appena illustrata.

La natura delle altre quattro firme è riconducibile alla prassi della “certificazione”,

si tratta di enti che si occupano principalmente di qualità e di standard di processo,

con una gamma di servizi che spazia dall’ispezione, alla verifica dei rischi e la

compliance. L’attività di certificazione può riguardare standard internazionali

come gli UNI-ISO oppure standard sviluppati internamente ed in settori molto

specifici come ad esempio il calcolo dell’anidride carbonica emessa da

determinati macchinari industriali. Il ruolo di queste società all’interno della

pratica dell’assurance è marginale sul numero dei campioni esaminati nel

campione in analisi, questo perché probabilmente per le società quotate in borsa

risulta più semplice affidarsi alle società di revisione con cui intrattengono già

9

ASSU

RANC

E AC

TIVI

TY

LIMITED ASSURANCE ON SUSTAINABILITY

REPORT




Auditing companies review

• A final review created by the auditing company and attached to the sustainability report concludes their job.• such document, besides illustrating the various standard information, it communicates less in-depth the progress of the limited auditing activity and does not guarantee the same correctness of the information contained in the report as an extended assurance service.

LIMITED ASSURANCE

formula that allows to express an opinion even in a wider and

sensitive to subjective evaluations context like the one

represented by non-financial reporting




AZIENDAX



ASSURANCEANALISTI - RATING ESG

FONDI INVESTIMENTO

CSR


Altri Stakeholder


School


Ricerca


The main entities operating in limited assurance are the well-know Big Four. They offer a wide and complete set of services supporting the CSR development.

Le e

mis

sion

i di C

O² p

rodo

tte

per

la re

aliz

zazi

one

di q

uest

a br

ochu

re s

ono

stat

e co

mpe

nsat

e co

n la

pia

ntum

azio

ne d

i alb

eri e

segu

ita

dal C

omit

ato

Parc

hi p

er K

yoto

ON

LUS

Sviluppo sostenibile e cambiamenticlimatici

www.pwc.com/it

Se ogni abitante della Terra volesse vivere secondo gli standard dei paesi occidentali avremmo bisogno di altri due pianeti per ottenere le risorse necessarie.

AUDIT

L’implementazione del report unico all’interno

delle imprese

The implementation of integrated reporting

within companies

kpmg.com/it

Climate change and sustainability

Seven questions CEOs and boards should ask about ‘triple bottom line’ reporting

This publication contains general information only, and none of Deloitte Touche Tohmatsu, its member firms, or its and their affiliates are, by means of this publication, render-ing accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances or your business. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.

None of Deloitte Touche Tohmatsu, its member firms, or its and their respective affiliates shall be responsible for any loss whatsoever sustained by any person who relies on this publication.

About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms.

Copyright © 2010 Deloitte Development LLC. All rights reserved.

I SSUE 7 | 2010

Complimentary article reprint

Compounding the Benefits of Carbon Management & Sustainability MeasuresBY ERIC HESPENHEIDE > JOHN D!ROSE > JESSICA BRAMHALL AND MARK TUMISKI > ILLUSTRATION BY EDDIE GUY

Sviluppo sostenibile e cambiamenti climatici

L’implementazione del report unico all’interno delle imprese

Climate change and sustainabilitty.Seven questions CEOs and boards should ask about “triple bottom line” reporting

A profitable shade of Green.Computing the benefits of carbon management & sustainability measures

PWC KPMG Ernst & Young Deloitte

These big companies, unlike competitors, can count on proper research departments. These departments are dedicated to specific themes on sustainability and non-financial reporting. Following some sample publications used as benchmarks by other sector operators.

GENERAL ADVISORY SERVICES FOR CSR LEVEL IMPLEMENTATIONGENERAL ADVISORY SERVICES FOR CSR LEVEL IMPLEMENTATIONGENERAL ADVISORY SERVICES FOR CSR LEVEL IMPLEMENTATIONGENERAL ADVISORY SERVICES FOR CSR LEVEL IMPLEMENTATIONGENERAL ADVISORY SERVICES FOR CSR LEVEL IMPLEMENTATION

SPECIFIC ADVISORY SERVICES FOR SUSTAINABILITY REPORTSPECIFIC ADVISORY SERVICES FOR SUSTAINABILITY REPORTSPECIFIC ADVISORY SERVICES FOR SUSTAINABILITY REPORT

CONSULTINGCONSULTING ASSURANCE

Report release

Creation a/o implementation

support of internal

reporting process

Limited assurance on sustainability

report

SUPPORT FROM RESEARCH DEPARTMENT SUPPORT FROM RESEARCH DEPARTMENT SUPPORT FROM RESEARCH DEPARTMENT SUPPORT FROM RESEARCH DEPARTMENT SUPPORT FROM RESEARCH DEPARTMENT SUPPORT FROM RESEARCH DEPARTMENT SUPPORT FROM RESEARCH DEPARTMENT

MAIN PLAYERS... ADVISORY COMPANIES




Corporate Social Responsibility and sustainability reporting diffusion

• The advisory activity is developed along with the market demand of more responsibility from companies.

•The diffusion of CSR practices and non-financial reporting is developed with 2 mainstreams: the sector impact level and the companies dimension

• enterprises operating in high environment and social impact sectors (i.e. oil, energetic etc) have been pushed to publicize the sustainability report before others. In this way they have acquired better expertise (Eni has presented an INTEGRATED ANNUAL REPORT 2010, with datas both financial and non-financial)

•Big listed companies had to adapt beforehand in their sectors in drawing up the report, but now they do put pressure on smaller competitor to make them adapt to such practices too.

ICT BANK OILRegionee 1 100 100 100

0

25

50

75

100

ICTBANK

OIL

Com

pany

’s S

ize

Larg

eSm

all

HighLow

Sector Impact Level

Spread of CSR practices and sustainability

reporting




AZIENDAX



ASSURANCEANALISTI - RATING ESG

FONDI INVESTIMENTO

CSR


Altri Stakeholder


School


Ricerca


REPORT DI SOSTENIBILITÀ prodotti dalle società FTSE MIB a dic 2011


201020102010201020102010 20092009200920092009 20082008200820082008REPORT DI SOSTENIBILITÀ prodotti dalle società FTSE MIB a dic 2011


Principi REDAZIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REVISIONE

Principi REVISIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REVISIONE

Principi REVISIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REVISIONE

Principi REVISIONE

1 A2a GRI EUSSGRI EUSS ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRI GBS --

2 Ansaldo Sts GRIGRI ISAE 3000 CoE GRIGRI GBS -- incluso in Finmeccanicaincluso in Finmeccanicaincluso in Finmeccanicaincluso in Finmeccanicaincluso in Finmeccanica3 Atlantia (in Autostrade) GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000

4 Autogrill Spa GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 3000

5 Banco Popolare GRI FSSSGRI FSSS *(2)*(2) ISAE 3000 CoE GRIGRI *(2) *(3) ISAE 3000 CoE GRI 2002GRI 2002 *(2) *(3) ISAE 3000ISAE 3000

6 Bca Mps GRI FSSSGRI FSSS ISAE 3000 CoE GRI FSSSGRI FSSS ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 3000

7 Bca Pop Milano GBSGBS ABI GRI* -- GBSGBS ABI -- GBSGBS ABI --

8 Buzzi Unicem GRIGRI *(1)*(1) ISAE 3000 CoE GRIGRI *(1) ISAE 3000 CoE GRIGRI GBS ISAE 3000ISAE 3000

9 Enel GRI EUSSGRI EUSS ISAE 3000 CoE GRI EUSSGRI EUSS ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 30009 Enel AA1000APSAA1000APS AA1000AS CoE AA1000APSAA1000APS AA1000AS CoE AA1000APSAA1000APSAA1000APS AA1000AS CoE

10 Enel Green Power incluso in Enelincluso in Enelincluso in Enelincluso in Enelincluso in Enelincluso in Enel incluso in Enelincluso in Enelincluso in Enelincluso in Enelincluso in Enel Società non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituita11 Eni GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 3000

12 Fiat GRIGRI AA1000AS GRIGRI AA1000AS GRIGRIGRI AA1000AS

13 Fiat Industrial incluso in Fiatincluso in Fiatincluso in Fiatincluso in Fiatincluso in Fiatincluso in Fiat Società non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituita Società non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituita14 Finmeccanica GRIGRI AA1000SESAA1000SES ISAE 3000 CoE GRI GBS AA1000APS *(4) GRI GBS AA1000APS *(4)

15 Fondiaria-Sai GBSGBS ISAE 3000 GBSGBS ISAE 3000ISAE 3000 GBSGBS ISAE 3000ISAE 3000

16 Generali Ass GRI FSSSGRI FSSS AA1000APSAA1000APS -- GRI FSSSGRI FSSS AA1000APS -- GRI FSSSGRI FSSS AA1000APS --

17 Impregilo GRI*GRI* -- GRI*GRI* -- NO LINEE GUIDANO LINEE GUIDANO LINEE GUIDA --

18 Intesa Sanpaolo GRI FSSSGRI FSSS ABIABI ISAE 3000 GBS GRI FSSSGRI FSSS ABI ISAE 3000 GBS GRI FSSSGRI FSSS ABI ISAE 3000 GBS

19 Lottomantica GRIGRI GBSGBS ISAE 3000 CoE GRIGRI GBS ISAE 3000 CoE GRIGRI GBS ISAE 3000ISAE 3000

20 Mediolanum GBSGBS GBS ISAE 3000 GBSGBS GBS ISAE 3000 GBSGBSGBS GBS ISAE 3000

21 Pirelli e C GRI GBS AA1000APSAA1000APS AA1000ASAA1000AS GRI GBS AA1000APS AA1000ASAA1000AS GRIGRI GBS AA1000ASAA1000AS

22 Prysmian GRI*GRI* -- NO LINEE GUIDANO LINEE GUIDANO LINEE GUIDA -- mancata redazione Reportmancata redazione Reportmancata redazione Reportmancata redazione Reportmancata redazione Report23 Saipem GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000ISAE 3000

24 Snam Rete Gas GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRI GBS ISAE 3000ISAE 3000

25 Stmicroelectronics GRIGRI DNV GRIGRI Bureau VeritasBureau Veritas GRIGRI Bureau VeritasBureau Veritas

26 Telecom Italia AA1000APSAA1000APS GRIGRI ISAE 3000 CoE AA1000ASISAE 3000 CoE AA1000AS AA1000APSAA1000APS GRI ISAE 3000 CoE AA1000ASISAE 3000 CoE AA1000AS GRIGRI

27 Tenaris NO LINEE GUIDANO LINEE GUIDANO LINEE GUIDANO LINEE GUIDA -- NO LINEE GUIDANO LINEE GUIDANO LINEE GUIDA -- mancata redazione Reportmancata redazione Reportmancata redazione Reportmancata redazione Reportmancata redazione Report28 Terna GRI EUSSGRI EUSS ISAE 3000 CoE GRI EUSSGRI EUSS ISAE 3000 CoE GRIGRI ISAE 3000

29 Ubi Banca GRI FSSSGRI FSSS ABIABI ISAE 3000 CoE GRI FSSSGRI FSSS ABI ISAE 3000 CoE GRI FSSSGRI FSSS ABI ISAE 3000ISAE 3000

30 Unicredit GRI FSSSGRI FSSS ISAE 3000 CoE GRI FSSSGRI FSSS ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 3000

SIGLA DESCRIZIONEDIFFUSIONEDIFFUSIONEDIFFUSIONEDIFFUSIONEDIFFUSIONEDIFFUSIONE

SIGLA DESCRIZIONE 20102010 20092009 20082008SIGLA DESCRIZIONERedaz Rev Redaz Rev Redaz Rev

GRI Global Reporting Initiative (nel numero sono inclusi anche i supplementi di settore FSSS e EUSS indicati di seguito)

22 22 21

GRI FSSS GRI Fininacial Services Sector Supplement 6 5 3GRI EUSS GRI Electric Utility Sector Supplement 3 2GRI* Avvicinamento al GRI, ma le linee guida non sono ancora adottate. 3 1GBS Gruppo di studio per il Bilancio Sociale: principi di redazione e Linee Guida per la Revisione

del Bilancio Sociale5 2 7 2 9 2

CoE Code of Ethics for professional accountants 18 16 1ABI Associazione Bancaria Italiana 3 3 3AA1000APS AccountAbility Principles Standard 4 5 3AA1000AS Accountability Assurance Standard 4 4 3AA1000SES Stakeholder Engagement Standard 1ISAE 3000 International Standard on Assuarance Engagements 3000 20 18 16*(1) Revisione completa Indicatore emissioni di gas serra delle cementiere italiane, calcolato in

conformità con la Decisone della Commissione delle Comunità Europee 2007/589/CE del 18/07/2007 e dalla Deliberazione n. 14/2009

1 1

*(2) Standard internazionali e nazionali per il settore del credito definiti dall’ABI 2 1 1*(3) Schema metodologico del Gruppo di Studio per la Statuizione dei principi di redazione del

bilancio sociale dell’Istituto Europeo per il Bilancio Sociale1 1

*(4) Verifica limitata ai soli dati ambientali da parte di ERM CVS 1 1Bureau Veritas Bureau Veritas Certifation France adotta un proprio standard interno per l’attività di revisione 1 1DNV Det Norske Veritas adotta un proprio standard interno per l’attività di revisione 1



201020102010201020102010 20092009200920092009 20082008200820082008REPORT DI SOSTENIBILITÀ prodotti dalle società FTSE MIB a dic 2011


Principi REDAZIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REVISIONE

Principi REVISIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REVISIONE

Principi REVISIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REDAZIONE

Principi REVISIONE

Principi REVISIONE

1 A2a GRI EUSSGRI EUSS ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRI GBS --

2 Ansaldo Sts GRIGRI ISAE 3000 CoE GRIGRI GBS -- incluso in Finmeccanicaincluso in Finmeccanicaincluso in Finmeccanicaincluso in Finmeccanicaincluso in Finmeccanica3 Atlantia (in Autostrade) GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000

4 Autogrill Spa GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 3000

5 Banco Popolare GRI FSSSGRI FSSS *(2)*(2) ISAE 3000 CoE GRIGRI *(2) *(3) ISAE 3000 CoE GRI 2002GRI 2002 *(2) *(3) ISAE 3000ISAE 3000

6 Bca Mps GRI FSSSGRI FSSS ISAE 3000 CoE GRI FSSSGRI FSSS ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 3000

7 Bca Pop Milano GBSGBS ABI GRI* -- GBSGBS ABI -- GBSGBS ABI --

8 Buzzi Unicem GRIGRI *(1)*(1) ISAE 3000 CoE GRIGRI *(1) ISAE 3000 CoE GRIGRI GBS ISAE 3000ISAE 3000

9 Enel GRI EUSSGRI EUSS ISAE 3000 CoE GRI EUSSGRI EUSS ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 30009 Enel AA1000APSAA1000APS AA1000AS CoE AA1000APSAA1000APS AA1000AS CoE AA1000APSAA1000APSAA1000APS AA1000AS CoE

10 Enel Green Power incluso in Enelincluso in Enelincluso in Enelincluso in Enelincluso in Enelincluso in Enel incluso in Enelincluso in Enelincluso in Enelincluso in Enelincluso in Enel Società non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituita11 Eni GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 3000

12 Fiat GRIGRI AA1000AS GRIGRI AA1000AS GRIGRIGRI AA1000AS

13 Fiat Industrial incluso in Fiatincluso in Fiatincluso in Fiatincluso in Fiatincluso in Fiatincluso in Fiat Società non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituita Società non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituitaSocietà non costituita14 Finmeccanica GRIGRI AA1000SESAA1000SES ISAE 3000 CoE GRI GBS AA1000APS *(4) GRI GBS AA1000APS *(4)

15 Fondiaria-Sai GBSGBS ISAE 3000 GBSGBS ISAE 3000ISAE 3000 GBSGBS ISAE 3000ISAE 3000

16 Generali Ass GRI FSSSGRI FSSS AA1000APSAA1000APS -- GRI FSSSGRI FSSS AA1000APS -- GRI FSSSGRI FSSS AA1000APS --

17 Impregilo GRI*GRI* -- GRI*GRI* -- NO LINEE GUIDANO LINEE GUIDANO LINEE GUIDA --

18 Intesa Sanpaolo GRI FSSSGRI FSSS ABIABI ISAE 3000 GBS GRI FSSSGRI FSSS ABI ISAE 3000 GBS GRI FSSSGRI FSSS ABI ISAE 3000 GBS

19 Lottomantica GRIGRI GBSGBS ISAE 3000 CoE GRIGRI GBS ISAE 3000 CoE GRIGRI GBS ISAE 3000ISAE 3000

20 Mediolanum GBSGBS GBS ISAE 3000 GBSGBS GBS ISAE 3000 GBSGBSGBS GBS ISAE 3000

21 Pirelli e C GRI GBS AA1000APSAA1000APS AA1000ASAA1000AS GRI GBS AA1000APS AA1000ASAA1000AS GRIGRI GBS AA1000ASAA1000AS

22 Prysmian GRI*GRI* -- NO LINEE GUIDANO LINEE GUIDANO LINEE GUIDA -- mancata redazione Reportmancata redazione Reportmancata redazione Reportmancata redazione Reportmancata redazione Report23 Saipem GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000ISAE 3000

24 Snam Rete Gas GRIGRI ISAE 3000 CoE GRIGRI ISAE 3000 CoE GRIGRI GBS ISAE 3000ISAE 3000

25 Stmicroelectronics GRIGRI DNV GRIGRI Bureau VeritasBureau Veritas GRIGRI Bureau VeritasBureau Veritas

26 Telecom Italia AA1000APSAA1000APS GRIGRI ISAE 3000 CoE AA1000ASISAE 3000 CoE AA1000AS AA1000APSAA1000APS GRI ISAE 3000 CoE AA1000ASISAE 3000 CoE AA1000AS GRIGRI

27 Tenaris NO LINEE GUIDANO LINEE GUIDANO LINEE GUIDANO LINEE GUIDA -- NO LINEE GUIDANO LINEE GUIDANO LINEE GUIDA -- mancata redazione Reportmancata redazione Reportmancata redazione Reportmancata redazione Reportmancata redazione Report28 Terna GRI EUSSGRI EUSS ISAE 3000 CoE GRI EUSSGRI EUSS ISAE 3000 CoE GRIGRI ISAE 3000

29 Ubi Banca GRI FSSSGRI FSSS ABIABI ISAE 3000 CoE GRI FSSSGRI FSSS ABI ISAE 3000 CoE GRI FSSSGRI FSSS ABI ISAE 3000ISAE 3000

30 Unicredit GRI FSSSGRI FSSS ISAE 3000 CoE GRI FSSSGRI FSSS ISAE 3000 CoE GRIGRIGRI ISAE 3000ISAE 3000

SIGLA DESCRIZIONEDIFFUSIONEDIFFUSIONEDIFFUSIONEDIFFUSIONEDIFFUSIONEDIFFUSIONE

SIGLA DESCRIZIONE 20102010 20092009 20082008SIGLA DESCRIZIONERedaz Rev Redaz Rev Redaz Rev

GRI Global Reporting Initiative (nel numero sono inclusi anche i supplementi di settore FSSS e EUSS indicati di seguito)

22 22 21

GRI FSSS GRI Fininacial Services Sector Supplement 6 5 3GRI EUSS GRI Electric Utility Sector Supplement 3 2GRI* Avvicinamento al GRI, ma le linee guida non sono ancora adottate. 3 1GBS Gruppo di studio per il Bilancio Sociale: principi di redazione e Linee Guida per la Revisione

del Bilancio Sociale5 2 7 2 9 2

CoE Code of Ethics for professional accountants 18 16 1ABI Associazione Bancaria Italiana 3 3 3AA1000APS AccountAbility Principles Standard 4 5 3AA1000AS Accountability Assurance Standard 4 4 3AA1000SES Stakeholder Engagement Standard 1ISAE 3000 International Standard on Assuarance Engagements 3000 20 18 16*(1) Revisione completa Indicatore emissioni di gas serra delle cementiere italiane, calcolato in

conformità con la Decisone della Commissione delle Comunità Europee 2007/589/CE del 18/07/2007 e dalla Deliberazione n. 14/2009

1 1

*(2) Standard internazionali e nazionali per il settore del credito definiti dall’ABI 2 1 1*(3) Schema metodologico del Gruppo di Studio per la Statuizione dei principi di redazione del

bilancio sociale dell’Istituto Europeo per il Bilancio Sociale1 1

*(4) Verifica limitata ai soli dati ambientali da parte di ERM CVS 1 1Bureau Veritas Bureau Veritas Certifation France adotta un proprio standard interno per l’attività di revisione 1 1DNV Det Norske Veritas adotta un proprio standard interno per l’attività di revisione 1

From the analysis of FTSE MIB companies’ reports it was possible to find out which compilation and audit standards were used

GRI Guide Lines are the most popular compilation standards while ISAE 3000 and Code of Ethics by IFAC are those ones for auditing

In grigio scuro i report non sottoposti a revisione esterna

MAIN PLAYERS... RESEARCH ORGANIZATIONS




Principi di redazione del Report di SostenibilitàPrincipi di redazione del Report di Sostenibilità Principi di revisionePrincipi di revisione

Ten Principles del UN Global Compact

Linee Guida G3 e G3.1 2006 del GRIcon i vari supplementi di settore:•Financial Services Sector Supplement•Electric Utilities Sector Supplement•Mining & Metals Sector Supplement•NGO Sector Supplement•Food Processing Sector Supplement

IN ELABORAZIONE LINEE GUIDA G4 (2013)

Ogni società che redige il bilancio di sostenibilità secondo il G3 auto dichiara il livello (A,B,C) di applicazione delle linee guida. GRI può rilasciare un “Check” di verifica del livello di applicazione. Nel caso sottoponga il report ad un’attestazione esterna viene aggiunto un “+” al livello (A+,B+,C+)

Ogni società che redige il bilancio di sostenibilità secondo il G3 auto dichiara il livello (A,B,C) di applicazione delle linee guida. GRI può rilasciare un “Check” di verifica del livello di applicazione. Nel caso sottoponga il report ad un’attestazione esterna viene aggiunto un “+” al livello (A+,B+,C+)

Code of Ethics for Professional Accountants 2010 proposto dal Comitato Etico IESBA

International Standard on Assurance Engagements 3000 (ISAE3000) proposto dal comitato Auditing & Assurance IAASB

AccountAbility Principles Standard 2008 (AA1000APS)AccountAbility Stakeholder Engagement Standard 2011 (AA1000SES) di AccountAbility

Accountability Assurance Standard 2008 (AA1000AS) di AccountAbilityAccountability Assurance Standard 2008 (AA1000AS) di AccountAbility

Principi di redazione del Bilancio Sociale 2001 del GBSLa rendicontazione sociale nel settore pubblico 2005 del GBS

Doc. di ricerca n°1 - Linee guida per la revisione del bilancio sociale 2007 del GBSDoc. di ricerca n°1 - Linee guida per la revisione del bilancio sociale 2007 del GBS

Linee guida operative sulla responsabilità sociale d’impresa in banca 2005 dell’ABIIl rendiconto agli stakeholder - Una guida per le banche 2006 dell’ABI

International Integrated Reporting Council (IIRR) si impegna per l’elaborazione di uno standard per il report integrato (IR)

STANDARD SISTEMA DI GESTIONE QUALITÀ - RESPONSABILITÀ SOCIALESTANDARD SISTEMA DI GESTIONE QUALITÀ - RESPONSABILITÀ SOCIALE

PRINCIPI DI REVISIONEPRINCIPI DI REVISIONE

UNI ISO 9000UNI ISO 14000UNI ISO 18000UNI ISO 26000

UNI ISO 19011UNI ISO 19011

Organizations and Standards

• thanks to the standards diffusion it was simple to draw a map of the main organizations operating in non-financial reporting and auditing practices.

• the thesis will deepen possible developments in the sector such as the Guide Lines G4 (coming in 2013) and the integrated reporting IR project.

• a brief bracket is dedicated to the gradual convergence of sustainability reporting and quality and social responsibility management rules proposed by UNI ISO




AZIENDAX



ASSURANCE


FONDI INVESTIMENTO

CSR


Altri Stakeholder


School


Ricerca


The diffusion of CSR practices has made necessary the intervention of entities able to evaluate the level of companies environmental and social sustainability performances. These figures are analysts and ESG rating agencies

The acronym ESG is for Environment, Social and Governance, three core aspects of the analysis

Inside the thesis roles and activities of Vigeo Rating are deeply discuss, whom evaluations have been used for the practical comparison in the final part.

ESG rating agencies business model is as follow:

FOUND MANAGER

non-financial informations request

RATING ESG

AGENCY Possible ESG advisory service request

ESG ANALYSIS COMPANY(shares or

bonds)

MAIN PLAYERS... ANALYSTS AND ESG RATING AGENCIES




Best in Class concept

The ESG rating experience has guided the investment choices taken by funds managers toward the Best in Class concept. Funds managers are the most important clients of those agencies.

.Dallo score al rating

• Il punteggio assegnato all’impresa viene confrontato, per ogni area di indagine, con i punteggi assegnati a tutte le altre imprese del settore

• Questo punteggio (score) può condurre a 5 differenti valutazioni (ratings)

The evaluation of the companies sustainability level is realized comparing the performances obtained in the same sector.In this way the model reward those companies that, inside their area, develop better practices in reducing the social impact.

An example of Vigeo Evaluation showing a comparison with the average sector values




AZIENDAX

FONDI DI INVESTIMENTO

CSR




ASSURANCE


Altri Stakeholder


School


Ricerca


•In early 2000 ethic investment funds became popular. Investors were willing to reward those companies working within the sustainability context and even to accept a lower return on investment.

Ethical investment funds have been disappointing because they excluded, from their portfolio, certain sectors with an high environmental impact but of key importance for the society development (i.e oil industry) e with high profitability.

•The Best in Class logic application has been useful to identify those companies inside their sectors having good level of profitability and showing off best environmental and social impact performances. Moreover non-financial indicators are the minimal prerequisites taken in consideration in calculating the investment risk.

Financial Operators in making their investment decisions identify two distinct phases of the non financial performance analysis:

Classic investment

fund

Ethical investment

fund

Profit maximization

ethical investment

Company presenting

high economic

performance

Sustainable enterprise

Market

Investment fund

Profit maximization

Company presenting high

economic performance with

best CSR practices in the

sector

Market

Increasing interest of public opinion and market operators on issues

related to sustainability and adoption of best in class logic

BEFORE

AFTER

MAIN PLAYERS... CSR INVESTMENTS FUNDS




THE SUSTAINABILITY REPORT AS A TOOLTwo are the main functions of the non-financial report; as a support tool for CSR practices inside the company and as a communication tool, able to show the outside world the sustainable image of the company.

Sustainability Report as a CSR support tool

Sustainability Report as communication tool

PART II

VALUE CREATION

fee

db

ack

Advantages in terms of reduction in staff turnover, productivity increasing, energy

savings, reduction of compliance risks, more quality of management tools

(SWOT analysis)

SUSTAINABILITY REPORTING

SUSTAINABILITY REPORT AS A CSR SUPPORT

TOOL

ENTERPRISE

Development of CSR

practices

Image of sustainable enterprise

OPERATING ADVANTAGES

Increase the propensity of customers to

purchase

Better relations with labour

unions, staff and local communities

Suppliers fidelity

Less risks of being subject to NGO’s

campaigns

FINANCIAL ADVANTAGES

Increase in shares value

Decrease in yield for issued

corporate bonds

VALUE CREATION

Communication activity


SUSTAINABILITY REPORT AS A

COMMUNICATION TOOL

ENTERPRISE




Main non-financial reporting theories and companies first involved in CSR and in such reporting, were involved in a serious effort for improving their own sustainability performances. Only later on they tried to communicate such datas

In recent years many companies have drawn up sustainability reports mainly with the aim of communication and lacking real effective CSR plans. They were more interested in going along with the public opinion for sustainability themes (i.e greenwashing phenomena).

But even this aim distortion can be useful to spread a sustainable business model: dealing with non-financial datas, neglected before, could lead companies to understand the importance of their responsibility and push toward the implementation of such CSR practices.

IMPLEMENTATION OF CSR PRACTICES

NON-FINANCIAL DATA COLLECTION

PROCESS SUSTAINABILITY REPORTING

POTENTIAL COMMUNICATION

ACTIVITY

SPREADING THE IMAGE OF

SUSTAINABLE ENTERPRISEFEEDBACK


PROCESS

AWARENESS OF THE REAL

ENTERPRISE’S IMPACT



PURPOSE OF SPREADING THE

IMAGE OF SUSTAINABLE ENTERPRISE



PROCESS SUSTAINABILITY REPORTING

POTENTIAL COMMUNICATION

ACTIVITY

SPREADING THE IMAGE OF

SUSTAINABLE ENTERPRISEFEEDBACK


PROCESS

AWARENESS OF THE REAL

ENTERPRISE’S IMPACT



PURPOSE OF SPREADING THE

IMAGE OF SUSTAINABLE ENTERPRISE




It’s clear how both application results are effective when it comes to create value, if used together: supporting CSR practices for a better sustainability performances quality and communicating the achieved results with the outside world.

To evaluate the results two researches on FTSE MIB companies reports, drawn up with GRI standards, have been done:

•The first one has compared the improvement of the published reports quality with CSR quality communication made by the website Lundquist.

• The second one has compared the improvement of published reports quality with ESG rating levels by Vigeo Agency.

Image of sustainable enterprise

OPERATING ADVANTAGES

Increase the propensity of customers to

purchase

Better relations with labour

unions, staff and local communities

Suppliers fidelity

Less risks of being subject to NGO’s

campaigns

FINANCIAL ADVANTAGES

Increase in shares value

Decrease in yield for issued

corporate bonds

VALUE CREATION

Communication activity

fee

db

ack

Advantages in terms of reduction in staff turnover, productivity increasing, energy

savings, reduction of compliance risks, more quality of management tools

(SWOT analysis)


SUSTAINABILITY REPORT AS A CSR SUPPORT

TOOL

SUSTAINABILITY REPORT AS A

COMMUNICATION TOOL

ENTERPRISE

Development of CSR

practices




TREND Indicatori GRITREND Indicatori GRI TREND CSR Online Awards

TREND CSR Online Awards

Società 2009-2010 2008-2009 2010/2011 2009/20101 A2a + + - +2 Ansaldo Sts + + no no3 Atlantia (Autostr.) + + + -4 Autogrill Spa + = - +5 Banco Popolare + no - -6 Bca Mps = = + +7 Buzzi Unicem = = - -8 Enel + + + +9 Eni = - + -

10 Fiat + - + +11 Finmeccanica - + - +12 Generali Ass = + + -13 Intesa SP - + + +14 Lottomantica + - - =15 Pirelli e C + + + +16 Saipem - = - +17 Snam Rete Gas + + + +18 Stmicroelectr. + + - +19 Telecom Italia + +20 Terna = + + +21 Ubi Banca + + + -22 Unicredit + + + +RIEPILOGORIEPILOGO 2009-2010 2008-2009

convergenza 9 105 5

divergenza 6 4

ANALYSIS.. REPORT QUALITY AND CSR COMMUNICATION QUALITY

• The report quality has been calculated on the reported GRI performance indicators number (+ indicators → higher effort in drawing up the quality report) in the sustainability reports of 2008,2009, 2010. Two periods have been identified and the trend analyzed.

• Lundquist compiles an annual ranking on the CSR communication level of the most important italian enterprises evaluating the quality of information, the accessibility, and the possible CSR dedicated office etc. The mark is expressed with a scale of 100, using datas from three editions, and calculating the trend on the two periods.

• The research results have demonstrated that in the analyzed cases there is a higher convergence among growing and decreasing trends rather than a divergence. The effort in drawing up complete reports goes into a wider strategy of improving the CSR communication activity.




Società FTSE MIB con Report GRISocietà FTSE MIB con Report GRISocietà FTSE MIB con Report GRISocietà FTSE MIB con Report GRISocietà FTSE MIB con Report GRI

Livello applicazione GRILivello applicazione GRI 2010 2009 2008 TREND rating Vigeo

1 A2a B+ B+ B +2 Ansaldo Sts B+ B NR no3 Atlantia (Autostrade) (A+) (A+) (A+) -4 Autogrill Spa (B+) (B+) (B+) -5 Banco Popolare A+ ND ND +6 Bca Mps A+ A+ A+ +7 Buzzi Unicem A+ A+ A+ -8 Enel (A+) (A+) (A+) =9 Eni (A+) B+ B+ no

10 Fiat (A+) A+ B+ +11 Finmeccanica B+ ND ND -12 Generali Ass (B) B B no13 Intesa Sanpaolo A+ A+ B+ +14 Lottomantica (A+) (A+) (A+) +15 Pirelli e C A+ A+ ND =16 Saipem B+ ND ND +17 Snam Rete Gas B+ B+ B+ +18 Stmicroelectronics (A+) (A+) (A+) no19 Telecom Italia (A+) (A+) (A+) +20 Terna A+ A+ B+ +21 Ubi Banca B+ B+ B+ -22 Unicredit A+ B+ B+ -

RIEPILOGOconcordanza nel miglioramentoconcordanza nel miglioramentoconcordanza nel miglioramentoconcordanza nel miglioramento 6

1discordanzadiscordanzadiscordanzadiscordanza 2

Legenda ParametriLegenda ParametriA, B, C Livelli di applicazione del report

+ Assurance esterna(_) Livello GRI Checked

Miglioramento parametri anno precedenteNR Mancata redazione del reportND Livello applicazione non dichiarato

ANALYSIS... REPORT QUALITY AND ENTERPRISES SUSTAINABLE PROFILE

• The level of Guide Lines application, a possible usage of external assurance and the Check GRI presence were all used to evaluate the effort in drawing up a better quality GRI standard report, compared to the previous year (highlighted in blue)

• The ESG evaluation by Vigeo Agency was useful to analyze the sustainability profile of the sample companies. (considering the period 2008-2010 since Vigeo does not use an annual cadency)

•In the majority of cases an effort in improving the report meant an higher evaluation from a ESG rating agency. This lead to think that a better quality report compilation is an important aspect of a wider companies effort in adopting a sustainable business model, concerning environmental and social impacts.




CONTACTS:FEDERICO [email protected](0039) 347 8816346


mailto:[email protected]

mailto:[email protected]

players and management tools in corporate sustainability context

Education

costituite

snam rete

6bca pop milano

sono ancora

attenti alla

tesi di laurea

deloitte touche

proprio standard