ESG & Sustainabilty, set up in order to monitor and coordinate the various issues relating to social and environmental responsibility, reports through the Chief Financial Officer to the Managing Director and CEO and Board of Directors. It collaborates with a network of Delegates within the various departments in Italy and abroad.
In the new 2022-2025 Business Plan, Intesa Sanpaolo intends to further strengthen its role as a leading bank for ESG issues, continuing the commitment, already undertaken with the 2018-2021 Business Plan, to become a reference model in terms of sustainability and social and cultural responsibility. The main ESG responsibilities of the Intesa Sanpaolo Bodies and Structures are specified below.
The board of Directors, with the support of the Risk Committee, approves:
- the annual Consolidated Non-financial Statement, monitoring the Group’s performance in sustainability, including in terms of combating climate change
- the updates to the Code of Ethics as well as the strategic guidelines and policies on sustainability (ESG)
The Risks and Sustainability Committee supports the Board in assessing and analysing sustainability issues (ESG) related to the Bank’s operations and in approving the strategic guidelines and policies on sustainability, including the social and cultural responsibility model and the fight against climate change, helping to ensure the best possible risk monitoring and taking into account the objectives of solid and sustainable creation and distribution of value for all Stakeholders; it also supports the Board in the approval of the Code of Ethics and the CNFS, in particular by examining the contents of the materiality matrix.
With the support of the functions responsible for sustainability (ESG) and internal auditing, the Management Control Committee monitors compliance with the principles and values contained in the Code of Ethics. With regard to the CNFS, it monitors compliance with the provisions set out in Italian Legislative Decree no. 254/2016 and reports on this in its annual report to the Shareholders' Meeting.
The Managing Director and CEO governs the sustainability performances and has the power to submit proposals to the Board for the adoption of resolutions within its remit.
The Steering Committee is a managerial committee headed by the Managing Director and CEO, including his first reports i.e. the heads of the Governance Areas and of the Business Divisions. It collaborates in the identification of sustainability issues (ESG) that are potentially relevant for the definition and updating of the materiality matrix; it collaborates in the definition of strategic guidelines and sustainability policies (ESG), which the Managing Director and CEO submits to the relevant Board Committees and the Board of Directors; it also examines the CNFS prior to its presentation to the Board. In order to review these issues, the Committee meets at least quarterly as part of the Business Plan and Sustainability (ESG) session. It is also tasked with guiding the consistency of technological development, with specific reference to artificial intelligence/machine learning, with the Group’s ethical principles.
The ESG Control Room is headed by the CFO Area and the Strategic Support Head Office Department and relies on the Sustainability Managers, identified in each Area and Division, who guarantee an overall and integrated supervision of ESG initiatives for the relevant scope and contribute to the Group’s strategic proposition on these issues. The ESG Control Room supports the Steering Committee - Business Plan and Sustainability (ESG) Session - in the strategic proposition relating to ESG issues; it takes care of the operational coordination for the implementation of the most relevant ESG initiatives and assesses the opportunity and solidity of any new initiatives in this area.
ESG & Sustainability, within the Financial Market Coverage Department of the Chief Financial Officer Governance Area, oversees the process related to the definition, approval and updating of the ESG and sustainability guidelines, in line with the corporate strategies and objectives and contributes, in coordination with the ESG Control Room, to supporting the Steering Committee in the preparation of proposals for strategic guidelines and sustainability policies (ESG). In particular, it is responsible for:
- maintain the updating of the Code of Ethics and monitor its application with the support of the Chief Audit Officer
- it is in charge of ESG and sustainability reporting (e.g. CNFS, TCFD Report and other publications on ESG and sustainability matters)
- it oversees relations with the financial community in relation to ESG and sustainability issues
- it oversees the promotion and implementation of ESG and sustainability
- aspects in the Group’s strategies and operations, including Climate Change issues, also in collaboration with other structures
- it oversees the stakeholder engagement process in relation to ESG and sustainability issues
- it takes care of communication and disclosure activities, in coordination with the ESG
- Control Room, and is responsible for defining the Group’s training requirements on ESG and sustainability issues, including in collaboration with the other competent corporate functions.
The Sustainability Governance is also strengthened by the role of the 17 Sustainability Managers retained by the ESG Control Room, identified in each Area and Division, who are tasked with coordinating the numerous ESG initiatives undertaken by the Divisions and Governance Areas and assessing new opportunities and cross-cutting projects in the ESG sphere accordingly. In particular, within the scope of the International Subsidiary Banks Division, an ESG governance model was defined in 2021 that is consistent with the diversity and specificities of the reference territories and in line with the Parent Company’s approach. In addition to the creation of a dedicated team working alongside the Head Office Sustainability Manager, each Bank appointed an ESG manager, usually coinciding with the deputy CEO, and set up an ESG team reporting directly to him/her.
The Code of Ethics, adopted in 2007, expresses the identity of the Bank, its mission and reference values, as well as the principles it adopts in relations with its stakeholders.
The ESG & Sustainability structure periodically presents a report to the Management Control Committee on the state of implementation of the Code of Ethics, on critical issues and reports from stakeholders as well as on the consequent expected corrective actions.
The assessment of critical issues takes place on the basis of what emerges from a periodic assessment carried out by a specialized and independent consultancy company to assess the consistency of the corporate management processes with the values of the Code of Ethics. The report to the Governing Bodies also includes the summary of reports by stakeholders of violations of company principles and values.
Last updated 18 May 2022 at 15:09:46