Growth and sustainability are distinctive features of the Mediobanca Group’s DNA. Our strategy is based on the conviction that ethics and profit are not necessarily opposed to each other, for long-term economic growth must go hand-in-hand with social and environmental progress.
The Group is convinced that fair, transparent and responsible conduct increases and protects our reputation, credibility and consensus over time, all of which are prerequisites in order to deliver sustainable growth for the business with a view to creating and protecting value for all our stakeholders.
In line with this commitment, the Group has adopted a strategy focused on sustainable growth over time, valorizing our staff, sensitivity to the societies in which we operate, and reducing our direct and indirect impact on the environment. To pursue these objectives, the Group has adopted an approach based on identifying, assessing, preventing and reducing direct impact in reputational and operational terms, and also the indirect impact as a result of lending and/or investing in activities considered to be serious risks for the environment and society.
In order to regulate our indirect impact, the Mediobanca Group has adopted a Group Policy on Responsible Lending and Investing.
The new version of the Group Sustainability Policy was approved by the Board of Directors at a meeting held on 26 March 2020, and applies to the whole Mediobanca Group in accordance with the Code of Ethics, Code of Conduct, Organizational Model instituted pursuant to Italian Legislative Decree 231/01 where applicable, and all other policies, guidelines, procedures, directives and provisions related to the areas covered by this policy defined at Group level and locally.
The Group Sustainability Policy is based on the Ten Principles of the UN Global Compact, of which the Mediobanca Group is a signatory.
The Group Sustainability Policy is divided into four sections based on areas considered to be priorities for us:
- Measures to tackle bribery and corruption;
- Human rights;
- Diversity and inclusion;
- Climate change and the environment.
Priority areas
MEASURES TO TACKLE BRIBERY AND CORRUPTION:
The Mediobanca Group does not tolerate any form of corruption, whether active or passive. We conduct our operations in compliance with all the laws and regulations applicable in this area, staging regular training initiatives and carrying out checks and audit activities.
Our commercial relations are based exclusively on offering our own services and the specific needs of our clients. We do not accept any form of benefit or gift that could have an improper influence on such relations. To manage the risk of corruption as effectively as possible, we promote assessment and selection processes for our suppliers and collaborators.
The Mediobanca Group’s focus on ethics and integrity means we are committed to promoting behaviour which is opposed to corruption, in acknowledgement of the high value which such an approach has for all stakeholders and the market in which we operate.
HUMAN RIGHTS:
We safeguard human rights in our day-to-day activities, both externally, in managing relations of trust with our clients, suppliers and commercial partners, and internally as well. Externally, we identify and assess the risks related to the protection of internationally recognized human rights, avoiding engaging in relations with parties implicated in activities which could entail potential breaches or abuses of human rights.
Internally, we choose every day to respect the dignity and personality of all individuals, with the objective of building a working environment based on mutual loyalty and trust. As a Group we guarantee that all our collaborators are treated without distinction, exclusion, restriction or preference, direct or indirect, based on: age, gender, sexual orientation, civil status, religion, language, ethnic or national origins, physical or mental disabilities, state of pregnancy, maternity or paternity (including adoption), personal convictions, political opinions and/or trade union affiliations or activities. We also safeguard the right and freedom of association and collective bargaining, and health and safety in the workplace, including via information and training activities. We are opposed to forced and child labour and to any type of harassment, whether physical, verbal, sexual or psychological, abuse, and threatening or intimidatory behaviour in the workplace. We pursue the objective of protecting human rights by promoting action to raise awareness and training activities on different human rights issues. To reinforce this objective, we have prepared a training course on Sustainability and Human Rights, to explain the concept of sustainability to all our staff members, along with the implications this has for the financial sector, with a particular focus on the indirect impact of investments and the risk of breaching human rights.
DIVERSITY AND INCLUSION
We consider diversity of gender and thought to be an advantage to be leveraged, as well as a source of cultural and professional enrichment. We believe in the importance of valorizing different perspectives and experiences, through promoting an inclusive culture which does not tolerate any form of discrimination. We seek to foster a working environment where diversity and personal and cultural perspectives are respected and considered to be key factors for success. As a Group we are committed to preventing any form of undesirable behaviour, and to ensuring that any such behaviour is prevented, reported and punished ing, with specific internal regulations having been drawn up for this purpose. We are also committed to working hard in order to guarantee that a correct balance between genders is maintained at all levels of the company, focusing in particular on senior and management positions where the gender gap is most felt. The Staff Remuneration and Incentivization Policies also include a commitment on the part of the Group to offer a fair level of compensation, guaranteeing that the principle of equal opportunities is applied in practice. The Group also seeks to promote an appropriate work-life balance, with solutions which enable staff members to reconcile the demands of their private and professional lives in accordance with the provisions of the law, collective contracts and negotiated agreements. We are consistently committed to recruiting people with disabilities of various kinds, in accordance with the regulations in force, and to promoting all possible future inclusion initiatives, with a focus on any new needs that may arise. The principles and provisions of this Policy are addressed to all staff (see the full version of the document itself for further details), and apply equally to visitors, clients and suppliers. To strengthen our commitment in this area, the Group has also appointed a Group Diversity and Inclusion Manager.
- Diversity policy for governing bodies
Mediobanca acknowledges and welcomes the benefits of diversity at Group level and as part of its own governing bodies, in all of its aspects, including gender, age, qualifications, competences, and training and professional profile. In our Articles of Association, provision is made for members of the Board of Directors and the Statutory Audit Committee to be reserved to the least represented gender. We also believe that a suitably diverse Board of Directors should include members with a wide range of different competences, capabilities, qualifications, knowledge, educational backgrounds, professional experience, genders, ages, geographical provenance, and other qualities that will enrich the Board and improve the level of internal debate and the decision-making process. The same considerations also apply to the Statutory Audit Committee.
CLIMATE CHANGE AND THE ENVIRONMENT
At Mediobanca we believe in the need to protect the environment, and climate change, as the primary resource for human well-being, and our decisions are geared towards ensuring compatibility between economic initiative and environmental requirements. We are aware of the impact deriving from the company’s activities, and of the role we can play in promoting responsible behaviour. This is why we intend to manage the risks and rise to the challenges deriving from climate change, which could materially impact the development of ours business and our ability to create value over the long term.
To improve our performance in environmental issues, the Group has identified the following priorities and set the following specific targets in our 2019-23 strategic plan:
Reduction of direct environmental impact: energy savings, increase in electricity sourced from renewable sources, CO2 emissions to be cut, and promotion of sustainable mobility, through increasing the presence of hybrid vehicles as part of the company fleet;
Supporting energy transition: increase in green mortgages and issue of new environmentally friendly products;
Reduction of indirect environmental impact: environmental as well as social and governance criteria to be integrated into the assessment processes for new investments/loans, reappraisal of purchase processes, and selection of suppliers based on ESG criteria;
Responsible management of natural resource consumption: reduced consumption, use of recycled and/or FSC certified paper, and gradual elimination of all plastic.
We also monitor our energy consumption and the emissions we produce, water and paper consumption and waste production levels with a view to improving our performance, assessing our impact and identifying risks to the environment.
