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Shared Value Creation Model

Shared Value Creation Model

We believe in long-term growth by creating value for our people and communities, while protecting the planet.

The responsibility to think long term is in the DNA of our asset protection business with a long-term vision.

This is why we promote the idea of sustainable development that listens to all stakeholders, trying to understand what their needs are in order to combine them with the corporate business objectives and remaining in line with our mission and our vision.

Our strategy is to offer our customers the opportunity to invest according to their values and principles, contributing to sustainable growth over time with an entrepreneurial action aimed at achieving stable and satisfactory long-term economic-commercial results, reducing the associated risks both the volatility of the economic context and the inadequate planning of objectives.

The principles we aspire are based on a ESG approach and we apply them at each phase of value chain and that we manage through the Sustainable Governance model.

Protecting and improving the lives of people and businesses by enhancing the management of their assets and savings: this is our goal, which is outlined in our Charter of Sustainability Commitments.

We support a system where all can progress and thrive, with the aim of creating long-lasting value.

Within this process, we are aware of our direct responsibility to our Customers, Shareholders and Authorities, our People, our Community and Future Generations and all other Stakeholders involved in our business. We aim to build and maintain relationships based on trust with them.

We aim at standing reliably side by side with our partners to understand the financial, social, environmental and governance impact that our decisions have on them and thus act responsibly, in order to increase their level of satisfaction and trust in our brand.

Our Strategic Guidelines within in the 2022-2024 Plan

The strategic ambition underlying the Plan drawn up for the 2022-2024 three-year period is to maintain Banca Generali on a path of rapid, profitable and remunerative growth for its shareholders, in continuity and improvement compared to the excellent results already achieved.

  • We believe that all this is possible through some strategic guidelines, closely linked to the three pillars of our Plan:The first pillar aims to increase the Value of Service, attracting and introducing new Client segments to the world of advisory and to the Company's range of solutions with increasingly personalised offerings and service models that may be scaled by its Financial Advisors.
  • With the second pillar we intend to increase the Innovation of our model through the creation of a data-driven Bank and expanding the ecosystem of platforms and digital tools to develop a range of solutions even more tailored to the needs of our Financial Advisors and our Clients.
  • Through the third pillar we strive to consolidate to consolidate our position in terms of Sustainability by setting new, ambitious targets, respecting the environment and the individuals and pursuing the objective of creating value for all our stakeholders.

Creation and Distribution of Value Added

The value creation is boosted by the inputs generated by our approach in reference to 5 types of capital:

  • Financial Capital: the set of funds that an organization can use to produce goods or provide services. They are obtained through forms of financing or generated through operational activity or from the results of investments;
  • Human Capital, people's skills, abilities and experience and their motivation to innovate, which include: sharing and supporting the governance model, the Bank's risk management approach, as well as the ability to understand, develop and implement the Bank's strategy; finally, loyalty and commitment to the improvement of processes, goods and services, including their ability to lead, manage and collaborate;
  • Intellectual Capital, intangible assets corresponding to the organizational capital and the value of knowledge. They include: intellectual property, such as patents, copyrights, software, rights and licenses, trademarks as well as organizational capital, such as implicit knowledge, systems, procedures and protocols;
  • Social and Relationship Capital, institutions and relationships within communities, stakeholder groups and other networks, as well as the ability to share information to increase the well-being of the Bank and the community. Relational capital includes: shared rules, common behaviors and values; relations with key stakeholders, as well as the trust and commitment that the Bank has developed and strives to build and protect for the benefit of external stakeholders, as well as the intangible assets associated with the corporate reputation, finally the license to operate the Bank in its social context;
  • Natural Capital, includes all processes and environmental resources, renewable and non-renewable, which provide goods or services for the past, present and future success of the Bank.

The creation of value for all our stakeholders is one of our key objectives.

Most of the economic Value generated is distributed to the various stakeholders with which Banca Generali comes into contact in the course of its day-to-day operations, including Shareholders, Suppliers, Financial Advisors, Employees, the Government and, finally, the community and the environment.

In 2022, the business system also retained — in the form of retained earnings, depreciation and amortisation, residual provisions for risks and changes in deferred tax assets and liabilities — the total amount of 85.7 million euros, or 7.47% of the Economic Value generated. The amount is to be regarded as an investment that the other categories of stakeholders make each year in order to keep the Company in efficient condition and foster its development.

This value was distributed to stakeholders as follows

Employees and collaborators (including Financial Advisors)
Italian Government, institutions and communities
Value added held

Banca Generali is well aware of its role and of the importance of its contribution in terms of taxes paid as a taxpayer and as a withholding agent in the countries in which it operates: a large company's responsibility translates not only into proper discharge of its tax-related duties, but also into the management of tax obligations on behalf of the government, for which it collects, transfers and pays taxes, allowing civil society to enjoy access to the services required for it to function.

Being sustainable means not just creating long-term value for the Company and its shareholders, but also contributing to the wellbeing and development of the local communities in which it operates, through a holistic approach to sustainability that ranges from the products offered to its commitment to social issues, the environment and research.

Within this context, the Group has developed a tax management approach that aims to be as effective and transparent as possible, becoming a full-fledged instrument for achieving its ESG goals.

The Group has always promptly supported the initiatives developed at the international level to promote tax transparency, such as the GRI 207 disclosure and the related Country-by-Country Reporting, as well as the exchange of information between tax authorities, to which it contributes in accordance with various regulations (e.g., FATCA, CRS and DAC 6).

In addition, starting this year, Banca Generali, as the parent company of the Banking Group of the same name, is taking a further step forwards by publishing its first Tax Transparency Report (TTR), which offers an overview of the Group's commitment to contributing in the countries in which it operates in terms of both taxes paid and collected as withholding agent. In particular, the Report provides an overview of the Group tax contribution, which in 2022 totalled 598.8 million euros, including both taxes borne and taxes collected.

Banca Generali’s Tax Transparency Report describes in detail:

  • the tax strategy and principles;
  • the tax risk governance, management and control system;
  • relations with Tax Authorities and the stakeholders;
  • the Tax Reporting, with both (i) the Total Tax Contribution, detailing the breakdown by tax jurisdictions of taxes directly paid on its business (taxes borne) and of taxes withheld and transferred to governments (taxes collected), and (ii) the Country-by-Country Reporting, providing a clear overview of income taxes accrued and paid, profit before income taxes, and other operating and capital data, broken down by tax jurisdiction.

This Report is a further step towards constantly improving tax transparency, and underscores the willingness to make the related information available, in line with the best international practices.

The Bank and its people are focused on protecting households’ wealth with integrity, passion and dedication, with an emphasis on long-term objectives.