Having more than 12 years of sustainability reporting experience, and in keeping with the goal of integrating sustainability into our business, since 2018 we have included a Non-Financial Statement pursuant to Legislative Decree No. 254/2016 in the Directors' Report on Operations within Banca Generali's Consolidated Financial Statements, hereinafter the Annual Integrated Report.
The Annual Integrated Report, approved first by the Board of Directors and then by the General Shareholders' Meeting of Banca Generali, is organised according to the capital-based approach proposed by the International <IR> Framework issued by the International Integrated Reporting Council and summarises our sustainability performance according to the indicators selected by the GRI Sustainability Reporting Standard – core option, the most widespread sustainability reporting standard at the international level.
In the Annual Integrated Report, we describe the close ties between company strategy, financial performance and the social, environmental and economic context in which the Bank operates. The value that we create is generated by the constant exchange, growth, decrease and transformation of the types of capital that we use, influence and share with our stakeholders and all of society:
- Economic-financial capital: the pool of funds that is available to an organisation for use in the production of goods or the provision of services. They are obtained through financing or generated through operations or investments;
- Natural Capital: all renewable and non‑renewable environmental resources and processes that provide goods or services that support the Bank’s past, current or future success;
- Human Capital: people’s competencies, capabilities and experience, and their motivations to innovate, including their: alignment with and support for the Bank’s governance framework and its risk management approach; the ability to understand, develop and implement the Bank’s strategy; loyalty and commitment to improving processes, goods and services, including their ability to lead, manage and collaborate;
- Intellectual Capital: organisational, knowledge-based intangibles, including: intellectual property, such as patents, copyrights, software, rights and licences, and trademarks, as well as organisational capital such as tacit knowledge, systems, procedures and protocols;
- Relationship Capital: the institutions and the relationships within and between communities, groups of stakeholders and other networks, and the ability to share information to enhance individual and collective well-being. Social and relationship capital includes: shared norms, and common values and behaviours; key stakeholder relationships, and the trust and willingness to engage that the Bank has developed and strives to build and protect with external stakeholders; intangibles associated with the company reputation; the Bank’s licence to operate in its social context.
The Annual Integrated Report and Financial Statements have been audited by the independent auditing firm KPMG S.p.A., which also performed a limited assurance engagement of the Non-Financial Statement containing the sustainability report.
The reporting of our ESG performance allows specialised rating agencies to assess our approach to sustainability. The outcome of these analyses is an important benchmark for our ongoing improvement.