Sustainable governance

We believe that sustainability is the only path to growth: this is why we are committed to implementing the 17 Sustainable Development Goals of the United Nations 2030 Agenda.

Our sustainable approach

The Bank and its people are focused on protecting households’ wealth with integrity, passion and dedication, with an emphasis on long-term objectives. A commitment to pursuing sustainable growth requires the vision needed to understand and anticipate the challenges of innovation, an inclusive culture, openness to dialogue and an informed approach to creating value for the Bank’s stakeholders.

Transparency
Integrity and impartiality in the Internal Code of Conduct of Banca Generali and Code of Conduct of Generali Group. Trust is our most valuable asset.
Social Responsibility
We support a system where all can progress, with the aim of creating long-lasting value. We participate in welfare, cultural and sporting initiatives, with an eye to sustainable growth in the long term.
Innovation
We invest in innovation to create progress and meet our customers’ needs. Our confidence in technology has led us to create a service ecosystem that measures up to international best practices.

Our goal: a sustainable growth

A responsibility for taking a long-term approach is an intrinsic part of our way of doing business, focused on protecting wealth according to a long-term vision. Therefore, we promote sustainable development that listens to all the different stakeholders, seeking to understand their real needs and matching them to the Company’s business objectives. Excellence in the wealth advisory market cannot ignore the focus on value creation for all stakeholders who participate in and interact with that market: shareholders, financial advisors, employees, customers, suppliers — with whom the Bank has daily contact.

Our sustainability strategy is characterised by:

  • sustainable growth over time, with entrepreneurial actions aimed at achieving stable and satisfactory long-term economic and commercial results, minimising risks related both to the volatility of the economic-financial scenario, and the inadequate planning of objectives, due to short-term needs;
  • people enhancement, encouraging the constant development of skills and professionalism and acknowledging the contribution of individuals to the success of the organisation;
  • sensitivity to the social context, participating in charitable, cultural and sports initiatives;
  • reduction of direct and indirect environmental impacts by taking measures to minimise the consumption of energy, paper and water, and lower pollutant emissions.

A new way to invest

Letter to stakeholders

Dear Stakeholders,

2019 was an exciting year for the Bank, in terms of the numerous initiatives launched, as well as the growth and the results achieved. During the year, the first steps were taken under the 2019-2021 Strategic Plan, with faster progress in many key areas and confirmation of the main objectives. Despite a very positive overall performance, the market scenario was not entirely linear throughout the year: in fact, in early January and February 2019, it was extremely volatile, in continuity with the end of the previous year. This very uncertainty and complexity, which emerged in the winter of 2018, convinced us to seek out an approach increasingly close to investors’ sensitivities, in terms of both wealth protection in an environment of heightened risk aversion and setting new challenges clearly indicative of the long-term sustainable growth that is a core component of the Bank’s vision and mission. With this in mind, the Three-Year Strategic Plan was approved and presented to the financial community, with the aim of consolidating Banca Generali’s strategic leadership in Italy in the networks sector, and in private banking in particular, increasing service quality for Customers and laying the foundation for international growth, starting with Switzerland. The common thread that ties these projects together is sustainability, in its key forms, such as a focus on human capital, through a system of values and a shared long-term vision. It was therefore a very important result for Banca Generali to find that the involvement of its people — assessed every two years — has risen to a degree of absolute excellence, as confirmed by the levels of participation and engagement: 96% and 82%, respectively. Many initiatives were launched: the Strategy Road for sharing Strategy, the introduction of smart working and the launch of various diversity and inclusion activities. These initiatives came in addition to the Bank’s commitment to pursuing excellence in governance, with an openness to dialogue, confirmed not only by the strong female presence and majority of independent Directors within the Board of Directors, but also by the focus on issues relating to transparency in corporate management. The commitment to sustainable growth also entails promoting social and cultural development. Efforts in this direction included various projects in the arts, such as support and assistance for universities in conducting joint research and studies relating to savings and the relevant applied technologies. Innovation is a fundamental driver of Banca Generali’s strategy. The BG Training & Innovation Hub — a space for brainstorming on the future developments of private banking, stimulating dialogue and conducting research into the subjects of financial services and advice — was also inaugurated in early 2020. Drawing on a company culture increasingly imbued with the values of sustainability, and supported by our Group’s solid roots (Generali Assicurazioni), the next step on which the Bank has embarked is raising awareness amongst households of these distinctive sustainability features. This was the impetus to be the first in Italy to develop an exclusive model capable of pairing investment diversification objectives with a sustainability-oriented approach that concretely contributes to the 17 Sustainable Development Goals (SDGs) set by the United Nations in its 2030 Agenda. Since the launch of the platform in early 2019, the focus on ESG (environmental, social and governance) investments amongst customers has intensified rapidly, allowing the targets set for the end of the plan to be reached two years in advance. Social development, support for the growth of local communities and society, but also creation of value for all stakeholders within the Bank’s orbit: it is from this perspective that we report the Company’s results. Assets under management and assets under custody rose to 69 billion euros, increasing by 11.5 billion in the twelve months. Benefiting from the Bank’s business expansion and the gradual market recovery seen during the year, profits reached 272 million euros, the highest level in the Bank’s history. Propelled by this performance, the proposed remuneration for shareholders has reached a new all-time high of 185 eurocents per share, of which 30 eurocents to be drawn on the following year, in further pursuit of financial sustainability. I would like to express my heartfelt thanks to the top management, employees and professionals in the network for the invaluable work done and dedication shown in striving to continue to uphold our Bank as a beacon of ethics, professionalism and ability to achieve ambitious goals in the Italian financial service market. I would also like to express my deep gratitude to the colleagues on the Board of Directors, who have successfully facilitated dialogue and offered competent, resolute decision- making guidance for the management, with tangible results for all stakeholders.

Giancarlo Fancel

Chairman of Banca Generali

Charter of Sustainability Commitments

As a result of these strategic choices, Banca Generali received by Standard Ethics, an independent sustainability rating agency, a full investment grade sustainability rating of EE for the third consecutive year.

Our objective is to protect and improve the lives of people and businesses by correctly managing their assets and savings, and this is what we do every day.

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, Employees, Suppliers and all other Stakeholders involved in our business. We aim to build and maintain relationships based on trust with them.

Our mission bases on excellent, reliable leadership: we aim at standing with authoritativeness side-by-side with our partners to understand the impact that our decisions have on them and thus act responsibly, in order to increase their level of satisfaction and trust in our brand.

Materiality analysis and matrix

The materiality matrix, in line with the Generali Group’s guidance, identifies a number of significant themes that are pursued with concrete actions, for sustainable growth that does not lose sight of the social function that every responsible enterprise must have. This analysis resulted in the identification of 21 main topics in 6 different macro-areas: community, governance, social responsibility, economic responsibility, product responsibility and environmental responsibility.

Given the nature of the business and with a view to focusing our efforts, we have identified, in particular, a selection of SDGs to which to refer more closely.

The formation of the Nomination, Governance and Sustainability Committee within the Board of Directors, the structured internal control system and the policies and procedures in place with regard to preventing corruption and ensuring sound management of the business bear witness to our commitment to developing effective and inclusive institutions. 
We view people as a key asset to our strategy and develop various initiatives and measures designed to ensure equal opportunity and respectful, fair working conditions and to avoid all forms of discrimination: work-life balance programmes and focus on people and family, engagement activities and personal development and training initiatives, as well as a diversity and inclusion Action Plan.
We focus on social, environmental and corporate governance issues, which are taken into account when designing products and services, with an offering that integrates ESG criteria in the investment strategy of customers to raise awareness among them, and educate them on sustainability issues. For this reason, we have identified and selected specialised, dedicated partners with which to implement ESG-related strategies, products and services, such as MainStreet Partners, specialised in identifying sustainable portfolio solutions and impact investments. 

The correlation between the material issues and the GRI (Global Reporting Initiative) guidelines are reported below, with a focus on their internal and/or external impact. 

Social and personnel-related themes

1. Creation of employment and responsible M&A management
The issue of employment, together with economic instability, has a major impact on the manner in which company reorganisations are managed.

2. Attraction of talent and development of human capital
In an increasingly competitive and selective market, it is crucial to be able to rely on expert and motivated resources who are capable of meeting the challenges of the sector. It is also important to manage the risk of a lack of interaction and the proper organisational balance.

3. Engagement of employees and promotion of a shared culture
Boosting employee motivation and commitment to achieve objectives is important in order to maintain a common and shared corporate vision.

4. Human rights, diversity, inclusion and equal opportunities
The highest international standards require the utmost respect for diversity, in its various meanings, non-discrimination and equal opportunities.

5. Fair remuneration and incentives
A remuneration system based on internal fairness, competitiveness, consistency and meritocracy, by directly linking commitment and recognition of merit, allows long-term value creation at all levels of the organisation.

Topics relating to responsible management

6. Transparency in business management
In a context where it is increasingly easy to access information and the rate of its dissemination is ever faster, transparency in conducting business is an essential condition for building long-term relationships of trust.

7. Prevention of corruption
In a trust-based industry such as the banking sector, the promotion of business ethics and the prevention of corruption play a fundamental role in protecting a company's reputation and credibility, business efficiency and fair competition.

8. Responsible personal data management (data security)
The quantity and quality of personal data available today require diligent and professional management to ensure data confidentiality.

17. Greater regulatory complexity
At Italian and European level, increasingly stringent regulatory obligations, affecting various areas of interest, are being introduced.

15. Dealings with business partners
In a context where customers use multiple channels to proactively gather information and often prefer a direct interaction with their Financial Advisor, relationships with business partners are key in the provision of services.

12. Engagement and development of communities
The development of the communities in which we operate is related to the business, but also to the activities and exchanges that take place with enterprises, associations and other organisations located in the area.

Topics relating to customer management

9. Quality of customer experience
An essential feature of the relationship with the customer is the ability to offer a unique and distinctive experience, maintaining and strengthening the trust on which the key moments of the relationship are based.

10. Long-term protection of customers' household wealth
The relationship that our Financial Advisors establish with their customers must allow them to offer investment solutions that preserve the value of household wealth over time and provide for generational transfer with products/services able to seize market opportunities without suffering market volatility excessively.

11. Consumers’ financial education
The growing production of regulations, the distinctive nature of insurance and financial products and the uncertainty of market dynamics require training/educational schemes to be disseminated to raise customer awareness. 

13. Development of products and services
Customer needs and requests are constantly changing and evolving in response to the possibilities offered by technology.

14. Business innovation for the digital customer
The internet and mobile technology continue to spread and consumer attitudes are changing.

16. Responsible investments (ESG investing)
The environmental, social and corporate governance (ESG) dimension of investments is becoming increasingly important for future sustainable development.

Environmental topics

18. Climate change and natural disasters
Climate change is already taking place and natural disasters are on the rise, representing a serious threat to the world economic development. In this scenario, climate risk mitigation and compliance strategies are key factors in boosting the resilience of communities at global level. 

Dialogue with Stakeholders

We acknowledge as our stakeholders all those who contribute to achieving our goals, influencing our activities and allowing us to compete on the markets.

Stakeholders may be classified as follows:

  • Direct stakeholders: employees, financial advisors and shareholders who, for different reasons, are part of the Group structure;
  • Competitive stakeholders: Clients and contractual partners who, in their capacity, have an impact on business results;
  • Social-environmental stakeholders: the community, the environment and the financial community — the external context in which the Bank operates

An awareness of the central role played by our stakeholders in the process of sustainable growth has led us to engage in various forms of dialogue and discussion with them.

Institutions, businesses, media, NGOs and other organisations, opinion leaders, professional associations, non-profit organisations and the welfare industry

  • Local conventions on financial education
  • Press conferences
  • Company points of contact dedicated to media and institutional relations
  • Meetings with institutions and NGOs
  • Multi-stakeholder meetings
  • Website and mobile apps
  • Social activities, including in favour of community

Shareholders, investors, analysts and proxy advisors

  • General Shareholders’ Meeting
  • Media news
  • Meetings and interviews with analysts, investors and proxy advisors
  • Company points of contact and digital tools dedicated to relations with financial investors
  • Digital channels and social media

Suppliers and strategic partners

  • Meetings with the Bank and Networks
  • Working groups on common projects
  • Participation in local meetings
  • Media
  • Events

Employees and their families

  • Engagement survey (every two years)
  • Individual performance evaluation interviews and joint determination of development goals
  • Roundtables with unions and workers' representatives
  • Portal, newsletters, and house organ
  • Annual meeting with all employees
  • Events and initiatives
  • Internal meetings and cascading initiatives
  • Outdoor training sessions

Customers, customer households and consumers

  • Surveys on the level of satisfaction
  • Market researches
  • Dialogue with consumer associations
  • Communications channels devoted to customers (website, e-mail, toll-free phone number)
  • Media
  • Dedicated events
  • Advertising campaigns
  • Periodic documentation and in-depth reporting
  • Social support activities
  • Social media

Voluntary codes

In pursuing its growth objectives, Banca Generali remains faithful to the fundamental principles that characterize its ethics, such as transparency, fairness and impartiality. These principles are reiterated in the Internal Code of Conduct of the Bank, which is in line with the rules of conduct reported in the Generali Group’s Code of Conduct.

The Internal Code of Conduct defines the minimum rules of conduct to be observed in dealings between colleagues, as well as with customers, competitors, suppliers and the Group’s other stakeholders and contains specific provisions governing the promotion of diversity and inclusion, protection of company assets, conflicts of interest, bribery, financial information and the processing of insider information, the prevention of money laundering, financing for terrorism and international sanctions.

The Code is applied to all Group personnel, including members of administrative bodies. In addition, the Group expects that third parties (consultants, suppliers, etc.) adhere to the principles enunciated in the Code when they act on the Group’s account.

The Code shall be published on the company’s Intranet in order to ensure it is duly circulated among all recipients concerned.

Formulation of the Code implies the existence of further specific codes, regulations, guidance procedures and company policies issued to deal with any industry regulatory requirements or for any Bank decisions to comply with best practices for the sector. These include, for example:

  • the Whistleblowing Procedure that defines and formalises the principles and criteria adopted by Banca Generali regarding the reporting by Bank employees of deeds or actions that could constitute a breach of rules governing banking activity and the resultant handling of such reports;
  • the Policy for managing money-laundering and financing of terrorism designed to regulate the manner in which obligations relating to anti-money laundering and anti-terrorism legislation are managed through the adoption of suitable organisational control mechanisms; 
  • the Conflict of Interest Policy, adopted by Banca Generali in 2007 following the entry into force of the Italian legislation adopting MiFID into national law, the most recent update to which has been in effect since 1st January 2019. That Policy lays down the approach taken to identify actual and potential conflicts of interest, describes circumstances that may give rise to conflicts of interest, defines the measures to be used to manage such circumstances and specifies the organisational model for managing conflicts of interest, the purpose of which is to ensure that conflicts are managed efficiently over time. The Conflict of Interest Policy has been approved by the Board of Directors; 
  • the Code of Ethics for the Generali Group’s suppliers, adopted by Banca Generali, which lays down the principles of conduct and the resulting behaviour expected of its contractual partners (consultants, suppliers, etc.) when they act on the Group’s account.

Discover our numbers of sustainability

Concrete and measurable actions that demonstrate our commitment to sustainability, always thinking in perspective and keeping in mind the needs of all our stakeholders.