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 and the other transformation of our society, an inclusive culture, openness to dialogue and an informed approach to creating value for the Bank’s stakeholders.
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 our different stakeholders, seeking to understand their real needs and matching them to the Company’s business goals. 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 and their family, customers, suppliers, communities — with whom the Bank has daily contact.
Our sustainability strategy is characterised by:
- sustainable growth over time, with entrepreneurial actions aimed at achieving 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 environmental impacts linked both to our investments, by monitoring our exposure to high-carbon companies and to our operational activities, by taking measures to minimise the consumption of energy, paper and water, and to reduce greenhouse gas emissions to promote the energy transition towards an economy that protects the climate and biodiversity.
A new way to invest
In 2024, global economy recorded solid growth, with declining inflation and positive equity market performance, especially in the United States. Central banks began to ease their monetary policies: the ECB cut key interest rates four times for a total of 100 basis points, while the Federal Reserve made three cuts. Easing monetary policies and expectations for further interest rate cuts in Europe have led to a favourable context for Italian households’ demand for financial advisory and asset management products.
Banca Generali was able to promptly seize the opportunities offered by the new market context, focusing on consistent growth and exceeding 6.6 billion euro net inflows, with total client assets managed and administered at 103.8 billion euros. The increase in commercial activities was accompanied by profitable growth: the Bank’s net profit rose by 32% to 431 million euros, setting an all-time high for both the recurring and total components. The Bank’s traditional capital solidity continued to strengthen as well. Total Capital Ratio was 24.4%, or nearly 12 pps above the specific capital requirement. In light of these results, the Board of Directors proposed to distribute a 327 million euro cumulative dividend totally paid in cash.
The satisfaction for the last year’s results is compounded by that for the end of the 2022-2024 Strategic Plan, which aimed at steering Banca Generali along a path of sustained, sustainable and profitable growth, in line with its history. With regard to the results for the three-year period, the Company recorded cumulated net inflows of 18.2 billion euros, with an average 24% increase in net profit, and is going to distribute total cumulative dividends of 8.5 euros per share . These figures mark the achievement of the Strategic Plan’s ambitious targets, confirming the Bank’s resilience and its ability to overcome complex and challenging economic periods, as was the case in the 2022-2023 two-year period.
Beside focusing on financial growth, Banca Generali developed multiple strategic initiatives to strengthen its value of service, with particular reference to solutions dedicated to Private and HNW customers and, more generally, to entrepreneurial families. In addition, in the past three years, the Bank has become increasingly data-driven, implementing data-analytics tactics to support its Financial Advisors’ development and productivity. The creation of an advanced data governance, data management and data warehouse structure puts the Company in an ideal position to exploit the opportunities offered by AI application at times of accelerated technological development.
The year 2024 also marked an important step forward in terms of international expansion. After receiving the Swiss Regulator’s authorisation, BG Suisse obtained the Bank of Italy’s authorisation to operate in Italy under the Free Provision of Services regime which, combined with the investment services provided by Banca Generali in Italy, represents a unique offering in the Italian landscape.
Intermonte, a historical Italian brokerage firm with extensive expertise in advisory for Italian SMEs, was acquired through the voluntary tender offer launched in September 2024 and finalised in just five months with delisting at the beginning of 2025. This acquisition will further catalyse the Bank’s growth and profitability in the coming years.
The Annual Integrated Report 2024 includes the Sustainability Statement pursuant to Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive – CSRD), in its first year of application. One of the main requirements introduced by the new Directive is the double materiality analysis, which has identified as Banca Generali priorities climate change mitigation, the enhancement of Human Capital, the enhancement of Financial Advisors, cybersecurity and data protection with regard to customers, wealth protection and value of service. Besides being relevant for the purposes of this Report, these topics are especially fundamental for identifying and addressing Banca Generali’s strategic topics in the years to come, so as to define its stakeholder commitment in an increasingly thorough manner.
As the administrative, management and supervisory bodies deem sustainability matters central to the definition of the Company’s strategy and management, the ESG reporting tools Sustainability Dashboard and Climate Risk Assessment have been formalised for the Board of Directors and Board Committees to be able to monitor ESG KPIs and assess climate-related and environmental risks. In 2024, the Board of Directors monitored and approved the integration of the Action Plan, related to the Bank of Italy’s supervisory expectations for climate-related and environmental risks. At the beginning of 2025, the Board also approved the new Climate Transition Plan, which sets new ambitious GHG emission reduction targets for both operational activities and corporate issuers to be reached by 2030, and the Net Zero target by 2040.
As regards the People Strategy policies, the Bank focused on consolidating the sense of belonging, promoting constant alignment between project and business activities, and fostering an inclusive work environment that values uniqueness. Its commitment towards all BG People is clearly reflected in the acceleration of training programmes, which despite their already excellent quality improved even further. Specifically, training programmes focused on regulatory matters and on cybersecurity, innovation, AI and digital skills — including in particular training on Microsoft Copilot Edge — and the development of behavioural and managerial competencies. Overall, 70,749 training hours were provided in 2024, up by 7% compared to 2023 and by 18% on 2022. Besides Employees, the focus on training also extends to Financial Advisors, who were involved in managerial and relationship training programmes aimed at strengthening their role and enhancing their technical-commercial skills, so as to better meet customers’ needs with an increasingly holistic approach, in line with regulatory developments. Among these programmes, the innovative My Academy project with its strategic training courses, the support for obtaining EFPA ESG Advisor certification offered to a cluster of selected Financial Advisors specialised in sustainability matters, and the BG Lab training platform with its renewed content and user experience proved particularly effective.
In line with the commitments undertaken at the launch of the 2022-2024 Strategic Plan, at the end of the year 60% of hirings was under 35 years, 95% of people was involved in sustainability-related initiatives and 99% in digital-related initiatives. Hybrid work was fully confirmed for 100% of eligible employees. We are also particularly proud of having obtained Gender Equality Certification, which confirms the Bank’s attention to equal opportunities policies and to the creation of a work environment based on respect and continuous skill development to guarantee a work experience that always puts people at the centre.
I would also like to highlight that the 2024 Global Engagement Survey conducted on all the Banca Generali Group employees recorded a participation rate of 96% and an engagement score of 86%, testifying once again that the Bank’s overall goals and values are broadly shared and highlighting a strong sense of belonging and sharing of the corporate culture, which have always been distinctive factors of our organisation.
Among the recognitions that Banca Generali received in 2024, I would like to mention the “Best Private Bank in Italy”, bestowed at the prestigious Global Private Banking Awards (FT Group’s PWM) for the sixth time in the past eight years, and the “Best Financial Advisor Network for Customer Satisfaction” award received by Deutsche Institut für Qualität und Finanzen (ITQF) for the eleventh consecutive year. These recognitions confirm the Banking Group’s high reputation and our customers’ appreciation, and reward our constant commitment to offering an excellent service, as testified by the ratings received and by our undeniable commercial success.
To conclude, I would like to thank all the Financial Advisors, Employees, the Chief Executive Officer and his management team, whose work and dedication led to the successful achievement of all the Strategic Plan’s targets. I wish them to forge ahead with this path of sustained, profitable and remunerative growth through 2025 and in the future.
I would also like to sincerely thank my colleagues, the members of the Board of Directors, and the members of the Board of Statutory Auditors for their valuable contribution in terms of experience, expertise and strategic vision that, year after year, support Banca Generali’s development towards increasingly significant objectives.
Our Sustainability Policy outlines the system defined by the Banking Group for identifying, assessing and managing the risks connected with Environmental, Social and Governance factors in keeping with our goal of promoting sustainable development of business activities and generating durable value over time.
In particular, this Policy sets the rules to:
- identify, evaluate and manage ESG factors that may pose risks and opportunities for the achievement of business objectives;
- identify, evaluate and manage the positive and negative impacts that business decisions and activities may have on the external environment and on legitimate interests of stakeholders.
The Policy aims to integrate into business processes the Banking Group’s Sustainability model outlined in the Charter of Sustainability Commitments in force from time to time and approved by Banca Generali’s Board of Directors that defines the long-term strategic goals for doing business responsibly and living in the community, helping to create a healthy, resilient and sustainable society.
Internal Code of Conduct
In pursuing its growth objectives, we remain faithful to the fundamental principles that characterize its ethics, such as transparency, fairness and impartiality. These principles are reiterated in the our Internal Code of Conduct, 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.
Whistleblowing and AML/CTF Policy
To monitor compliance with the Internal Code of Conduct and in accordance with the applicable legal framework, we have adopted a whistleblowing procedure that makes it possible to collect, assess and manage reports of potential fraudulent phenomena, violations of internal rules and suspect behaviour. The procedure guarantees those involved protection from all forms of retaliation, discrimination or penalisation and ensures them the utmost confidentiality, without prejudice to legal obligations.
In addition, with the aim of combating money-laundering and the financing of terrorism, which constitute a serious threat for the legal economy and can result in destabilising effects, above all for the banking and financial system, we have adopted an Anti Money Laundering and Counter Terrorist Financing (AML/CTF) Policy. The AML Policy, approved by the Board of Directors, is part of the broader internal control system of our Bank, aimed at ensuring compliance with applicable laws and regulations.
Adhesion to UN Global Compact
At the beginning of 2024, at Banca Generali we have also joined the UN Global Compact, a voluntary initiative launched by the United Nations to encourage businesses the world over to define an economic, social and environmental framework aimed at promoting a sound and sustainable global economy from which everyone can benefit. To this end, as a participant, Banca Generali is committed to share, support and apply within its sphere of influence the ten fundamental principles regarding human rights, labour standards, environmental protection and fight against corruption.
The materiality analysis is a tool for strategic reading of the Bank’s internal and external environment aimed at identifying and determining the priorities of the economic, environmental, social and governance aspects deemed material and significant to its business and its stakeholders. In order to efficiently identify the materiality of these impacts, we launched a structured process made up of the following 4 macro-phases and in compliance with the requirements set forth in the Sustainability Policy we analysed a wide range of internal and external sources of information.
Our documents were then organised in two clusters referred to our main stakeholders: on the one hand Banca Generali Universe and on the other hand the external stakeholders — according to a top-down approach.
The analysis of the above-mentioned documents led to the definition of a set of 12 topics, identified, linked to the E, S or G areas and to the Pillars of the Strategic Plan.
In order to assess the materiality of the topics and the related impacts, we assigned a score equal to 0, 1.5 or 1 to each topic, based on the relevance of the topic itself and its connection to significant impacts on the economy, environment and people.
Afterwards, we assigned stakeholders an individual specific weight, based on their degree of materiality for the Bank. The score of each topic was then weighted accordingly.
The materiality matrix displays the topics on two dimensions — the internal (the Bank’s Universe) and the external (external stakeholders) dimensions — and positions them based on the scores obtained. The top right-hand corner plots the 12 priority topics, i.e., those with a score exceeding 0.5 in both analysis dimensions.
With particular reference to the Banca Generali Universe, the analysis confirmed as the most relevant topics responsible investments and sustainable products, digital governance, cybersecurity & privacy and investment protection and quality of service.
Considering the standpoint of external shareholders alone, a greater relevance was placed on the risk management system, environmental impacts and climate-related challenges, and business integrity and transparency.
Combining both universes, the most relevant topics were responsible investments and sustainable products, digital governance, cybersecurity & privacy, business integrity and transparency, and enhancement of Human Capital & DEI.
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.
The priorities that guide our sustainable business model are:
- Business management and culture dissemination
This topic extends both to our commitment to combating active and passive corruption through an adequate assessment of the associated risks and the adoption of safeguards designed to mitigate them and to the adoption of tools intended to govern the behaviour and spread the values that are the foundation of our company and commercial conduct.
- Governance and sustainable strategy
We have adopted a set of tools, rules, relationships, processes and company systems designed to ensure proper, efficient management of the organisation, with a particular focus on the challenges posed by the current environment and the management of new organisational models.
Moreover, the company strategy integrates environmental, social and economic considerations so as to create value for internal and external stakeholders from a medium-to-long-term perspective.
- Data protection and cyber security
In harmony with the process of accelerating digitalisation, we are committed to developing and enhancing adequate means and technologies to protect data and information technology systems in terms of availability, confidentiality and integrity.
- Investment protection and customer relations management
Our distinctive characteristics are our commercial model, based on a one-to-one relationship with our customers, and portfolio management focused on return and protection against all risks that, directly or indirectly, may compromise its value over time.
- Innovation and sustainable products
For us innovation implies, on the one hand, investments aimed at increasing the technological infrastructures to support the new offering of digital products and services, on the other, a focus on social, environmental and corporate governance issues, which are taken into account when designing products and services, integrating ESG criteria in the investment strategy of customers to raise awareness among them, and to deepen their knowledge of sustainability issues. Accordingly, we have identified and selected specialised partners with which to develop sustainable finance strategies, products and services.
- Business solidity
By ‘business solidity’ we mean the ability to maintain a strong performance over time and predict market trends, including through the renewal of the services offered, and development of robust organisational resilience in order to protect financial stability and business profitability.
- Growth and development of human capital
We promote the development of a company model capable of attracting talent and excellent professionals and harnessing the skills offered by our personnel through growth processes designed to hone their abilities and consolidate their professional expertise.
We view people as the centrepieces of our strategy: as a result, we develop initiatives and measures of various kinds designed to ensure equal opportunity and respectful, fair and flexible working conditions, while also avoiding all forms of discrimination. These range from work-life balance programs, a focus on individuals and attention to households, to engagement, development of growth and training initiatives and action plans for diversity and inclusion.
- Human capital protection
By ‘human capital protection’ we mean placing the protection of human capital at the heart of the organisation.
- Stakeholder and community relations
We believe it to be fundamental to listen to, consult and constantly engage stakeholders to understand their needs, while also contributing to the development of the community and local area. We also regard banks as contributing significantly to institutional debate for the development of mechanisms for economic facilities/support for individuals and businesses.
- Risk management system
We have set ourselves the goal of adopting a system for identifying, assessing and managing risks that includes ESG factors in order to integrate them into our strategy and operating model so as to govern the transition towards more sustainable economic and business models.
- Environmental impacts
To manage our direct environmental impacts, we have adopted policies aimed at enhancing efficiency and reducing consumption and greenhouse gas emissions; we also consider the indirect environmental impacts of investment activities on climate change and assess the climate risks of investment portfolios.
Discover our model of shared value creation to explore how the Bank translates these priorities into concrete initiatives that generate value that lasts over time and is shared with our stakeholders.
In Banca Generali we liaise with numerous stakeholders, each with different requirements and expectations. We recognise as stakeholders all those parties (Institutions, Organisations, groups or individuals) who can influence or be influenced by our activities. To identify stakeholders of priority interest we use the following criteria: responsibility, influence, proximity, representation and strategy.
Overall, stakeholder listening and dialogue activities are carried out mainly in order to:
- understand the needs and expectations of stakeholders of priority interest in the medium to long term to support strategic planning;
- anticipate risks of a different nature (operational, reputational, etc.);
- monitor the level of satisfaction and check the extent to which the different stakeholder categories have a positive perception of their relationship with the Bank;
- seize new opportunities through the joint identification of solutions capable of creating shared value for the Organisation and its stakeholders.
Our awareness of the central role played by our stakeholders in the process of a sustainable growth has led us to initiate forms of active dialogue and discussion. Our main stakeholders include:
International and Financial Sector (including companies, media, non-profit organisations and the welfare industry)
- Employees of the Banca Generali Group;
- Our network of Financial Advisors;
- National, international, and financial sector institutions (including companies, trade associations, and the third sector);
- Shareholders;
- Supervisory authorities and rating agencies;
- Customers;
- Suppliers;
- Financial and non-financial strategic partners;
- Communities.
- Meetings with institutions
- Multistakeholder meetings
- Social activities in favour of community
At Banca Generali, sustainability is an unquestionable strategic orientation supported by a strong internal commitment.
In this regard, within the “Rules Regulating the Proceedings of Meetings of Board of Directors and of Internal Committees”, as approved on 11 May 2021 and last updated on 9 May 2024, Banca Generali decided to foster sustainability in all its Board Committees; moreover Banca Generali’s Internal Regulation and Banca Generali’s Group Regulation also foresee certain responsibilities in the area of sustainable governance in the hands of Managing and Risk Committees
The integration of sustainability in the aforementioned committees is briefly described below.
Internal Committees
- Managing Committee
The Managing Committee is an advisory body set up to assist the company’s top management by subjecting the Bank’s most significant strategic and managerial aspects to in-depth assessment, as a panel. It consists of the CEO, the two Deputy General Managers and top managers. It is in charge of examining, on a half-yearly basis, all matters related to the Banking Group’s social, environmental and sustainability responsibility.In this context, the Committee defines sustainability-related opportunities, risks, common objectives, targets, areas for improvement, content and reporting methods, and analyses the results set out in the Annual Integrated Report, discussing the achievement of the targets set, the difficulties faced and the problems still to be solved.
Risk Committee
The Risk Committee is the corporate body in charge of ensuring a coordinated supervision of the management and control system of the risks assumed by the Banca Generali’s Group, with reference to the Risk Appetite Framework. In this context, the Risk Committee has specific tasks and responsibilities in monitoring the risks assumed by the Banca Generali’s Group, including risks and profiles connected to ESG (Environmental, Social and Governance) factors.
Board Committees
- Sustainability and Innovation Committee
The Sustainability and Innovation Committee, established in April 2024 in line with market best practices and the interests of various stakeholders, has investigative, advisory and propositional functions, in support of the Board of Directors, on sustainability and innovation. In particular, in the area of sustainability, the Committee supports the Board in the integration of sustainability in the definition of business strategies, as well as in the definition of the materiality matrix and monitors ESG issues, including, in the social and environmental area: climate change, diversity, equity and inclusion, and health and safety in the workplace.
- Nomination and Governance Committee
The Committee is responsible for advising and making recommendations to the Board of Directors on nominations and governance. In exercising its functions, the Committee must take into account that the members of the Bank's Board of Directors express a balanced composition of experience and theoretical and/or technical knowledge of managerial and/or entrepreneurial management, including in the ESG area.
- Internal Audit and Risk Committee
The Internal Audit and Risk Committee performs supporting functions for the body with strategic supervision functions with regard to risks and the internal control system. It also ensures that the risks and profiles connected to ESG factors are thoroughly assessed in order to foster the Sustainable Success of the Company and Banking Group.
- Remuneration Committee
The Remuneration Committee is responsible for advising and making recommendations on remuneration to the Board of Directors. It formulates proposals regarding plans, targets, rules and company procedures relating to social and environmental issues and, more generally, sustainability, in line with applicable laws and regulations.
- Credit Committee
The Credit Committee performs preliminary, consultative and propositional functions in support of the Board of Directors regarding loans, particularly the evaluation of loan applications. In supporting the Board of Directors to the extent of its remittance, the Committee ensures that the Board may adopt all appropriate lending resolutions in accordance with an assessment of the risks underlying the loans that also take account of the risks connected to environmental, social and governance (ESG) factors.
Management
All the competences regarding sustainability are attributed to the General Counsel & Sustainability, within which the Banking Group Sustainability Service was established, with the task of coordinating the structures of the banking group on strategic sustainability projects.