Players and management tools in corporate sustainability context

  • 136 views
Uploaded on

 

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
136
On Slideshare
0
From Embeds
0
Number of Embeds
1

Actions

Shares
Downloads
2
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. UNIVERSITÀ DEGLI STUDI DI TORINO FACOLTÀ DI ECONOMIA ACADEMIC COURSE IN BUSINESS ADMINISTRATION DISSERTATION PLAYERS AND MANAGEMENT TOOLS IN CORPORATE SUSTAINABILITY CONTEXT Prof. Maurizio Cisi Examinee: Federico Capello Prof. Willem Tousijn matr. 282316 ACADEMIC YEAR 2010/2011 1lunedì 15 aprile 13
  • 2. INTRODUCTION • the thesis was born with the goal of filling up that biographical emptiness typical in the Sustainability Reporting and in the CSR practice; defining who are the main actors operating in the Italian market and understanding their behavior. • the Research has been carried out meeting sector specialists and analyzing the main communication tool for non-financial datas used by companies: the Sustainability Report. • FTSE MIB listed companies, in December 2011, were used as samples. It has been examined their sustainability reports for the years 2008-2009-2010. • the second part of the thesis deepens the analysis of sustainability report double role: as a tool supporting the company CSR practices and as a tool for effective communication with the outside world. Everything has been backed by two researches that have related report quality - CSR communication quality - ESG rating level obtained. • The business approach, able to give an objective vision of the context, came with a sociological analysis of the activity performed by the main players. The intention was to assess those players behavior considering also the diffusion of a business model reckoned sustainable for real.Università degli Studi di Torino Federico Capello 2 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 3. PART I ITALIAN MARKET STRUCTURE Aletti Gestielle SGR Generali Investments Sicav Aureo Gestioni SGR Pioneer Asset Management BNP PARIBAS Investment Partners SGR Pioneer Investment Management SGR Etica SGR Sella Gestioni SGR Eurizon Capital SGR UBI Pramerica SGR CSR NGO INVESTMENTS Trade Unions Suppliers FOUNDS SDA Bocconi Customers LUISS Current and Future Employees Other Public Administration Stakeholders Business engaged in CSR Schools VIGEO SAM ECPI ANALYSTS - SGS EIRIS ASSURANCE ERM CVS OEKOM Research RATING ESG Bureau Veritas Certification France MSCI ESG Research Det Norske Veritas AEI COMPANY Pwc KPMG UNGC X Ernst & Young Deloitte GRI Accenture IFAC Avanzi AccountAbility RESEARCH RGA GBS CONSULTING ORAGNIZATIONS Protiviti ABI Value Partners IIRC ISO SUSTAINABILITY REPORT Econometica Voluntas SAP Newsweek Enablon Sustainalitycs Associations Software SAS Trucost Pubblications solutions Microsoft Corporation Corporate Register Research suppliers BSI Entropy International Carbon Disclosure Project Credit 360 CSR Manager Network CSR Nordic Aps Lundquist Entities operating in corporate sustainability context with influence on the compilation of an extra-financial reportUniversità degli Studi di Torino Federico Capello 3 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 4. MAIN PLAYERS... • through the reports analysis it was possible to find Aletti Gestielle SGR Aureo Gestioni SGR Generali Investments Sicav Pioneer Asset Management out which companies present their sustainability BNP PARIBAS Investment Partners SGR Pioneer Investment Management SGR Etica SGR Sella Gestioni SGR Eurizon Capital SGR UBI Pramerica SGR report to external assurance. CSR INVESTMENTS FOUNDS • it was possible to deepen such aspect thanks to VIGEO companies offering advisory services in addition to SAM ECPI EIRIS ANALYSTS - RATING ESG ASSURANCE SGS ERM CVS limited auditing OEKOM Research Bureau Veritas Certification France MSCI ESG Research Det Norske Veritas AEI COMPANY Pwc KPMG UNGC X Ernst & Young Deloitte GRI Accenture • starting from the analysis of the published reports it IFAC Avanzi AccountAbility RESEARCH RGA GBS CONSULTING ORAGNIZATIONS Protiviti ABI Value Partners was possible to trace those compilation and IIRC ISO SUSTAINABILITY REPORT auditing standards, most spread, and consequently to identify the main Research Organizations that deal with the drawing of the above mentioned standards. • the importance of an external evaluation on companies CSR practices quality led the research to reconstruct the identity and profile of the analysts and ESG rating agencies • some kind of investors, generally funds manager companies, use extra-financial logics in their decisions. This behavior is due to the corporate social responsibility.Università degli Studi di Torino Federico Capello 4 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 5. FTSE MIB a dicembre 2011. MAIN PLAYERS... ASSURANCE PRACTICE Il risultato, per le società quotate e per i soggetti revisori è presentato nelle FONDI INVESTIMENTO CSR seguenti tabelle: Altri Stakeholder Business attenti alla CSR School ANALISTI - ASSURANCE RATING ESG FTSE MIB a Dicembre 2011 (in rosso il Report INTEGRATO) AZIENDA X Società incaricata alla revisione del Bilancio di Sostenibilità ORGANIZZAZIONI DI RICERCA SOCIETÀ DI CONSULENZA Società 2010 2009 2008 REPORT DI SOSTENIBILITÀ Associazioni Fornitori di 1 A2a Pwc Pwc Assenza Soc. Revisione Pubblicazioni soluzioni Ricerca software 2 Ansaldo Sts Pwc Assenza Soc. Revisione incluso in Finmeccanica 3 Atlantia (incl. in Autostrade) KPMG KPMG KPMG 4 Autogrill Spa KPMG KPMG KPMG 5 Azimut No Bil Sost No Bil Sost No Bil Sost 6 Banco Popolare DELOITTE DELOITTE DELOITTE 7 Bca Mps KPMG KPMG KPMG 8 Bca Pop Milano Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione 9 Bulgari No Bil Sost No Bil Sost No Bil Sost 10 Buzzi Unicem Pwc Pwc Pwc 11 Campari No Bil Sost No Bil Sost No Bil Sost 12 Diasorin No Bil Sost No Bil Sost No Bil Sost 13 Enel KPMG KPMG KPMG 14 Enel Green Power incluso in Enel incluso in Enel Società non costituita 15 Eni 16 Exor Ernst & Young No Bil Sost Pwc No Bil Sost Pwc No Bil Sost • the analysis considers companies listed on the 17 Fiat 18 Fiat Industrial SGS incluso in Fiat SGS Società non costituita SGS Società non costituita FTSE MIB in December 2011 19 Finmeccanica Pwc ERM CVS Assenza Soc. Revisione 20 Fondiaria-Sai Ernst & Young DELOITTE DELOITTE 21 Generali Ass 22 Impregilo Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione • companies that have published sustainability 23 Intesa Sanpaolo Ernst & Young Ernst & Young Ernst & Young reports during the years 2008,2009,2010 and 24 Lottomantica Ernst & Young Ernst & Young Ernst & Young 25 Luxottica Group No Bil Sost No Bil Sost No Bil Sost how many of those reports have been controlled 26 Mediaset S.P.A. 27 Mediobanca No Bil Sost No Bil Sost No Bil Sost No Bil Sost No Bil Sost No Bil Sost by a third-party assurance, have been identified. 28 Mediolanum Ernst & Young Ernst & Young Ernst & Young 29 Parmalat No Bil Sost No Bil Sost No Bil Sost 30 Pirelli e C SGS SGS SGS 31 Prysmian Assenza Soc. Revisione Assenza Soc. Revisione Assenza Soc. Revisione 32 Saipem Ernst & Young Pwc Pwc 33 Snam Rete Gas Ernst & Young Pwc Pwc 34 Stmicroelectronics DNV Bureau Veritas C. F. Bureau Veritas C. F. 35 Telecom Italia Pwc Ernst & Young Ernst & Young 36 Tenaris Assenza Soc. Revisione Assenza Soc. Revisione No Bil Sost 37 Terna KPMG KPMG KPMG 38 Tod’s No Bil Sost No Bil Sost No Bil Sost 39 Ubi Banca KPMG KPMG KPMG 40 Unicredit KPMG KPMG KPMGUniversità degli Studi di Torino Federico Capello 5 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 6. 2010 2009 2008 Società Revisione n° Soc. Revisionate n° Soc. Revisionate n° Soc. Revisionate Pwc 5 A2a 5 A2a 4 Buzzi Unicem Ansaldo Sts Buzzi Unicem Eni Buzzi Unicem Eni Saipem Finmeccanica Saipem Snam Rete Gas Telecom Italia Snam Rete Gas KPMG 7 Atlantia Autogrill Spa 7 Atlantia Autogrill Spa 7 Atlantia Autogrill Spa • entities offering assurance practices are divided Bca Mps Enel Bca Mps Enel Bca Mps Enel as shown in the table Terna Terna Terna Ubi Banca Ubi Banca Ubi Banca • Unicredit Unicredit Unicredit Ernst & Young 7 Eni Fondiaria Sai 4 Intesa Sanpaolo Lottomatica 4 Intesa Sanpaolo Lottomatica companies offering limited report auditing can Dall’analisi condotta sulle società quotate all’interno del FTSE MIB è emerso che Intesa Sanpaolo Lottomatica Mediolanum Telecom Italia Mediolanum Telecom Italia le società incaricate in two categories: del report di sostenibilità sono le be divided delle pratiche di assurance big auditing Mediolanum Saipem companies seguenti: and quality certification companies Snam Rete Gas DELOITTE 1 Banco Popolare 2 Banco Popolare 2 Banco Popolare Fondiaria Sai Fondiaria Sai SGS 2 Fiat 2 Fiat 2 Fiat Symbol Name Pirelli e C Pirelli e C Pirelli e C ERM CVS - - 1 Finmeccanica - - Bureau Veritas Certification France - - 1 Stmicroelectronics 1 Stmicroelectronics Pricewaterhouse PwC DNV 1 Stmicroelectronics - - - - Coopers Numero bilanci sottoposti a revisione 23 22 20 Soc. incluse in bilanci del FTSE MIB 2 Enel Green Power 1 Enel Green Power 1 Ansaldo Sts AUDIT Fiat Industrial KPMG KPMG Tot società sottoposte a revisione 25 23 21 PRACTICE E&Y Ernst & Young ASSURANCE ACTIVITY Bilanci redatti in assenza di revisione 5 Bca Pop Milano 6 Ansaldo Sts 6 A2a esterna Generali Ass Bca Pop Milano Bca Pop Milano Impregilo Generali Ass Finmeccanica Deloitte Touche Deloitte Prysmian Impregilo Generali Ass Tohmatsu Limited LIMITED Tenaris Prysmian Impregilo Tenaris Prysmian ASSURANCE ON Tot società con un bilancio sostenibilità 30 29 27 SGS SGS Italia SUSTAINABILITY Mancata redazione bilancio di 10 Azimut 10 Azimut 11 Azimut sostenibilità Bulgari Bulgari Bulgari REPORT Campari Campari Campari ERM CVS ERM CVS Diasorin Diasorin Diasorin CERTIFICA Exor Exor Exor Bureau Veritas TION OF Luxottica Group Luxottica Group Luxottica Group BVCF Certification QUALITY Mediaset S.P.A. Mediaset S.P.A. Mediaset S.P.A. France PRACTICE Mediobanca Mediobanca Mediobanca Parmalat Parmalat Parmalat Tod’s Tod’s Tenaris Det Norske Tod’s DNV Totale 40 39 38 Veritas Società non costituite alla data - - 1 Fiat Industrial 2 Enel Green Power Fiat IndustrialUniversità degli Studi diil ruolo rilevante nell’attività di assurance delle società di L’analisi conferma Torino Federico Capello Le prime quattro sono società di revisione, che spesso ampliano il proprio incarico 6 revisione, di Economia quanto riguarda le grandi società quotate. Facoltà perlomeno per Players and management tools in corporate sustainability context al report di sostenibilità tramite formula della revisione limitata appena illustrata.lunedì 15 aprile 13
  • 7. Auditing companies review • A final review created by the auditing company and attached to the sustainability report concludes their job. • such document, besides illustrating the various standard information, it communicates less in- depth the progress of the limited auditing activity and does not guarantee the same correctness of the information contained in the report as an extended assurance service. LIMITED ASSURANCE formula that allows to express an opinion even in a wider and sensitive to subjective evaluations context like the one represented by non-financial reportingUniversità degli Studi di Torino Federico Capello 7 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 8. MAIN PLAYERS... ADVISORY COMPANIES FONDI INVESTIMENTO CSR Altri Stakeholder Business attenti alla CSR School ANALISTI - ASSURANCE RATING ESG AZIENDA X ORGANIZZAZIONI SOCIETÀ DI DI RICERCA CONSULENZA REPORT DI SOSTENIBILITÀ Associazioni Fornitori di Pubblicazioni soluzioni Ricerca software GENERAL ADVISORY SERVICES FOR CSR LEVEL IMPLEMENTATION The main entities operating in limited assurance SPECIFIC ADVISORY SERVICES FOR SUSTAINABILITY REPORT CONSULTING ASSURANCE are the well-know Big Four. They offer a wide Creation a/o and complete set of services supporting the CSR implementation Limited development. Report release support of assurance on internal sustainability reporting report process SUPPORT FROM RESEARCH DEPARTMENT www.pwc.com/it Climate change and sustainability Le emissioni di CO² prodotte per la realizzazione di questa brochure sono state compensate con la piantumazione di alberi eseguita dal Comitato Parchi per Kyoto ONLUS Sviluppo sostenibile Seven questions CEOs and ISSUE 7 | 2 010 e cambiamenti boards should ask about climatici ‘triple bottom line’ reporting Complimentary article reprint These big companies, unlike competitors, can count on Compounding the Benefits of Carbon Management & Sustainability Measures AUDIT BY ERIC HESPENHEIDE > JOHN DeROSE > JESSICA BRAMHALL AND MARK TUMISKI > ILLUSTRATION BY EDDIE GUY Se ogni abitante della Terra volesse vivere secondo gli standard dei paesi occidentali avremmo L’implementazione del bisogno di altri due pianeti per ottenere report unico all’interno proper research departments. These departments are le risorse necessarie. delle imprese The implementation of integrated reporting within companies dedicated to specific themes on sustainability and non- This publication contains general information only, and none of Deloitte Touche Tohmatsu, its member firms, or its and their affiliates are, by means of this publication, render- ing accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances or your business. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. kpmg.com/it None of Deloitte Touche Tohmatsu, its member firms, or its and their respective affiliates shall be responsible for any loss whatsoever sustained by any person who relies on this publication. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms. Copyright © 2010 Deloitte Development LLC. All rights reserved. Sviluppo sostenibile e cambiamenti climatici L’implementazione del Climate change and report unico all’interno sustainabilitty. A profitable shade of Green. Computing the benefits financial reporting. Following some sample publications delle imprese Seven questions CEOs and boards should ask about “triple bottom of carbon management & sustainability used as benchmarks by other sector operators. measures line” reporting PWC KPMG Ernst & Young DeloitteUniversità degli Studi di Torino Federico Capello 8 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 9. Corporate Social Responsibility and sustainability reporting diffusion Large 100 Spread of CSR practices Company’s Size • The advisory activity is developed and sustainability 75 along with the market demand of more reporting 50 responsibility from companies. Small 25 •The diffusion of CSR practices and 0 ICT non-financial reporting is developed BANK with 2 mainstreams: the sector impact OIL level and the companies dimension Low High Sector Impact Level • enterprises operating in high environment and social impact sectors (i.e. oil, energetic etc) have been pushed to publicize the sustainability report before others. In this way they have acquired better expertise (Eni has presented an INTEGRATED ANNUAL REPORT 2010, with datas both financial and non-financial) •Big listed companies had to adapt beforehand in their sectors in drawing up the report, but now they do put pressure on smaller competitor to make them adapt to such practices too.Università degli Studi di Torino Federico Capello 9 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 10. REPORT DI 2010 2009 2008 SOSTENIBILITÀ Principi Principi Principi Principi Principi Principi MAIN PLAYERS... RESEARCH ORGANIZATIONS prodotti dalle società FTSE MIB a dic 2011 1 A2a REDAZIONE GRI EUSS REVISIONE ISAE 3000 CoE REDAZIONE GRI REVISIONE ISAE 3000 CoE REDAZIONE GRI GBS FONDI INVESTIMENTO REVISIONE - CSR 2 Ansaldo Sts GRI ISAE 3000 CoE GRI GBS - incluso in Finmeccanica Altri Stakeholder attenti alla CSR Business School 3 Atlantia (in Autostrade) GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI ISAE 3000 ANALISTI - ASSURANCE RATING ESG 4 Autogrill Spa GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI ISAE 3000 AZIENDA X 5 Banco Popolare GRI FSSS *(2) ISAE 3000 CoE GRI *(2) *(3) ISAE 3000 CoE GRI 2002 *(2) *(3) ISAE 3000 ORGANIZZAZIONI SOCIETÀ DI DI RICERCA CONSULENZA 6 Bca Mps GRI FSSS ISAE 3000 CoE GRI FSSS ISAE 3000 CoE GRI ISAE 3000 REPORT DI SOSTENIBILITÀ 7 Bca Pop Milano GBS ABI GRI* - GBS ABI - GBS ABI -REPORT DI 2010 2009 2008 Associazioni Fornitori diSOSTENIBILITÀ 8 Buzzi Unicem GRI *(1) ISAE 3000 CoE GRI *(1) ISAE 3000 CoE GRI GBS ISAE 3000 Pubblicazioni soluzioni Ricerca softwareprodotti dalle società Principi Principi Principi Principi Principi Principi GRI EUSS ISAE 3000 CoE GRI EUSS ISAE 3000 CoE GRI ISAE 3000 REDAZIONE REVISIONE REDAZIONE REVISIONE REDAZIONE REVISIONE 9 EnelFTSE MIB a dic 2011 AA1000APS AA1000AS CoE AA1000APS AA1000AS CoE AA1000APS AA1000AS CoE 1 A2a GRI EUSS ISAE 3000 CoE GRI ISAE 3000 CoE GRI GBS - 10 Enel Green Power incluso in Enel incluso in Enel Società non costituita GRI ISAE 3000 CoE GRI GBS - 11 Eni GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI ISAE 3000 2 Ansaldo Sts incluso in Finmeccanica GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI ISAE 3000 12 Fiat GRI AA1000AS GRI AA1000AS GRI AA1000AS 3 Atlantia (in Autostrade) 4 Autogrill Spa GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI ISAE 3000 13 Fiat Industrial incluso in Fiat Società non costituita Società non costituita GRI FSSS *(2) ISAE 3000 CoE GRI *(2) *(3) ISAE 3000 CoE GRI 2002 *(2) *(3) ISAE 3000 14 Finmeccanica GRI AA1000SES ISAE 3000 CoE GRI GBS AA1000APS *(4) GRI GBS AA1000APS *(4) 5 Banco Popolare GRI FSSS ISAE 3000 CoE GRI FSSS ISAE 3000 CoE GRI ISAE 3000 15 Fondiaria-Sai GBS ISAE 3000 GBS ISAE 3000 GBS ISAE 3000 6 Bca Mps 16 Generali Ass GRI FSSS AA1000APS - GRI FSSS AA1000APS - GRI FSSS AA1000APS - From the analysis of FTSE MIB companies’ 7 Bca Pop Milano GBS ABI GRI* - GBS ABI - GBS ABI - GRI *(1) ISAE 3000 CoE GRI *(1) ISAE 3000 CoE GRI GBS ISAE 3000 17 Impregilo GRI* - GRI* - NO LINEE GUIDA - 8 Buzzi Unicem GRI EUSS ISAE 3000 CoE GRI EUSS ISAE 3000 CoE GRI ISAE 3000 18 Intesa Sanpaolo GRI FSSS ABI ISAE 3000 GBS GRI FSSS ABI ISAE 3000 GBS GRI FSSS ABI ISAE 3000 GBS 9 Enel10 Enel Green Power AA1000APS AA1000AS incluso in Enel CoE AA1000APS AA1000AS incluso in Enel CoE AA1000APS AA1000AS Società non costituita CoE 19 20 reports it was possible to find out which Lottomantica Mediolanum GRI GBS GBS ISAE 3000 GBS CoE ISAE 3000 GRI GBS GBS ISAE 3000 GBS CoE ISAE 3000 GRI GBS GBS ISAE 3000 GBS ISAE 3000 compilation and audit standards were used11 Eni GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI ISAE 3000 21 Pirelli e C GRI GBS AA1000APS AA1000AS GRI GBS AA1000APS AA1000AS GRI GBS AA1000AS12 Fiat GRI AA1000AS GRI AA1000AS GRI AA1000AS 22 Prysmian GRI* - NO LINEE GUIDA - mancata redazione Report13 Fiat Industrial incluso in Fiat Società non costituita Società non costituita GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI ISAE 3000 23 Saipem14 Finmeccanica GRI AA1000SES ISAE 3000 CoE GRI GBS AA1000APS *(4) GRI GBS AA1000APS *(4) 24 Snam Rete Gas GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI GBS ISAE 300015 Fondiaria-Sai GBS ISAE 3000 GBS ISAE 3000 GBS ISAE 3000 25 Stmicroelectronics GRI DNV GRI Bureau Veritas GRI Bureau Veritas16 Generali Ass GRI FSSS AA1000APS - GRI FSSS AA1000APS - GRI FSSS AA1000APS - ISAE 3000 CoE AA1000AS AA1000APS GRI ISAE 3000 CoE AA1000AS GRI 26 Telecom Italia AA1000APS GRI17 Impregilo GRI* - GRI* - NO LINEE GUIDA - 27 Tenaris NO LINEE GUIDA - NO LINEE GUIDA - mancata redazione Report18 Intesa Sanpaolo GRI FSSS ABI ISAE 3000 GBS GRI FSSS ABI ISAE 3000 GBS GRI FSSS ABI ISAE 3000 GBS 28 Terna GRI EUSS ISAE 3000 CoE GRI EUSS ISAE 3000 CoE GRI ISAE 300019 Lottomantica GRI GBS ISAE 3000 CoE GRI GBS ISAE 3000 CoE GRI GBS ISAE 3000 29 Ubi Banca GRI FSSS ABI ISAE 3000 CoE GRI FSSS ABI ISAE 3000 CoE GRI FSSS ABI ISAE 300020 Mediolanum GBS GBS ISAE 3000 GBS GBS ISAE 3000 GBS GBS ISAE 3000 30 Unicredit GRI FSSS ISAE 3000 CoE GRI FSSS ISAE 3000 CoE GRI ISAE 300021 Pirelli e C GRI GBS AA1000APS AA1000AS GRI GBS AA1000APS AA1000AS GRI GBS AA1000AS22 Prysmian GRI* - NO LINEE GUIDA - mancata redazione Report23 Saipem GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI ISAE 300024 Snam Rete Gas GRI ISAE 3000 CoE GRI ISAE 3000 CoE GRI GBS ISAE 3000 DIFFUSIONE25 Stmicroelectronics GRI DNV GRI Bureau Veritas GRI Bureau Veritas SIGLA DESCRIZIONE 2010 2009 2008 ISAE 3000 CoE AA1000AS AA1000APS GRI ISAE 3000 CoE AA1000AS GRI Redaz Rev Redaz Rev Redaz Rev26 Telecom Italia AA1000APS GRI GRI Global Reporting Initiative (nel numero sono inclusi anche i supplementi di settore FSSS e 22 22 2127 Tenaris NO LINEE GUIDA - NO LINEE GUIDA - mancata redazione Report EUSS indicati di seguito)28 Terna GRI EUSS ISAE 3000 CoE GRI EUSS ISAE 3000 CoE GRI ISAE 3000 GRI FSSS GRI Fininacial Services Sector Supplement 6 5 329 Ubi Banca GRI FSSS ABI ISAE 3000 CoE GRI FSSS ABI ISAE 3000 CoE GRI FSSS ABI ISAE 3000 GRI EUSS GRI Electric Utility Sector Supplement 3 230 Unicredit GRI FSSS ISAE 3000 CoE GRI FSSS ISAE 3000 CoE GRI ISAE 3000 GRI* Avvicinamento al GRI, ma le linee guida non sono ancora adottate. 3 1 GBS Gruppo di studio per il Bilancio Sociale: principi di redazione e Linee Guida per la Revisione 5 2 7 2 9 2 del Bilancio Sociale In grigio scuro i report non sottoposti a revisione esterna CoE Code of Ethics for professional accountants 18 16 1 DIFFUSIONE ABI Associazione Bancaria Italiana 3 3 3 SIGLA DESCRIZIONE GRI Guide Lines are the most popular 2010 2009 2008 AA1000APS AccountAbility Principles Standard 4 5 3 Redaz Rev Redaz Rev Redaz Rev AA1000AS Accountability Assurance Standard 4 4 3GRI Global Reporting Initiative (nel numero sono inclusi anche i supplementi di settore FSSS e 22 22 21 AA1000SES Stakeholder Engagement Standard 1GRI FSSScompilation standards while ISAE 3000 and EUSS indicati di seguito) GRI Fininacial Services Sector Supplement 6 5 3 ISAE 3000 *(1) International Standard on Assuarance Engagements 3000 Revisione completa Indicatore emissioni di gas serra delle cementiere italiane, calcolato in 1 20 1 18 16GRI EUSS GRI Electric Utility Sector Supplement 3 2 Code of Ethics by IFAC are those ones for conformità con la Decisone della Commissione delle Comunità Europee 2007/589/CE delGRI* Avvicinamento al GRI, ma le linee guida non sono ancora adottate. 3 1 18/07/2007 e dalla Deliberazione n. 14/2009GBS Gruppo di studio per il Bilancio Sociale: principi di redazione e Linee Guida per la Revisione 5 2 7 2 9 2 *(2) Standard internazionali e nazionali per il settore del credito definiti dall’ABI 2 1 1CoE auditing del Bilancio Sociale Code of Ethics for professional accountants 18 16 1 *(3) *(4) Schema metodologico del Gruppo di Studio per la Statuizione dei principi di redazione del bilancio sociale dell’Istituto Europeo per il Bilancio Sociale Verifica limitata ai soli dati ambientali da parte di ERM CVS 1 1 1 1ABI Associazione Bancaria Italiana 3 3 3AA1000APS AccountAbility Principles Standard 4 5 3 Bureau Veritas Bureau Veritas Certifation France adotta un proprio standard interno per l’attività di revisione 1 1AA1000AS Accountability Assurance Standard 4 4 3 DNV Det Norske Veritas adotta un proprio standard interno per l’attività di revisione 1AA1000SES Stakeholder Engagement Standard 1ISAE 3000 International Standard on Assuarance Engagements 3000 20 18 16 Università degli Studi di Torino*(1) Revisione completa Indicatore emissioni di gas serra delle cementiere italiane, calcolato in 1 1 Federico Capello conformità con la Decisone della Commissione delle Comunità Europee 2007/589/CE del 10 Facoltà di Economia 18/07/2007 e dalla Deliberazione n. 14/2009 Players and management tools in corporate sustainability context*(2) Standard internazionali e nazionali per il settore del credito definiti dall’ABI 2 1 1 lunedì*(3) 15 aprile 13 Schema metodologico del Gruppo di Studio per la Statuizione dei principi di redazione del 1 1
  • 11. Organizations and Standards Principi di redazione del Report di Sostenibilità Principi di revisione Ten Principles del UN Global Compact Linee Guida G3 e G3.1 2006 del GRI Ogni società che redige il bilancio di sostenibilità con i vari supplementi di settore: secondo il G3 auto dichiara il livello (A,B,C) di •Financial Services Sector Supplement applicazione delle linee guida. GRI può rilasciare •Electric Utilities Sector Supplement un “Check” di verifica del livello di applicazione. Nel •Mining & Metals Sector Supplement caso sottoponga il report ad un’attestazione esterna •NGO Sector Supplement viene aggiunto un “+” al livello (A+,B+,C+) • thanks to the standards diffusion it was simple •Food Processing Sector Supplement IN ELABORAZIONE LINEE GUIDA G4 to draw a map of the main organizations (2013) operating in non-financial reporting and auditing Code of Ethics for Professional Accountants 2010 proposto dal Comitato practices. Etico IESBA International Standard on Assurance Engagements 3000 (ISAE3000) proposto • the thesis will deepen possible developments in dal comitato Auditing & Assurance IAASB AccountAbility Principles Standard 2008 Accountability Assurance Standard 2008 the sector such as the Guide Lines G4 (coming in (AA1000APS) AccountAbility Stakeholder Engagement (AA1000AS) di AccountAbility 2013) and the integrated reporting IR project. Standard 2011 (AA1000SES) di AccountAbility Principi di redazione del Bilancio Sociale Doc. di ricerca n°1 - Linee guida per la revisione • a brief bracket is dedicated to the gradual 2001 del GBS La rendicontazione sociale nel settore del bilancio sociale 2007 del GBS convergence of sustainability reporting and pubblico 2005 del GBS quality and social responsibility management Linee guida operative sulla responsabilità sociale d’impresa in banca 2005 dell’ABI Il rendiconto agli stakeholder - Una guida rules proposed by UNI ISO per le banche 2006 dell’ABI International Integrated Reporting Council (IIRR) si impegna per l’elaborazione di uno standard per il report integrato (IR) STANDARD SISTEMA DI GESTIONE QUALITÀ - PRINCIPI DI REVISIONE RESPONSABILITÀ SOCIALE UNI ISO 9000 UNI ISO 19011 UNI ISO 14000 UNI ISO 18000 UNI ISO 26000Università degli Studi di Torino Federico Capello 11 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 12. MAIN PLAYERS... ANALYSTS AND ESG RATING AGENCIES FONDI INVESTIMENTO CSR Altri Stakeholder Business attenti alla CSR School ANALISTI - ASSURANCE RATING ESG AZIENDA X ORGANIZZAZIONI SOCIETÀ DI DI RICERCA CONSULENZA REPORT DI SOSTENIBILITÀ Associazioni Fornitori di Pubblicazioni soluzioni Ricerca software The diffusion of CSR practices has made necessary the intervention of entities able to evaluate the level of companies environmental and social sustainability performances. These figures are analysts and ESG rating agencies The acronym ESG is for Environment, Social and Governance, three core aspects of the analysis Inside the thesis roles and activities of Vigeo Rating are deeply discuss, whom evaluations have been used for the practical comparison in the final part. ESG rating agencies business model is as follow: RATING ESG ANALYSIS COMPANY FOUND non-financial informations request ESG (shares or MANAGER AGENCY Possible ESG advisory service request bonds)Università degli Studi di Torino Federico Capello 12 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 13. Best in Class concept The ESG rating experience has guided the investment choices taken by funds managers toward the Best in Class concept. Funds managers are the most important clients of those agencies. Dallo score al rating The evaluation of the companies sustainability level is realized comparing the performances . obtained in the same sector. In this way the model reward those companies that, inside their area, develop better practices in reducing the socialpunteggio assegnato all’impresaimprese del settore per ogni area di indagine, con i • Il impact. punteggi assegnati a tutte le altre viene confrontato, • Questo punteggio (score) può condurre a 5 differenti valutazioni (ratings) An example of Vigeo Evaluation showing a comparison with the average sector valuesUniversità degli Studi di Torino Federico Capello 13 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 14. MAIN PLAYERS... CSR INVESTMENTS FUNDS FONDI DI INVESTIMENTO CSR Altri Stakeholder Business attenti alla CSR School ANALISTI - ASSURANCE Financial Operators in making their investment decisions identify two distinct phases RATING ESG AZIENDA X ORGANIZZAZIONI SOCIETÀ DI DI RICERCA CONSULENZA of the non financial performance analysis: REPORT DI SOSTENIBILITÀ Associazioni Pubblicazioni Ricerca Fornitori di soluzioni software •In early 2000 ethic investment funds became popular. BEFORE Market Investors were willing to reward those companies ethical investment Sustainable Ethical enterprise working within the sustainability context and even to investment fund accept a lower return on investment. Company Profit maximization presenting Classic high Ethical investment funds have been disappointing investment economic because they excluded, from their portfolio, certain fund performance sectors with an high environmental impact but of key importance for the society development (i.e oil industry) Increasing interest of public opinion and market operators on issues e with high profitability. related to sustainability and adoption of best in class logic AFTER Market •The Best in Class logic application has been useful to identify those companies inside their sectors having Company good level of profitability and showing off best Investment presenting high economic environmental and social impact performances. Profit maximization performance with fund best CSR Moreover non-financial indicators are the minimal practices in the prerequisites taken in consideration in calculating the sector investment risk.Università degli Studi di Torino Federico Capello 14 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 15. PART II THE SUSTAINABILITY REPORT AS A TOOL Two are the main functions of the non-financial report; as a support tool for CSR practices inside the company and as a communication tool, able to show the outside world the sustainable image of the company. Sustainability Report as a Sustainability Report as CSR support tool communication tool VALUE CREATION VALUE CREATION ENTERPRISE ENTERPRISE OPERATING ADVANTAGES Advantages in terms of reduction in staff Increase the turnover, productivity increasing, energy propensity of FINANCIAL savings, reduction of compliance risks, customers to ADVANTAGES more quality of management tools purchase (SWOT analysis) Increase in shares Better relations value with labour unions, staff and Decrease in yield local communities for issued corporate bonds Suppliers fidelity Development SUSTAINABILITY Less risks of being of CSR REPORT AS A subject to NGO’s CSR SUPPORT campaigns practices TOOL SUSTAINABILITY REPORT AS A feedback SUSTAINABILITY COMMUNICATION TOOL REPORTING Communication SUSTAINABILITY activity REPORTING Image of sustainable enterpriseUniversità degli Studi di Torino Federico Capello 15 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 16. Main non-financial reporting theories and companies first involved in CSR and in such reporting, were involved in a serious effort for improving their own sustainability performances. Only later on they tried to communicate such datas NON-FINANCIAL NON-FINANCIAL DATA COLLECTION SPREADING THE SPREADING THE DATA COLLECTION IMPLEMENTATION IMPLEMENTATION PROCESS PROCESS SUSTAINABILITY SUSTAINABILITY POTENTIAL POTENTIAL COMMUNICATION IMAGE OF IMAGE OF OF CSR PRACTICES OF CSR PRACTICES REPORTING REPORTING COMMUNICATION ACTIVITY ACTIVITY SUSTAINABLE SUSTAINABLE FEEDBACK FEEDBACK ENTERPRISE ENTERPRISE In recent years many companies have drawn up sustainability reports mainly with the aim of communication and lacking real effective CSR plans. They were more interested in going along with the public opinion for sustainability themes (i.e greenwashing phenomena). PURPOSE OF PURPOSE OF SPREADING THE SPREADING THE AWARENESS OF AWARENESS OF NON-FINANCIAL NON-FINANCIAL SUSTAINABILITY SUSTAINABILITY THE REAL THE REAL IMPLEMENTATION IMPLEMENTATION IMAGE OF IMAGE OF DATA COLLECTION DATA COLLECTION ENTERPRISE’S PROCESS PROCESS REPORTING REPORTING ENTERPRISE’S OF CSR PRACTICES OF CSR PRACTICES SUSTAINABLE SUSTAINABLE IMPACT IMPACT ENTERPRISE ENTERPRISE But even this aim distortion can be useful to spread a sustainable business model: dealing with non-financial datas, neglected before, could lead companies to understand the importance of their responsibility and push toward the implementation of such CSR practices.Università degli Studi di Torino Federico Capello 16 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 17. It’s clear how both application results are effective when it comes to create value, if used together: supporting CSR practices for a better sustainability performances quality and communicating the achieved results with the outside world. VALUE CREATION To evaluate the results two researches on ENTERPRISE FTSE MIB companies reports, drawn up OPERATING Advantages in terms of reduction in staff turnover, productivity increasing, energy with GRI standards, have been done: ADVANTAGES savings, reduction of compliance risks, more quality of management tools Increase the •The first one has compared the (SWOT analysis) propensity of FINANCIAL customers to ADVANTAGES purchase Increase in shares improvement of the published reports Better relations with labour Development value quality with CSR quality unions, staff and Decrease in yield local communities of CSR SUSTAINABILITY REPORT AS A for issued corporate bonds communication made by the website CSR SUPPORT Suppliers fidelity practices TOOL Lundquist. feedback Less risks of being subject to NGO’s campaigns SUSTAINABILITY REPORT AS A • The second one has compared the SUSTAINABILITY COMMUNICATION improvement of published reports TOOL REPORTING quality with ESG rating levels by Communication activity Vigeo Agency. Image of sustainable enterpriseUniversità degli Studi di Torino Federico Capello 17 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 18. ANALYSIS.. REPORT QUALITY AND CSR COMMUNICATION QUALITY TREND Indicatori GRI TREND CSR Online Awards Società 2009-2010 2008-2009 2010/2011 2009/2010 • The report quality has been calculated on the reported 1 A2a + + - + GRI performance indicators number (+ indicators → 2 Ansaldo Sts + + no no 3 Atlantia (Autostr.) + + + - higher effort in drawing up the quality report) in the 4 Autogrill Spa + = - + sustainability reports of 2008,2009, 2010. Two periods 5 Banco Popolare 6 Bca Mps + no - - have been identified and the trend analyzed. = = + + 7 Buzzi Unicem = = - - 8 Enel + + + + • Lundquist compiles an annual ranking on the CSR 9 Eni 10 Fiat = - + - communication level of the most important italian + - + + 11 Finmeccanica - + - + enterprises evaluating the quality of information, the 12 Generali Ass = + + - accessibility, and the possible CSR dedicated office etc. 13 Intesa SP - + + + 14 Lottomantica + - - = The mark is expressed with a scale of 100, using datas 15 Pirelli e C + + + + from three editions, and calculating the trend on the two 16 Saipem - = - + periods. 17 Snam Rete Gas + + + + 18 Stmicroelectr. + + - + 19 Telecom Italia + + • The research results have demonstrated that in the 20 Terna = + + + analyzed cases there is a higher convergence among 21 Ubi Banca + + + - 22 Unicredit + + + + growing and decreasing trends rather than a divergence. RIEPILOGO 2009-2010 2008-2009 The effort in drawing up complete reports goes into a convergenza 9 10 wider strategy of improving the CSR communication 5 5 divergenza 6 4 activity.Università degli Studi di Torino Federico Capello 18 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 19. ANALYSIS... REPORT QUALITY AND ENTERPRISES SUSTAINABLE PROFILE Società FTSE MIB con Report GRI • The level of Guide Lines application, a possible usage of Livello applicazione GRI 2010 2009 2008 TREND rating external assurance and the Check GRI presence were all used Vigeo 1 A2a B+ B+ B + to evaluate the effort in drawing up a better quality GRI 2 Ansaldo Sts B+ B NR no standard report, compared to the previous year (highlighted 3 Atlantia (Autostrade) (A+) (A+) (A+) - in blue) 4 Autogrill Spa (B+) (B+) (B+) - 5 Banco Popolare A+ ND ND + 6 Bca Mps A+ A+ A+ + • The ESG evaluation by Vigeo Agency was useful to analyze 7 Buzzi Unicem A+ A+ A+ - the sustainability profile of the sample companies. (considering 8 Enel (A+) (A+) (A+) = the period 2008-2010 since Vigeo does not use an annual 9 Eni (A+) B+ B+ no 10 Fiat (A+) A+ B+ + cadency) 11 Finmeccanica B+ ND ND - 12 Generali Ass (B) B B no •In the majority of cases an effort in improving the report 13 Intesa Sanpaolo A+ A+ B+ + meant an higher evaluation from a ESG rating agency. This 14 Lottomantica 15 Pirelli e C (A+) A+ (A+) A+ (A+) ND + = lead to think that a better quality report compilation is an 16 Saipem B+ ND ND + important aspect of a wider companies effort in adopting a 17 Snam Rete Gas B+ B+ B+ + sustainable business model, concerning environmental and 18 Stmicroelectronics (A+) (A+) (A+) no 19 Telecom Italia (A+) (A+) (A+) + social impacts. 20 Terna A+ A+ B+ + 21 Ubi Banca B+ B+ B+ - Legenda Parametri 22 Unicredit A+ B+ B+ - A, B, C Livelli di applicazione del report RIEPILOGO + Assurance esterna concordanza nel miglioramento 6 (_) Livello GRI Checked 1 Miglioramento parametri anno precedente NR Mancata redazione del report discordanza 2 ND Livello applicazione non dichiaratoUniversità degli Studi di Torino Federico Capello 19 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13
  • 20. CONTACTS: FEDERICO CAPELLO fc.federicocapello@gmail.com (0039) 347 8816346Università degli Studi di Torino Federico Capello 20 Facoltà di Economia Players and management tools in corporate sustainability contextlunedì 15 aprile 13