Players and management tools in corporate sustainability context

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Players and management tools in corporate sustainability context

  1. 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. 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. 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. 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. 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. 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. 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. 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. 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

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