People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
How can regulation keep up as transformation races ahead? 2022 Global regulat...DESMOND YUEN
As the pandemic drags into its third year, financial services firms face a range of challenges, from increased operational complexity and an evolving regulatory directive to address environmental and social issues to new forms of competition
and evolving technologies, such as digital assets and cryptocurrencies. Banks, insurers, asset managers and other financial services firms (collectively referred to as “firms” in
the rest of this document) must innovate more effectively — and rapidly — to keep up with the pace of change while still identifying emerging risks and building appropriate governance and controls.
There is growing evidence that suggests that Environmental, Social and corporate Governance (ESG) factors, when integrated into investment analysis and decision making, it may offer investors potential long–term performance advantages. The number of companies disclosing information on their environmental, social and governance performance has grown very significantly in recent years. For large multinational companies, disclosure of ESG information has become a mainstream phenomenon It has become shorthand for investment methodologies that embrace ESG sustainable factors as a means of helping to identify companies with superior business models. ESG factors offer portfolio managers added insight into quality of a company’s management, culture, risk portfolio and other characteristics. By taking advantage of the increased level of scrutiny associated with ESG analysis, managers’ portfolios seek to identify companies based on performance indicators like
• Whether that company exhibits leadership in their industries.
• Whether that company is better managed and more forward thinking.
• Whether that company is better at anticipating and mitigating risk, meet positive standards of corporate responsibility.
• Whether that company is focused on the long term.
The applications of Sustainable Accounting, Reporting and Standardizations have taken a slow pace. The process began during early 1970s when it focused on social responsibility. During mid-late 1970s, it was shifted to employees and unions. 1980s saw explicit pursuit of economic goals with a thin veneer community concern and redefinition of employee rights as the major theme. In the 1990s attention shifted to environmental concern. Slowly, ‘environment reporting’, ‘triple bottom line reporting’, ‘sustainability reporting’ came into light.
People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
How can regulation keep up as transformation races ahead? 2022 Global regulat...DESMOND YUEN
As the pandemic drags into its third year, financial services firms face a range of challenges, from increased operational complexity and an evolving regulatory directive to address environmental and social issues to new forms of competition
and evolving technologies, such as digital assets and cryptocurrencies. Banks, insurers, asset managers and other financial services firms (collectively referred to as “firms” in
the rest of this document) must innovate more effectively — and rapidly — to keep up with the pace of change while still identifying emerging risks and building appropriate governance and controls.
There is growing evidence that suggests that Environmental, Social and corporate Governance (ESG) factors, when integrated into investment analysis and decision making, it may offer investors potential long–term performance advantages. The number of companies disclosing information on their environmental, social and governance performance has grown very significantly in recent years. For large multinational companies, disclosure of ESG information has become a mainstream phenomenon It has become shorthand for investment methodologies that embrace ESG sustainable factors as a means of helping to identify companies with superior business models. ESG factors offer portfolio managers added insight into quality of a company’s management, culture, risk portfolio and other characteristics. By taking advantage of the increased level of scrutiny associated with ESG analysis, managers’ portfolios seek to identify companies based on performance indicators like
• Whether that company exhibits leadership in their industries.
• Whether that company is better managed and more forward thinking.
• Whether that company is better at anticipating and mitigating risk, meet positive standards of corporate responsibility.
• Whether that company is focused on the long term.
The applications of Sustainable Accounting, Reporting and Standardizations have taken a slow pace. The process began during early 1970s when it focused on social responsibility. During mid-late 1970s, it was shifted to employees and unions. 1980s saw explicit pursuit of economic goals with a thin veneer community concern and redefinition of employee rights as the major theme. In the 1990s attention shifted to environmental concern. Slowly, ‘environment reporting’, ‘triple bottom line reporting’, ‘sustainability reporting’ came into light.
Materiality Matrices in the Environmental, Social and Governance ContextAI Publications
Sustainability reports seek to communicate the performance of organizations in the Environmental, Social and Governance (ESG) dimensions in line with the Sustainable Development Goals of the United Nations. Since there is no homogeneity of criteria among the various companies, even in the same sector, the several methodologies seeks to establish specific disclosure standards on ESG factors that facilitate communication between companies and investors about relevant and useful information for decisions through the identification of material and immaterial factors for each of the sectors. Information is material if its omission or misstatement influences people's decisions – likewise, information is immaterial if its omission or misstatement makes little or no difference to the decision-making process. In an ESG context, something is defined as material if it is reasonably likely to affect a company's financial condition or operating performance in terms of the impact it has on its value chain. There are two objectives of this study, first, to identify the main ESG factors that impact companies and that are at the heart of a resource-efficient sustainability strategy through the application of the materiality matrix, second, to envision that after this identification, the company it can optimize its strategic orientation and direct internal management in responding to material issues. This is a descriptive research with a qualitative approach, using bibliographical, normative and documental sources. The study made it possible to analyze and conclude on the importance of the correct diagnosis of material and immaterial factors in the elaboration of the materiality matrix in a banking institution with an impact on the value chain and on the real contribution to the objectives of sustainable development.
Sustainability Trailblazer: How Hajra Karim Revolutionizes ESG Reporting in F...Hajra Karrim
Explore how Hajra Karim is revolutionizing ESG reporting in the finance world, streamlining data analytics and reporting processes to enhance transparency and accountability.
By Brandon Boze, Margarita Krivitski, David F. Larcker, Brian Tayan, and Eva Zlotnicka
Stanford Closer Look Series
May 23, 2019
Recently, there has been debate among corporate managers, board of directors, and institutional investors around how best to incorporate ESG (environmental, social, and governance) factors into strategic and investment decision-making processes. In this Closer Look, we examine a framework informed by the experience of ValueAct Capital and include case examples.
We ask:
• What is the investment horizon prevalent among most companies today?
• Do companies miss long-term opportunities because of a focus on short-term costs?
• How many companies have an opportunity to profitably invest in ESG solutions?
• What factors determine whether a company can profitably invest in ESG solutions?
• Can investors earn competitive risk-adjusted returns through ESG investments?
• If so, how widespread is this opportunity?
Changes in the demand for CSR activities and stakeholder engagement based on ...Dariusz Tworzydło
Care for the external and internal environment of the company, ethics and human resources, as well as the organizational culture, is a crucial element for the importance and competitive advantage of the company. It was especially noticeable during the SARS-COV-2 pandemic. Companies began to grapple with difficulties, which contributed to an increased interest in crisis management competencies. The pandemic has permanently changed the functioning of society and the image of many industries, including public relations. The analysis of changes in the demand of companies for CSR-related activities after the pandemic becomes a valuable element of the direction of innovative research. Recognizing the interest, these aspects of the company were verified. The article uses data obtained in the course of the implementation of three independent research projects realized in Poland. The first study
concerned crisis management from the perspective of a public relations agencies. The structures of the offer of public relations services (including CSR strategies) were
examined. The responses of some public relations specialists regarding CSR and activities in this area after the COVID-19 pandemic were extracted from the second
research project. The last, third project involved specialists employed in PR agencies.
The research area covered changes in the demand of companies for CSR-related
activities after the pandemic and the desired areas of training and personal development, with particular emphasis on CSR. The common denominator of all three projects is CSR campaigns and the way they are implemented by PR specialists.
The Role of Ethics in Finance_ Promoting Responsible Investment Practices.pdfDailytopstocks
In today’s interconnected and globalized world, finance plays a crucial role in shaping economies and societies. However, with great power comes great responsibility. The ethical dimension of finance cannot be overlooked, as it has the potential to impact individuals, communities, and the environment. This article explores the significance of ethics in finance and how it promotes responsible investment practices.
ESG Meets FinTech – A Strategic Analysis Executive SummaryMEDICI Inner Circle
MEDICI’s new ‘ESG Meets FinTech – A Strategic Analysis’ covers the impact of financial technology on Environmental, Social, and Governance (ESG) criteria. It analyzes the various dimensions of ESG and sustainability in the context of FinTech.
How ESG Investment Can Impact Corporate Finance and Sustainability.pdfMr. Business Magazine
This article intricately delves into the ESG investment phenomenon: 1. Understanding ESG Investing 2. The Origins of ESG Investing 3. Impact on Corporate Finance 4. Challenges and Critiques 5. ESG Reporting and Regulation 6. ESG Integration
Governance Rules For Executive Pay – The EU and G20 Perspectives By Leonardo ...MSL
Leonardo Sforza discusses governance rules for executive pay from both an EU and G20 perspective in the November 2013 edition of Benefits & Compensation International.
Relationship between Corporate Social Responsibility and Earnings Management ...ijtsrd
The relationship between corporate social responsibility CSR and earnings management EM is an extensive empirical study. However, the evidence on the nature of the relationship is unclear. A commonly defined reason for divergent and contradictory results is measurement issues. The purpose of this article is to evaluate alternative operation and measurement methods applied to the CSR and EM concepts in the empirical literature on CSR EM relationships. Our systematized appraisal was conducted over the last nine years from 2008 to 2016. This study has come to different observations. First, CSR measurement methods include sustainability indexes, content analyzes and single dimensional measurements, while EM measurement methods include discretionary accruals, discretionary loan loss provisions, real earnings management, abnormal earnings management, earnings persistence and earnings smoothing. In addition to the unique drawbacks of the approach, the subjectivity of the researcher and the selection anomalies that may influence the nature of the CSR EM relationships identified in the empirical literature. Finally, possible ways of overcoming these disadvantages are recommended. Mashiur Rahman | Sarah Chowdhury ""Relationship between Corporate Social Responsibility and Earnings Management: A Systematic Review of Measurement Methods"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-2 , February 2020,
URL: https://www.ijtsrd.com/papers/ijtsrd29987.pdf
Paper Url : https://www.ijtsrd.com/management/business-ethics-and-legal-issues/29987/relationship-between-corporate-social-responsibility-and-earnings-management-a-systematic-review-of-measurement-methods/mashiur-rahman
Assessment of CSR Law in Companies Act, 2013 – An Analysis of the Performance...inventionjournals
Introduction: The new law making CSR expenditure and reporting mandatory for certain companies is a new chapter in the Indian corporate world and has provided a necessary boost to the status of companies’ responsibility towards the stakeholders, and transparency and accountability of their actions. Need: The mandatory 2% spending of profits on CSR activities got mixed reaction from corporate executives. To ensure that the enforcement of the law isn’t limited to the term “cheque-book CSR”, regular exploration of the companies’ CSR expenditures and their consequent outcomes is absolutely essential. Objective: The paper aims to assess the outcome of Section 135 of the Companies Act, 2013, in the first year of its implementation among the BSE-SENSEX companies. Research methodology: Secondary sources were utilized for collecting profits and CSR expenditure figures of the selected 30 companies for conducting an ex-post analysis for the year 2014-15. Key findings of the study: Less than 15% of the BSE-SENSEX companies had spent on CSR activities an amount that is equal to or greater than the stipulated 2% of the average profits of the preceding 3 years as per Section 135 of Companies Act, 2013. Implications: Immediate attention of regulatory bodies is desired towards companies failing to dispense the funds earmarked for CSR as stipulated by the law to ensure compliance.
Concept of Corporate social responsibility
2. Types of CSR
3. Advantages
4. Concept of CSR under Indian law
5. Companies involved in CSR
6. Concept of CSR under English law
7. Conclusion
Leading meetings effectively: the secrets of authentic leadershipAndrea Mennillo
When you have gained significant experience in a given professional field, it is common to take many skills for granted, forgetting the long journey you took to learn them. That is, until you have the opportunity to engage with the perspectives of young college students whose questions prompt you to reexamine certain aspects of your work in depth.
Guidare gli incontri con efficacia: i segreti della leadership autenticaAndrea Mennillo
Quando si ha acquisito un'esperienza significativa in un determinato ambito professionale, è comune dare per scontate molte competenze, dimenticando il lungo percorso fatto per apprenderle. Questo fino a quando non si ha l'opportunità di confrontarsi con le prospettive dei giovani studenti universitari che, con le loro domande, ti spingono a riesaminare in profondità determinati aspetti del tuo lavoro.
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Materiality Matrices in the Environmental, Social and Governance ContextAI Publications
Sustainability reports seek to communicate the performance of organizations in the Environmental, Social and Governance (ESG) dimensions in line with the Sustainable Development Goals of the United Nations. Since there is no homogeneity of criteria among the various companies, even in the same sector, the several methodologies seeks to establish specific disclosure standards on ESG factors that facilitate communication between companies and investors about relevant and useful information for decisions through the identification of material and immaterial factors for each of the sectors. Information is material if its omission or misstatement influences people's decisions – likewise, information is immaterial if its omission or misstatement makes little or no difference to the decision-making process. In an ESG context, something is defined as material if it is reasonably likely to affect a company's financial condition or operating performance in terms of the impact it has on its value chain. There are two objectives of this study, first, to identify the main ESG factors that impact companies and that are at the heart of a resource-efficient sustainability strategy through the application of the materiality matrix, second, to envision that after this identification, the company it can optimize its strategic orientation and direct internal management in responding to material issues. This is a descriptive research with a qualitative approach, using bibliographical, normative and documental sources. The study made it possible to analyze and conclude on the importance of the correct diagnosis of material and immaterial factors in the elaboration of the materiality matrix in a banking institution with an impact on the value chain and on the real contribution to the objectives of sustainable development.
Sustainability Trailblazer: How Hajra Karim Revolutionizes ESG Reporting in F...Hajra Karrim
Explore how Hajra Karim is revolutionizing ESG reporting in the finance world, streamlining data analytics and reporting processes to enhance transparency and accountability.
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Stanford Closer Look Series
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Recently, there has been debate among corporate managers, board of directors, and institutional investors around how best to incorporate ESG (environmental, social, and governance) factors into strategic and investment decision-making processes. In this Closer Look, we examine a framework informed by the experience of ValueAct Capital and include case examples.
We ask:
• What is the investment horizon prevalent among most companies today?
• Do companies miss long-term opportunities because of a focus on short-term costs?
• How many companies have an opportunity to profitably invest in ESG solutions?
• What factors determine whether a company can profitably invest in ESG solutions?
• Can investors earn competitive risk-adjusted returns through ESG investments?
• If so, how widespread is this opportunity?
Changes in the demand for CSR activities and stakeholder engagement based on ...Dariusz Tworzydło
Care for the external and internal environment of the company, ethics and human resources, as well as the organizational culture, is a crucial element for the importance and competitive advantage of the company. It was especially noticeable during the SARS-COV-2 pandemic. Companies began to grapple with difficulties, which contributed to an increased interest in crisis management competencies. The pandemic has permanently changed the functioning of society and the image of many industries, including public relations. The analysis of changes in the demand of companies for CSR-related activities after the pandemic becomes a valuable element of the direction of innovative research. Recognizing the interest, these aspects of the company were verified. The article uses data obtained in the course of the implementation of three independent research projects realized in Poland. The first study
concerned crisis management from the perspective of a public relations agencies. The structures of the offer of public relations services (including CSR strategies) were
examined. The responses of some public relations specialists regarding CSR and activities in this area after the COVID-19 pandemic were extracted from the second
research project. The last, third project involved specialists employed in PR agencies.
The research area covered changes in the demand of companies for CSR-related
activities after the pandemic and the desired areas of training and personal development, with particular emphasis on CSR. The common denominator of all three projects is CSR campaigns and the way they are implemented by PR specialists.
The Role of Ethics in Finance_ Promoting Responsible Investment Practices.pdfDailytopstocks
In today’s interconnected and globalized world, finance plays a crucial role in shaping economies and societies. However, with great power comes great responsibility. The ethical dimension of finance cannot be overlooked, as it has the potential to impact individuals, communities, and the environment. This article explores the significance of ethics in finance and how it promotes responsible investment practices.
ESG Meets FinTech – A Strategic Analysis Executive SummaryMEDICI Inner Circle
MEDICI’s new ‘ESG Meets FinTech – A Strategic Analysis’ covers the impact of financial technology on Environmental, Social, and Governance (ESG) criteria. It analyzes the various dimensions of ESG and sustainability in the context of FinTech.
How ESG Investment Can Impact Corporate Finance and Sustainability.pdfMr. Business Magazine
This article intricately delves into the ESG investment phenomenon: 1. Understanding ESG Investing 2. The Origins of ESG Investing 3. Impact on Corporate Finance 4. Challenges and Critiques 5. ESG Reporting and Regulation 6. ESG Integration
Governance Rules For Executive Pay – The EU and G20 Perspectives By Leonardo ...MSL
Leonardo Sforza discusses governance rules for executive pay from both an EU and G20 perspective in the November 2013 edition of Benefits & Compensation International.
Relationship between Corporate Social Responsibility and Earnings Management ...ijtsrd
The relationship between corporate social responsibility CSR and earnings management EM is an extensive empirical study. However, the evidence on the nature of the relationship is unclear. A commonly defined reason for divergent and contradictory results is measurement issues. The purpose of this article is to evaluate alternative operation and measurement methods applied to the CSR and EM concepts in the empirical literature on CSR EM relationships. Our systematized appraisal was conducted over the last nine years from 2008 to 2016. This study has come to different observations. First, CSR measurement methods include sustainability indexes, content analyzes and single dimensional measurements, while EM measurement methods include discretionary accruals, discretionary loan loss provisions, real earnings management, abnormal earnings management, earnings persistence and earnings smoothing. In addition to the unique drawbacks of the approach, the subjectivity of the researcher and the selection anomalies that may influence the nature of the CSR EM relationships identified in the empirical literature. Finally, possible ways of overcoming these disadvantages are recommended. Mashiur Rahman | Sarah Chowdhury ""Relationship between Corporate Social Responsibility and Earnings Management: A Systematic Review of Measurement Methods"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-2 , February 2020,
URL: https://www.ijtsrd.com/papers/ijtsrd29987.pdf
Paper Url : https://www.ijtsrd.com/management/business-ethics-and-legal-issues/29987/relationship-between-corporate-social-responsibility-and-earnings-management-a-systematic-review-of-measurement-methods/mashiur-rahman
Assessment of CSR Law in Companies Act, 2013 – An Analysis of the Performance...inventionjournals
Introduction: The new law making CSR expenditure and reporting mandatory for certain companies is a new chapter in the Indian corporate world and has provided a necessary boost to the status of companies’ responsibility towards the stakeholders, and transparency and accountability of their actions. Need: The mandatory 2% spending of profits on CSR activities got mixed reaction from corporate executives. To ensure that the enforcement of the law isn’t limited to the term “cheque-book CSR”, regular exploration of the companies’ CSR expenditures and their consequent outcomes is absolutely essential. Objective: The paper aims to assess the outcome of Section 135 of the Companies Act, 2013, in the first year of its implementation among the BSE-SENSEX companies. Research methodology: Secondary sources were utilized for collecting profits and CSR expenditure figures of the selected 30 companies for conducting an ex-post analysis for the year 2014-15. Key findings of the study: Less than 15% of the BSE-SENSEX companies had spent on CSR activities an amount that is equal to or greater than the stipulated 2% of the average profits of the preceding 3 years as per Section 135 of Companies Act, 2013. Implications: Immediate attention of regulatory bodies is desired towards companies failing to dispense the funds earmarked for CSR as stipulated by the law to ensure compliance.
Concept of Corporate social responsibility
2. Types of CSR
3. Advantages
4. Concept of CSR under Indian law
5. Companies involved in CSR
6. Concept of CSR under English law
7. Conclusion
Leading meetings effectively: the secrets of authentic leadershipAndrea Mennillo
When you have gained significant experience in a given professional field, it is common to take many skills for granted, forgetting the long journey you took to learn them. That is, until you have the opportunity to engage with the perspectives of young college students whose questions prompt you to reexamine certain aspects of your work in depth.
Guidare gli incontri con efficacia: i segreti della leadership autenticaAndrea Mennillo
Quando si ha acquisito un'esperienza significativa in un determinato ambito professionale, è comune dare per scontate molte competenze, dimenticando il lungo percorso fatto per apprenderle. Questo fino a quando non si ha l'opportunità di confrontarsi con le prospettive dei giovani studenti universitari che, con le loro domande, ti spingono a riesaminare in profondità determinati aspetti del tuo lavoro.
Flying towards a sustainable future: the transformation of air transportAndrea Mennillo
In reality, only one third of the sector's total emissions can be attributed to fuel, an area that, moreover, has improved tremendously in recent years thanks to cutting-edge engines and solutions that have considerably reduced consumption. For example, in thirty years, i.e. from 1990 to 2020, the adoption of increasingly efficient engines was estimated to have reduced fuel emissions by 43%, according to a study by the German Air Transport Association (BDL) . At the same time, however, demand for air transport has grown tremendously and the number of flights has practically tripled, with the prospect of further growth in the coming years.
Keep in mind that nowadays we are talking more and more about sustainability going well beyond "just" CO2 consumption, and including all the actual substances released into the air. For this reason, achieving the target of reducing CO2 emissions by 2050 will inevitably have to include action on airport facilities, which are responsible for the remaining two-thirds of the sector's emissions.
Volare verso un futuro sostenibile: la trasformazione dei trasporti aereiAndrea Mennillo
oggi si parla sempre più di sostenibilità andando ben oltre il “solo” consumo di CO2, includendo tutte le effettive sostanze rilasciate nell’aria. Per questa ragione, il raggiungimento dell’obiettivo di riduzione delle emissioni di CO2 entro il 2050 dovrà per forza includere interventi sulle strutture aeroportuali, responsabili per i restanti due terzi delle emissioni del settore.
The Italian airport system does not just consist of Malpensa and Fiumicino. In addition to the big hubs, there are many small airports that, despite their size, represent a valuable resource for Italy with potential yet to be expressed.
Let's look at some figures. Passengers at virtually all medium and small airports (i.e., under 15 million annual passengers) grew significantly in 2022. A really interesting trend, according to Assaeroporti's analysis, which sees precisely the smaller airports growing most robustly.
Consider that Linate and Bari, classified as airports between 5 and 15 million annual passengers, have seen growth of more than 11%; while airports under 5 million annual passengers have seen growth of up to 13%. But it is the "micro" airports that are the real surprise, with even triple-digit growth rates: Bolzano, Foggia and Trapani exceeded 100% growth over pre-pandemic figures.
What may come as a surprise, and perhaps not widely known, is that travel by local aviation is not necessarily a service geared only to high-end customers, but can also be an affordable alternative for “consumer” customers who need to travel to areas that are currently underserved by public ground transportation, but are attractive for their tourist, artistic, and cultural offerings or, again, for business opportunities.
In conclusion, making the transportation network we already have more efficient is a low cost, low time, low effort solution. And also low risk, if well designed.
Il sistema aeroportuale italiano non è solo Malpensa e Fiumicino. Oltre ai grandi hub esistono moltissimi piccoli aeroporti che, a dispetto delle dimensioni, rappresentano per il nostro Paese una risorsa preziosa con un potenziale ancora da esprimere.
Vediamo qualche dato. Nel 2022 sono cresciuti in maniera rilevante i passeggeri in praticamente tutti gli aeroporti di medie e piccole dimensioni (cioè sotto i 15 milioni di passeggeri annui). Una tendenza davvero interessante secondo l’analisi di Assaeroporti che vede proprio gli scali più piccoli crescere in maniera più robusta.
Quello che può sorprendere e forse non tutti sanno è che gli spostamenti tramite aviazione locale non sono servizi necessariamente orientati solo a clienti di alta fascia, ma possono essere un’alternativa accessibile anche per una clientela di fascia “consumer”, che ha necessità di spostarsi in zone oggi poco servite dal trasporto pubblico di terra, ma interessanti per la loro offerta turistica, artistica e culturale o, ancora, per le opportunità imprenditoriali.
In conclusione, rendere più efficiente la rete di trasporti che già abbiamo è una soluzione low cost, low time, low effort. E anche low risk, se ben progettata.
Non più solo formazione tecnica per i giovani che vogliono una carriera nel settore finanziario. “Servono nuove competenze: di comunicazione inclusiva, di leadership empatica e di gestione dello stress”. Idee molto chiare per Andrea Mennillo, banchiere di investimento di prospettiva internazionale, per anni ai vertici di importanti istituzioni bancarie e finanziarie.
Speech at Fordham University London held on 15th November 2023.
I am honoured to be the one to open this occasion for discussion, reflection, and shared knowledge. And I am also happy to add my contribution once more to the growth of the new generation of business leaders, via exchanges on highly topical issues, both in professional life and in the environment in which we live.
As we are in this modern and welcoming space, I think about the fact that we are out of harm’s way in this part of the world. No less than a year ago we were wondering about developments in the war in Ukraine, just a short way away from Europe. Today, new pain and uncertainties are caused by the shocks of the conflict in Israel and Palestine.
Artificial intelligence and human thought: competition or collaboration?Andrea Mennillo
Artificial intelligence is an epochal change in the paradigm of human beings. Machines that “think” are a novelty that we will have to learn to become familiar with. They are also a great opportunity, with an extremely significant impact on the world of work: it is estimated that, in the USA, 80% of jobs will be modified considerably due to AI.
As fascinating as the practical application is, a crucial aspect of the debate concerns the interaction between human intelligence and artificial intelligence. In fact, we must consider that, like all technologies, AI also evolves at a much faster rate than the human adaptation times and, therefore, the way in which we relate to this tool requires careful evaluation.
How will this balance out? I share the opinion of those who see artificial intelligence as a support to humans in order to supplement their work and increase their effectiveness, rather than as a substitute for human intelligence.
Intelligenza artificiale e pensiero umano: competizione o collaborazione? Andrea Mennillo
L’intelligenza artificiale è un cambiamento epocale nel paradigma dell’essere umano. Le macchine che “pensano” sono una novità che dovremo imparare a conoscere, oltre che una grande opportunità, con un impatto sul mondo del lavoro estremamente rilevante: si stima che negli USA l’80% dei lavori sarà modificato in maniera considerevole a causa dell’IA.
Il dibattito è ovviamente molto vivo. Una platea ampissima di soggetti è incuriosita dalla novità, ma giustamente gli operatori si chiedono quali siano i benefici, i rischi e le implicazioni pratiche nonché filosofiche.
Tourists arriving, transport slowing. Where are we at?Andrea Mennillo
In 2023, tourism reached surprising peaks as early as during the first few months of the year. It then reached even higher levels during the summer months. Forecasts estimate that there will be around 442 million overnight stays in the whole of 2023, which would mean a return to pre-pandemic levels as soon as a year and a half early. One wonders to what extent our infrastructures and, above all, our transport system are really ready to cope to such major tourist flows. Unfortunately, to date, our transport infrastructure has some flaws that ought to be remedied quickly. the PNRR (Italy's National Recovery and Resilience Plan) has allocated funds which, at least in the medium term, can contribute to making a substantial change. project that moves in the right direction but which, alone, cannot completely solve the problem.
Turismo e infrastrutture di mobilità. A che punto siamo?Andrea Mennillo
Il turismo nel 2023 ha toccato picchi sorprendenti già nei primi mesi dell’anno, per poi arrivare a livelli ancor più elevati nei mesi estivi. Le previsioni stimano in circa 442 milioni i pernottamenti nell’intero 2023, il che vorrebbe dire un ritorno ai livelli pre-pandemia con addirittura un anno e mezzo di anticipo. Viene da chiedersi fino a che punto le nostre infrastrutture e soprattutto il nostro sistema dei trasporti siano realmente pronti a far fronte a flussi turistici così importanti. Purtroppo, ad oggi, le nostre infrastrutture di trasporto presentano alcune falle che andrebbero colmate velocemente. Il PNRR ha stanziato fondi che, almeno nel medio periodo, possono contribuire a dare una svolta sostanziale. Un progetto che si muove nella giusta direzione ma che, da solo, non può risolvere del tutto il problema.
An ethical reflection on finance: between performance, justice and truthAndrea Mennillo
All too often, finance has been portrayed, as an obscure speculative mechanism, which has long ago abandoned its role as an instrument at the service of the real economy. Now more than ever - thanks to the achievement of the new frontiers of digital technology, new spaces are opening up also for finance. In this article, I wonder if it is possible to reconcile the opportunities offered by technology for the benefit of financial processes with the ethical and moral principles for safeguarding the person.
Una riflessione etica sulla finanza, fra rendimento, giustizia e veritàAndrea Mennillo
Fin troppo spesso la finanza è stata dipinta come un oscuro meccanismo speculativo, che da tempo ha abbandonato il suo ruolo di strumento al servizio dell’economia reale. Mai come adesso, grazie al raggiungimento delle nuove frontiere della tecnologia digitale, si aprono spazi nuovi anche per la finanza. In questo articolo mi chiedo come sia possibile conciliare le opportunità offerte dalla tecnologia a beneficio dei processi finanziari con i principi etici e morali a salvaguardia della persona.
“Ego Vici Mundum”. From Easter the victory of the spirit and actions over adv...Andrea Mennillo
Ego Vici Mundum literally “I have conquered the world” . It is from this exhortation that I want to start to reflect on the Easter period. Never, as today, has this spiritual message coming from the past, through more than two thousand years of history, affirms its relevance with formidable vigor. Despite the succession of critical phases that severely condition the current global trend, with conflicts, economic crises, environmental disasters and more, I encourage the new generations to make their choices with a positive attitude.
“Ego Vici Mundum”. Dalla Pasqua la vittoria dello spirito e delle azioni sull...Andrea Mennillo
Ego Vici Mundum letteralmente “Io ho vinto il mondo”. E’da questa esortazione che voglio partire per fare una riflessione sul periodo pasquale. Mai, come oggi, questo messaggio spirituale proveniente dal passato, attraverso più duemila anni di storia, afferma, con formidabile vigore la sua attualità. Nonostante il susseguirsi di fasi critiche che condizionano severamente l’attuale andamento globale, con conflitti, crisi economiche, disastri ambientali e non solo, incoraggio le nuove generazioni ad operare le proprie scelte con un atteggiamento positivo.
Speech at Fordham University, London on 30th March 2023. Eastern is a feast celebrated by Christians, Jews, and Muslims, each with its own meaning of renewal. food and eating together that are an important part of the Easter ritual. In fact, the Eucharist, the most important Christian sacrament, came to exist during the last supper. Typical Easter foods have a strong symbolic value. But what does food and being together at the table represent today?
Waste is a resource for the present and for the future. Waste is a wealth, above all because resources, including for energy production, are increasingly scarce. We find ourselves having to complete, in the shortest possible time, an ambitious project such as energy transition, where ESG criteria play an increasingly important role in the investment choices of funds and in company planning. The transition takes time and resources, as with any industry that aims to create long-term utility and benefits. The trend has now started and the mentality with which waste is conceived is changing rapidly.
Waste To Energy. I rifiuti sono una nuova ricchezza?Andrea Mennillo
I rifiuti sono una risorsa per il presente e per il futuro. Ci troviamo a dover portare a termine, nel più breve tempo possibile, un progetto ambizioso come la transizione energetica dove i criteri ESG giocano un ruolo di crescente importanza nelle scelte di investimento dei fondi e nella pianificazione delle aziende. In questo contesto si inseriscono le tecnologie in grado di trasformare i rifiuti in energia. La transizione richiede tempo e risorse, come per qualsiasi settore che si prefigge l’obiettivo di creare utilità e benefici a lungo termine.
Real Estate between investment, innovation, performanceAndrea Mennillo
Making a real estate intervention, of any kind, usually requires significant capital. The technical time required to start an operation and to have returns on investment are not insignificant. In recent times, however, I see that the real estate industry is also experiencing a lot of turmoil, trying to catch the innovation train in many ways.
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
2. 2
On February 8, 2022, the Italian parliament definitively approved a bill that includes
protection of the environment as a fundamental principle of the Constitution.
Specifically, it amended the second and third paragraphs of Article 41 of the Italian
Constitution concerning the exercise of economic initiative.
Without prejudice to the precept of the inviolability of human dignity, security and freedom,
the second paragraph now also references the health and environmental issues that must
always be observed and protected during the exercise of all economic activities. Thus, the law
is increasingly focused on enhancing the principles of sustainability.
The financial field by now reflects this approach in the well-known "ESG" criteria, which
increasingly permeate the activities of investors, financial institutions, entrepreneurs and
companies.
Actually, if in the past investing according to these criteria was only an objective for specific
thematic funds, or was an ancillary and rewarding principle, today it has becomes a functional
element for the entire investment chain on which basis the individual risk level is determined.
Including "Environmental, Social, Governance" factors, the terms in the ESG acronym, in
one's portfolio certainly improves the risk profile and optimizes long-term return.
So, specifically, what are they?
"Environmental" refers to the environmental factors related to climate change. This criterion
seeks to raise awareness for protecting the environment, biodiversity and natural resources,
while minimizing harmful emissions into our ecosystem.
"Social" considers the impact of a given activity on the social context where this work is
carried out. Inclusiveness, equality, child labor are just some of the parameters considered in
this criterion.
"Governance", on the other hand, evaluates the system by which a company is administered
and governed. By verifying certain parameters, such as: economic strategies, the structure of
the board of directors, executive remuneration, tax practices, corruption, abuse of office,
respect for meritocracy, codes of conduct and various company policies, the risk and
sustainability of different companies are assessed. This factor presently affects the
creditworthiness of the individual company also and its attractiveness to potential investors,
such as private equity funds.
In March 2019, the European Commission also reiterated, by issuing various regulations, the
importance of encouraging the development of "responsible" companies and investments,
thrusting them towards sustainability.
3. 3
Value for the shareholders and market confidence are also achieved by integrating the "ESG"
criteria in their own conduct and within their administrative, production and investment
system.
In my opinion, these criteria are consistent with the aims of what I call - and I promote among
the young students at the Gabelli School of Business - discerning leadership. Leaders today
must contribute to building a virtuous "biosystem", where business and profit combine with
sustainability and inclusiveness.
Andrea Mennillo
Founder and Managing Director, International Development Advisory
Chairman Fordham University London Centre Advisory Board