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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



                                                          1
lunedì 15 aprile 13
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 context
lunedì 15 aprile 13
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 report
Università degli Studi di Torino                                                                                                                                                      Federico Capello
                                                                                                                    3
     Facoltà di Economia                                                                                                                                   Players and management tools in corporate sustainability context
lunedì 15 aprile 13
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 context
lunedì 15 aprile 13
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                          KPMG


Università degli Studi di Torino                                                                                                                                             Federico Capello
                                                                                                                                   5
      Facoltà di Economia                                                                                                                             Players and management tools in corporate sustainability context
lunedì 15 aprile 13
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 Industrial


Università 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
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
                                                                                   reporting




Università degli Studi di Torino                                                           Federico Capello
                                                    7
     Facoltà di Economia                                            Players and management tools in corporate sustainability context
lunedì 15 aprile 13
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-
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                                                                                                                                                                                                                                                                                                           publication.


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 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                                                                 Deloitte



Università degli Studi di Torino                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Federico Capello
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         8
                                                                                                                                                                                               Facoltà di Economia                                                                                                                                                                                                                                                                                                               Players and management tools in corporate sustainability context
lunedì 15 aprile 13
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 context
lunedì 15 aprile 13
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context
Players and management tools in corporate sustainability context

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Players and management tools in corporate sustainability context

  • 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 1 lunedì 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 context lunedì 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 report Università degli Studi di Torino Federico Capello 3 Facoltà di Economia Players and management tools in corporate sustainability context lunedì 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 context lunedì 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 KPMG Università degli Studi di Torino Federico Capello 5 Facoltà di Economia Players and management tools in corporate sustainability context lunedì 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 Industrial Università 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 reporting Università degli Studi di Torino Federico Capello 7 Facoltà di Economia Players and management tools in corporate sustainability context lunedì 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 Deloitte Università degli Studi di Torino Federico Capello 8 Facoltà di Economia Players and management tools in corporate sustainability context lunedì 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 context lunedì 15 aprile 13