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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
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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
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Facoltà di Economia Players and management tools in corporate sustainability context
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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
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Facoltà di Economia Players and management tools in corporate sustainability context
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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.
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Facoltà di Economia Players and management tools in corporate sustainability context
lunedì 15 aprile 13