A clear and solid governance is key to achieving our ambitious sustainability strategy
Driven mainly by the desire for an ever-increasing integration of ESG criteria into the Group's overall industrial strategy, UniCredit's sustainability governance has undergone a profound evolution.
The changes concern both the Board and the managerial levels of our Governance.
The UniCredit Board of Directors defines the overall Group strategy.
Tew ESG Board Committee supports the Board of Directors in overseeing sustainability issues. The decision to create a new Board Committee which focuses exclusively on ESG responds to the need to further raise the level of responsibility on the topic and make it more effective and integrated in the overall corporate strategy.
At management level the Group Executive Committee (GEC) is the leadership team, chaired by the CEO and comprises decision makers from key business functions and divisions. It ensures the effective steering, coordination and control of Group business as well as the successful alignment of the parent company with the different businesses and geographies regarding strategic topics, including environmental issues. A subgroup of the GEC members forms a dedicated ESG Strategy Council which engages selected members of the C suites to provide oversight and strategic guidance across business units, regions and functions on the definition and implementation of ESG Strategy.
The new Strategy & Optimisation function, which is part of the CEO Office and represented in the GEC, deals with all critical initiatives for the CEO, such as Strategy and M&A, Group Transformation Office and the further integration of ESG into our business.
The Group ESG Strategy & Impact Banking reports directly to the new Strategy & Optimisation function. It presents proposals and reports the status and achievement of the sustainability strategy to the ESG Committee, prepares the Group Integrated Report and ensures coordination in the implementation of the Principles for Responsible Banking - UNEP FI, is in charge of the production of UniCredit climate-related financial reporting in accordance with the TCFD Recommendations. It has a permanent member in the Group Reputational Risk Committee (GRRC), responsible for the assessment of the reputational risks of initiatives, bank transactions, projects, customers and other business activities.
Click here for more information on the Governance of UniCredit Group.