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Sustainability governance


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.

ESG Targets

We have specific policies in place which contribute to human rights topics such as the Code of Conduct, the Anti-Bribery and Anti-Corruption Global Policy, the Anti-Bribery and Anti-Corruption Global Operational Regulation, the Whistleblowing Policy and the Anti-Money Laundering (AML) and Countering of Terrorist Financing (CTF) Policy, guided by our Ethics Manifesto as well as our Commitment to Human Rights.

Certain sectors and activities require a specialised approach to ensure that transactional and related risks are properly addressed.

We have developed detailed guidance policies for those sectors relevant to UniCredit that are susceptible to special environmental and social risks.


These policies are inspired by agreements, guidelines and standards (including the International Finance Corporation Performance Standards, the World Bank Group Environmental, Health and Safety Guidelines and the principles of the UN Global Compact), as well as other practices widely employed by specific industries.


Policies, statements and commitments Objective Download document
Oil and Gas The policy establishes standards and guidelines that address the risks associated with financing the Oil & Gas Industry Oil & Gas
Oil & Gas (Addendum)
Defense/weapons The policy regulates financial involvement with companies from the defence/armaments industry  Defence/weapons
Coal Sector The policy establishes standards and guidelines that address the risks associated with financing the coal sector Coal
Coal (addendum)
Mining The policy establishes standards and guidelines that address the risks associated with financing mining operations Mining
Nuclear Energy The policy regulates financial involvement with and address the challenges posed by the nuclear energy sector  Nuclear Energy  
Water Infrastructure The policy establishes standards and guidelines that address the risks associated with financing large water infrastructure projects, such as dams Water Infrastructure (Dams)
Human Rights The commitment summarises the Group’s approach to human rights, focusing on some stakeholder categories such as employees, customers, suppliers and communities. It is based on international declarations and conventions, standards, principles, guidelines and recommendations Human Rights
Position on 185/90 Summary of notifications of UniCredit permanent export as per the Italian Parliament Annual Report 2019 Position Data Italian Law 185/90 
Modern Slavery The statement describes the measures taken by UniCredit to mitigate the risk of slavery and human trafficking, within our businesses or our supply chain, in accordance with section 54 of the United Kingdom's Modern Slavery Act 2015 2021 Statement on Modern Slavery Act
2020 Statement on Modern Slavery Act
2019 Statement on Modern Slavery Act
2018 Statement on Modern Slavery Act
2017 Statement on Modern Slavery Act
2016 Statement on Modern Slavery Act
Rainforests  The commitment ensures that our activity does not aid deforestation or forest degradation, unless appropriately mitigated Rainforests

Engaging with stakeholders is essential to building trust.

We have an ongoing interaction with sustainability rating agencies, also supporting the increasing requests by investors for greater transparency, more stakeholder engagement and stronger sustainability management.


Updated on 15 June 2022.