Non-financial information as a driver of transformation - Evidence from Italy | 2018 - Nedcommunity
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Non-financial information
as a driver of transformation
Evidence from Italy | 2018
In collaboration with Nedcommunity
2
Non-financial information as a driver of transformation: evidence from italy
Lo studio è stato curato da:
Nadia Linciano e Angela Ciavarella (Consob)
Livia Piermattei (Methodos-the Change Management Company e Nedcommunity)
in collaborazione con Simona Cosma e Paola Schwizer (Nedcommunity)
Lo studio è disponibile sul sito Consob:
http://www.consob.it/documents/46180/46181/Sost2018.pdf/c87d3f84-2b68-45e9-a389-5b21f8cfef7f
Le opinioni espresse nel lavoro sono personali degli autori e non impegnano in alcun modo la Consob. Nel citare i contenuti del rapporto, non è
pertanto corretto attribuirli alla Consob o ai suoi Vertici.
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity
3
Motivazione
e contesto di riferimento
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity
4
Motivazione dello studio
Piano strategico della CONSOB 2019-2021
• Obiettivo 2: Accompagnare le imprese nel processo di applicazione della nuova normativa sull’informazione non
finanziaria favorendo l’introduzione delle tematiche Environmental, Social and Governance (ESG)
• Istituzione di uno Steering Committee sulla sostenibilità
• Monitoraggio studi e ricerche
• Elaborazione (…) di principi comuni di rendicontazione anche ai fini delle dichiarazioni non finanziarie
• Approccio data-driven, basato sull’integrazione tra studi e vigilanza, tra i principi cardine del PS
• Fondamentale raccogliere dati ed evidenze
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity
5
Il contesto normativo
• Direttiva 2014/95/EU (principle based; armonizzazione minima)
• Ambito di applicazione
• Reporting (temi, informazione, integrazione con informazione finanziaria, standard)
• Comply or explain, safe harbor, controlli esterni
• Rendicontazione in materia di diversity
• Orientamenti della CE sulla comunicazione di informazioni di carattere non finanziario (2017)
• Piano d’azione il finanziamento dell’UE per il finanziamento della crescita sostenibile (2018)
• Consultazione revisione Orientamenti per maggiore allineamento alle raccomandazioni della FSB's TF on Climate-related
Financial Disclosures (febbraio 2019)
• I commenti ESMA
• Materialità: applicazione a tutti i temi ESG
• Struttura del reporting (Type I e Type II information): incentivo a un esercizio tick-the-box?
• Comparabilità e qualità delle informazioni: maggiore standardizzazione del disclosure framework
• Riduzione delle ‘clausole di opzionalità’ a favore degli Stati membri
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity6
Lo stato dell’arte in Europa
• Recepimento della Direttiva eterogeneo
• Ambito di applicazione
• Reporting (temi, informazione, integrazione con informazione
finanziaria, standard)
• Obblighi (comply or explain, safe harbor, revisori) e sanzioni
• Rendicontazione in materia di diversity
CSR Europe and GRI (2017), Member State Implementation of Directive
2014/95/EU
Frank Bold (2017), Comparing the implementation of the EU NFR Directive in
the UK, Germany, France and Italy.
http://www.purposeofcorporation.org/comparing-the-eu-non-financial-reporting-directive.pdf
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity7
Lo stato dell’arte in Europa
• Aumenta il numero di società che pubblicano non-financial information
Hervé Stolowy & Luc Paugam (2018) The expansion of non-financial reporting: an exploratory study, Accounting and
Business Research, 48:5, 525-548, DOI: 10.1080/00014788.2018.1470141
• L’applicazione della normativa mostra diverse aree di miglioramento
Per la Germania vedi: E. Hoffmann, C. Dietsche and C. Hobelsberger (2018), Between mandatory and voluntary: non-
financial reporting by German companies, DOI: 10.1007/s00550-018-0479-6
Per l’Olanda vedi: AFM (2018), Thematic review of non-financial information in management reports 2017
• Reporting eterogeneo a seconda delle aree tematiche
Per Austria, Germania e Svezia vedi:
https://www.ipoint-systems.com/newsroom/news-detail/csr-reporting-under-eu-law-is-highest-for-gender-and-lowest-for-human-rights-matters-study-reveals/
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity
In collaboration with Nedcommunity8
Il valore del non-financial reporting
Le (prime) evidenze empiriche
• Evidenza di una associazione positiva tra NFR e indicatori di performance finanziaria I. Ioannis and G. Serafeim (2017), The
Consequences of Mandatory Corporate Sustainability Reporting, Harvard Business School Research Working Paper 11-
100, https://ssrn.com/abstract=1799589A. Poroy Arsoy et al. (2018) The effect of non-financial information on financial
performance. Evidence from Turkey, dergipark.gov.tr/download/article-file/92550
• Evidenza del valore aggiunto dell’Integrated Reporting come elemento di innesco della doppia funzione della corporate
disclosure (information and transformation)
• R. G. Eccles e G. Serafeim (2014), Corporate and Integrated Reporting: A Functional Perspective,
https://ssrn.com/abstract=2388716
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity9
Le evidenze
per il caso italiano
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity
In collaboration with Nedcommunity10
L’impatto della Direttiva nel caso italiano
Lo Studio analizza l’impatto della Direttiva sotto due distinti profili
• Modalità attraverso cui le società quotate sull’MTA hanno dato attuazione alle nuove regole attraverso un’analisi
documentale
• Dichiarazioni non finanziarie
• Documenti ulteriori rispetto alle DNF
• Analisi di materialità
• Gli organi di amministrazione e le tematiche ESG
• Analisi documentale
• Survey rivolta agli amministratori indipendenti di NedCommunity
• Consapevolezza, engagement e coinvolgimento del board?
• Quale impatto su modelli di business, governance e strategie?
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity11
Non-financial
reporting
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity12
Il reporting nel 2018 (1/2)
Fonte: Consob
Nel corso del 2018, 151 società italiane con azioni ordinarie quotate hanno pubblicato la DNF.
Tra queste, due avrebbero potuto avvalersi dell’esenzione prevista per le società controllate da una società madre
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity13
Il reporting nel 2018 (2/2)
Fonte: Consob
• sei società hanno pubblicato le informazioni richieste dalla direttiva nell’ambito di un Report Integrato, presentando
congiuntamente informazioni finanziarie e non finanziarie
• in alcuni casi, oltre alla DNF, è stato pubblicato un altro documento su temi non finanziari (Report di sostenibilità o Integrato)
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity14
L’analisi di materialità (1/2)
• L’analisi di materialità è stata realizzata da quasi tutte le società
• gli stakeholders interni sono stati coinvolti nel processo di
identificazione dei temi materiali in 129 casi (i top managers in
47 casi)
• gli stakeholders esterni sono stati coinvolti da 44 società
Fonte: Consob
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity15
L’analisi di materialità (2/2)
Fonte: Consob
• 29 imprese (19% totale), in prevalenza grandi società operanti nel settore dei servizi, hanno realizzato l’analisi coinvolgendo gli stakeholders
interni ed esterni e descrivendo gli strumenti utilizzati
• Nessuna impresa ha menzionato l’analisi di materialità nel piano strategico, laddove pubblicato. Tuttavia, nel campione del Ftse Mib, 12
imprese hanno integrato nei piani strategici tematiche di lungo periodo e il relativo impatto sulla creazione di valore, mentre 5 hanno
integrato i propri impatti sugli Obiettivi di Sviluppo Sostenibile dell’ONU rilevanti
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity16
Non-financial at
the board
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity17
Temi non finanziari ricorrenti
Le tematiche non finanziarie sono richiamate in:
• 13 casi su 151 nell’ambito della board evaluation
• 11 linee guida rilasciate dal cda uscente su 52
• 32 programmi di induction
• il tema dell’innovazione è il più citato (27 casi)
• la tematica della sostenibilità in generale riceve 24
citazioni
• molte inductions hanno per oggetto la nuova
disciplina in materia di informazioni non finanziarie
Fonte: Consob
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity18
Comitato per la sostenibilità
Fonte: Consob
• 45 imprese hanno istituito il comitato per la sostenibilità
• nella maggior parte dei casi le funzioni del comitato sono state assegnate ad altro comitato (38 società)
• la presenza del comitato è più frequente tra le società di maggiori dimensioni
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity19
CDA e integrazione della sostenibilità nelle strategie: terza edizione
21 domande nelle seguenti aree:
• Consapevolezza del cambiamento
• Coinvolgimento del Board
• Attitudini personali del Board verso temi ESG
• Interessi dei componenti del Board su ESG
• Composizione e organizzazione del Board su ESG
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity20
Quale ruolo del Board per la governance degli ESG?
Il ruolo del Board dovrebbe essere modificato e potenziato
per la governance degli ESG
Il CDA dovrebbe avere
un ruolo attivo nella
governance
dell’implementazione
del Decreto 254/16
sulle informazioni non
finanziarie
Il business model dovrebbe essere modificato per seguire il
Decreto
Source: Nedcommunity -Methodos, Survey on the role of the board of directors with regard to non-financial disclosure, 2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity21
Il gap da colmare per diventare un CDA che pensa
in modo «integrato»
SHOULD vs DO
Il 52% dei rispondenti, segnala che gli
amministratori indipendenti non stanno
effettivamente agendo un ruolo attivo
nell’integrazione dei fattori ESG nelle
strategie di lungo periodo, nonostante
ritengano che dovrebbero farlo più di
altri attori in CDA (84%).
Source: Nedcommunity -Methodos, Survey on the role of the board of directors with regard to non-financial disclosure, 2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity22
Gli Amministratori Indipendenti si sentono meno
coinvolti degli altri nel CDA
Gli Amministratori indipendenti,
nonostante siano i più consapevoli
delle implicazioni della Decreto DNF,
segnalano un livello minore di
coinvolgimento rispetto agli altri
componenti del Board e al
Presidente.
Source: Nedcommunity -Methodos, Survey on the role of the board of directors with regard to non-financial disclosure, 2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity23
Gli Amministratori Indipendenti si sentono meno
coinvolti rispetto al 2016
Gli amministratori
indipendenti che
dovrebbero guidare il
cambiamento si sentono
meno coinvolti oggi
rispetto al 2016
Source: Nedcommunity -Methodos, Survey on the role of the board of directors with regard to non-financial disclosure, 2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity24
ESG creano valore e performance finanziaria
ESG positively impacts on financial performance
Un concreto impegno del CDA
verso le strategie di lungo periodo
è fortemente legato a credere che
gli ESG generano valore.
Più del 64% dei rispondenti
condivide che le strategie integrate
con ESG hanno un impatto positivo
sulla performance finanziaria
(questa opinione è più frequente
in aziende finanziarie e quotate)
Source: Nedcommunity -Methodos, Survey on the role of the board of directors with regard to non-financial disclosure, 2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity25
La leadership del CDA nell’orientare la creazione di valore nel lungo
periodo sta evolvendo
Sebbene il ruolo «di guida» del
CDA nell’orientare strategie per la
creazione di valore nel lungo
periodo sia aumentato negli anni, il
contributo degli esecutivi rimane
centrale.
Source: Nedcommunity -Methodos, Survey on the role of the board of directors with regard to non-financial disclosure, 2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity26
Common vs strategic sustainability
La trasformazione ESG/multicapital è
un’opportunità e viene richiesta
Le aziende dovrebbero cominciare a considerare che l’integrazione di elementi
finanziari e non finanziari è un’opportunità per generare extra-valore mentre gli
stakeholder (investitori, regolatori, client, comunità..) li ritengono responsabili per
l’impatto dell’azienda sul presente e futuro delle persone.
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity27
Consob/Methodos 2019:
The three steps of esg/multicapital integration into governance
AWARENESS CAPABILITIES ENGAGEMENT
• Compliance with rules (Decree 154) and • Developing a data collection infrastructure for report and • Mindset, capabilities and skills connected to the
Levels of Cultural Change
training for teams involved integration of ESG/Multicapital into governance
reporting guidelines
• Trainings and gradual activation to develop the become natural and are reflected in thinking,
• Information and goals of report spread behavior, processes, business model and strategy
necessary skills and approach to thinking to
throughout the organization • High level of engagement
integrate ESG in governance and company • ESG/Multicapital are incorporated in job goals and
• Dedicated KPI’s
projects connected to remuneration
• Communicating aspirations and goals in
terms of integrated thinking and
governance, without concrete actions of
integration
Compliance Transformation
Adapted from: the ACE Transformation Curve – Methodos-the Change Management Company-2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity28
Consob/Methodos 2019:
The three steps of esg/multicapital integration into governance
AWARENESS CAPABILITIES ENGAGEMENT
• Compliance with rules (Decree 154) and reporting • Developing a data collection infrastructure for • Mindset, capabilities and skills connected to the
Levels of Cultural Change
guidelines integration of ESG/Multicapital into governance
• Information and goals of report spread throughout the
report and training for teams involved become natural and are reflected in thinking,
organization • Trainings and gradual activation to develop the behavior, processes, business model and strategy
• Dedicated KPI’s necessary skills and approach to thinking to • High level of engagement
• Communicating aspirations and goals in terms of • ESG/Multicapital are incorporated in job goals and
integrate ESG in governance and company
integrated thinking and governance, without concrete connected to remuneration
actions of integration projects
Compliance Transformation
Adapted from: the ACE Transformation Curve – Methodos-the Change Management Company-2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity29
Consob/Methodos 2019:
The three steps of esg/multicapital integration into governance
ENGAGEMENT
• Mindset, capabilities and skills
AWARENESS CAPABILITIES
connected to the integration of
• Compliance with rules (Decree 154) and reporting • Developing a data collection infrastructure for report and
ESG/Multicapital into governance
Levels of Cultural Change
guidelines training for teams involved
• Information and goals of report spread throughout the • Trainings and gradual activation to develop the become natural and are reflected in
organization
necessary skills and approach to thinking to thinking, behavior, processes, business
• Dedicated KPI’s
integrate ESG in governance and company model and strategy
• Communicating aspirations and goals in terms of
integrated thinking and governance, without concrete projects • High level of engagement
actions of integration • ESG/Multicapital are incorporated in job
goals and connected to remuneration
Compliance Transformation
Adapted from: the ACE Transformation Curve – Methodos-the Change Management Company-2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity30
Consob/Methodos 2019:
The three steps of esg/multicapital integration into governance
AWARENESS CAPABILITIES ENGAGEMENT
• Compliance with rules (Decree 154) and reporting • Developing a data collection infrastructure for report and • Mindset, capabilities and skills connected to the
Levels of Cultural Change
guidelines training for teams involved integration of ESG/Multicapital into governance
• Information and goals of report spread throughout the • Trainings and gradual activation to develop the become natural and are reflected in thinking,
organization necessary skills and approach to thinking to integrate behavior, processes, business model and strategy
• Dedicated KPI’s ESG in governance and company projects • High level of engagement
• Communicating aspirations and goals in terms of • ESG/Multicapital are incorporated in job goals and
integrated thinking and governance, without concrete connected to remuneration
actions of integration
Compliance Transformation
Adapted from: the ACE Transformation Curve – Methodos-the Change Management Company-2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity31
Consob/Methodos 2019:
The three steps of esg/multicapital integration into governance
AWARENESS CAPABILITIES ENGAGEMENT
• Compliance with rules (Decree 154) and reporting • Developing a data collection infrastructure for report and • Mindset, capabilities and skills connected to the
guidelines training for teams involved integration of ESG/Multicapital into governance
• Information and goals of report spread throughout the • Trainings and gradual activation to develop the become natural and are reflected in thinking,
Levels of Cultural Change
organization behavior, processes, business model and strategy
• Dedicated KPI’s
necessary skills and approach to thinking to
• High level of engagement
• Communicating aspirations and goals in terms of integrate ESG in governance and company • ESG/Multicapital are incorporated in job goals and
MOST COMPANIES WERE HERE
integrated thinking and governance, without concrete projects connected to remuneration
IN 2018
actions of integration
Companies that published their NFS at 44/149 Companies that mentioned the
different levels of depth and detail (of
151/228 Companies that set-up a materiality analysis involving external stakeholders 0/151
Materiality Analysis in the
which 2 voluntarily) Companies that set-up a materiality analysis involving managers of the
Industrial or Strategic Plan*
company 47/149
Companies that set-up a Materiality
Analysis Companies that integrated their financial, sustainability, NFS reporting tools in
149/151 different ways 12/151 * Among FITSEMIB firms, 12
integrated long term
Companies’ BoD that integrated ESG into guidelines business considerations, 5
Companies’ BoD that held inductions on (52 Board renewal) 11/52 the Sustainable
ESG (no description of length and depth) 32/151 Companies’ BoD that integrated ESG into Board evaluation
Development Goals
13/151
Compliance Transformation
Adapted from: the ACE Transformation Curve – Methodos-the Change Management Company-2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity32
Consob/Methodos 2019:
The three steps of esg/multicapital integration into governance
AWARENESS CAPABILITIES ENGAGEMENT
• Compliance with rules (Decree 154) and reporting • Developing a data collection infrastructure for report and • Mindset, capabilities and skills connected to the
guidelines training for teams involved integration of ESG/Multicapital into governance
• Information and goals of report spread throughout the • Trainings and gradual activation to develop the become natural and are reflected in thinking,
Levels of Cultural Change
organization necessary skills and approach to thinking to integrate behavior, processes, business model and strategy
• Dedicated KPI’s • High level of engagement
ESG in governance and company projects
• Communicating aspirations and goals in terms of • ESG/Multicapital are incorporated in job goals and
integrated thinking and governance, without concrete
actions of integration
COMPANIES CAN GET HERE BY 2019 connected to remuneration
Companies that published their NFS at 44/149 Companies that mentioned the
different levels of depth and detail (of
151/228 Companies that set-up a materiality analysis involving external stakeholders 0/151
Materiality Analysis in the
which 2 voluntarily) Companies that set-up a materiality analysis involving managers of the
Industrial or Strategic Plan*
company 47/149
Companies that set-up a Materiality
Analysis Companies that integrated their financial, sustainability, NFS reporting tools in
149/151 different ways 12/151 * Among FITSEMIB firms, 12
integrated long term
Companies’ BoD that integrated ESG into guidelines business considerations, 5
Companies’ BoD that held inductions on (52 Board renewal) 11/52 the Sustainable
ESG (no description of length and depth) 32/151 Companies’ BoD that integrated ESG into Board evaluation
Development Goals
13/151
Compliance Transformation
Adapted from: the ACE Transformation Curve – Methodos-the Change Management Company-2018
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy Nedcommunity33
In breve
COSA CAMBIA OGGI DOMANI
Semantica ESG MULTICAPITAL-INTEGRATION
Sostanza Informazione (non finanziaria) Decisione (multicapital)
Trasformazione (Comportamenti)
Report di Sostenibilità/Integrati Piano Strategico Integrato
Governance CDA «segue» CDA «che sponsorizza e ispira» la
trasformazione
CEO guidato dalla compliance CEO «leader della trasformazione»
Non-financial information as a driver of transformation In collaboration with
Evidence from Italy NedcommunityPuoi anche leggere
