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Sustainability

SustainabilitySustainability strategySustainability governance


In order to guarantee structured management of all aspects of sustainability a system of responsibilities has been defined both at the level of governance bodies and of the organisational structure. 

In line with the new Corporate Governance Code for Listed Companies which Recordati has committed to adopt, the Board of Directors has the role of pursuing sustainable business success, defined as the goal of generating value in the long term to the benefit of shareholders, taking into account the interests of stakeholders which are relevant for its business.

The Board of Directors has formed a Risk, Control and CSR Committee, consisting exclusively of non-executive and independent directors.  The Committee has the proposal-making and consulting duties in regard to the BoD. It provides appropriate investigation activity for evaluations of the competence of the Board of Directors, also in terms of sustainability, i.e., the processes, initiatives and activities aimed at safeguarding the Company's commitment to sustainable development throughout the value chain.  Furthermore, in its work to support the Board of Directors, the Risk, Control and CSR Committee: 
  • analyses relevant topics for the generation of value in the long term prior to approval by the Board of the business plan for the Group companies;
  • performs analysis regarding definition of the nature and level of risk compatible with the Company’s strategic goals, covering all elements that may be of significance in the context of sustainable success of the Company;
  • monitors sustainability topics connected to business activity and the dynamics of interaction of the latter with all stakeholders in accordance with the principle of sustainable success; 
  • examines Sustainability Plan guidelines and how to implement sustainability policies; 
  • examines the general composition of the Consolidated Non-Financial Statement and the structure of its content, as well as the completeness and transparency of information provided in this document;
  • expresses, on request of the Board, an opinion on sustainability issues. 
During 2020, the Recordati group strengthened its commitment towards increasingly integrated management of sustainability, through creation of the Environmental, Social & Governance department, which reports directly to the Group General Manager, for management and coordination of sustainability topics. This department encourages and supports the various departments of the Group in the adoption and integration of sustainability principles in decision-making and business processes. In collaboration with the relevant departments, it identifies risks linked to sustainability topics, and areas and projects for improvement. It proposes strategies and goals of the Sustainability Plan and prepares the Consolidated Non-Financial Statement. In addition, it promotes dialogue with stakeholders and disseminates the culture of sustainability within the Group.

Since 2017, with definition of the Group Policy for the preparation of the Consolidated Non-Financial Statement, data owners have been identified with responsibility, each for their respective area, for data and information published in the Non-Financial Statement

Confirming the Group's commitment to sustainability, during 2020 Recordati participated for the second time in the CDP Climate Change programme, significantly improving its score compared to 2019 and passing from level C “awareness” to level B “management”, which recognises that the Company has taken concrete actions to tackle the various aspects of climate change.  



Following the review in December 2020, the Recordati group was included in the FTSE4GOOD Index series that measure the performance of companies in terms of ESG (Environmental, Social and Governance) criteria and are used by many financial operators all around the world to develop and evaluate products focused on sustainable investment.



In June 2021, Recordati achieved the "Gold" rating in the analysis carried out by EcoVadis, falling within the top 5% of companies with the highest score globally. This recognition represents a further sign of the importance of sustainability in the company’s corporate strategy. The score assigned to Recordati is based on the policies, actions and results achieved by the company in 4 key areas for sustainability assessed by EcoVadis: Environment, Labor and Human Rights, Ethics, and Sustainable Procurement.


 
In October 2021, Recordati was included in the MIB ESG Index, the first index promoted by Euronext and Borsa Italiana for the Italian blue-chips companies demonstrating best ESG practices. The inclusion of the Group in the index is further evidence of Recordati's real commitment to ESG. In fact, the index selects the top 40 Italian listed companies that have demonstrated perfect integration between economic performance and ESG criteria, in line with the United Nations Global Compact principles. The composition of the index is based on ESG assessments performed by Vigeo Eiris, part of Moody’s ESG Solutions, who engage with issuers on their ESG performance.