Governance

Governance of Climate-Related Risks and Opportunities

Governance of climate-related risks and opportunities is part of the wider governance of risks and opportunities related to ESG (Environmental, Social and Governance) factors.

With regard to the Board of Directors' supervision of risks and opportunities related to the climate, the Unipol Group has since 2010 defined its Sustainability strategy through strategic sustainability plans contemporaneous and coordinated with the Group's three-year business plans approved by the Board. The 2019-2021 Strategic Plan "Mission Evolve" is fully integrated with and includes goals related to the climate to be achieved through business levers, such as investments and underwriting.

The role of the governing bodies, with regard to risks and opportunities related to climate change, has been formalised in the sustainability Policy approved by the Board of Directors.

The Unipol Group's Sustainability Committee performs the function of supporting the governing body in defining the model for the identification, assessment and management of the main ESG risks, including those related to the climate in particular, their impacts on business strategy and active policies for the achievement of the COP21 goals, as well as in defining commitments and monitoring Indicators. The Control and Risk Committee examines the model for the identification, assessment and management of key ESG risks, including those related to the climate in particular.

The Unipol Group's senior executives involved in the management and monitoring of risks and opportunities related to the climate include:

  • Chief Sustainability Officer;
  • Chief Operating Officer;
  • Chief Investment Officer;
  • Group Risk Committee;
  • ESG Taskforce, a body created in 2019 and comprising key functions for the Group's core business (Non-Life and Claims Technical Department, Welfare and Life Department, Finance Department, Chief Risk Officer, Chief Innovation Officer, Chief Telematics and Insurance Services Officer, Chief Sustainability Officer), who have the task of understanding and evaluating the concrete implications of the ESG factors in underwriting and defining choices consistent with the corporate vision;
  • Cross-Departmental ESG Risk Table, which aims to identify the potential social, environmental and governance risks to which the Group is exposed and to map the safeguards designed to manage such risks, suggesting any actions for improvement.

To ensure that key business processes adequately take into account the risks associated with the ESG factors, including climate change (and are able to seize any opportunities), ESG factors have been integrated into the Group's policy system and internal processes and tools have been developed to concretely put into practice what has been defined.