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, Governance) factors.
With regard to the Board of Directors’ supervision of climate-related risks and opportunities, since 2010 the Unipol Group has defined its Sustainability strategy through strategic sustainability plans, together and in coordination with the Group’s three-year business plans approved by the Board. The 2019-2021 Strategic Plan “Mission Evolve” has been fully integrated and contains climate-related objectives.
The role of governing bodies regarding climate-related risks and opportunities have been formalised in the Sustainability Policy approved by the Board of Directors.
The Unipol Group’s Sustainability Committee supports the governing body in defining the model for the identification, assessment and management of the main ESG risks, including those related to the climate, their impacts on the business strategy and active policies for the achievement of the COP21 goals, as well as in defining commitments and monitoring indicators. The Control and Risks Committee examines the model for the identification, assessment and management of the main ESG risks, especially those related to the climate.
The Unipol Group’s Top Management involved in the management and monitoring of climate-related risks and opportunities include:
- the Group Risk Committee;
- the ESG Taskforce, a body created in 2019 made up of key figures 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), which has the task of understanding and evaluating concrete implications of ESG activities in underwriting and defining choices consistent with the corporate vision;
- the 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;
- The Insurance Business Co-general Manager;
- The Chief Investment Officer;
- The Sustainability Department.
To ensure that key business processes adequately take into account the risks associated with 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.