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Consolidated report on operations Consolidated report on operations Group results Sustainability statements Sustainability statements ESRS 2 - General information Basis for preparation Governance Strategy Impact, risk and opportunity management Environmental information Disclosure pursuant to Article... |
UniCredit 2024 Annual Reports and Accounts 133 133 Company ReportOtherStrategic ReviewFinancial ReviewESG ReviewConsolidated Report Consolidated report on operations Sustainability statements 134 134 UniCredit 2024 Annual Reports and Accounts UniCredit 2024 Annual Reports an... |
sustainability point of view and therefore they are not consolidated even in this perspective (for further details reference is made to the Notes to the consolidated accounts, Part A - Accounting policies, Section 3 - Consolidation scope and methods). According to art.7 par.1 of the Legislative Decree 125/2024, the ... |
and downstream value chain segments. On one hand, the upstream value chain segment mainly covers tier 1 suppliers and business partners (reference is made to “BP-2 Disclosures in relation to specific circumstances” for reasonable effort specification). In particular, UniCredit group assesses its sustainability impact... |
horizons are classified as: • Short term: <1 year • Medium-term: >1-5 years • Long-term: 5-10 years or more. These definitions prove to be coherent and concretely implemented across multiple levels and more details are available under the sections that cover ESG (Environmental, Social and Governance) strategy, ri... |
Force on Climate-related Financial Disclosures (TCFD). As indicated before, topical standards require to include value chain quantitative data only for some metrics. Such metrics for the Group include Scope 3 GHG emissions from each significant Scope 3 category (reference is made to the paragraph “E1-6 – Gross Scope... |
provide the information of interest to the reporting; • the information on the value chain could not have the qualitative characteristics required by the standard due to the possible lack of technical readiness of the actor in the value chain. UniCredit decided to use estimation processes based on proxies and sec... |
reporting periods. The primary frameworks used included: • Greenhouse Gas (GHG) Protocol for calculating Scope 3 emissions, covering both upstream and downstream activities; • Partnership for Carbon Accounting Financials (PCAF) for estimating Scope 3 emissions related to loans and investments in the financial por... |
including upstream and downstream value chain information, cannot be measured directly and can only be estimated, measurement uncertainty may arise. The use of reasonable assumptions and estimates, including scenario analysis, proxies and sector data, is an essential part of preparing sustainability-related informati... |
Gross Scopes 1, 2, 3 and Total GHG emissions”). These emissions typically require data directly provided from clients, suppliers, business partners and other counterparties involved with specific business relationships with the Group. According to the standard, when primary information related to the value chain, a... |
on proxies and sector data to estimate the value chain quantitative metrics (scope 3 GHG emissions) and to consider only first-tier counterparties in mapping its value chain. In particular, the information subject to the estimation process includes scope 3 emissions (both financed and own emissions). Financed emi... |
investments in the financial portfolio. These methodologies provide structured approaches for collecting, estimating, and reporting data where direct measurements are not available. In the absence of primary data from stakeholders, UniCredit relies on estimation techniques that involve assumptions based on the be... |
preparing sustainability-related information and does not undermine its usefulness, provided that the assumptions and estimates are accurately described and explained. Reference is made to the paragraph “E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions”. While UniCredit strives to use the most accurate data, such ... |
sustainability metrics provide a meaningful representation of the bank’s impact across the value chain, supporting the commitment to transparent and responsible reporting. Changes in preparation and presentation of sustainability information, resulting comparisons of information with prior periods, as well as disclo... |
the UniCredit banking group, it carries out, pursuant to the provisions of Section 61 of the Italian Legislative Decree 385, dated 1 September 1993, in addition to banking activities, governance and coordination ones, as well as control functions vis-Ă -vis the subsidiary banking, financial and instrumental companies ... |
and management of the Company, and of an Audit Committee, established within the Board itself, performing specific control functions, both appointed by the Shareholders’ Meeting. Legal accounting supervision is entrusted by the Shareholders’ Meeting to an external audit firm, upon proposal of the Audit Committee, in... |
Directors. The Articles of Association also provide for the Board of Directors to appoint within its members a Chief Executive Officer, who is given not only the specific powers needed to run the Company, but also the general task of ensuring the execution of the Board resolutions. At the approval date of this doc... |
above Board Committees, the Board of Directors, appointed by the Shareholders’ Meeting held on 12 April 2024, set respectively: • at 4 the number of the members of the Governance and Sustainability Committee and of the Risk Committee, and • at 3 the number of the members of the Nomination Committee, the Remuneration... |
envisaged under current provisions. Prior to the appointment of its members, the Board of Directors informs shareholders on the composition deemed to be optimal (the theoretical profile) in order that the expertise required may be taken into consideration in the choice of candidates. However, shareholders may carry ... |
Consolidated report on operations Consolidated report on operations Sustainability statements Sustainability statements Regarding professional experience requirements, subject to compliance with existing regulations, the Board also selected some areas of competence, with the recommendation that they are all re... |
achieved through an appropriate number of years (at least three years dating back not more than 10 years) as a lawyer/attorney or in top executive roles (Chief Executive Officer, General Manager, and CEO/GM -1 level) in relevant functions in a financial services institution. Experience gained in the public sector or... |
needed for the proper fulfilment of their duties. In addition, individual training plans will be activated, should they be deemed necessary, to strengthen specific individuals’ technical knowledge and expertise and to increase the level of diversity and the collective experience of the Board of Directors. Such an ... |
an executive and 13 are non-executive Directors (with a quota equal to 93%). The Chief Executive Officer, also covering the role of General Manager, is the only UniCredit Director with management powers. The Audit Committee, established within the Board of Directors, is made up of 4 non-executive Directors, one o... |
legislation and the UniCredit Articles of Association, by which the Company’s corporate bodies are defined, do not foresee the representation of employees and other workers within the corporate bodies. Members of the Board of Directors, including the members of the Audit Committee, are appointed by the Shareholders... |
analyses carried out by the Board of Directors. The outcomes of the check on the matching between the qualitative and quantitative composition deemed to be optimal and the one resulting from the appointment process done by each corporate body as per current regulatory provisions are disclosed to shareholders in due... |
impacts, risks and opportunities related to ESG matters. Theoretical and practical experience of the Board of Directors' members INTERNATIONAL EXPERIENCE FINANCIAL AND INTERNATIONAL MARKETS BANKING GOVERNANCE BANKING BUSINESS LEGAL, REGULATORY, AML, COMPLIANCE STRATEGIC PLANNING RISK AND CONT... |
Committee - Director and Chair of the Audit Committee - Member of the Risk Committee - Director - Member of the Risk Committee and of Related-Parties Committee - Director and member of the Audit Committee X X X X X X X X X X X X X X X X X X X X X X X X X X ... |
GOVERNANCE BANKING BUSINESS STRATEGIC PLANNING RISK AND CONTROL ACCOUNTING SUSTAINABILITY AND AUDIT (ESG) DIGITAL & TECHNOLOGY LEGAL, REGULATORY, AML, COMPLIANCE Pietro Carlo Padoan Elena Carletti Andrea Orcel - CEO Paola Bergamaschi Paola Camagni Vincenzo Cariello ... |
Committee Gabriele Villa - Director and member of the Audit Committee X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X ... |
meet the independence requirements provided by the Legislative Decree 58/1998 and the Italian Civil Code, the Ministry of Economy and Finance Decree 169/2020, as well as the Italian Corporate Governance Code; • 93% of the Directors have international experience and skills in legal, regulatory, AML and compliance; ... |
Furthermore, 50% have skills in sustainability (ESG). With regard to the composition of the Governance and Sustainability, Risk, Nomination, Remuneration and Related-Parties Committees: • all members meet the independence requirements provided by the Legislative Decree 58/1998 and the Italian Civil Code, the Ministr... |
with a ratio of female to male equal to 2; 33% of its members are in the 50-65 years age range and 67% are over 65 years old; 67% come from countries other than Italy; • in the Nomination Committee the quota of women is equal to 33% of its members, with a ratio of female to male equal to 0.5; 67% of its members a... |
which the Group’s ESG Strategy and its associated KPIs are an important pillar, and oversees its implementation over time, and (ii) establishes policies to govern the risks to which the Group may be exposed, risk targets and tolerance thresholds, as well as reviewing them periodically in order to ensure that they rem... |
determination of the Risk Appetite Framework and of the risk management policies. In particular, the Risk Committee supports the Board (i) in defining and approving the risk management strategic guidelines, framework and policies, including those regarding climate and environmental risks, non-compliance risk, and ris... |
risks and, as part of an integrated management-oriented approach, their reciprocal relationships, taking into account how external circumstances (including macroeconomic risks) evolve; • identifies the strategies regarding the overall steering of the Bank and of the Group to be submitted to the Board; • ensures the... |
applicable provisions. According to national provisions, also of a regulatory nature, the roles and responsibilities assigned to the bodies charged respectively with supervisory strategic functions and with management (executive) functions within the internal control system could not be delegated. Within the inter... |
impact on our customers, shareholders, communities and our people. At UniCredit, our mindset is to “win in the right way and together”, putting our values at the heart of our decision-making and everything we do. UniCredit’s business conduct is also driven by top management through the implementation of a yearly “T... |
in order to ensure that they remain effective over time, and monitoring that risk management and control processes tangibly work, in compliance with applicable legal and regulatory provisions. The Board approves the Group Risk Appetite Framework (RAF), which establishes the desired risk profile vis-Ă -vis its short ... |
risks, non-compliance risk, and risk data quality; and (ii) in verifying that risk strategies, management policies and the RAF are correctly implemented. The Governance and Sustainability Committee provides advice and support to the Board on matters related to corporate governance and in fulfilling its responsibi... |
be submitted to the Board; • ensures the implementation of the strategic guidelines, the RAF and the risk management policies defined by the Board also by planning, managing and monitoring the internal controls and risks management system; • establishes the internal information flows necessary to ensure that the ... |
could not be delegated. Within the internal control systems, specific controls and monitoring activities are carried out specifically in relation to the assessment of impacts, risks and opportunities, in order to ensure the consistency with the requirements of the European Sustainability Reporting Standards on doub... |
Committees includes also the Remuneration Committee, the Nomination Committee, and the Related-Parties Committee. 144 144 UniCredit 2024 Annual Reports and Accounts UniCredit 2024 Annual Reports and Accounts ... |
by the CEO. Its mission includes establishing the banks’ comprehensive ESG strategy, including the formulation of initiatives related to ESG topics, setting targets and guidelines at the Group level. It also ensures the efficient steering, coordination and control of the Group’s business, as well as the alignment bet... |
processes [multiyear plan, annual budget, …]. Once defined, these targets are submitted to the Board (e.g., net zero targets). Subsequently, the relevant function takes responsibility for monitoring and overseeing the progress toward achieving the target and provide regular update to top management and the Board. T... |
M&A, the integration of ESG criteria into our business operations, stakeholder management and dealing with regulatory affairs. The Group ESG function, part of Group Strategy & ESG, steers the definition and implementation of the Group’s ESG strategy. It ensures the ESG framework is consistent with the Group’s princ... |
plans, and Climate & Environmental Credit Analysis team which manages the integration of climate and environmental factors within the credit risk cycle. Furthermore, Group Risk Management functions issue, for relevant ESG topics, credit risk opinions to support the Group Transactional Committee sessions in the discus... |
ReviewConsolidated Report Consolidated report on operations Sustainability statements On the business opportunity side, ESG Advisory, part of Group Client Solutions, is a multi-disciplinary ... |
functions, e.g. Compliance, have resources dedicated to ESG-related topics. In addition to the expertise in sustainability-related matters already embedded in the Board of Directors, both the Board and its Committees in performing their duties have access to the financial resources necessary to guarantee their opera... |
structured and frequent review process that aligns with the company’s long-term commitment to embedding double materiality principles into its governance and decision-making framework. UniCredit’s Bodies work together to ensure that stakeholder engagement and UniCredit group’s strategy are fully integrated into the... |
IROs receiving more frequent and systematic attention from the administrative, management, and supervisory bodies. This evolving process reflects the company’s dedication to aligning its governance structures with the principles and expectations set forth by the CSRD, ensuring that sustainability and material impacts... |
on clients’ business models; • steering the company’s strategy communications with investors, advising on ESG Ratings and reporting; • identifying the most suitable solutions based on the defined strategic positioning. Furthermore, ESG matters are embedded across our Group through dedicated teams and experts in s... |
methodologies for the supervision of material IROs (Impact and Risk Opportunities) by the Board and its Committees are still under development. During this initial phase, the focus has been on setting the foundation for effective oversight, and the Board has already been actively involved. Specifically, in November... |
progress has been made, as the Top Management was actively involved in the double materiality assessment conducted this year, including the identification of key material IROs. Specifically, beyond evaluating impacts and opportunities, Top Management played a decisive role in the risk assessment. Following an addit... |
conduct and performance define the key pillars of the Group Remuneration Policy, which ensures competitiveness and effectiveness of remuneration, transparency and internal equity. Its framework is designed to ensure the consistency of the remuneration elements and systems while also conforming to our Group’s long-ter... |
sustain a sound and prudent approach to risk management, combining annual goals with additional long-term conditions to steer the performance management measurement toward sustainable results over time. The System also has the characteristics to be considered a “retention” tool for retaining key players and achieving... |
Executive Committee (GEC) members and Group Chief Audit Executive (CAE), and primarily in shares for the other executives, with a long deferral period (total plan duration eight years); • Pay for performance: providing clear performance conditions anchored to UniCredit Strategic Plan pillars, with ambitious targets... |
shareholders. The overall 2025 variable remuneration for the CEO and the other Executives with Strategic Responsibilities will depend on the degree of achievement of the short-term performance scorecard. 7 Refer to the Group Remuneration Policy and Report available in the Governance section of our website (www.unic... |
section of the scorecard), including climate-related KPIs, is weighted to account for 20% of the overall long-term scorecard. As part of the additional long-term performance conditions, the sustainability goal primarily aims to support clients in their green and social transition while also embedding sustainability... |
and reinforce management’s commitment to our ESG strategy, these objectives are cascaded to the CEO’s reporting line and extended to the organisational levels below. In particular, the long-term sustainability goal is assigned to the entire Group Material Risk Takers (GMRT) population (i.e. those categories of empl... |
connected to performance and market awareness and aligns with UniCredit’s business strategy and shareholders’ interests. The Group Remuneration Policy provides more details on the compensation of top management and members of UniCredit’s administrative and auditing bodies. 8 For further details refer to the Group... |
Reports and Accounts UniCredit 2024 Annual Reports and Accounts Consolidated report on operations Consolidated report on operations Sustainability statements Sustainability statements With reference to 2025 and in line with the 2025 Group Remuneration Policy provis... |
commitments. The above-mentioned goal is subject to a qualitative assessment based on specific evidence derived from both current and future ESG and DE&I strategies9. The current strategy envisages: as per ESG strategy; • ESG business penetration: support our clients in their sustainability journey offering E... |
Group Executive Committee -1. All other GMRT scorecards for assessing short-term performance include at least one ESG goal. These goals can be selected from a cluster of ESG KPIs included in the KPI Bluebook, a catalogue of performance indicators reviewed annually by the relevant key functions within the Group. ESG... |
the Governance section of our website (www.unicreditgroup.eu) for more information. 11 Defined according to ESG strategy. The current strategy foresees: Defined according to ESG strategy. Current ESG strategy foresees: Percentage of ESG lending new production (including Environmental, Social and Sustainability link... |
the steps of double materiality, subjected this list to thorough assessment by top management and external stakeholders to determine relevance and materiality. The assessment results were then communicated to the Board of Directors. As identified in the table “List of material IROs” (reference is made to “SBM-3 Mate... |
of Section 154-bis of Italian Legislative Decree 58/1998, par. 5 ter, the delegated control bodies and the manager charged with preparing the company’s financial documents (or another manager specifically competent in sustainability reporting) shall confirm, in a proper attestation, that the sustainability reporting ... |
of Sponsoring Organization of Treadway Commission (CoSO) and updated on March 2023 by introducing the “Internal Control over sustainability reporting”, that recalls the “Internal Control-Integrated Framework” referring to the financial reporting; • updating and broadcasting within the Group on the basis of centrally... |
in terms of completeness, relevance, faithful representation also including the accuracy of the estimation results, verifiability, understandability and comparability; • the detection for such processes of the controls and the owners in charge of first-level controls at individual companies, formalised in procedure... |
consolidated annual financial statements are presented, the report on the internal control system on Sustainability Reporting, including the description of findings and any remediation action, and the text of the attestation to be signed to ensure compliance with the requirements laid down in the regulations; • to ... |
clients with 13 leading banks in 4 European regions: Italy, Germany, Central and Eastern Europe. UniCredit is the partner of choice for our clients' increasingly sophisticated demands in financing, advisory, investments and insurance. We deliver tailored solutions in advisory, financing, risk management, trade and w... |
delivering sustainable quality growth across all regions and offering attractive opportunities for our investors, while preserving capital strength and propelling the future. We offer a wide range of products and services to meet our client needs in Italy, Germany, Central and Eastern Europe. Our ESG proposition... |
controls regarding the sustainability reporting process have therefore been integrated into relevant internal functions and processes with periodic reporting to administrative, management and supervisory bodies; specifically, at the Holding level, the Our ESG proposition for individuals includes: • ESG Financing p... |
roles within the companies involved and assigning them responsibility for systematically reporting to their respective governing bodies on the status of the internal controls system on Sustainability Reporting, along with any improvement action plan. Strategy SBM-1 - Strategy, business model and value chain Pro... |
terms of products, services, customers and markets ESG principles are embedded in all we do and at UniCredit we are committed to deliver our ESG framework in line with our stakeholders’ expectations: • We put our Clients back at the centre, providing them a best in class product offering; • We value and empower... |
• Specific clients’ risk management solutions, such as derivatives or commodities supporting our clients to navigate the transition. - Environmental finance solutions to support house renovation activities and energy efficiency interventions (also based on national and supranational guarantees programmes); - Soci... |
mentioned, our ESG strategy is rooted in the guiding principles aligned with our Group Values. These principles drive everything we do, ensuring that sustainability is embedded in all aspects of our operations: • we hold ourselves to the highest possible standards, ensuring that we always do the right thing for our c... |
Support: Through our Net Zero Strategy and Transition Plan, we offer clients the tools and resources to achieve their own sustainability goals, enabling them to transition to a low-carbon economy. • Beyond Climate: We go beyond climate by assessing natural capital risks and opportunities-recognizing the critical ne... |
risk while meeting our sustainability targets. • Empowered Culture: We are united by a common vision, strategy, and principles to Win. The Right Way. Together. By fostering an empowered culture, we ensure that every team member is aligned with our ESG goals and committed to making a positive impact. 12 Percentage... |
with three product factories and a lean competence centre embedding digital and data. While clients access our services through local banks, our comprehensive offering to meet their needs is created by our three global product factories, Corporate, Individual and Payment Solutions. These factories each deliver best-i... |
Vision of becoming the first choice for payments in Europe. In 2024 we formed a multi-market partnership with Mastercard, while our new Group Payments solutions factory expanded our international offering and nearly doubled the number of corporates accessing our digital portal since 2021. Our model puts the client ... |
responsible lending products, savings, payment and investment products, thus enabling individuals to improve their quality of life and financial stability. We also provide funding to small, medium and large businesses and contribute to financing transition plans and the development of key sectors, contributing to eco... |
processing, Customer Relationship Management (CRM), risk management, and compliance; data providers, because banks rely on third-party data providers for credit assessments, market insights, and customer profiling to make informed decisions about lending, investments, and risk management; • Regulators and complian... |
intermediary and service provider allows it to balance risk, efficiency, and customer needs, ensuring long-term profitability and market competitiveness. UniCredit’s downstream value chain encompasses the distribution and delivery of the Bank’s services to end users. It includes: • Retail customers: individuals who... |
strive to understand our stakeholders' expectations. They contribute to much more than financial success, providing our clients with support during the transition, enhancing corporate citizenship and, in line with our role as a bank, integrating social purpose into everyday business and offers. We believe that clos... |
on-one and group meetings, calls, hareholders’ meeting; • Regulators: one-on-one and group meetings, calls; • Communities: surveys; social media. We developed several major initiatives aimed at ensuring we put our stakeholders at the centre of our thinking and processes. For example, for our client engagement, o... |
The proactive management of ESG rating agencies has been achieved through comprehensive and regular disclosure tracking of the progress of ESG strategies. Our integrated and sustainable business model is based on local excellence, inspired by our principles and values. We are organised across four regions supporte... |
formed a multi-market partnership with Mastercard, while our new Group Payments solutions factory expanded our international offering and nearly doubled the number of corporates accessing our digital portal since 2021. Our model puts the client at the centre of all that we do and leverages our five capitals (financ... |
products, thus enabling individuals to improve their quality of life and financial stability. We also provide funding to small, medium and large businesses and contribute to financing transition plans and the development of key sectors, contributing to economic growth, job creation and innovation in the countries w... |
management, and compliance; data providers, because banks rely on third-party data providers for credit assessments, market insights, and customer profiling to make informed decisions about lending, investments, and risk management; • Regulators and compliance entities: banks must operate within strict regulatory f... |
takes a dynamic and forward-looking view of ESG topics, allowing us to take regular action on emerging risks and relevant issues. This process helps us to identify and address the issues that are most material to stakeholders, including emerging risks. Every year, we carry out our materiality analysis by taking int... |
creation. Our goal is to understand the views and interests of stakeholders and to align them with our strategic approach. At the core of the approach lies a commitment to promote the respect of human rights, as outlined in our Human Rights Commitment. This commitment extends to all individuals impacted by our bus... |
commitments, actions and disclosure. With a uniquely pan-European footprint, we deliver overall best-in-class performance while respecting our ESG framework. In that framework, we are identifying and valuing the latest trends our stakeholders care about: climate change and environmental-related risks for our consum... |
sustainability efforts. Through the outcome of stakeholder engagement for the double materiality assessment, the Board of Directors gains insights into stakeholders' views and interests. Specifically, the Board of Directors is annually informed about the results of the double materiality assessment and final list of... |
allowing us to take regular action on emerging risks and relevant issues. This process helps us to identify and address the issues that are most material to stakeholders, including emerging risks. Every year, we carry out our materiality analysis by taking into consideration a variety of sources to ensure that we... |
interests of stakeholders and to align them with our strategic approach. At the core of the approach lies a commitment to promote the respect of human rights, as outlined in our Human Rights Commitment. This commitment extends to all individuals impacted by our business, including employees, customers, suppliers, a... |
uniquely pan-European footprint, we deliver overall best-in-class performance while respecting our ESG framework. In that framework, we are identifying and valuing the latest trends our stakeholders care about: climate change and environmental-related risks for our consumers; nature commitments beyond carbon and sc... |
of stakeholder engagement for the double materiality assessment, the Board of Directors gains insights into stakeholders' views and interests. Specifically, the Board of Directors is annually informed about the results of the double materiality assessment and final list of material IROs, including the view of the e... |
strategic approach is based on the double materiality concept which considers both an inside-out and an outside-in perspective. Inside-out perspective: manage the direct and indirect impacts that our operations and lending have on the environment: • Indirect impacts - accompany our clients on their green transition ... |
factors such as climate change, biodiversity, energy consumption, pollution and waste management. Climate Change: Climate change is one of the biggest challenges that the world faces, impacting every person on the planet through weather events such as extreme heat, forest fires, severe rainfall and flooding. Ackn... |
and indirect environmental impacts while supporting Europe’s green transition. In this context, we committed to Net Zero in October 2021 when we joined the Net Zero Banking Alliance (NZBA), targeting Net Zero on our own emissions by 2030 and on financed emissions by 2050. 154 UniCredit 2024 Annual Reports and Acc... |
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