Performance ESG

Following the introduction of the Organisation, Management and Control Model pursuant to Leg- islative Decree no. 231/2001, in accordance with the principles of integrity, transparency and le- gality that guide the Company’s operations, Poste Italiane has embarked on a virtuous path of risk control and management. This process involves all employees, with the aim of creating greater awareness of the behaviours to be adopted, initiatives and choices. The workshop entitled “The Corruption Phenomenon and the Safeguards of Model 231”, held at the end of October 2020, took place to disseminate the key principles present in the corporate culture guiding the Group’s strategy. This workshop focused on the 231 Organisational Model and on how the model has made it possible to create a structured control and organisational process that guides Poste Itali- ane’s sustainability strategy with an ever-increasing focus on corporate transparency.

In continuity with initiatives aimed at promoting growing attention to issues of transparency and legality, in 2020, Poste Italiane strengthened its collaboration with Guardia di Finanza (Finance Police), signing a Memorandum of Understanding to combat economic and financial crime.
The agreement sees the Group concretely committed to the fight against tax evasion, avoidance and fraud, public spending offences, money laundering, forgery and payment fraud. In fact, the Company intends to make available to the Guardia di Finanza its wealth of information, in particular, the data in the “Identity Check” system, which is useful for combating offences.
With this initiative, Poste Italiane once again acknowledges its role of responsibility towards the public interest and undertakes to protect the entire community by safeguarding legality.

The first edition of “Libera il tuo talento” (Unleash your talent), the creative contest launched by CEO Matteo Del Fante and aimed at all Poste Italiane colleagues, ended in 2020. The initiative was designed to allow all the personnel of the Company to propose ideas on topics relevant to the business. The project is part of the wider framework of corporate initiatives aimed at promoting active participation and a culture of innovation. 300 employees, through the sharing of experiences, skills, curiosity, inven- tiveness and vision, discussed the theme of environmental sustainability, which was the topic of this first edition. The project developed in various steps that saw the formation of working groups established remotely to propose innovative ideas on the theme of the contest. Approximately 60 projects were submitted in the first phase, then selected and addressed in subsequent phases. After the various selection steps, 6 finalist teams continued their journey through classroom training on agile working methodologies and Design Thinking, which allowed “unconventional” team work, aimed at exploring the starting ideas. With the support of inter-functional tutors, each group produced a business plan and a video-pitch, which were carefully evaluated by the technical jury and the Innovation Committee. The work carried out by the teams, in spite of the difficulties due to the delicate historical moment that has influenced the pace and methods of work, has been of the highest level. During the final event, held in digital conference, the video pitches were shown and each team was able to receive feedback from the representative of the business function most impacted by the project. The first place was awarded to Team 22 with the project “Green E-ticket”, an idea that serves to consolidate among customers a simple daily practice to eliminate paper waste, digitising the reservation in the Post Office through SMS or app. Second place went to the “Green & Go” project, based on a programme of education and in- centives for eco-sustainable driving with the aim of reducing CO2 emissions. In third place was the idea of developing rooftop gardens.

In recent years, Poste Italiane has embarked on a process of transformation linked to the digitisation of products, services and processes, and the diversification of investments into new business areas, which has led to the need for new skills and resources within the Group. For this reason, with the aim of enhanc- ing the value of the human capital present in the company, at the end of 2020, Poste Italiane launched the “Insourcing and re-employment” project, which achieves the replacement of resources employed in production sectors for which the number of employees is greater than actual needs, in new or strategic activities. Participation in the initiative is on a voluntary basis and is supported by a training programme aimed at developing the skills necessary to make placement in the new sectors of operation effective. In addition, the project represents a useful tool for the re-employment of “workers in fragile conditions” who, unable to carry out their duties on site due to the ongoing health emergency, have the opportunity to carry out different activities.

In light of the period of health emergency dictated by the Covid-19 virus, the Group implemented a new communication tool aimed at employee dialogue and engagement, to strengthen ties and increase the sense of belonging to the Company. The initiative involved the creation of a Poste Italiane news pro- gramme, broadcast daily and available on the company Intranet, on the app and in live streaming through the Postenews section of the Poste.it website and on the screens in Post Offices. “Italy is changing, TG Poste tells about it” is the claim of the initiative, which proposes news from inside and outside the Com- pany: news and press review, stock market and Poste Italiane share news, news from the various sectors of the Company and interviews with managers. The initiative aims to be a new space that integrates cor- porate content with the language of journalism, thus offering in-depth knowledge of the Group. TG Poste is broadcast from a technological and innovative TV studio set up inside the Rome EUR headquarters.

In 2020, the corporate day-care service continued at Rome and Bologna offices, dedicated to the children of the Group employees and a number of third-party users from municipal entities. The ser- vice, extended to over 90 families, following the Covid-19 pandemic and the institutional prescriptions deriving from the lockdown, had a temporary suspension from March to July, which was integrated with virtual modalities aimed at guaranteeing educational continuity in support of children’s growth and family conciliation. The service resumed in September, in line with the organisational and management indications for prevention and health protection outlined by the competent bodies. The educational pro- ject, characterised by attention to the values of eco-sustainability and inter-culturality, was supported by the introduction of new ways of dialogue aimed at fostering the educational alliance with families to meet the real needs of the moment, through innovative ways of communication. In particular, seminars to support parents on current issues have been held, also online, and a new web platform has been activated for the management and interactive communication with families on the activities of the day- care, providing a virtual room and simplifying administrative processes.

In line with its health and prevention programme, Poste Italiane has launched the “Poste Centro Medico”, a centre of excellence for specialist examinations and diagnostic services for the prevention, care and well-being of employees. The first opening in Rome, at the Group’s headquarters, is part of the broader plan to focus on and protect the health of the company’s population, and will welcome the best specialists from the most important national health facilities, ensuring a medical service that fully meets the needs and requirements of users. “Poste Centro Medico” was conceived as the first centre in Italy for the NoidiPoste community. However, it also extends to employees’ families, through even more advantageous rates for those who have signed up for Health Plan coverage.

In order to reinforce measures to protect the health of workers during health emergencies, non-exec- utive personnel who are members of the Poste Vita Fondo Salute supplementary health care fund are entitled to free supplementary health care services. In particular, both the Basic and Plus options of the above-mentioned Health Plan have been supplemented with specific coverage for those infected with the Covid-19 virus. In detail, there is a daily allowance for hospitalisation for Covid-19 positivity of €100 per day up to a maximum of 45 days; a daily allowance for intensive care of €200 per day, up to a max- imum of 21 days, and a flat-rate compensation of €1000 in case of home isolation. These protections, which also relate to the household, have been extended free of charge until the end of March 2021 regardless of the health package subscribed to.
In addition to the above-mentioned coverage, there is also coverage for expenses incurred for anti- genic and molecular swabs. In particular, Poste Italiane has provided, with retroactive effect, a refund for preliminary swabs to access the services provided by the Health Plan, for swabs for suspected Covid-19 pathology (up to a maximum of €40 for each swab carried out) and a refund for the end of quarantine (up to a maximum of €40). The maximum reimbursement per year/assisted person is €600, the reimbursed cost will be deducted from the maximum amount of €600 foreseen for the “specialist outpatient visits” coverage.
All the above supplementary coverage is recognised provided that, at the time of the event, the patient and any family members are enrolled in the Health Fund. With a view to integrated welfare, these initia- tives complement the Covid-19 diagnostic test campaign promoted by Poste Italiane.

During 2020, Poste Italiane delivered, in person and through webinars, the basic introductory content to the technological and digital world with a focus on IOT, security and ethics. In particular, the Digital Educa- tion project aimed to contribute to the digital transformation underway in the country and reduce the digital divide. The first thematic cycle was dedicated to cybersecurity through the collaboration of colleagues from Poste Italiane’s CERT, who guarantee and monitor the security of company systems on a daily basis. The topics covered various aspects including data management, encryption and passwords up to current topics such as blockchain. Participants were able to submit their questions through the chat, thus solving doubts regarding cybersecurity issues. Finally, at the end of the session, a questionnaire was proposed, thus stimulating the development of further thematic content among the participants.

In June 2020, from the elaboration of the ideas obtained thanks to the constant dialogue between Poste Italiane and the Consumer Associations the “Punto Poste da Te” was created, a digital counter that can be installed inside any enclosed space that lends itself to the service. The Group’s new creation is a clear example of a service that adapts to the needs of citizens, enabling them to manage shipments and payments directly from their homes or offices, improving the quality of the service and consequently the customer’s experience with Poste Italiane. The innovative and entirely digital service has received the innovation award “Elected Product of the Year 2020”, based exclusively on consumer vote, for the category shipping and collection services.

Poste, the Digital Assistant of Poste Italiane, is the tool developed with the aim of improving and simplify- ing the interaction between customer and company through the use of artificial intelligence technologies. In the first months of 2020, the new VoiceBot functionality was implemented, a voice-guidance-based system capable of providing indications and answers in an immediate and easily understandable way. Following these developments, Poste Italiane integrated the use of the digital assistant with the instant messaging platform WhatsApp and planned to extend its functionality also in the App and through social media channels. Poste is able to address many standardised and repetitive support requests, giving val- uable time to employees in the Customer Service area to handle more complex and emerging situations, and proving particularly useful during lockdown periods due to the large number of files received.

In 2020, the new Digital, Technology & Operations function was set up with the aim of creating an ecosystem of innovative product and service solutions that, in a platform logic, aggregates services and customer experiences, maximising customer satisfaction while enabling synchronous mechanisms between IT and operation components, so as to respond quickly and effectively to business needs. With a view to continually improving the customer experience, this function guarantees the develop- ment and operational excellence of customer service activities and back office operations, as well as the design, development and operation of IT systems to support company processes and services, with the ultimate aim of simplifying the value chain by moving towards the platform company model. It also monitors and continuously improves customer satisfaction, guaranteeing the process of detecting recurring problems and identifying the reasons for such shortcomings, in order to then address them as part of the continuous improvement process. The newly established function includes Information Systems, Chief Operating Office and the Customer Experience Transformation function. Moreover, the IT support activities and processes carried out at a territorial level by the Post Office Network and Mail, Communication and Logistics functions in order to strengthen their governance and guarantee ever greater effectiveness and efficiency were centralised.

With the aim of contributing to the improvement of public health and limiting the physical access of citizens to hospitals or surgeries, in October 2020, Postel SpA, a company of the Poste Italiane Group, launched “Smart Screening”, an aid service to invite citizens to participate in mass health screening programmes by self-collection. The innovative solution dedicated to Local Health Authorities provides for the preparation and home delivery of the invitation and the self-collection kit, entirely paid for by Postel. The technolo- gies deployed by the Company, such as RFID and smart labels, ensure maximum reliability of samples. In particular, the test tubes and envelopes, equipped with RFID micro-antennas, through an “electronic gate” set up at the collection centres of Local Health Authorities, allow verifying the correct matching and, if necessary, reporting possible errors of association between envelope and sample. The optical detector collects the data automatically and populates the laboratory management system with the sample codes, guaranteeing the correct operation of the service. Following the examinations carried out, Postel prepares the sending of the results, and in case of positivity, it sends a new invitation to contact the Local Health Authority to perform diagnostic examinations, health treatments and new tests.

In August 2020, PostePay announced a new partnership with Volante Technologies, a global provider of payment and financial messaging solutions on cloud and on-premise. The agreement further strength- ened the Poste Italiane Group’s programme to modernise its payment services by implementing the Open Banking platform and enabling instant payments, whilst also providing a new gateway to access traditional interbank networks. The cloud-native micro-services architecture of the Volante VolPay suite gives the Group the ability to support existing payment channels and promote new ones, offering high levels of resilience and extensibility. The result is a modern and scalable end-to-end payment processing infrastructure that enables Poste Italiane’s more than 14 million account holders to be provided with an increasingly advanced experience and support service, and which, thanks to constant innovation, guar- antees a strategic advantage in the evolving framework determined by the rules of the European PSD2 directive.

Since December 2020, PostePay has been supporting the Government in the implementation of the Cashless Italy Plan aimed at encouraging electronic payments and the development of a more digital, fast, simple and transparent system. The programme provides a 10% cashback on purchases made with payment cards or apps in physical stores with electronic payment instruments and is paid out in cashback mode. In this regard, a new feature has been released on the Postepay App that enables customers to register their Postepay prepaid and BancoPosta debit cards with the State Cashback and view the transactions carried out, as well as the amount of cashback accrued.

In 2020, Postepay Standard ranked first in the ranking compiled by OF (Osservatorio Finanziario), being identified as the best prepaid card in the standard version. The extra services that characterise Postepay Standard’s offerings allowed BancoPosta’s card to win the 2020 edition, from third place in 2019. Among the most significant new features, OF highlighted the launch of Postepay Code, for purchases in stores using the QR Code and the possibility of obtaining discounts and benefits at affiliated partners; the control and security features that can be managed independently directly from the application, such as blocking the card on e-commerce portals, blocking contactless functionality to prevent fraud, and the Geocontrol service to limit card operations in certain geographical areas. In addition, the Osservatorio Finanziario (Financial Observato- ry) awarded the Postepay Evolution as the best Account Card for the numerous extra-banking services linked to its use, which obtained the highest score within the specific qualitative classification. In particular, OF, in addition to the features that Postepay Standard also has, mentioned services such as the ability to disable the contactless function and customise withdrawal and payment limits via the app, the mini-loan with sums available directly on the card and the Postepay Connect offer, which combines the account card service with that of telephony through a mobile SIM.

As part of its programme to optimise long-haul road transport, in 2020, Poste Italiane established a joint venture with sennder, a European leader in the digitisation of freight transport. The partnership covers the entire field of full load transport and the handling of parcels and letters between all of Poste Italiane’s sorting and distribution hubs. This initiative allows the Company to offer itself as a transport operator, both in the Italian and foreign markets, benefiting from economies of scale and technological optimi- sation, creating a full-tracked and full-digital operating model, in line with the needs of e-commerce. In addition, it guarantees the Group a reduction in its CO2 emissions, thanks to the use of vehicles with alternative fuels. The joint venture will provide Poste Italiane with annual savings of around €100 million on full-load transport costs.

In 2020, Poste Italiane and Microsoft Italia announced a partnership that aims to continue the digital transformation path started by the Company and that promotes the provision of advanced and digital services for Italian businesses and Public Administration. The new agreement revolves around three strategic areas of collaboration. Firstly, the creation of an “Ecosystem Platform for SMEs” aimed at promoting the digital transformation of companies that drive the country’s economy. The platform will provide the market with joint services from Poste Italiane and Microsoft to create local and tailored applications using simple and secure solutions. In this context, small and medium-sized organisations will be able to equip themselves with the technology they need to run their business digitally and grow, reaching new markets. In addition to offering innovative services, the two companies will help SMEs with training projects on the new digital skills required. The second aspect of the agreement establishes the development of a National Hybrid Cloud Platform that combines the pillars of Poste Italiane DataCenter architecture with Microsoft Azure cloud solutions to enable the world of private companies and Public Administration to undertake digital transformation and modernisation of public services. Thanks to the hybrid model, it is possible to define which information and applications reside in the public cloud and which remain in the private cloud, with simplified and unified management between the two worlds that will allow taking full advantage of the two approaches. This model also ensures that applications can be moved from public to private clouds and vice versa at any time, based on an ethical and secure data management policy. With this in mind, Poste Italiane and Microsoft will develop a joint offering of hybrid cloud services for small, medium and large organisations. The agreement also includes the launch of a Hybrid Cloud Competence Center to help accelerate the adoption of cloud computing solutions. The third point of the strategy focuses on the Group’s digital transformation process: the adoption of Mi- crosoft technology will allow Poste Italiane to accelerate the transformation of existing applications and create new native cloud applications with reduced development time and agile solutions to meet current and future customer needs. The Group will adopt Modern Workplace cloud platforms for collaboration and information sharing with all corporate figures in order to drive cultural change on the front of new working models, also in light of the needs that emerged with the Covid-19 emergency. A highly innova- tive aspect is represented by the continuous evolution of the channels of customer relations that will lead to the development of Artificial Intelligence solutions, such as the creation of chatbot services to respond more efficiently and promptly to customer requests.

In order to promote inclusion as a cultural path capable of generating social value, a series of manageri- al training sessions dedicated to “unconscious bias” has been launched to effectively manage cognitive distortions based on prejudice and cultural stereotypes. The course, which involved managers working in central and territorial functions, aims to create shared knowledge and awareness through which participants will be called upon to become ambassadors, in their own reality, of an inclusive approach that values diversity through example and daily actions. In order to raise awareness at all levels of the organisation, online courses have been organised for the entire personnel on the issues of prejudice, stereotypes, discrimination and the mental automatisms that can condition choices, reasoning on how to identify, dismantle and reduce them.

As a leader in the sector and a player that actively contributes to the growth of the country’s social and economic fabric, Poste Italiane plays an essential role not only in respecting the rights of male and female workers, but also in defining, implementing and promoting strategies aimed at developing such practices raising awareness nationwide. Poste Italiane aims, through training, to promote the knowledge and dis- semination of the guiding principles adopted by the United Nations Human Rights Council such as values, history, legal instruments, protection systems, responsibilities of companies and institutions. With this in mind, in September, in continuation of the managerial training workshop “Business and Human Rights: the role of Businesses for Sustainable Development” started in January 2020, an online course on “Business and the Protection of Human Rights” was activated for all personnel. The online course was designed by Corporate Social Responsibility, Welfare and Corporate University, based on content provided by SIOI (Italian Society for International Organisation).

As part of the initiatives launched to promote the inclusion and protection of diversity within the Com- pany, in November, Poste Italiane took part in “4Weeks4Inclusion”, a cross-company initiative that involved the personnel of 27 large Italian companies in diversity and inclusion issues for four weeks. The objective, pursued through webinars, digital workshops and thematic online creative groups, is to create awareness and share the inclusion practices adopted by the various companies, related to gender, generational, disability, vulnerability and intercultural dimensions. Poste Italiane contributed to the initiative by organising a seminar on social welfare with the aim of examining how corporate volunteering initiatives and openness to social realities and the local area can trigger virtuous inclusive processes. In addition, on the occasion of the day for the elimination of violence against women, the Company coordinated and then disseminated internally a webinar, dedicated to the prevention of harassment in the workplace, as a space for reflection to strengthen awareness of signs of discom- fort in the workplace.

In June 2020 was the launch of the cycle of meetings “Atlas of the Territories”, presented by Poste Italiane and Fondazione Giangiacomo Feltrinelli in virtual form, and structured in four stages to discuss the aspirations and possibilities for change starting from the great themes of health, solidarity, housing and territorial fragility of internal areas. The pandemic crisis has highlighted more clearly the gaps, fragilities and contradictions between and within territories and has highlighted the need to embrace more resilient, sustainable and inclusive models of development. The various meetings have welcomed the testimonies of researchers, local administrators, health workers, social workers and artists who, highlighting experiences and stories of their territories, have encouraged dialogue and the sharing of alternative models for restarting.

In continuity with its initiatives to support the social context in which it operates, in December 2020 Poste Italiane, together with the Lazio Region, presented a project to redevelop an area of the Tiber River. The project presented by the Group envisages the environmental and landscape requalification of the area, with a view to relaunching the Tiber and the surrounding areas. Upon completion of the work, the new area will be available to primary and secondary schools for guided tours through cultural itineraries focused on the history of communications and the Italian postal system, and for outdoor activities able to stimulate students’ creativity and sociability.

As part of initiatives aimed at supporting the most vulnerable categories of people, Poste Italiane has joined the “Adotta una Casa Buona” project promoted by “La Caramella Buona Onlus”, an association that has been active for 24 years in preventing and suppressing the abuse of minors and women. The adhesion to the project has allowed the Group to adopt a first reception house in the province of Frosinone, increasing the free hospitality of mothers and children in emergency and danger situations.

In 2020, due to the Covid-19 pandemic, numerous legislative provisions were enacted to introduce urgent measures to support businesses in difficulty, and regarding access to credit, to protect households, micro, small and medium-sized enterprises. In this context, together with the partners for whom financing products are distributed, the Poste Italiane Group has guaranteed the application of all the initiatives provided for by the regulations, as well as those undertaken on a voluntary basis and promoted by individual intermediaries or trade associations. The Company has extended its offering by launching various promotions on BancoPosta loans dedicated to retail customers, also supported by specific communication campaigns, such as the one called “Riparti Italia”, in order to give a new boost to the country’s difficult economic situation. In particular, with reference to loans, during the last quarter of 2020, the “Black Friday” campaign was carried out, with the aim of ensuring more advantageous access to credit, and the “Ristrutturazione” (Restructuring) promotion was launched, in line with government provisions on tax incentives for energy efficiency measures. In support of small businesses, sole proprietorships and partnerships, a promotion has been made active, until the end of March 2021, which has provided for a reduction in the nominal annual rate (TAN) on Small Business loans for liquidity purposes. Moreover, in partnership with Mediocredito Centrale, the offer of a medium/long-term unsecured loan, assisted by the Central Fund Guarantee, in an amount equal to 100%, as provided by the Liquidity Decree and converted into Law no. 40 of 5 June 2020, was launched for Italian micro, small and medium-sized enterprises (including sole proprietorships), the business of which was negatively impacted due to the Covid-19 emergency.

As part of the third edition of the Mese dell’Educazione finanziaria (Financial Education Month) (#Otto- breEdufin2020), promoted by the “Committee for the planning and coordination of financial education activities”, Poste Italiane took part in the initiative by organising 6 in-depth webinars on the subject and making them available, through the “Edufin” web page, an educational series of ten video clips. The 6 webinars entitled “The Personal and Family Economy”, have placed the focus on the topics of financial planning, supplementary pensions, protection, savings and investments and on the role of the consultant, with the aim of providing useful tools in terms of money management and becoming more aware of the needs and requirements that emerge from the dynamics of everyday life.

Poste Italiane, together with 110 other signatories, including associations, entities and companies, has joined the Manifesto “Exiting the pandemic with a new Green Deal for Italy”, promoted by the Foun- dation for Sustainable Development. The initiative stems from the desire to relaunch the economy in a green perspective, after the significant impact of the pandemic caused by the SARS-COV-2 virus. Given the serious conditions generated by the health emergency, the Group hopes for the implemen- tation of a new Green Deal, an ambitious European project for an advanced, decarbonised and circular economy. The Company believes that this project is the way forward for a stronger and more lasting recovery that will enhance the value of activities dedicated to decarbonisation and circularity of produc- tion, distribution and consumption models. The Manifesto, signed by its signatories, was sent to Italian and European institutions.

In 2020, Poste Italiane joined the celebration of World Environment Day, renewing its commitment to the protection of ecosystems and climate change, in line with the sustainable development objectives of the UN 2030 Agenda. For the occasion, a mapping of all the land available on the sites owned by the Com- pany was carried out, with the aim of realizing planting and reforestation initiatives of the most suitable tree species. In November 2020, Poste Italiane upgraded the green areas of three Lombardy Post Offices by planting 91 trees, selected from among the species most suitable for filtering the main pollutants and absorbing carbon dioxide.

The Poste Italiane Group has joined the celebration of the Earth Day, the most important international event on sustainability and environmental protection, established by the United Nations in 1970. In 2020, the event celebrated its 50th anniversary and saw Poste Italiane confirm its commitment to the combat against climate change, promoting the constant development of innovative solutions capable of protecting natural capital. The Group integrates environmental issues into its business strategy, investments, risk and opportunity analyses and, with a view to transparency and accountability, reports its environmental performance in accordance with the recommendations of the Task Force on Climate-related Financial Dis- closures (TFCD), with the aim of monitoring its impacts and reducing its environmental footprint in favour of a sustainable use of natural resources.

Poste Italiane participated in the second edition of the “Green Postal Day”, an initiative organised by the International Post Corporation to enhance the contribution of postal operators to the reduction of CO2 emissions and the global combat against climate change. In 2020, IPC (the innovative technology services company to which 25 postal operators worldwide belong) dedicated Green Postal Day to the work done by postal operators during the Covid-19 emergency to ensure the delivery of mail and parcels, in light of the formidable development of e-commerce during the pandemic, while ensuring maximum attention to sustainability and reduction of environmental impact.

The Group has implemented the provisions and adapted its operations to the rules of the new EU Regu- lation 2019/2088 on ESG transparency, applicable from 10 March 2021. The aforementioned Regulation aims to standardise the information provided to customers on sustainability risks and the promotion of environmental, social and governance factors in investment activities, placing an obligation on intermedi- aries who give advisory services to provide pre-contractual and ongoing information to end investors on ESG profiles.

In the context of the crisis linked to the Covid-19 pandemic, the PRI has promoted an open letter ad- dressed to the business community asking them to adopt corporate welfare measures with the aim of mitigating the social effects of the health emergency. Poste Italiane Group, through Poste Vita and Banco- Posta Fondi SGR, together with 335 other international asset owners and asset managers, representing around 9,500 billion dollars in assets, has joined the Investor Statement on Coronavirus Response initia- tive, which represents the first collective move by investors worldwide. With this adhesion, in line with the Sustainable finance strategy, the Company intends to reaffirm its commitment to the social dimension of sustainability, which takes place starting from the maintenance of employment levels, the protection of health and safety of employees and customers, sustainable financial management and the provision of paid leave, in support of the people of the Company and the reference communities.

In line with its environmental sustainability strategy, through its subsidiaries, Poste Vita and BancoPosta Fondi SGR, the Group has joined the initiative promoted by the PRI, joining the appeal made by EU member states, business leaders, researchers and non-governmental organisations in support of a Green Recovery Plan. For Poste Italiane, the investments required for economic recovery must trigger a more resilient, protective and inclusive economic model: all requirements that call for an economy built around green principles. Poste Vita and BancoPosta Fondi SGR have therefore joined the European Alliance for a Green Recovery, launched by the European Parliament’s Committee on the Environment, to promote the construction of green investment plans together with more than 50 business leaders in the financial and insurance sectors and investment funds from 10 European countries. Poste Italiane recognises the importance of aligning economic recovery with ecological transition and is committed to proposing the investment solutions needed to relaunch the economy in a green perspective, in line with the Paris COP21 agreement.

In line with its decarbonisation strategy and in implementation of the guidelines for the exercise of voting rights and engagement activities and for investment in sensitive sectors, the Poste Italiane Group, through its subsidiaries Poste Vita and BancoPosta Fondi SGR, has joined Climate Action 100+, an unprecedented international collaborative engagement initiative to raise awareness of climate change issues among the world’s largest greenhouse gas emitters. The initiative focuses on the issues of climate risk and biodiversity loss for businesses and aims to mitigate the effects of climate change caused by key economic sectors. BancoPosta Fondi SGR participates as a “collaborating investor” in dialogue with Kinder Morgan, a com- pany identified as a target for engagement, among those currently available within the initiative, on the basis of the Guideline for investment in sensitive sectors, because it is involved in the area of fossil fuels. In general, the objective is to make European investments more ambitious and appropriate to the challenge of an ecological and climate transition that rests on three cornerstones: climate ambition to increase the share of climate funding in the Recovery Fund, stringent climate criteria to guide investments and a list of exclusion of anti-climate activities not to be funded.

In the area of insurance products, July 2020 saw the launch of the new multi-class policy, “Poste Progetti Futuri Dinamica”, which provides gradual access to markets, with the aim of safeguarding customers’ investment returns from market volatility by including responsible investment options in accordance with Environmental, Social and Governance (ESG) criteria. The product offers a wide range of investment profiles to choose from, based on the customer’s return expectations, risk appetite and investment time horizon. The Premium invested is distributed in a predefined starting combination consisting of 100% in the PostaValore Più Separate Internal Account and 0% in the Poste Vita Soluz- ione Sostenibile Internal Insurance Fund, the new ESG fund. Poste Vita carries out automatic monthly transfers for a maximum of 18 months, as a result of which the investment without guaranteed return or repayment of the capital allocated to the Internal Fund increases and the investment in the Separate Internal Account decreases (gradual reallocation). At the end of the service, the investment will be divid- ed according to the Predefined Target Combination consisting of 40% in the PostaValore Più Separate Account and 60% in the Poste Vita Soluzione Sostenibile Internal Insurance Fund.