In December 2020, the Company initiated a Covid-19 testing campaign ensuring that all employees could undergo a free swab starting 12 March 2021. Through the numerous measures adopted, Poste Italiane has confirmed its traditional vocation of being close to the territory.
During 2020, a new feature has been developed and installed on the hand-held devices provided to letter carriers that will allow them to send a voluntary distress call in the event of need for medical intervention, through the prolonged pressing of a physical or virtual button. The report is sent to SR Milano for verification and possible dispatch of assistance. In addition, in view of the presence within the Post
Office network of around 4,200 single-operator POs and around 3,000 two-operator POs, where people work “alone”, in order to identify any situations of illness and promptly activate the relevant assistance, an automatic illness detection device (no movement, man down) was designed and put out to tender, to be installed inside Post Offices from the beginning of 2021.
letter carriers equipped with the help request app and +7,200 Post Office operators impacted by the automatic illness detection system
Culture and education Through its welfare plan, Poste Italiane Group aims to contribute to enhance an intergenerational approach, associated, where possible, with targeted analyses relating to gender, age, professional characteristics and the family status of the people involved in the initiatives. In this context, the Company develops educational and professional orientation actions dedicated to the children of employees, such as the STEAMcamp (Science, Technology, Engineering, Art and Mathematics) courses, for children aged between 11 and 15, which allow them to experience innovation and distinctive skills for the jobs of the future. The STEAMcamp online project has been designed and implemented as a workshop course aimed at developing the ability to create new worlds, design games, imagine stories and explore new realities. At the end of the experience, new “STEAMcampFamily” paths have been implemented, designed to involve not only children, but also parents, in the reflection on the professions of tomorrow and the change of the present. STEAMcamp Family had the objective of strengthening the generational “joining” processes of “parents-children” with respect to the digital gap generated by the emergence of new technologies.
In the area of multicultural exchanges, scholarships for stays abroad were awarded to deserving children of employees, supported entirely by the Company to promote the importance of international education and inter-culturalism. Due to the health emergency, the summer grants have been suspended and will be provided in 2021.
For the purposes of developing and managing the main welfare initiatives, the Group has adopted specific procedures and internal policies over time. Poste Italiane also regularly intercepts the emergence of new needs, including through participation in inter-company networks and thematic working groups for the development of benchmarks and the exchange of best practices, using questionnaires and surveys, both internal and external, to measure employee satisfaction.
z Life insurance and coverage for disability and invalidity: the Company takes out, in the interest of the executive, an insurance policy that guarantees an additional sum over and above normal remuneration in the event of death, permanent invalidity and accidents occurring even if not in the course of work.
z Pension: the company contributes to the financing of the PREVINDAI Supplementary Pension Fund in order to provide pension benefits in addition to the compulsory pension.
z Healthcare: the Company provides a supplementary healthcare plan with a contribution paid by the Company for the “Basic” package (art. 79 National Collective Labour Contract).
z Pension: payment of contribution to the FondoPoste by the Company (art. 79 National Collective Labour Contract).
As part of its commitment to the well-being and protection of workers’ rights, Poste Italiane believes it is essential to maintain an ongoing dialogue with employee representatives, both in the case of ordinary operations and in the event of significant organisational changes.
In the event of significant organisational changes (reorganisation and/or restructuring and/or corporate transformation processes) that have social consequences with repercussions on working conditions, the Group refers to national collective bargaining, which provides a specific procedure for dialogue between the Company and the national Labour Unions signing the National Collective Labour Contract. In particular, the Company is required to provide the national Labour Unions that are signatories to the National Collective Labour Contract with prior information, indicating at the same time the date of the start of the discussion, which is aimed at seeking possible solutions to govern the social effects. The negotiation process will be completed within and no later than 25 working days, including Saturdays, following the date set by the Company for the first meeting, during which the Company cannot implement the planned projects and the Labour Unions will refrain from any direct action. After 25 days, in the event of a negative outcome of
Annual Report 2020 Poste Italiane Group the aforementioned discussion, the Parties may make their own independent determinations. In the event of a positive outcome, on the other hand, the Company provides specific information to the competent territorial structures of the Labour Unions. Prior to the start of discussions at the territorial level, the RSUs (Unitary Labour Union Representatives) must be consulted, a phase which must be completed no later than 13 working days, including Saturdays, from the date on which the hypothesis of agreement was signed. Subsequently, the Parties shall meet at a territorial (regional) level to carry out a joint examination, to be concluded within 7 working days, including Saturdays, following the end of the consultation of the RSUs.
A further Agreement was signed also on 23 March 2020 which, taking into account the company’s organisational restructuring, temporarily suspended all actions regarding active labour policies, to be reactivated as soon as the conditions allow for it. In this regard, taking into account the progressive easing of the restriction measures ordered by the Government and the gradual reactivation of business processes, in May 2020, the Company reactivated some levers of active policies such as the transformation from part time to full time in the national context, the request of letter carriers in the south of Italy and the counter job posting.
On 30 April, the Company and the Labour Unions signed an agreement on recourse to the Solidarity Fund for employees of Group Companies that apply the National Collective Labour Contract for non-executive personnel of Poste Italiane. The activation of the Solidarity Fund, which represents an alternative social security buffer instrument to the CIG redundancy payments, will make it possible to cover absences resulting from the suspension or reduction of work activities, linked to the need to proceed with the sanitisation of workplaces, as well as those resulting from the time required to supply protection/safety devices. For these absences, the Company has made itself available to guarantee 100% of the fixed and continuous pay due, taking on the responsibility of supplementing the salary that the Solidarity Fund recognises in the maximum amounts provided for the social security buffers; the periods will also be considered useful for the maturation of direct, indirect, immediate and deferred economic and regulatory institutions (e.g. holidays, paid leave, former bank holidays, accruals of 13th and 14th months, employee termination benefits) and will not lead to any reduction in the score in the territorial and national mobility procedures. With the same understanding, it has been defined that personnel will have until 30 September 2021 to recover the permits granted by the Company to meet the needs of employees who, in relation to the health emergency, have been unable to work (children under 14 years of age, family members living together in situations of disability or immunosuppression, cancellation of public transport, etc.). As an alternative to recovery, the workers concerned may opt, at their request, for the use of holidays, paid leave or leave for cancelled bank holidays.
On 14 April 2020, the Company signed with Assidipost-Federmanager an agreement on support initiatives for the institutions most involved in the health emergency and for colleagues and their families affected by the contagion. The agreement provided that executives, on a voluntary basis, could have donated part of their gross salary and holidays. The Company will supplement the donations with its own contribution in return for the availability shown by the executives.
In the Minutes of the Agreement of 18 December 2020, the Parties confirmed the value of agile working as a structural organisational model that makes it possible to combine personal and family needs with professional ones and, at the same time, to protect employees in particularly vulnerable situations, while respecting the Company’s productivity and increasing the focus on objectives and accountability for results. They agreed on the regulation of agile working in the Group companies that apply the National Collective Labour Contract for non-executive personnel of Poste Italiane SpA. The agreement provides that workers may voluntarily request to work in “agile” mode for a maximum of 3 days a week and 13 days a month, also identifying the place where they have to work for the planned days. This limitation does not apply to Customer Care and Back Office in the DTO area for which, due to the particular nature of the activities supervised, organisational solutions will be identified that allow alternating between the performance of the work service remotely and the return to the headquarters.
The agreement, which provides for a transitional phase due to the health emergency still underway, is valid until 31 December 2021; before its expiry, the Company and the Labour Unions have already scheduled a specific meeting to carry out an overall examination of the matter and assess the methods for continuing the agreement, also in light of the discussions on the renewal of the National Collective Labour Contract. This agreement, which takes into account the results of the experimentation launched in 2019 in certain organisational areas, then widely implemented following the health emergency for Covid-19, is consistent with art. 27 of the National Collective Labour Contract of 30 November 2017, which introduced the institution of agile work in the Poste Italiane Group, identifying it as a solution of organisational flexibility that allows employees, through the use of technologies and in compliance with the objectives assigned, to work in different times and spaces than those usually established.
Active labour policies The Group is committed to relations aimed at the welfare and protection of workers’ rights, by signing agreements on labour policies. In fact, on 13 June 2018, the Parties reached an agreement which identified methods and criteria for managing workforce trends in the threeyear period 2018-2020. In particular, during the period in question, hiring of 6,000 new resources was envisaged, compared with a number of voluntary redundancies regarding employees on permanent contracts amounting to at least 15,000. The managerial and organisational levers required to meet the Company’s needs were identified in the following areas: z hiring employees with fixed-term contracts on permanent contracts; z recruitment from external markets, mainly through professional apprenticeship contracts; z conversion from part-time to full-time contracts; z job rotation.
On 7 July 2020, an agreement was reached with the Labour Unions that defined, in line with the previous reorganisation agreements that affected the function, procedures to manage the employment repercussions arising from the implementation of the new organisational model of the Post office network commercial chain. This model focuses on a geographical logic and on strengthening the control of commercial activities at Branch level, moving from a system defined on individual channels/areas to a territorial model that aims to meet the overall needs of customers, while maintaining a dedicated commercial support on specific products /services (Loans and Protection) at Macro Area level. The implementation of the project is monitored through national and territorial Labour Union verification tables.
On 20 November 2020, the Parties reached an agreement to begin mapping and measurement activities aimed at developing the new “formula for measuring letter carrier performance” for the Mail, Communication and Logistics function, i.e. the algorithm that, taking as a reference the activities performed by letter carriers and the related times, defines their balanced daily performance. In addition, with reference to the stabilisation of production activities at the network nodes, it was agreed that, for the first phase, these will consist of permanent employment on a part-time basis with a reduction in work on an annual basis (formerly vertical). The parties have also agreed that, for part-time contracts in the delivery area as provided for in the agreements on Active Policies, work will be carried out in the periods 1 July / 30 September and 1 November / 31 January, rather than from 15 June to 15 September and from 15 November to 15 February. Finally, the Company once again confirmed its willingness to make use of the Elastic Clause.
Other agreements In 2020, the activities of the Ente Bilaterale per la Formazione e Riqualificazione del Personale (Bilateral Body for Training and Retraining of Personnel) continued, which, through technical in-depth work, supported the development, presentation and activation of training projects, as well as the signing of agreements to enable the Company to access funding provided by Fondimpresa and the Solidarity Fund. Particular attention has been paid to online training and to its financial feasibility, in view of the important role that said training method has taken on in the context of the emergency situation related to the spread of the Covid-19 virus, as well as the increased use of the same by the Company to comply with government indications and to ensure the necessary safety and health protection measures for employees. For the same reasons, the Body also examined the possibility of using agile work to facilitate training initiatives.
On 23 July 2020, the agreement on the performance -related bonus for Poste Italiane and Poste Vita Group companies, Poste Assicura, EGI, BancoPosta Fondi SGR and PostePay, was signed by the Labour Unions and validated by the labour union representation (RSU) National Coordination. The agreement, which has a one-year validity, allows to further emphasise the contribution made by personnel towards the achievement of corporate objectives in 2020. The agreement confirmed the option for employees to allocate all or part of their performance-related bonus to the Openend Fund for Supplementary Assistance Poste Vita, Fondo Poste or other supplementary pension funds or to opt for welfare services with high social impact. Compared to the previous edition, the growth of adherents to the programme was 48%.
In January 2020, a discussion (still ongoing) was started with the Labour Unions for the renewal of the National Collective Labour Contract. In this context, three commissions have been set up to revise the contractual text with reference to the system of industrial relations and Labour Union rights, the regulation of the employment relationship and the system of supplementary health care. Pending the definition of the renew-
National Collective Labour Contract instead of the Trade Agreement, the Parties reached an agreement which defined the economic and regulatory treatment to be applied to its own workers as well as to those impacted, from 1 March 2020, by the sale of the business unit relating to Poste Welfare Servizi’s ICT management activities to Poste Italiane.
z Ente Bilaterale per la Formazione e Riqualificazione Professionale (The Bilateral Agency for Personnel Training and Retraining), through which the Parties jointly promote activities in the field of training and retraining, with regard to the provisions of the Consolidated Law on Occupational Health and Safety, and also with reference to any processes of reorganisation/restructuring /transformation of the Company, or the introduction of technological innovations.
Collective commitment In line with the values of solidarity, closeness to people and attention to corporate sustainability, taking into account the unprecedented collective effort in which the entire country is engaged in the face of the SARS-COV-2 virus, Poste Italiane has reduced the “Management By Objectives 2020” bonus for all its management by 50%, in favour of the combat against the pandemic.
The protection of Occupational health and safety is a fundamental value, which all people must be inspired by in carrying out their daily activities. For this purpose, Poste Italiane Group has identified organisational responsibilities and adopted specific policies to ensure adequate supervision of all occupational health and safety aspects. The Group takes all the necessary measures to reduce injuries, workplace injuries and occupational illnesses, promoting the psychophysical well-being of people through policies, prevention programmes, information and awareness campaigns.
The Integrated Policy and the Group Occupational Health and Safety Policy define the key elements of the occupational health and safety management systems adopted, including: z continuous assessment of risks and definition /update of related rules and procedures; z ensuring that innovations and changes in work processes are always accompanied by occupational health and safety objectives; z timely adaptation to all regulatory changes and updates; z identification of roles and responsibilities within the organisation and allocation of the necessary resources for planning and implementing the programmes aimed at achieving the objectives; z effective and transparent communication that ensures dissemination of any information that might be useful for prevention purposes, including cooperation and coordination measures with contractors; z periodic review of the management system by top management to assess its correctness and effectiveness with a view to achieving constant improvement.
The constant monitoring and control of injuries contributed, also in 2020, to the implementation of various initiatives on prevention and on occupational health of workers and protection of the workplace. From this point of view, the Occupational Safety Management Systems, which have already been adopted for some time in accordance with the regulations in force, confirm the conviction that an effective management system makes it possible both to coordinate the safety of workers in an organic and systematic manner and to implement and develop the company’s safety policy by monitoring the risks of all operational processes.
Poste Italiane Group carries out a risk assessment, investigating all potentially dangerous situations related to processes, tasks and workplaces and, once the related impact has been identified, assigns the associated risk level to each factor analysed. This assessment is carried out on the basis of the way in which the work is carried out and the exposure of personnel to any associated risks, also taking into account any protection measures already in place for the job, in compliance with the criteria defined by the technical regulations in force, technical standards and rules of good practice and company guidelines.
In addition to the compulsory training given to all Persons, the Operational Safety Instructions (IOS) are sent in a controlled form, in which there is a description of the dangers applicable to the work processes of interest and the organisational, preventive and protective measures aimed at reducing the corresponding risk level. The IOS contain a detailed description of the roles and duties of all the main players in safety management, and also provide for the obligation (deriving from Legislative Decree 81/08) for Workers to report to the Person in Charge and/or to the competent Workers’ Safety Representative the presence of any hazards or dangerous situations at work, just as the Persons in Charge and the Delegated Managers have the obligation to acquire such reports and to act in line with the company procedures identified for the management of such critical issues according to the times and methods corresponding to the level of risk associated with them. Given the importance of
The analysis of near-misses and accidents occurring in the workplace is carried out consistently with the specific processes codified within the health and safety management systems adopted. Each production unit of the Parent Company and the Group companies also carry out activities of investigation and continuous monitoring of accidents and in particular of the accident phenomenon in order to identify and eliminate, or in any case manage, the factors that can generate accidents, with a view to continuous improvement.
Among the main players in the management of Occupational health and safety, there are the Workers’ Safety Representatives (RLS), which, as provided for by Legislative Decree no. 81/08, are elected directly by the workers. Poste Italiane Group’s representatives have been elected by the company’s Labour Unions and are periodically consulted during the drafting of the Risk Assessment Document and when organisational or process changes occur that may have an impact on occupational health and safety or, again, following the introduction of new risk assessment methods. The importance of adopting an adequate, timely and preventive consultation with the Representatives lies in the possibility of receiving an expert opinion and accepting company proposals on occupational health and safety for the timely fulfilment of legislative obligations and for the continuous improvement of workers’ health and safety.
The Group promotes dialogue between workers and employers through the National Joint Observatory (OPN) and the Regional Joint Bodies (OPR), committees in which representatives of employers, Labour Unions and Workers’ Safety Representatives (RRLLS) take part, both at national and territorial level. The Company, through the Committees, promotes the involvement of all interested parties to share initiatives on occupational health and safety, to start the process of consulting the RRLLS on risk assessment and to address specific health and safety issues that have emerged also from reports by workers. The meetings of the Joint Bodies do not follow a pre-established schedule but are convened whenever the need arises.
Poste Italiane has defined a multi-year plan for the adoption of health and safety certifications throughout the company. In 2020, the process of certifying the occupational health and safety management systems of all the Parent Company’s production units was completed, in accordance with the plans and strategic objectives set. Group companies also aim to adopt and certify occupational health and safety management systems. In 2020, the main Group Companies certified are: EGI SpA, Poste Vita SpA, PosteAssicura SpA, SDA SpA; Postel SpA, Poste Air Cargo Srl, BancoPosta Fondi SpA, PostePay SpA The objective is therefore to achieve and maintain the certification of all the production units of Poste Italiane SpA and Group Companies.
As part of its occupational health and safety management system, periodic checks and controls are carried out at each production unit of the Parent Company and at Group companies.
z Real Gimm (share for the management of maintenance impacting health and safety)
In implementing the relevant emergency management regulations, Poste Italiane Group has set up a protocol for exceptional health surveillance, ensuring medical and health assistance to so-called “hyper-susceptible” workers, i.e. those most exposed to the risk of infection, by virtue of their age and state of health, regardless of their exposure to specific sector risks. This surveillance was implemented thanks to the network of competent doctors engaged throughout the country who supported employees falling into the category of hyper-susceptible with useful indications/prescriptions for the containment of the risk of infection. Among the various prevention and protection initiatives introduced by the Company, two stand out, which during 2020 have in particular made it
Report on operations at 31 December 2020 6. Performance possible to implement an important monitoring of the level of risk of contagion from the SARSCOV -2 virus: z epidemiological investigation, on a voluntary basis, with the use of random serological tests of the company population, through which it was possible to better understand the spread of the illness within the working context of the Group in a specific territory (Lazio). The campaign, which was also an important tool in terms of prevention not only for the Group, but more generally for the Country System, was carried out in collaboration with the Policlinico Universitario del Campus Biomedico, an important health facility both in terms of science and hospital; z the massive screening project using rapid swabs, aimed at prevention while waiting for the vaccine, called “Work in safety way”, which provides for the administration, on a voluntary basis, to all Group employees of rapid nose and throat swabs useful for intercepting probable cases of positivity.
The verification and application of the protective measures adopted to mitigate the risk of contagion are carried out by the Coronavirus Risk Crisis Committee, established on 21 February 2020 in line with article 13 of the Anti-Contagion Protocol of 24 April 2020 (Annex 6 of the Prime Ministerial Decree of 26 April 2020) shared between all the Company Parties, and through a specific agreement within the National Joint Observatory (OPN) for occupational health and safety. The Committee, chaired by Poste Italiane’s Chief Executive Officer and Co-General Manager, and attended by the relevant technical structures and all the Employers pursuant to art. 2, letter b) of Legislative Decree 81/08 of the Poste Italiane Group, meets on an ongoing basis and, based on an analysis of developments in the contingent situation, takes decisions regarding information, organisational and preventive measures for the health and safety of workers, implementing them promptly. Poste Italiane has equipped itself with the organisational tools necessary to implement a unified and nationally orchestrated line of action on containment and prevention measures to deal with the global health emergency. For the management of the emergency, two structures have been identified within Corporate Affairs to coordinate the Group’s activities: Corporate and Real Estate Protection, which in turn made use of the Group’s other operational functions, involving around 500 people at the Central HQ and throughout the country.
Carried out 5,583 interventions on air conditioning systems to improve the efficiency of the air exchange system and sanitised 67,500 filters per month
Implemented a cleaning and sanitation plan that impacted 13,000 sites and 67,000 company vehicles in two cycles
The Company, in line with the reference regulations, suspended all training courses that required attendance and provided for the cancellation of all internal and external public events, the suspension of international, national, infra-regional and regional trips, unless they cannot be postponed, and the suspension of access to third parties (consultants, service providers and visitors) in the management offices, as well as the closure of internal coffee shops and company canteens. In order to facilitate the flow of information and allow colleagues working in the territory to regularly report the specific needs of each office, a double channel of information has been activated: a dedicated web portal to allow a precise verification of the actions prepared by the Company at central level and a toll-free number to request additional information.
• Adhesion to the CEO Guide for Human Rights • Participation of about 700 employees in the
Specific employer branding on diversity and inclusion, in synergy with universities
% of women involved in personnel development plans compared to the average achieved in the two-year period 2016-2018
Create an ad hoc Community on diversity and inclusion to spread a growing sensitivity and awareness of the value of diversity and inclusion at all levels of the organisation
Extend the subtitling service to all videos made and published on the Intranet
Define listening and communication campaigns to develop corporate awareness and culture on the issues of diversity and inclusion
Poste Italiane aims to be an active economic entity in safeguarding the well-being of the people working in and for the Company, and of those who live in the community in which it operates. With this in mind, the Group assumes ever greater responsibility for safeguarding human rights, respecting and actively disseminating the principles laid down in the regulations and standards issued by international organisations of reference.
Poste Italiane has joined the CEO Guide for Human Rights, the national association of professionals involved in the management of sustainability in enterprises
The Group’s Corporate Policy for the protection of Human Rights, in line with the Group’s Code of Ethics, confirms the Company’s commitment to safeguarding the rights of all the people in its value chain, with particular attention to certain categories of stakeholders such as its own workers, suppliers and partners, local communities, customers, migrants, children, people with disabilities, and victims of discrimination and any form of violence. The document describes the Company’s commitment to aligning its corporate processes with the main international standards and best practices, promoting the principles enshrined therein and periodically reporting on the performance achieved, in terms of management and monitoring methods, identified risks and management and mitigation actions. Poste Italiane’s commitment also focuses on the prevention and repudiation of all forms of discrimination and violence and forced or child labour, intensifying the company’s interest in promoting the well-being of the individual.
The Group’s primary objective is to encourage the development of a corporate culture based on respect for and appreciation of diversity which, in all its forms and manifestations and at the various levels of the organisation, is considered one of the greatest resources that gives value to the Company as a whole. The conscious management of diversity in an inclusive manner, in addition to creating shared social value, determines a competitive advantage for the entire Group and is in fact an enabling element for the involvement and commitment of people to the company’s objectives.
In line with the provisions of the Group’s Code of Ethics and the Group Policy for the protection of Human Rights, Poste Italiane has drawn up a specific Policy Diversity and Inclusion that clearly outlines the Company’s approach in terms of its mission, strategy and the practices implemented to stimulate a collaborative and supportive working environment open to contributions from the entire workforce, regardless of their differences. In this sense, the Group aims to contribute to the growth and increase of the trust of People and the communities in which it operates, and to encourage diversity in all its aspects so as to be able to make the most of the opportunities that may arise from it, generating value in the workplace and consequently obtaining a competitive advantage in business.
Generations The Company recognises and values integrated strategies for the development and management of the needs of the different generations working together within the organisation. From this point of view, considering the demographic outlook and its impact on company turnover, policies aim at fostering dialogue and inter-generational discussion.
In order to facilitate the operational implementation of the contents of the Policy, the Company has set up inter-functional working groups for each dimension identified: gender, generations, disability and inter-culturalism, with the task of developing a structured plan of initiatives, associated with performance indicators, in line with the strategic objectives of reference.
In order to promote inclusion as a cultural path capable of generating social value, a series of managerial 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.
The Policy is made available to all stakeholders on the Company’s website, and communicated to all employees through specific training sessions, based on the roles and responsibilities.
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 dissemination 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).
Ongoing commitment to human rights for a more inclusive and sustainable
With the “Framework Agreement on harassment and violence in the workplace”, the Company establishes its commitment and duty to maintaining a working environment where everyone’s respect and dignity are guaranteed and interpersonal relations are encouraged, based on the principles of equality and mutual fairness, with all forms of harassment or violence in the workplace condemned.
Poste Italiane awarded “2020 CSR Coup de Coeur” for the promotion of paths aimed at the economic independence of women victims of violence
Pursuing the aim of making women victims of violence economically independent, the 2021 programme of activities was launched to ensure that women are also self-sufficient in housing. The initiative involves allocating some of the Group’s unsold properties to social housing for women coming out of violence. Ten housing units have already been identified for use in early 2021.
Diversity and inclusion are values that Poste Italiane considers to be of primary importance, which are promoted and pursued also from its governing bodies. For this reason, the Group has adopted a “Diversity Policy for administrative and auditing bodies of Poste Italiane”, which is the document with which the Company declares its responsibility to adopt a perspective of this value.
Without prejudice to the requirements of professionalism, integrity and independence, as well as the situations of incompatibility and/ or forfeiture provided for by the law, regulatory provisions and the By-laws, the Policy addresses issues relating age and seniority of office, gender and geographical origin and international experience, while maintaining the requisites of professionalism, integrity and independence and the situations of incompatibility and/or forfeiture, provided for by the law, regulatory provisions and the By-laws.
Every year, with the support of a specialised firm, the Board of Directors carries out a Board Review, which consists in a self-assessment procedure that involves conducting interviews - including through the use of specific questionnaires - with individual directors, as well as with the statutory auditors and the secretary of the Board of Directors. The appointed firm issues a final report, to be examined and shared with the Board of Directors in its entirety. The Board Review carried out in the first few months of 2020 revealed an adequately balanced and enhanced profile in line with the relevant legal provisions and with recent developments in the qualitative practices of the administrative body in terms of experience, diversity in its various meanings and professional skills, which are balanced to ensure effective coverage of the role within the Board and the Committees.
Poste Italiane considers respect for individuals and their professional development to be essential values and is aware that the relational, intellectual, organisational and technical skills of each employee represent a strategic resource for the Group. The Company promotes the dissemination of an inclusive business culture aimed at ensuring respect for equal opportunities, considering the value of each person regardless of gender, reducing situations of individual fragility and enhancing diversity of thought, considered a fundamental resource for the development and growth of the company.
Enhancing diversity is fundamental to increase the engagement of People in corporate objectives, the correct management of which creates a competitive advantage for the Company and generates shared social value.
For several years, Poste Italiane has been one of the subscribers of the “Charter for Equal Opportunities and Equality at Work”, a declaration of intent voluntarily signed by companies of all sizes regarding the dissemination of a corporate culture and the adoption of inclusive human resources policies, free from discrimination and prejudice and designed to enhance talent in all its diversity. The Charter promotes a series of values oriented towards the creation of a working environment that can foster inclusion and pluralism, where equal opportunities are recognised for each person and where individual skills are valued. Recognising these values, the Group is committed to promoting equity and social cohesion, thus stimulating the sustainable growth of the Company.
Poste Italiane remains committed to promoting diversity, continuing to implement the provisions of the Memorandum of Understanding with the Ministry of Equal Opportunities in order to achieve a more effective and joint communication, awareness-raising and dissemination campaign to promote diversity: z promote initiatives aimed at the protection and full affirmation of human rights, as well as preventing and combating all forms of exploitation of human beings and people trafficking; z promote full implementation of policies regarding equal opportunities between men and women, with particular reference to work-life-balance and career issues; z prevent and combat sexual and gender -based violence, stalking and any other form of violence against and abuse of women and children; z prevent and eliminate all forms of discrimination directly or indirectly based on gender, racial or ethnic origin, religion or beliefs, age, sexual orientation and gender identity.
Supporting maternity and paternity In a context of cultural awareness on the importance of women’s presence in the world of work and support for active parenthood, the “MAAM” initiative continues in 2020, a digital programme aimed at strengthening the skills related to the experience of parenthood also useful when returning to work.
Developing women’s leadership Poste Italiane intends to promote gender equality issues and the professional growth of women within the Company. With this in mind, since 2012, the Group has been a supporting member of Valore D, the association of companies that promotes diversity, talent and female leadership in support of greater gender balance.
This collaboration has made it possible to take part in managerial training, skill building and role model interventions, and inter-company mentorship projects to promote the professional growth of women towards managerial roles, to collaborate in inter-company working groups on issues of diversity management, reconciliation and female employment, and to offer testimonials to induction and inspiration programmes for young middle school students.
In 2020, the Company joined, for the second consecutive year, the InspirinGirls programme, promoted by Valore D with the sponsorship of the Ministry of Education. The project aims at fostering reference models free from gender stereotypes, through the dialogue between middle school students and so-called “role models”. During school closures due to the Covid-19 health emergency, in-person events were converted to online mode through virtual spaces dedicated to teachers, students, and role models.
The great attention that Poste Italiane pays to equal opportunities and the development of women in the Company has led the Group to be recognised as one of the best employers of women in Italy. This was confirmed by the research “Italy’s Best Employers for Women 2021” carried out by Istituto Tedesco Qualità ITQF in collaboration with the Media Partner La Repubblica Affari&Finanza. The 200 best employers for women in Italy have been identified by listening to the web in an innovative way and using artificial intelligence. In particular, the results of this study are the outcome of an extensive analysis for which 45 topics were considered, including women, equal opportunities and employment.
In addition, an online training course entitled “Managing Emotions” has been planned for all employees, the aim of which is to undertake a path of awareness of the impact of emotions and actions from an intergenerational perspective, in order to tackle obstacles and activate useful resources to promote exchange among people of different generations.
4Weeks4Inclusion As part of the initiatives launched to promote the inclusion and protection of diversity within the Company, 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 discomfort in the workplace.
Enhancement of disabled personnel With the aim of enhancing diversity and social inclusion, the Company has developed a trial initiative aimed at hiring deaf personnel fluent in Italian sign language, to work at special counters for deaf customers in Post Offices in large cities. Poste Italiane also provides for the use of Italian Sign Language interpreters to translate the most relevant messages and news items on digital communication channels into sign language, and to support training activities or management interviews with deaf colleagues.
With this inclusive view, in 2020, the Group continued its efforts to remove architectural barriers from its offices in municipalities with fewer than 5,000 inhabitants, in order to make them more easily accessible to all.
Supporting vulnerability As part of the caring initiatives aimed at employees with situations of fragility, an inter-company research project was launched in collaboration with Fondazione Lavoroperlapersona, with the aim of promoting the social and work inclusion of all employees suffering from serious illnesses and to support the company in identifying actions aimed at enabling these workers to continue to carry out their work activities in the best possible way. The objective of the research was to undertake a listening process to identify the main cultural, organisational and managerial implications related to a condition of vulnerability and to detect the sensitivity on the issue of all the people working in the Company. In the first phase of the programme, analysis focus groups were set up, coordinated by the Foundation’s researchers, involving a panel of colleagues with a serious illness, their bosses and Human
Also for 2020, the Company has joined the National Food Collection Day, the initiative organised by the Banco Alimentare Onlus (not-for-profit Food Bank), which enables people to donate part of their shopping expenditure to those in need. Poste Italiane, in relation to the reorganisation due to the health emergency of the initiative, took part by making its own communication network available in order to raise the profile of the new collection methods.
Increase the Group's support for initiatives in the "well-being and social inclusion" category
The Company has always accompanied the local communities where it is present on a daily basis towards modernisation and digitisation processes, thereby promoting the well-being of citizens and socio-economic development, with the aim of creating a positive impact on the community through organic and widespread social inclusion initiatives. Thanks to its widespread network of Post Offices, the Group is committed to promoting the well-being of its citizens and steering the country towards progress and innovation through the development of high quality products and services. The Company pays greater attention to the most vulnerable groups, due to their physical, mental, family, economic, ethnic and social conditions. In fact, the Group promotes an inclusive approach and constant dialogue with citizens, authorities and third sector associations, at both local and national level, in a continuous process of reconciling relative and legitimate interests.
The Group’s objective is to have a positive impact on the entire national territory, exploiting its proximity to citizens to offer inclusive products and services in the interest of the community’s well-being
To this end, the Company, by involving its stakeholders and maintaining continuous dialogue with them, succeeds in creating shared value in the long term.
The Policy describes the main areas of intervention towards which the Group turns, that, in line with those described in the Group Policy for the protection of Human Rights, concern greater integration of the categories most at risk of exclusion through dedicated products and services, culture and education, economic sustainability and social connection, through collaboration with central and local administrations, the Third Sector and Communities to meet the needs of the most disadvantaged categories.
Poste Italiane partner of the “Atlas of Territories” series of meetings
Poste Italiane is also committed to contributing to the achievement of the Sustainable Development Goals defined within the 2030 Agenda of the United Nations, in detail: to end all forms of poverty (SDG 1); to provide quality, equitable and inclusive education and learning opportunities for all (SDG 4); to encourage sustainable, inclusive and lasting economic growth, full and productive employment and decent work for all (SDG 8); to reduce inequality (SDG 10).
Consistently with the provisions of the Code of Ethics and the values defined in the Company’s guidelines, investments in favour of the community are made in full compliance with the principles of integrity and transparency. The procedure governing corporate processes regarding sponsorships and donations establishes the methods by which Poste Italiane may carry out sponsorships and donations in favour of partners, organisations, associations and local institutions operating in the local area. Contributions, as also stated in the Integrated Policy, must not be used to conceal acts of
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.
Number of Personal loan claims suspended for the categories most at risk of financial exclusion
Number of Mortgage claims suspended for the categories most at risk of financial exclusion
The Group contributes to the growth of Small Italian Municipalities, providing free Wi-Fi coverage, a green fleet for the postal service and the removal of architectural barriers in Post Offices. Poste Italiane Group reiterated its closeness to the communities that populate Italy’s national fabric by participating, as a sponsor, in the Assembly of the Uncem (Unione Nazionale Comuni Comunità ed Enti Montani - National Union of Mountain Municipalities and Communities) organisation, held online at the end of October 2020. During the discussion, the topics of green-economy, innovation and digitisation were addressed, instrumental in overcoming digital, social and territorial gaps. The Company, in the person of Giuseppe Lasco, Co-General Manager of the Group, took part in the discussion, giving its own testimony on the path of support to the territory and to the Small Municipalities that Poste Italiane has undertaken in recent years.
Thanks to its widespread presence throughout Italy, Poste Italiane is a point of reference for the community, especially in areas considered to be peripheral, to which it is committed to offering timely services, physical presence and proximity to citizens. In line with the country’s relaunch programme and in continuity with the seven commitments set in 2019, Poste Italiane has promoted several initiatives to support Small Municipalities. In terms of strengthening the physical and digital infrastructure, in 2020, the Group committed to not closing any Post Offices, a move that goes against the market trend that sees, instead, the closure of businesses in small towns. In addition, Poste Italiane continued to install post boxes in Small Municipalities, with a total of 9,857 new installations in 4,778 Municipalities, and 300 Smart post boxes in 231 Municipalities. With the aim of reducing the digital divide, 5,692 Wi-Fi spots have been installed, thus reaching the goal of covering 100% of the Small Municipalities. In 2020, 1,327 new ATMs were installed in 1,320 Municipalities, 7,096 video surveillance systems were installed in 2,584 Municipalities and 2,830 schools in 2,280 Municipalities were enabled to participate in the “Il Risparmio che fa scuola” programme. In addition, at Poste Italiane’s head office, within the Corporate Affairs function, a dedicated Office has been set up to support Small Municipalities, which can be reached via the email address piccolicomuni@posteitaliane.it, and which administrators can contact to request information and promote initiatives. With regard to the expansion of services, in continuity with 2019, in Municipalities without a Post Office, it is possible to access the Group’s main services through the door-to-door service provided by Letter Carriers; moreover, thanks to the agreement with the Italian Tobacconists Federation entered into force in 2018, it is possible to find PuntiPosta at Tobacconists. In addition, “PuntoPoste da te” lockers have been installed for collecting consignments and returns, paying postal slips and collecting mail. In order to guarantee economic and social sustainability, even in Small Municipalities the aim is to renew means of transport towards solutions with a reduced environmental impact, reaching, in 2020, 1,308 municipalities served by the green fleet.
Corporate volunteering The Coronavirus emergency has had detrimental consequences on people’s psychological well-being, causing states of malaise exacerbated by the context of isolation caused by the lockdown. Pathologies such as anxiety and depression have been even more amplified in those who have experienced extreme hardship, as in the case of those affected by the violent earthquake in central Italy in 2016. Poste Italiane and the Italian Red Cross, as part of the “Sentieri di Prossimità” (Paths of Proximity) project, have made teams of psychologists and social workers available to the populations of the four regions hit by the earthquake.
Committees in the crater regions printed thousands of copies of the flyer to promote the support service and volunteers distributed them house to house as they carried out their services, such as delivering groceries and medicines. The project, which until the outbreak of the pandemic took place directly on the territory, has been managed through technology. The experts were contacted directly by phone by those who needed help and thanks also to the 24-hour assistance service of the Italian Red Cross, it was possible to reach more users in need. At the end of the pandemic, Poste Italiane volunteers will also be trained in rescue operations such as cardiopulmonary resuscitation, the use of defibrillators and life-saving paediatric manoeuvres. 100 semi-automatic defibrillators known as AED (automatic external defibrillator ) will be installed in the earthquake crater areas, located outside 95 Post Offices, which will represent strategic points of reference in case of emergency. Poste Italiane Group’s goal is to leave no one behind, particularly in areas where the population has already experienced the feeling of isolation and abandonment due to the violent earthquake of 2016.
In December 2020, Poste Italiane joined the project “Riscriviamo il futuro” (Let’s rewrite the future), the campaign created by Save the Children to offer education, opportunities and hope to children and adolescents during the health emergency. Through an ambitious programme across the country, the Group and Save the Children have undertaken to support around 100,000 children and adolescents up to 17 years of age who live in deprived neighbourhoods or come from the areas most affected by the pandemic, offering them opportunities for learning and socialising. At the same time, parenting courses have been set up for families that have suffered most from the effects of the crisis, with the aim of improving the well-being and living environment of the youngest children.
Despite the great difficulties that have characterised the work of all economic operators due to the Covid-19 emergency, Poste Italiane has been able to provide an important response to the territory.
The economic shock caused by the pandemic has put economies around the world into serious crisis. Poste Italiane has gone against the trend, offering a hopeful view of the future. Hiring, in fact, has not stopped. The Group has not only worked hard not to interrupt productivity, but at the same time has offered new employment opportunities. In the first few months of 2020 alone, approximately 180 recent graduates were placed in the role of Specialist Financial Consultants and Specialist Mobile Consultants. For them, a training plan has been foreseen for their inclusion in the role at a distance, with various steps articulated in different didactic modalities: webinar, on-the-job accompaniment, e-learning. The Welcome Day, in digital mode, was an opportunity to share with new colleagues an overview of the company, the peculiarities of the role of the consultant, the necessary relationship of trust to establish lasting relationships with customers.
Dialogue and transparency in relations with the authorities 64. Poste Italiane is a member of Confindustria on the basis of a specific agreement that regulates membership procedures, the benefits deriving from the status of associate and the definition of the contribution regime. The current agreement for the three-year period 2020-2022 envisages, among other things, strategic initiatives aimed at promoting a new corporate culture involving business models and choices geared towards innovation and economic and social sustainability. For 2020, Poste Italiane’s support amounted to approximately €3.2 million.
Poste Italiane has always maintained structured and ongoing relations with Authorities and Institutions, through systematic and transparent dialogue, promoting effective and correct cooperation, in the strictest compliance with laws and regulations, and adhering to the principles of fairness, professionalism, cooperation and transparency set out in the Group’s Code of Ethics.
Poste Italiane encourages transparent, fair, professional and collaborative dialogue with institutions, in order to promote socioeconomic initiatives in the interest of the community and business continuity
Collaboration with central institutions is intended to establish an ongoing dialogue and discussion and to promote shared socio-economic development projects in the interest of the community. The legislative report makes it possible to assess the impact and possible consequences of a given legislation, providing useful insights for decision -making. In addition, the activity is aimed at making the company’s position known in relation to issues of interest to public decision-makers.
The Company presented its interests on various issues, including those of legislative relevance, promoting a proactive approach. During the year, the dialogue with the institutions focused on the health emergency due to the Covid-19 pandemic where the Company, through legislative dialogue and analysis of the measures concerning the epidemiological emergency, dedicated itself to supporting the competent functions in taking the relevant measures to support business activities and protect the health of employees, customers and the community.
In 2020, the Group signed an agreement with the Carabinieri whereby all citizens aged 75 and over could request to receive their social security benefits free of charge at home, delegating the Carabinieri to collect them. The agreement was part of a broader effort by the two institutional partners to counter the spread of Covid19 and mitigate its effects, through the adoption of extraordinary measures aimed at avoiding the movement of people, particularly those at greater risk. In addition, the Company explicitly requested the MEF, the Civil Protection, the Ministry of Labour, INPS and the Bank of Italy to identify a gradual payment method for pensions.
In order to guarantee the management of possible crowds outside Post Offices, Poste Italiane has stipulated contracts with over 500 security companies and made contacts with all the prefects, the Postal Police, the Carabinieri and the Civil Protection. In addition, the Group has carried out constant communication activities prefectures (75% of the total) contacted to intensify controls in Post Offices and +6,000 tablets equipped with a direct communication channel with the Carabinieri
In 2020, following the difficulties exacerbated by the Covid-19 health emergency, Poste Italiane wanted to strengthen its commitment to people who, due to specific personal or physical conditions, do not have direct access to the fundamental products and services needed for their economic livelihood and social well-being, and this was made possible thanks to the widespread network that has always brought it close to the community.
Delivered more than 1,500,000 doses of vaccine from the Group’s fleet
In response to the Covid-19 emergency and in order to make it easier for Poste Italiane’s customers to manage postal savings products remotely, two new subscription or offer methods have been activated: z Telephone sales, through which customers can subscribe or redeem Interest-bearing Postal Certificates remotely through their consultant; z Postal Savings Suggestions, through which customers can receive a subscription proposal in their reserved area for Supersmart Certificates and Offer, also agreed with the support of their consultant.
In order to raise awareness of the use of digital channels among the general public, also in view of the emergency context, a number of communication campaigns were launched during the year to promote online postal savings.
In order to strengthen the Company’s proximity to the various customer groups, the Group is constantly seeking innovative solutions for the products and services it offers. With a view to making its products fully accessible to all categories, and in line with the principles of culture and education, in 2020 Poste Italiane committed to reducing the digital divide by offering digital training courses. Given the impossibility of delivering in-person courses due to the health emergency, the Group offered online training “pills” and CyberSecQuiz to allow users to test their knowledge of IT security.
In the same way, financial training briefs have been proposed to allow citizens to educate and inform themselves, so as to be able to make informed choices. In continuity with initiatives aimed at promoting financial inclusion, Poste Italiane participated in the fifth edition of “Il Salone dei Pagamenti”, held online at the beginning of November 2020. The event was a useful opportunity to provide the Company’s point of view on the digital gap issue, illustrating the Group’s ongoing commitment to digital payments and encouraging the digitisation of the Public Administration.
As part of the third edition of the Mese dell’Educazione finanziaria (Financial Education Month) (#OttobreEdufin2020 ), 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.
The topics proposed for 2020, as well as those for 2019, were developed on three thematic areas covered with a workshop, multi-disciplinary and multimedia approach: saving on a personal level; sharing; quality of life on a global level.
In particular, Poste Italiane plans to transfer the 110% Superbonus, the other Building Bonuses, the Holiday Bonus for accommodation facilities and, from February 2021, lease payments, sanitation and purchase of PPEs and Workplace Upgrades.
• -23% complaints received in 2020 • Ongoing dialogue with Consumer Associations • Development of new features of the Digital Assistant • Preventive security activities for the protection of corporate information assets
Evolution of the Omnichannel Service Model through further development of the digital channel and self-service offer for the subscriptions of interest-bearing postal certificates (BFP), Class I, Multi-class, Funds and GP MoneyFarm 6.5 million by 2022
Evolution of the Service Model through the specialisation of Financial Advisors based on the clientèle target into Personal, Dynamic and Premium
With reference to the above, the Group’s Code of Ethics provides an indication of the values that guide all company personnel towards correct and profitable management of relations with customers, such as: competence, courtesy, transparency, correctness and impartiality.
In this way, Poste Italiane ensures that its customers are provided with exhaustive and accurate information on the products and services it offers, so as to enable them to make informed choices and avoid creating improper expectations.
A further step towards greater customer satisfaction was made possible through the adoption of a Customer Feedback Management tool that allows surveys to be sent to customers regarding perceived quality, making the responses obtained quickly available to the relevant departments and highlighting the most recurrent issues pointed out by customers. Through this tool, an initiative was launched in October 2020 that allows operators, via a link in the counter systems, to access the compilation of a questionnaire in which they are asked to recount their daily experience inside the Post Office. In this way, numerous reports were collected with respect to procedures, environments, training and opening hours. In 2020, a Quality and Customer Experience Task Force was also set up across the Company, with the aim of actively monitoring critical issues reported by customers and directing corrective action.
In addition, it is important to highlight that Poste Italiane’s Board of Directors expresses the propensity to risk associated with the lack of satisfaction of customer needs also with reference to indicators relating to Customer experience, such as the complaint rate and the Poste Italiane Group Customer experience.
The punctual monitoring of the quality delivered and perceived by customers, in both relational and transactional terms, is the tool the Company uses to optimise its operational activities, thereby ensuring the provision of products and services with high quality standards.
Indicative of the Company’s desire to meet the needs of its customers is the use of around 1,200 Quality resources in the Mail, Parcels and Distribution function, distributed at local and central level, who carry out targeted measurement, prevention and improvement activities to achieve the company’s objectives.
Poste, the Digital Assistant of Poste Italiane, is the tool developed with the aim of improving and simplifying 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 valuable 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.
With respect to the quality of the service and products offered, the management model is based on dialogue with customers with the aim of establishing a relationship of harmony and identifying their needs in order to meet them in the best possible way. This attention is characterised by: z sharing with Top Management periodical reports on quality indicators; z detection of the level of customer experience relating to the various business units, measured twice a year by means of the Net Promoter Score (NPS), indicative of the level of customers satisfaction. These are CATI (Computer-Assisted Telephone Interviewing) surveys, conducted by an external research institute with customer samples representative of the target universe. In continuation with as was done in 2019, the Group further refined its customer hot listening activities through its multiple touch points for postal, financial and insurance services. Once a year, the NPS is also measured for the most representative competitors of the Poste Italiane Group’s businesses; z monitoring of the degree of customer satisfaction and gathering of opinions and suggestions to identify opportunities for improvement using the Customer Effort
Dialogue with consumer associations Poste Italiane attaches fundamental importance to small and large-scale discussions with Consumer Associations. The framework agreement signed with the latter in 2011, and renewed in 2018, has enabled the quality of the products and services offered to be strengthened over time, adopting an approach geared towards constructive and transparent discussions between the parties. By setting up the “Cantiere Consumatori” (Construction site for consumers), a permanent working and consultation group made up of a single representative from each Association and Group representatives, it has been possible to identify the best solutions for reconciling the Company’s needs with those of its customers in corporate initiatives with a considerable impact on the latter.
In order to ensure efficient use of the products offered by the Universal Postal Service (Legislative Decree no. 261/99) and describe the quality objectives that the Company is committed to achieving, the Group makes available on its website “The Postal Services Charter”.
In addition, in order to guide consumers through the online purchasing process, Poste Italiane has made available to them the “E@sy commerce” manual, created in collaboration with nineteen Consumer Associations and Netcomm, the Italian E-commerce Consortium whose members include the most important national operators in the e-commerce sector.
Poste Italiane has adopted stringent measures in line with the regulatory provisions issued by the Government, with the aim of protecting the health of its workers and customers and at the same time guaranteeing an essential service for the life of the country. The Group has remodelled its Post Office Network in order to ensure the highest standards of health protection, ensuring that, in order to limit travel, a Post Office is open at least one day a week in each area, thereby providing continuity in the provision of services (e.g. delivery, pension collection, etc.). In this regard, the Group has signed agreements for the maintenance of the service guarantee, such as the one signed with AGCom, which provides for the possibility of placing all signed mail in the mailbox or alternatively collecting it from Post Offices but with doubled storage time compared to the standard procedure.
Annual Report 2020 Poste Italiane Group declaration of succession to the tax authorities.
In a global scenario in which technology plays a crucial role in the development and continuity of the company’s business, Poste Italiane believes it is necessary to adopt effective security systems to protect the company’s information assets, avoiding the possibility that its IT infrastructure may be subject to attacks and consequent data breaches. Through its information security systems, the Group ensures the proper functioning and provision of its services and guarantees the confidentiality of data and information, preventing any type of access by unauthorised parties.
As part of the management of the impacts deriving from the emergency context, Poste Italiane took security aspects into consideration from the earliest stages of the pandemic, from which the drivers used to implement IT security strategies were defined.
Authorisation to the release of company PCs to ensure remote operation of the resources concerned
Preference of cloud and ready to use solutions versus on premise solution, difficult to implement and configure in lockdown phase
CERT has structured its services in such a way as to ensure the overall protection of Poste Italiane’s business, acting on a number of levels: z External perimeter, which prevents attacks by collecting and exchanging information on threats and vulnerabilities that may affect the Group’s services; z Internal perimeter, which protects the corporate infrastructure and responds to potential IT events.
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 Education 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.
Within the organisation, there are seven technologically advanced control rooms that guarantee, through their work, the safe delivery of Poste Italiane’s services and the correct communication to customers.
In addition, the Privacy Function, set up with the task of ensuring the correct use of personal data and compliance with the underlying principles and rules, guarantees a single oversight at Group level for all responsibilities relating to privacy issues and supervises the development of the aforementioned framework. This structure operates in order to ensure the compliance of the system with the regulatory provisions, in particular with reference to those sanctioned by the entry into force of the GDPR, undertaking responsibility for controlling the management review process at Group level, as provided for in art. 32. The Privacy Function, through the performance of its duties, also ensures the drive for continuous improvement. In addition, the Privacy Service Center operates within the function. Its task is to represent a single point of reference for customers in matters of privacy and to collect and manage efficiently and centrally all the requests received from customers, such as requests for access, rectification or integration of personal data and changes in the consent given, also monitoring their progress in order to identify any opportunities to improve business processes.
• Development of new digital products • Acceleration in the path digital transformation of the
Green-ticket project % of Post Offices enabled 100% by 2021 2020 New
Number of Postepay EVOs 11.6 million by 2024 2019 7.7 million
% of resources impacted by the new BPM and back office process re-engineering
Creation of pre-sale and sale funnels of protection products by 2021 2020 New
Increase the level of automation of back office processes 100% in roll out
Number of digital transactions 100 million by 2022 2019 90.3 million
Increase digital transactions for the various products of the Poste Italiane Group
Number of PCL operating personnel uniforms replaced 40,000 (all staff) by 2022 2020 New
PRINCIPALI CAPITALI OBJECTIVES INDICATOR (KPI) TARGET BASELINE 2020MAIN TYPES OF CAPITAL OUTCOME
The pursuit for sustainable success has brought about major changes in the global competitive landscape, leading companies to think differently about their products, services and processes.
For this reason, Poste Italiane identifies innovation and digitisation as two key drivers for strategic progress, committing to integrate its products and services also with those of third parties, in order to offer cutting-edge technological solutions. Through these drivers, the Group acts as a driver of innovation and digitisation of the country, ensuring the accessibility and functionality of its offer to all citizens and promoting the connection with the business fabric and the Public Administration.
For Poste Italiane, innovation is the driving force to face the challenges of sustainable development
Innovation and digitisation of products and services The constant commitment to the search for innovative digital solutions and the ability to integrate new business models has enabled the Group to achieve important results for the development of its business and for the creation, through the review of its products and services, of shared value for society and the country.
Payments and current accounts 65. Libretto Smart (Smart Book) is a version of the Libretto Nominativo Ordinario (Ordinary Nominative Book) that allows customers to make transaction orders also through the website poste.it and the BancoPosta App. Smart Book holders are also given the possibility to carry out specific operations, such as the activation of Supersmart Offers or the transfer of money to/from their own book or BancoPosta current account via gyro funds.
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 strengthened 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, guarantees a strategic advantage in the evolving framework determined by the rules of the European PSD2 directive.
Report on operations at 31 December 2020 6. Performance 2020, the promotion was active that provided for the reimbursement of account maintenance fees for customers who stipulated, even if not at the same time, the opening of a BancoPosta Affari current account, combined with the Postepay Code service or the Tandem POS Fisico acquiring service (which allows the acceptance of payments by credit, debit or prepaid cards, also in contactless mode).
MO.TO. (Mail Order/Telephone Order) services were released for the acceptance of card payments via telephone channel, card on file payments and recurring payments.
Collections 66. PagoPA system is the set of rules, standards, organisational structures and technological infrastructures made available by PagoPA SpA to guarantee interconnection and interoperability between Public Administrations and enabled Payment Service Providers (PSP), in order to allow electronic payments in favour of Credit Institutions.
67. Money transfer service abroad. For further information, please visit the website: In the collections segment, activities in 2020 were oriented towards consolidating the role of Poste Italiane in the PagoPA system66. In this context, as of January 2020, in line with the roadmap for the Digital Transformation of payments for the Public Administration, the Group provided the possibility of paying tax collection notices (former RAV) through its services, channelling the process to the PagoPA system. In addition, the functionality of digital apps has been further extended to pay the Car tax.
As of May 2020, PostePay SpA, in addition to BancoPosta, has also been accredited directly as a payment service provider on the PagoPA
With reference to the collaboration entered into with Western Union67, a fund transfer service for Postepay Evolution holders was launched in December, offering the possibility of sending money online 24/7 to over 200 countries and territories, which can be picked up by the recipient at a Western Union agency.
With regard to consumer clientèle, the Group has launched Poste Delivery Web, an online service that enables customers to send parcels weighing up to 30 kg anywhere in Italy and around the world in a simple, modern and flexible manner. Following registration and payment of the shipment through the website or app, those wishing to send a parcel can go to the Post Office and show the 2D code generated by the system at the time of payment, or use the paperless service, delivering the parcel directly to a courier.
In relation to the development of innovative and technologically advanced delivery services in the area of “last mile” logistics, following the acquisition of a 70% stake in the company MLK Deliveries SpA, the Group has integrated the Same Day and Scheduled Delivery services into its offer, the latter already operating in the main Italian cities. In addition, a home delivery service for pharmaceuticals was launched in large cities and medium-small towns, which the Group also offers in instant mode (within 90 minutes of purchase) in collaboration with Pharmap.
With the acquisition of the entire share capital of Nexive Group, finalised in January 2021, Poste Italiane secured the opportunity to consolidate the mail business and related logistics infrastructure to safeguard its sustainability. The operation leads to a strengthening of the Group’s position in the market, as Nexive is the second largest postal operator in Italy, with a market share of 12% for the delivery of mail, equal to approximately 350 million volumes handled annually.
In this scenario, Poste Italiane has the opportunity to become the Italian System’s Distribution Platform of Choice, supporting citizens in their daily needs, fostering the growth of the productive fabric and promoting the simplification of Public Administration.
The Distribution Platform of Choice must address the emerging needs of the Country System, satisfying needs and connecting citizens, businesses and Public Administration, through a Tech Ops Liquid Engine capable of enabling business evolution, articulated in four areas.
The Tech Ops Liquid Engine enables the evolution of CX in omni-channel and omni-commerce
During 2020, the Group developed streamlined processes that simplify customer interaction and internal operations, automating several large-scale operational processes with a view to improving and speeding up customer service.
Poste Italiane and Microsoft for the Group’s innovation and the country’s competitiveness
• Awareness in the use of energy, of water resources and waste management
• Over 95% of the electricity requirement of the Group from sources 100% renewable
Reduce the Group's total emissions in line with the Paris Climate Agreement targets and contribute to limiting global warming to 1.5°C
Increase the production of GWh of renewable energy that can be used for self-consumption
Introduce Smart Building solutions on the Group's entire real estate assets 0 net tCO2 e of a CS by 2023
Poste Italiane, aware that high quality services and products cannot disregard compliance with environmental and energy regulations, operates in compliance with applicable laws and regulations, adhering to national, European and international sustainable development objectives.
As of 2019, the Company has adopted a Group Policy on Environmental Sustainability whose objective is to formalise and communicate to stakeholders the Group’s commitment to reducing, where possible, the environmental impacts generated by its operating activities and in particular, those arising from the use of real estate and logistics and transport activities. The Group also sets out in the document the Principles and initiatives on environmental sustainability towards which it directs its commitment.
The development of an Environmental Management System implemented and certified in accordance with the UNI EN ISO 14001 standard makes it possible to manage and monitor in a systematic way the environmental aspects inherent in processes, with a view to efficiency and improvement of environmental performance, and also constitutes a valid tool to support the achievement of the sustainability objectives defined by the Group. With a view to continuous improvement, the Company is planning to develop a series of initiatives for the protection of the environment, the common thread of which remains the reduction of impacts and awareness of the issue.
The objectives and principles expressed in the Group Policy on Environmental Sustainability are implemented through the identification of three areas of intervention within which specific actions have been developed, as detailed below: z Reducing the environmental impact of its operations: – optimisation of energy consumption and reduction of atmospheric emissions from buildings, through supply from renewable sources and investment in energy efficiency solutions, such as consumption monitoring systems, use of eco-efficient lighting systems and other low consumption electrical /electronic equipment; – reduction of atmospheric emissions by encouraging green modes of transport for logistics activities and personnel mobility, also by providing employees with a company fleet of hybrid and electric vehicles; – reduction in the consumption of materials and proper waste management, in particular through the containment of paper consumption obtained also thanks to the use of dematerialised documents and through the maximisation of the share of waste that can be recycled/reused; – reduction of water consumption.
z Raising the awareness of employees and third parties regarding the environmental culture: – involvement of employees in programmes and initiatives aimed at protecting the natural environment and ecology, in particular through the support and active participation of Poste Italiane’s corporate volunteer network; – support initiatives for the protection and recovery of the environmental heritage, training and information on environmental issues; – dialogue and collaboration with national and international bodies and associations regarding the definition and adoption of models, policies and strategies aimed at combating climate change and inefficient consumption of resources; – assessment of risks and environmental management methods adopted by counterparties (suppliers, business partners, other companies), in procurement processes and any extraordinary finance transactions.
In addition, with a view to environmental sustainability, the Group aims to increase the production of energy from renewable sources through the development of photovoltaic and micro-wind solutions, and to contribute to the absorption of CO2 and other climate-changing emissions by planting green areas on Poste Italiane’s land and buildings.
Quality, Environment, Health and Safety Policy of Postel SpA: in which Postel SpA in addition to defining the objectives underlying its business conduct, is committed to ensuring environmental protection, including the prevention of pollution and other specific commitments, through the responsible use of resources and the protection of biodiversity, relevant to its context.
Company is committed to the protection of the environment, with particular reference to the prevention of pollution, excessive consumption of natural resources that may result from the activities carried out and the recovery and reuse of waste produced rather than its disposal.
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 Company 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.
More than 95% of the Group’s electricity requirement comes from 100% renewable sources, certified by Guarantees of Origin of the 220 Poste Italiane buildings in Rome selected as a “set” for the test of the “Platoon” Project
Encouragement of virtuous behaviour. With a view to increasingly efficient and sustainable management of operating processes and, consequently, to reducing the amount of waste produced, the Group has launched and maintains projects for the “virtuous” reuse of assets and equipment/tools considered obsolete, but which can still have a “second life”. These goods and equipment are therefore removed from the waste management cycle and “sold” to third parties for reuse.
Commitment to the environment is one of the Pillars of Poste Italiane’s sustainability strategy and is embodied in a series of actions implemented in the Company’s day-to-day operations.
Poste Italiane’s attention to the environment extends to internal and external printing and consumables, promoting the use of certified and recyclable products. With regard to paper destined for the Group’s bulk printing plants, in continuity with 2019, procurement was focused on FSC (Forest Stewardship Council) certified products for about 12,000 tonnes of paper. The FSC certification mark guarantees environmentally friendly, socially useful and economically sustainable forest management.
Purchases of consumables relating to ream paper for internal use within the Group, the supply of labels, packaging, forms and cartons, as well as purchases of original and re-manufactured consumables for printers, comply, where applicable, with the “Minimum Environmental Criteria”. As part of the project to replace traditional virgin plastic materials with eco-sustainable materials, and as part of the broader context of reducing environmental impact and protecting ESG issues, in 2020, through competitive bidding, four framework agreements were signed for the supply of approximately 70 million adhesive pockets and envelopes for express couriers made with a percentage of recycled plastic between 60% and 70%. In line with its commitment to the use of recyclable materials, a project has been launched to replace traditional credit cards with cards made from sustainable materials, such as the new Postepay Green, 82% of which is made from polylactic acid of organic origin.
Use curtains to create gaps in front of windows, window frames, external doors, and avoid leaving them closed in front of radiators 2. Adapt lighting equipment (and not only) to efficient technologies (LED for lighting) 7.
3. Defrost the refrigerator frequently: keep the coil clean and away from the wall so that air can circulate 8.
Choose the right means of transport according to needs, thanks to adequate information on the different possibilities and trying to favour the most ecological means of transport
The Group rewards the supply of foodstuffs, such as BIO, IGP, DOP, sustainable fishing products, in excess of the minimum quantities prescribed by the Minimum Environmental Criteria. In this context, Poste Italiane is committed to involving in the supply chain of food products for canteens and bars also local suppliers that guarantee IGP, DOC, DOP certified products. In addition, in 2019, the Group started a process of deplasticising its company canteens with the aim of significantly reducing its impact from the use of plastic materials. The supplier register provides for a qualification system for regional areas. This system, within the framework of works contracts, specifically those for building -plant interventions, favours the presence of local labour and the supply of zero-kilometre materials. This way, the Company is able, on the one hand, to contain procurement costs and, on the other hand, to reduce its environmental impact, reducing, for example, carbon dioxide emissions.
Poste Italiane, with its widespread presence throughout Italy, is aware of the distinctive role it plays in creating value within the country and the potential impact it can have in reducing environmental impacts. For these reasons, the company makes the commitment to environmental protection and the reduction of the impact of logistics one of its key points.
The Group has demonstrated its commitment to achieving this objective through the implementation of a series of activities that have led to the saving of over 12,680 tonnes of CO2, confirming the positive trend in the reduction of polluting emissions related to home-work journeys and generating savings of approximately €9.8 million in terms of avoided external costs. The initiatives undertaken in support of sustainable mobility also contribute to raising awareness and spreading among Group employees of a new lifestyle aimed at reducing environmental impact.
In line with the Company’s approach to give priority to the efficient use of renewables and the rationalisation of energy consumption from fossil fuels, as of 2018, the two main corporate strategies that brought benefits in terms of environmental sustainability were the new plan model relating to the green development of the corporate fleet and the “Joint Delivery” plan. With regard to the plan to make the company fleet increasingly “green”, Poste Italiane has purchased 663 electric tricycles and installed the relevant recharging points. In addition, Poste Italiane was awarded the procurement contract for the purchase of 5,000 Euro 5 thermal tricycles, which will be introduced in 2021.
The “Fleet Management” function set up in January 2019 for the purpose of indicating, managing and organising corporate strategies in the vehicle sector, is responsible for defining and ensuring governance, guidelines and suitable tools to obtain the best services relating to the entire vehicle fleet of Poste Italiane and Group Companies.
In line with the provisions of the Policy, the Company is committed to raising employees’ awareness of environmental responsibility, promoting numerous events in the field of Mobility Management with the aim of improving the home-work travel of personnel, promoting the use of public transport, car-pooling, alternative and collective mobility with low environmental impact and in relation to the optimisation of the entrance and parking areas of corporate offices. Poste Italiane believes that managing the systematic travel of its employees is a key element in reducing negative externalities. With this in mind, the Group undertakes to monitor, on an annual basis, the environmental impact generated by home-work journeys. The “PostePedala” campaign was launched on an experimental basis in 2020. This initiative is aimed at Poste Italiane Group employees who are regular users of bicycles for home-work journeys and belong to the Rome office. The initiative aims to raise employee awareness of the use of bicycles for home-work journeys, promoting the creation of a community of bikers.
The model proposed by the Company as part of the “Joint Delivery” plan makes it possible to radically rethink the delivery network and the operating model thanks to the implementation of the new delivery style, which involves moving from a single network structure to a structure with two networks, which differ in terms of mode, delivery frequency and type of product handled. This reduces the number of kilometres travelled for traditional delivery activities and reduces the need for a rolling fleet.
The joint venture established in 2020 between Poste Italiane and sennder, European leader in the digitisation of freight transport, has as its primary objective the efficiency of transport and the reduction of the environmental impact of logistics. Thanks to the use of 10% LNG (liquefied natural gas) vehicles, it has been possible to reduce CO2 emissions by 7,300 tonnes.
During 2020, a year marked by a global pandemic and lockdowns with physical store closures, online sales and delivery proved to be the best allies. In fact, even in the reality of Poste Italiane, e-commerce and the consequent delivery of parcels have seen a significant increase compared to previous years. The agreement signed between Poste Italiane and the startup Milkman had precisely the objective of increasing the level of home delivery service and make it suitable to the needs of the final consumer. Deciding together with the recipient the day of delivery, and having the possibility to reschedule in case of unforeseen circumstances, saves time and unnecessary trips, which also saves fuel.
Day 2020 km saved thanks to the reduction in “unnecessary” travels tonnes of carbon dioxide saved by LNG vehicles million
Aware of the “ecological footprint” generated by a delivery service that covers the entire national territory in a widespread manner, in 2019, the Group wanted to take a significant step forward, committing to implementing a Renewal Plan that provides for the replacement, by 2022, of the entire vehicle fleet with new generation models with electric, hybrid and endothermic propulsion with low emissions. The Plan also provides for the replacement of two-wheeled vehicles with tricycles and quadricycles, which will bring benefits both in terms of load capacity (increased volume) and in terms of safety (thanks to the greater stability of the three-wheeled vehicle compared to current two-wheel motorcycles).
The new vehicles will guarantee a reduction of energy consumption, lower emissions into the atmosphere, greater safety and greater load capacity for delivery. In order to measure the value generated by the introduction of the new fleet vehicles, Poste Italiane has adopted a method of assessing investments that combines the traditional financial perspective with a sustainability perspective, with a view to integrated strategic planning that enables the creation of shared value between the Company and the local area. This methodology involves quantifying the economic, environmental and social impacts that a given project or activity generates for the company and the community. Subsequently, these impacts are monetised through the use of financial proxies available in literature, in order to lead them back to a homogeneous unit of measurement (monetary) and allow, therefore, an overall representation of the value generated. Once identified, the impacts were measured and quantified in monetary terms through financial proxies. The following figure represents the results of the analysis in the form of the “True Value bridge”, i.e. the graphical representation of the net impacts of the Green fleet compared to a traditional fleet. The positive values represent avoided costs, while the negative values represent additional costs generated by the green fleet compared to the fleet as-is.
When purchasing logistics services, the Group pays particular attention to sustainability issues, selecting and rewarding suppliers in line with the environmental, social and governance issues that the Poste Italiane Group promotes. In particular, for transport services there is a score that rewards eco-sustainability for suppliers who provide vehicles with lower CO2 emission classes.
For footwear and Personal Protective Equipment, products are required to comply with the relevant “Minimum Environmental Criteria” and offers that aim at recyclable packaging are valued in terms of the technical score assigned. In addition, in line with the services mentioned above, in the procurement of technological systems for parcels and letters, offers with low energy consumption in use are valued.
In a global scenario where, in the early stages of the pandemic, personal protective equipment was hard to come by, Poste Italiane made every effort to create an ad hoc logistical supply network, setting up distribution channels around the world to ensure an adequate and continuous supply of protective equipment for its employees.
• BancoPosta Fondi SGR among the best 50 European asset managers
Gradual inclusion of an ESG component in Poste Vita investment products
Monitor the ESG ratings of the issuers present in directly managed portfolios
Over the years, sustainable finance has taken on a progressively central role within the financial sector, leading to the introduction of new mechanisms aimed at promoting investments in products and projects that have the benefit of generating positive impacts for society.
Sustainable finance is instrumental in mobilising capital to achieve sustainable goals in the international arena, and also contributes to sustainable recovery from the impacts of the Covid-19 pandemic.
In this regard, during 2020, Poste Italiane strengthened its commitment to responsible finance issues, joining the group of investors who signed the open letter for a sustainable recovery, addressed to European leaders. Promoted by PRI, CDP, UNEPFI and the Investor Agenda network of investors committed to climate change, the initiative aims to promote a sustainable recovery from the
% of new Life products offered to mass and affluent customers that provide coverage for serious illness and permanent disability
Definition of a product by 2019 Definition and sharing of the structure of a product
SGR among the top 50 European asset managers in the “small” category
Poste Vita and BancoPosta Fondi SGR signatories of the Principles for Responsible
The responsible investment policies adopted by BancoPosta Fondi SGR and Poste Vita envisage the principle of assessing investments by analysing the environmental, social and governance profiles of the various issuers of assets in the portfolio and the related managers. In this way, the Group aims to manage its investments in a sustainable and effective manner and, at the same time, provide a prompt response in line with the environmental and social needs of the
The portfolios of BancoPosta Fondi SGR and Poste Vita are periodically subjected to ESG analysis to assess their degree of social responsibility, and carbon footprint, with the aim of mitigating any risks
With reference to BancoPosta Fondi SGR, the weighted average score for the portfolios relating to the company’s direct and indirect asset management (€120 billion of assets) was 51/100 for corporate issuers and 77/100 for country issuers. BancoPosta Fondi SGR also scored higher than the ESG performance of its reference benchmarks, Ishares MSCI World ETF at 39/100 for corporate investments (equity + corporate bonds) and Universo Paesi by Vigeo Eiris at 59/100 for government investments. This result confirms, once again, the high level of quality of the Group’s investments in the field of sustainability. Compared to the CFET analysis, the weighted average carbon footprint of the Company ’s direct and indirect management portfolios (€120 billion of assets) was 4,686,804 tCO2e, with an Energy Transition score of 50/100 for corporate issuers. Both indicators resulted in a higher score than the benchmark Ishares MSCI World ETF (4,964,124 tCO2e, score 40/100). The CFET of government investments, on the other hand, is 429,327,492 tCO2e.
The Group has also developed a new product called “Postefuturo Investimenti”, with a view to ensuring greater flexibility for its customers in investment transactions. The solution represents an asset management built in collaboration with Moneyfarm, a leader in investment management, and provides for seven different lines of investment with no commissions, ensuring accessibility to the offer also to users with reduced spending capacity. With reference to the product, the Company promoted the PAC (Accumulation Plan) service, as well as customer profiling and re-profiling in accordance with the MiFID directive. In addition to the above products, within the asset management segment, distribution also began of two new mutual funds that have the potential to contribute to the growth and well-being of the country, namely “BancoPosta Focus Digital 2025”, a re-edition of the fund of the same name, which focuses on the potential of the information technology and robotics sectors, for which Anima SGR is the managing agent, and “BancoPosta Rinascimento”, a PIR (Individual Savings Plan) fund that enables investors to take advantage of the opportunities offered by the Italian real economy.
Through its actions and principles, the Poste Vita Group aims to become a model of commitment to the dissemination of a sustainable culture within the insurance industry
The Company Policy sets out the principle of the systemic assessment of environmental, social and economic context variables that have a potential impact on people, with the aim of guaranteeing adequate management of the risks involved with a view to business continuity in the long term.
This approach enables Poste Vita to take advantage of all the opportunities that emerge from market scenarios and enable the development of innovative and sustainable insurance products with social and environmental impacts. In order to guarantee the concrete effectiveness of its initiatives, the Policy also includes articulated management and monitoring processes through the definition of predetermined roles and tools.
The path taken has led Poste Italiane Group to take first place in the world ranking for brand reputation drawn up by Brand Finance for the insurance sector in 2020. The Brand Strength Index (BSI) indicator, which measures the effectiveness of the Company’s image and reputation and analyses management and investments that influence the brand, customer proximity, employee satisfaction and economic return, awarded Poste Italiane the overall top score of 85.5 and a corresponding rating of AAA. The result achieved reflects the quality of the insurance product and service offering and the speed of adaptation and resilience the company has shown in dealing with new challenges and unexpected needs related to the global health emergency from Covid-19.
Assicura. In this way, with a view to perfecting the service, all policyholders have the possibility of viewing the summary of the characteristics of the insurance product subscribed to, of activating additional services, such as requesting partial or total redemption before maturity, or of requesting settlement of a policy nearing maturity. In addition, the Group has adapted its go-to-market model to meet the standards of the “new normal”, by adopting a model of remote consultancy via telephone contact, aimed at the placement of Class 1 life policies, which was subsequently extended to the distribution of postal savings products. This option, appropriately combined with the offering at Post Offices, offers a multi-channel approach that reinforces and simplifies customer relations, and provides an alternative for customers who are more exposed to Covid19 risk and for whom it is appropriate to limit their physical presence at Post Offices.
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 Soluzione 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 divided 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.
[GRI 205-1] Companies assessed for risks related to corruption* and coverage** of operations audited for risks related to corruption
Total number of Group companies assessed for risks related to corruption 18 16 16
Number of cases of bribery and corruption and corrective actions u.m. 2018 2019 2020
Percentage of suppliers selected on the basis of environmental criteria 34.1 49.1 75.9 * The assessment regards tender processes for amounts above the EU thresholds and is functional to identify tenders that include specific environmental criteria in the subject, in the technical specifications or in the participation and/or assessment criteria (e.g. ISO 14001, ISO 50001, hybrid/electric vehicles, low-environmental impact vehicles, Minimum Environmental Criteria, the use of recycled materials in supplies, FSC certification, etc.).
** For 2020, the scope of the figure includes Poste Italiane and Group companies, net of the newly acquired sennder Italia and MLK Deliveries, since, following the in-depth analyses conducted and the findings regarding procurement models, the figure - for reporting purposes - is not applicable, as it does not comply with the consolidated indicator, scope and criteria. The strengthening of the control aimed at increasing the degree of sustainability of the supply chain has led to a significant increase in environmental performance. The 2020 index increased by 26.8 percentage points compared to 2019.
* The item “Other” contains the following materials: labels, bags and seals, parcel string and security bags. ** For 2020, there is a reduction in the volumes of paper, inks/toners and glues due to the digitisation process and the consequent downturn in the printing business; similarly, consumables in use in offices are affected by the restrictive measures adopted to contain the Covid-19 emergency. Procurement of wood, cardboard and plastic increased, in correlation with the growth of volumes in the e-commerce area.
Tangible assets other than cash and cash equivalents 2,129 2,199 2,330
Corporate income taxes accrued on profits/losses 91 530 370 * Poste Italiane Group falls under Italian jurisdiction. ** The figures refer to the following entities: Poste Italiane SpA, Poste Vita SpA, BancoPosta Fondi SGR SpA, Europa Gestioni Immobiliari SpA, Consorzio Logistica Pacchi
Men Women Total Men Women Total Men Women Total of which: of which: * The figures are shown in Full Time Equivalent (FTE) terms. ** Includes permanent personnel and apprenticeships. *** Includes fixed-term and agency staff..
Men Women Total Men Women Total Men Women Total of which: of which: * The figures refer to the headcount.
* The percentages have been calculated for permanent personnel in Head Count.
Total expenditure on training and development programmes (€) 6,322,559 7,709,433 7,020,250
Average expenditure on training and development programmes (€) 48 61 57
Percentage of positions filled through internal hiring (%)* 72 39 35 * The percentage of positions filled through internal hiring refers to the Parent Company.
Parental leave YES** YES** YES** YES** YES** YES** YES** YES** YES** YES** YES** YES**
Pension YES** YES YES** YES YES** YES YES** YES YES** YES YES** YES
The turnover rate, calculated on the basis of the number of FTEs leaving the Group as a proportion of the total workforce for year n, is 5.0 for 2018, 7.5 for 2019 and 7.2 for 2020. The voluntary turnover rate, showing the number of FTEs who voluntarily left during year as a proportion of the total workforce for year n, is 4.4 for 2018, 7.0 for 2019 and 6.6 for 2020.
Number of employees covered by the system 60,557 72,104 132,661 58,341 70,006 128,347 57,223 68,349 125,572
Number of employees covered by the system 4,242 4,022 8,264 4,813 4,237 9,050 57,213 68,344 125,557
% employees covered by the system 7 6 6 8 6 7 98 99 99 * Total number of employees covered by an occupational health and safety management system that has been audited or certified by an independent third party (e.g. in line with ISO 45001).
Number of non-employees covered by the system 751 73 824 816 261 1,077 1,461 297 1,758
% of non-employees covered by the system 100 100 100 100 100 100 100 100 100 * Total number of non-employees covered by an occupational health and safety management system.
% of non-employees covered by the system 49 63 50 55 94 65 36 86 45 * Total number of non-employees covered by an occupational health and safety management system that is internally audited.
Number of non-employees covered by the system 481 35 516 560 224 784 678 247 925
* With respect to 2020, the total number of injuries is influenced by employees who contracted the Covid-19 virus, to the extent of 953 men and 1,089 women, for a total of 2,042 events considered as occupational injuries.
** A work-related accident that leads to an injury from which the worker cannot recover, does not recover or cannot realistically be expected to recover fully and return to the pre-accident state of health within six months. Deaths are excluded.
*** No. of workplace accidents/hours worked * 1,000,000. The rate is calculated for permanent and flexible personnel.
Men Women Total Men Women Total Men Women Total of which: of which: Occupational accidents with severe consequences 10 - 10 - - - - - of which: Total number of hours worked 2,363,419 725,476 3,088,895 5,965,224 701,549 6,666,773 6,773,978 798,146 7,572,124
Fall and/or awkward movement 3 - 3 - - - 5 - 5
[GRI 405-1] Composition and breakdown of Poste Italiane SpA’s Board of Directors by gender and age*
*** Includes managers other than Top Management. **** Includes organisational roles within the Post Office Network (MP) and Business and Public Administration functions (MIPA).
Men Women Total Men Women Total Men Women Total * Data reported refer to permanent personnel, the exclusion of flexible personnel from the performance assessment process is due to the fact that the annual life cycle of the performance assessment process cannot be reconciled with the timing of flexible contracts. The table also includes the data of Group companies with the exception of the data of Poste Air Cargo, as it is not possible to make a comparison of professional levels due to contract differences. The 2020 figures also do not include approximately 7,700 personnel who “cannot be assessed” due to a lengthy absence from work (over 6 months). These resources are, however, included in the process of assigning annual objectives for the coming year.
Number of Group companies subject to human rights assessment 25 25 24
Settlements discussed regarding IRS real estate fund (no. of applications) - - -
Percentage of current account holders who are "new Italians" 17.9 16.4 16.4
Percentage of young current account holders (under 35) 35.7 28.8 23.6
Percentage of senior current account holders (over 65) 7.6 9.4 11.6
Percentage of current account holders who are "new Italians" 12.3 9.5 8.4
Percentage of senior current account holders (over 65) 5.6 6.9 9.4
Percentage of current account holders who are "new Italians" 22.1 20.1 20.7 * For Postepay Standard and Evolution cards, renewals during the year are excluded.
Customer satisfaction with overall post office experience 8.7 8.7 8.4 * The figures relating to “Average waiting time in Post Offices” and “Customers served within 15 minutes”, with reference to 2020, refer only to the first two months of the year as, due to the global health emergency, the Company has changed the way people can access Post Offices, in line with applicable regulations, in order to guarantee their health and safety.
Satisfied customers following Customer Experience surveys 81.4 82.7 82.1 * The customer experience for the various Business Units is measured twice a year (June and November) by an external research company using Net Promoter Score (NPS) surveys to measure the degree to which customers would recommend Poste Italiane’s products and services.
Customers); Poste Vita (Consumer). The sales and customer care channels involved regard the Post Office channel and the Contact Centre. In terms of the method used to measure customer satisfaction, the surveys use a scale of 1 to 10 to measure satisfaction. The percentages shown include customers who have answered 7-8 and 9-10 in the surveys carried out. Scores of 9-10 in the NPS/CES surveys reflect customers who are “promotors” (NPS) and “enthusiasts” (CES).
Mainframe services (open services being processed) covered by disaster recovery plans (%) 100 100 100 * The figures refer to Poste Italiane SpA, PostePay SpA and BancoPosta Fondi SpA SGR. ** Drills involved all the applications hosted by Poste Italiane’s central mainframe system, in addition to applications hosted in Open environments included within the scope of BancoPosta’s financial services. The health emergency imposed a different way of conducting disaster recovery exercises, moving from in-person to remote working management.
Total number of complaints received regarding violations of privacy 22 50 57 of which: complaints received from third parties and recognised by the organisation 22 49 57 complaints received from regulatory bodies - 1 -
* 2020 counts an increased number of incidents by about 124%, compared to the figure recorded in 2019. This increase is attributable to the adoption of semi-automated processes and procedures to detect the compromise of credentials of Poste Italiane employees used primarily remotely. These events are the result of the large-scale adoption of agile working, due to the emergency situation at hand. The number of incidents related to credential compromise, detected during monitoring carried out by the IT security units, represents about 80% of the total incidents detected during the year. 93% of security incidents are attributable to the Parent Company, due to the large number of assets and services present, and the process of centralising IT services.
Number of customers involved in IT security breaches No. 755 3,789 * The number of users impacted in 2020 is mainly related to a single event, attributable to the company Poste Welfare Servizi.
Customers registered on Poste Italiane's digital channels (websites and apps) 17.6 20.8 27.1
No. of procedures % dematerialised No. of procedures % dematerialised No. of procedures % dematerialised * Figures in thousands. ** Absolute total volumes of files handled declined from the figure recorded in 2019 due to the state of national health emergency. There has been an increase in the percentage of dematerialisation. In the PostePay area, the dematerialisation of Postepay Standard, Junior and IO Studio was activated. In addition, the dematerialisation of Funds was initiated during 2020.
Consumption of energy from renewable sources (GJ) 1,742,370 1,697,666 1,536,576 of which: Self-produced photovoltaic electricity 5,907 5,521 6,213
Total energy consumption (GJ) 3,870,527 3,962,688 4,034,811 of which: from renewable sources 1,742,370 1,697,666 1,536,576 from non-renewable sources 2,128,157 2,265,022 2,498,235 * Includes energy consumed by real estate and in road transport logistics and airmail. Source of factors used in conversion to GJ: GHG Protocol and DEFRA 2020 Guidelines.
Total external Group energy consumption* (GJ) 1,774,660 2,270,147 2,384,452 of which: * The target set for 2020 is 1,698,000 GJ (471,800 MWh) for total energy from renewable sources (internal and external) and 4,488,000 GJ (1,365,000 MWh) for total energy from non-renewable sources (internal and external).
of which: * Water with a total dissolved solids concentration of 1,000 mg/l or less.
Direct emissions – Scope 1* (tCO2e) 139,125 148,077 159,308 of which: Indirect emissions – Scope 2 (tCO2e)** 11,601 10,317 9,257 of which: Indirect emissions – Scope 3 (tCO2e)*** 126,440 156,202 169,656 of which: * The emission factors used to convert fuels into CO2 e are as follows: LPG for 2018 1.51 kg CO2 e/l (source DEFRA 2018), for 2019 1.52 kg CO2 e/l (source DEFRA 2019) and for 2020 1.56 kg CO2 e/l (source DEFRA 2020). Diesel for 2018 2.63 kg CO2 e/l (source DEFRA 2018), for 2019 2.69 kg CO2 e/l (source DEFRA 2019) and for 2020 2.54 kg CO2 e/l (source DEFRA 2020). Natural gas for 2018 2.04 kg CO2 e/m3 (source DEFRA 2018), for 2019 2.03 kg CO2 e/m3 (source DEFRA 2019) and for 2020 2.02 kg CO2 e/ m3 (source DEFRA 2020). Petrol for 2018 2.2 kg CO2 e/l (source DEFRA 2018), for 2019 2.21 kg CO2 e/l (source DEFRA 2019) and for 2020 2.17 kg CO2 e/l (source DEFRA 2020). The target set for 2020 is 142,600 tCO2 e.
of which: * The figures for the quantity of waste produced are given by the companies that provide waste management services. ** The target set for 2020 in relation to waste sent to disposal (landfill, incinerated and other types of disposal) is 1,000 tonnes.
[GRI 305-1; GRI 305-2] Direct and indirect CO2e emissions relating to real estate facilities
Indirect emissions – Scope 2 (market-based) (tCO2e) 11,601 10,317 9,257 of which: * The 2018 and 2019 values have been updated following a refinement of the reporting system. The trend, decreasing in the last two years, shows a slight increase in 2020, partly due to the effects caused by the Covid-19 global health emergency. Using the location-based method, the total amount of emissions relating real estates Scope 2: for 2018 183,294 tCO2e, for 2019 177,758 tCO2e, and for 2020 150,054 tCO2e.
Intensity of other indirect GHG emissions (Scope 3) 0.001 0.001 0.002 * The 2018 and 2019 values have been updated following a refinement of the reporting system. The trend, decreasing in the last two years, shows a slight increase in 2020, partly due to the effects caused by the Covid-19 global health emergency.
Total expenditure on energy (€)* 95,380,683 101,273,851 85,717,548 * The target set for 2020 is €102,534,000.
[GRI 302-1; GRI 305-1; GRI 305-2] Energy consumption and CO2 e emissions to the company road fleet
Total energy consumed (GJ) 946,453 1,059,592 1,004,322 of which: Certified guarantee of origin electricity 950 968 1,217
Indirect emissions – Scope 2 (tCO2 e) - - - * The decrease in fuel consumption (Diesel, LPG and Natural gas) is due to lower mileage - due to the Covid-19 emergency - but also to greater outsourcing of transport services following the exit of about 350 Poste Italiane drivers. Using the location-based method, the total amount of emissions relating the company road fleet Scope 2 is : for 2018, 95 tCO2 e, for 2019, 97 tCO2 e, for 2020 114 tCO2 e.
[GRI 302-1; GRI 305-1] Energy consumption and emissions by the mail and charter fleet
Total Fuel emissions from non-renewable sources – Scope 1 (tSO2)* 38.92 52.22
Jet Fuel 38.58 51.92 * The emission factors used to convert fuels into SO2 are as follows: diesel 0.0003 t SO2/TJ. Petrol 0.0003 t SO2/TJ. Source: ISPRA, Database of average emission factors of road transport in Italy. Jet fuel 96 gSOx/GJ. Source: ISPRA, Emission factors for stationary combustion sources in Italy.
Total Fuel emissions from non-renewable sources – Scope 1 (VOC)* 109.52 119.29
* The figure is close to 0, but still contributes to the total.
Total Fuel emissions from non-renewable sources – Scope 3 (tSO2) 0.65 21.38
Total Fuel emissions from non-renewable sources – Scope 3 (VOC) 22.44 26.91
Jet fuel - 0.65 * The figure is close to 0, but still contributes to the total.
* The value indicated refers to the estimate of the polluting emissions generated by the home-work travel of Poste Italiane employees applied in the offices of more than 300 resources which, at present, amount to 36 located in 19 cities in Italy, for a sample of 25,558 total resources.
** The value indicated refers to the estimate of the polluting emissions generated by the home-work travel of Poste Italiane employees applied in the offices of more than 300 resources which, at present, amount to 38 located in 18 cities in Italy, for a sample of 24,316 total resources.
Right from the first days of the emergency, the Group adopted appropriate behaviour to deal with the crisis scenario that was emerging and proactively implemented timely initiatives to safeguard the health of employees and customers. The continuity of essential services at post offices and the delivery of mail and parcels was guaranteed during the most critical months of the first “epidemic wave”.
The strategic choices implemented as part of the Deliver 2022 Strategic Plan have enabled the Group to adapt rapidly to new emerging trends such as the development of e-commerce and digital payments. The reconfiguration of its operating and business processes, supported by the new working models, and the development of multi-channel access and use of the services offered, together with effective cost management, have enabled the Group to achieve positive financial results in 2020, exceptional in certain segments (postal savings, parcels, electronic money), and to maintain a high level of financial solidity.
Significant investments in technology and logistics have accelerated the Group’s transformation process, innovating the business model and operating processes, the strategies adopted to expand the range of products and services and, in general, the value creation process. Intercepting the needs and guiding the change in customer habits is proving to be a central element, also for the future, for the path of economic growth of the Group and the country.
On 19 March, the Group presented its new “2024 Sustain & Innovate” Strategic Plan, which aims to confirm the company’s role as a “strategic pillar” for the country, with a renewed focus on effective cost management and the increasing integration of sustainability issues into corporate strategies.
Unique market position enables expansion of customer base and penetration of our products
The Group’s activities aim to create a positive impact for customers, communities and all stakeholders by promoting integrity, transparency and ethical and responsible management. The company invests in its people to build an inclusive work environment that ensures equal opportunities.
z Integration with the Nexive Group, with the exploitation of synergies, guaranteeing the safeguarding of the sustainability of the mail market and service levels for customers.
Financial Services Strategic Business Unit: z Increasing the attractiveness of savings and promoting a diversified asset allocation that is consistent with customer needs, leveraging the omni-channel platform, developing the number and professionalism of consultants and increasing attention to customer segmentation z Integration of insurance coverage in the offer of investment products, meeting at the same time the savings and protection needs of customers z The completion of the digitisation of the product offering portfolio z The extension and customisation of the product offering also through the use of new partnerships and the development of existing ones.
Insurance Services Strategic Business Unit: z Consolidation of leadership in Life business through a gradual rebalancing of inflows towards products that, while respecting the needs and characteristics of customers, are also capital light. These products (Multi-class) are characterised by a moderate risk profile, with potentially more attractive returns on investments z Commitment and contribution to reducing “under-insurance” in Italy, through the continuation, in the P&C sector, of a profitable and sustainable growth path with the development of a modular and integrable offer of the various covers that make up the different lines of protection, customised to the needs of each customer z The progressive penetration of the car liability market and the development of Welfare.
The new “2024 Sustain & Innovate” plan sets out a path of innovation and consolidation that the Group is ready to undertake on the strength of its omni-channel approach, customer relations and awareness of its systemic role for the country. The commitment that will be made to this ‘sustainable’ growth takes into account a progressive improvement of the emergency situation during 2021 in which Poste Italiane will continue to face the crisis on the strength of the economic and financial resilience demonstrated in 2020.
Within the scope of the transactions with Monte dei Paschi di Siena Capital Services Banca per le Imprese SpA authorised by the Board of Directors on 27 June 2019, having obtained the consent of the Related and Connected Parties Committee, 18 repurchase agreements, 3 Interest Rate Swaps for interest rate risk hedging purposes, and 41 trades in government securities were carried out in 2020.
Exceptional and/or unusual transactions Under the definition provided by the CONSOB ruling of 28 July 2006, the Poste Italiane Group did not conduct any exceptional and/or unusual transactions70 in 2020.
The following alternative performance indicators are used: NET WORKING CAPITAL: this indicator represents the sum of inventories, trade receivables and other receivables and assets, current tax assets, trade payables and other liabilities, and current tax liabilities. This indicator is also shown separately for each Strategic Business Unit.
NET INVESTED CAPITAL: this indicator represents the sum of non-current assets and net working capital, deferred tax assets, deferred tax liabilities, provisions for risks and charges and employee termination benefits. This indicator is also shown separately for each Strategic Business Unit.
CET 1 CAPITAL: this indicator includes initial capital and retained earnings (Tier 1 capital), applied on a transitional basis (Regulation (EU) 2017/2395).
EBIT (Earnings before interest and taxes): this is an indicator of operating profit before financial expenses and taxation.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation): this is an indicator of operating profit before financial expenses and taxation, and depreciation, amortisation and impairments of non-current assets.
EXPENSE RATIO: is calculated as the ratio of total expenses (operating costs and fees and commissions) and gross premium revenue.
LEVERAGE RATIO: this is the ratio of CET1 Capital to total assets, the latter after adjustments for derivative financial instruments and off-balance sheet exposures.
LOSS RATIO: it is a measure of the technical performance of an insurance company providing P&C cover and is calculated as the ratio of total losses incurred (including settlement expenses) and gross earned premiums.
GROUP NET CASH POSITION: the sum of financial assets, cash and deposits attributable to BancoPosta, cash and cash equivalents, technical provisions for the insurance business (shown net of technical provisions attributable to reinsurers) and financial liabilities. This indicator is also shown separately for each Strategic Business Unit.
NET DEBT/(FUNDS) OF THE MAIL, PARCELS AND DISTRIBUTION STRATEGIC BUSINESS UNIT AS PER IFRS 16: Calculated as the net debt/funds of the Mail, Parcel and Distribution Services Strategic Business Unit excluding financial liabilities for leases (IFRS 16).
TSR (Total Shareholder Return): it measures the total annual return for an investor and is calculated by adding the increase in the share price over a determinate period of time to the impact of dividends per share paid in the same period.
EARNINGS PER SHARE: is the portion of a listed company’s net income granted to each of its outstanding common shares. It is calculated as the ratio of the Group’s net profit to the number of outstanding shares.
Consolidated statement of profit or loss Reclassified consolidated statement of profit or loss of which: Mail, Parcels and Distribution Services 3,201 3,492 (292) -8.3% 950 937 13 1.4%
of which net capital gains 365 339 26 7.7% 131 84 48 56.7%
of which: of which ordinary personnel expenses 5,204 5,561 (356) -6.4% 1,341 1,452 (111) -7.7%
of which early retirement incentives 432 340 92 27.2% 422 328 95 28.9%
of which disputes and other extraordinary items (1) (6) 5 88.2% (3) (5) 2 33.4%
Distribution of third-party products 191 313 (122) -39.0% 48 85 (37) -43.4%
of which early retirement incentives 1 2 (0) -26.6% 0 0 (0) -3.3%
of which early retirement incentives 1 0 1 n/s 0 0 0 -
Trade receivables, Other receivables and assets and Inventories 7,468 6,978 490 7.0%
Prepaid/deferred tax assets/(liabilities) (106) 312 (418) n/s of which profit for the period 1,207 1,342 (135) -10.1%
Provisions for risks and charges (1,156) (9) (214) (17) - (1,396)
Cash and deposits attributable to BancoPosta - - (6,391) - - (6,391)
Cash and deposits attributable to BancoPosta - - (4,303) - - (4,303)
of which fair value reserve 3 10 1,212 51 - 1,276
Net technical provisions for insurance business - - - 13,537 - 13,537
Key performance indicators for principal Poste Italiane Group Companies Postel SpA
Report on operations at 31 December 2020 8. Summary of the resolutions of the ordinary and extraordinary Shareholders’ Meeting and other information
Revenue from sales and services 64,137 49,035 15,102 30.8 n/s: not significant
Technical provisions for insurance business 236,014 206,709 29,305 14.2 * The figures shown have been prepared in accordance with IFRS and therefore may not coincide with those in the financial statements prepared in accordance with the Italian Civil Code and under Italian GAAP.
Report on operations at 31 December 2020 9. Consolidated non-financial statement 9. Consolidated non-financial statement
The following connecting table shows the information disclosure required by the Decree and the corresponding sections within the Annual Report and other company documents required by law.
In addition, content related to the NFS, as previously mentioned, is also indicated to make it easily identifiable, by this infographic: SCOPES OF LEGISLATIVE DECREE 254/2016
Corporate Governance Report y 3. Corporate governance model – Company Structure y 6. Board of Directors; 6.1 Current composition and term of office y 7. Committees y 8. Board of Statutory Auditors y 9. Internal Control and Risk Management System; 9.2 Organisational, management and control model (former Legislative Decree 231/2001)
y The Group’s sustainability Policies y 2020 Output of Poste Italiane’s Value Creation Process y Performance
y The economic value generated and distributed by Poste Italiane Group y Legality and incorporation of ESG criteria within procurement processes y Support for the socio-economic development of local communities y Dialogue and transparency with the authorities y Financial inclusion y Quality and Customer experience y Innovation and digitisation of products, services and processes y Cybersecurity, IT Security and Privacy y Integration of ESG factors into investment policies y Integration of ESG factors into insurance policies
Poste Italiane Consolidated Non-financial Statement (NFS) has been prepared in compliance with Italian Legislative Decree 254/2016 and in accordance with the most widely used international standards: the GRI Standards of the Global Reporting Initiative according to the “in accordance - Core” option, published by the Global Reporting Initiative (GRI). In addition, the 2020 NFS includes, for purposes other than to comply with the requirements of Legislative Decree 254/2016, additional KPIs specific to the sector in which the Group operates, taking into consideration the indicators published by GRI - Financial Services and the Sustainability Accounting Standards Board (SASB). These indicators are clearly identified in the table on page 366 and are to be considered additional to the disclosures prepared in accordance with the GRI Standards to meet the requirements of Legislative Decree 254/16. Poste Italiane has also reported the Covid-19 disclosures that ESMA71 and CONSOB72 have required issuers to provide in their Annual Financial Reports and Non-Financial Statement for 2020.
For each material topic, information has been provided on the relevant management and organisational model, policies, including due diligence policies, the results achieved through their application, as well as certain non-financial performance indicators.
Key Performance Indicators are collected on an annual basis, indicators reported refer to 2020, and where available to the 20182020 period as well. The qualitative and quantitative information comes from the Group’s corporate information systems and from a non-financial reporting system specifically implemented to meet the requirements of the Decree. The data is based on punctual calculations and, where specifically indicated, on estimates. In particular, the estimated data regard certain items relating to energy consumption inside and outside the organisation – in particular, data regarding electricity consumption (for security purposes and relating to outsourced Data Centres), natural gas, diesel, LPG and district heating for the Group’s real estate facilities - and water consumption, which was calculated on the basis of the costs incurred and the average tariff payable. Consumption linked to logistics is estimated in terms of distance travelled and/or average consumption of the means and the transported load, except for motor vehicles used in last mile logistics. In addition, it should be pointed out that in this document the figures in millions of euro have been rounded up or down, so the sum of the rounded amounts may not add up to the rounded total. During the period, following the definition of the new Poste Italiane’s Business Plan, the Group’s targets and objectives were updated.
All GRI Standards indicators reported are shown in the GRI Content Index of this section starting from page 356.
The scope of reporting refers exclusively to companies consolidated on a line-by-line basis for financial report, as indicated in the table “List of investments consolidated on a line-by-line basis”. Exceptions to this scope are explicitly indicated within the document. The terms Poste Italiane, Group or Company are used in the NFS to refer to Poste Italiane Group.
Protection of human rights y GRI 405 Diversity and Equal Opportunity y GRI 412 Human Rights Assessment
Environment Legality and incorporation of ESG within procurement processes y GRI 301 Materials Poste Italiane Group y Suppliers and Business partners
Scopes of Legislative Decree 254/2016 Material topics GRI Specific Standard Internal scope External scope Type of impact
Financial inclusion y FS 14 Initiatives to improve access to financial services for disadvantaged people
Poste Italiane Group y Entities and Institutions y Communities and Territory
Innovation and digitisation of products, services and processes - Poste Italiane Group y Customers y Communities and Territory y Suppliers and Business partners y Shareholders and Investors
Organisational profile 102-1 Name of the organisation Report on Operations: Statement from the Chair and the Chief Executive Officer (p.8-11)
102-4 Location of operations Report on Operations: Omni-channel Commercial Strategy (p.44-50)
102-9 Supply chain Report on Operations: Legality and incorporation of ESG within procurement processes (p.199-203)
Report on Operations: Corporate actions during the year (p.38-42); Poste Italiane’s Ownership and Organisational structure (p.20-23)
Report on Operations: The management and reporting of climate change risks according to the indications of the Task Force on Climate-related Financial Disclosures (p.120-122)
102-13 Membership of associations Report on Operations: The Group’s Environmental Social and Governance (ESG) Strategic Plan (p.79-82); Dialogue and transparency in relations with the authorities (p.253-255)
Report on Operations: Poste Italiane’s Integrated Internal Control and Risk Management System (p.95-98); Material issues, risks and management methods (p.104-131); The management and reporting of climate change risks according to the indications of the Task Force on Climate-related Financial Disclosures (p.120-122); Outlook: emerging risk management (p.122-131)
Report on Operations: Risk Management and Risk Assessment model (p.95-98); Work with transparency and integrity (p.193-199)
102-23 Chair of the highest governance body Report on Corporate Governance and the Ownership Structure: 6.6 Chief Executive Officer (p.15-16)
Report on Corporate Governance and the Ownership Structure: 6. Board of Directors, 6.1 Current composition and term of office (former art. 123-bis, par. 2., let. d), Consolidated Law on Finance (p.9); 6.8 Independent Directors (p.17-19); 6.10 Assessment of workings of the Board of Directors and Board Committees (p.2021 ); 6.11 Diversity policies (former art. 123-bis, par. 2., let. d), Consolidated Law on Finance (p.21-22)
GRI Standard Number and description of indicator Section 102-33 Communicating critical concern
102-36 Process for determining remuneration Report on Corporate Governance and the Ownership Structure: 6.12 Fees (p.22)
Stakeholder Engagement 102-40 List of Stakeholder Groups Report on Operations: Stakeholder engagement (p.105-107)
102-43 Approach to stakeholder engagement Report on Operations: Stakeholder engagement (p.105-107)
102-49 Changes in reporting Report on Operations: Chapter 9. Consolidated non-financial statement (p.351-370). No restatements have been made with respect to the previous year's figures, except where expressly stated.
102-50 Reporting period Report on Operations: Chapter 9. Consolidated non-financial statement (p.351-370)
102-51 Date of most recent report 2019 Integrated Report (May 2020)
102-52 Reporting cycle Report on Operations: Chapter 9. Consolidated non-financial statement (p.351-370)
For further information and details regarding the topics and indicators covered in this Report, contact: Poste Italiane SpA Corporate Affairs/Group Risk Management Viale Europa, 190 00144 Rome – Italy 102-54 Claims of reporting in accordance with GRI Standards
102-55 GRI content index Report on Operations: GRI-Standards Content Index (p.356-364)
Report on Operations: The economic value generated and distributed by Poste Italiane Group (p.19); Poste Italiane’s Sustainability Strategy (p.77-83); Materiality matrix (p.108-111); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Support for the socio-economic development of local communities (p.247-252); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
GRI 205: Anti-corruption 205-1 Operations assessed for risks related to corruption
GRI 207 (2019): Tax 207-1 Approach to tax Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Fiscal transparency policies (p.196-199)
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Environmental impacts of real estate facilities (p.287292 ); Environmental impacts of logistics (p.292-295); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
Report on operations at 31 December 2020 9. Consolidated non-financial statement
GRI 306 (2020): Waste 306-1 Waste generation and significant waste-related impacts 306-2 Management of significant waste-related impacts 306-3 Waste generated Chapter 6. Tables of indicators (p.328)
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Staff welfare and well-being (p.214-221); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Relations with the social partners (p.221-226); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
SDA: the National Collective Labour Contract provides, in art. 44, in case of transfer, transformation or termination of the Company, the procedure provided for by art. 47 of Law no. 428 of 29 December 1990 raising the deadline for communication to the Labour Unions to 40 days if the transfer of business concerns more than 60 employees.
GRI 403 (2018): Occupational health and safety 403-1 Occupational health and safety management system 403-2 Hazard identification, risk assessment, and incident investigation 403-3 Occupational health services 403-4 Worker participation, consultation, and communication on occupational health and safety 403-5 Worker training on occupational health and safety 403-6 Promotion of worker health 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships 403-8 Workers covered by an occupational health and safety management system
GRI 103: Management Approach 103-1 Explanation of the material topic and its Boundary
103-2 The management approach and its components 103-3 Evaluation of the management approach
404-3 Percentage of employees receiving regular performance and career development reviews
Report on Operations: Materiality matrix (p.108111 ); Poste Italiane’s Sustainability Strategy (p.7783 ); Protection of human rights (p.237-240); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
GRI 412: Human Rights Assessment 412-1 Operations that have been subject to human rights reviews or impact assessments
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Legality and ESG integration within procurement processes (p.199-203); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Cybersecurity, IT Security and Privacy (p.266-271); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
In 2020, Poste Vita and BancoPosta Fondi SGR – Poste Italiane Group companies operating in the investment sector – subjected their portfolios to social and environmental screening by an external body. The process regarded 97% of Poste Vita’s total AuM and 96.7% of BancoPosta Fondi SGR total AuM.
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Financial inclusion (p.255-257);Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
The correlation tables in this section: “Towards common metrics and consistent reporting of sustainable value creation” of the World Economic Forum and GRI indicators in the Integrated Report, SASB Indicators and Indicators of the Integrated Report of Poste Italiane and SDGs and GRI Standards Indicators are not subject to compliance judgments (“limited assurance engagement”).
Table showing links between “Toward Common Metrics and Consistent Reporting of Sustainable Value Creation” of the world economic forum and GRI Indicators in the Integrated Report
September 2020 saw the publication of the updated version of the document “Towards Common Metrics and Consistent Reporting of Sustainable Value Creation”, presented in January 2020 during the World Economic Forum in Davos, which defines a set of universal indicators for ESG performance applicable by all companies, regardless of business area, with the aim of making non-financial disclosures more easily comparable. The indicators are organised into four pillars: Governance, Planet, People and Prosperity.
PILLAR TOPIC DESCRIPTION GRI indicators in the Sections of the Report
Quality of Governing Body Composition of the Board GRI 102-22 GRI 405-1
Risk and opportunity oversight Integrate risks and opportunities in the business process
Health and Well Being Health and safety (%) GRI 403-6 GRI 403-9
GRI (Global Reporting Initiative) and SASB (Sustainability Accounting Standards Board) are the most internationally recognised standards for the definition of sustainability reporting strategies and systems. In view of the growing importance of SASB reporting for investors, the following table shows the correspondence with the indicators used in the 2020 Integrated Report.
FN-IN-270a y Poste Italiane’s Sustainability Strategy y Quality and Customer experience y Monthly complaints y Customer complaints by type
FN-IN-410b y Poste Italiane’s Sustainability Strategy y ESG Products y Insurance products with social and environmental value
Environmental Risk exposure FN-IN-450a y Poste Italiane’s Sustainability Strategy y The management and reporting of climate change risks according to the indications of the Task Force on Climate-related Financial Disclosures
FN-AC-270a y Poste Italiane’s Sustainability Strategy y Quality and Customer experience y Monthly complaints y Customer complaints by type
Employee Diversity & Inclusion FN-AC-330a y Poste Italiane’s Sustainability Strategy y Diversity and inclusion y Classification of employee by category, gender and age group y Number of personnel by other diversity indicators y Number of personnel by type of employment and gender, by Strategic Business Unit y Number of personnel by type of contract and gender, by Strategic Business Unit
Air Quality TR-AF-120a y Poste Italiane’s Sustainability Strategy y Other direct emissions from logistics activities y Other indirect emissions from logistics activities
Data Security FN-CB-230a y Poste Italiane’s Sustainability Strategy y Risk Management and Risk Assessment model y Cybersecurity, IT Security and Privacy y Privacy violations and data leaks y IT security and cybersecurity breaches y Number of customers involved in IT security breaches
Financial Inclusion & Capacity Building FN-CB-240a y Poste Italiane’s Sustainability Strategy y Financial inclusion y New customers in the categories most at risk of financial exclusion as a percentage of total new acquisitions y ATMs for inclusion y Post Offices for cultural integration
y Access to financial services y FS14 y Taxation y 207-1 y 207-2 y 207-3 y 207-4
y Access to financial services y FS14 y Information on employees y 102-8 y National bargaining agreements y 102-41 y Infrastructure investment y 201-1 y Materials efficiency y 301-1 y Energy efficiency y 302-1 y 302-2 y Earnings, wages and benefits y 401-2 y Labour/Management Relations y 402-1 y Occupational health and safety y 403-1 y 403-2 y 403-3 y 403-4 y 403-5 y 403-7 y 403-8 y 403-9 y Employee training and education y 404-1 y 404-3 y Diversity and equal opportunity y 405-1
y Responsible finance y FS11 y Information on employees y 102-8 y Economic development in areas of high poverty y 203-1 y Taxation y 207-1 y 207-2 y 207-3 y 207-4 y Equal employee training y 404-1 y 404-3
y Infrastructure investment y 203-1 yWaste management y 306-4 y 306-5
Poste Italiane’s shares have been listed on the Mercato Telematico Azionario (the MTA, an electronic stock exchange) since 27 October 2015. At 31 December 2020, the Company is 35% owned by CDP and 29.3% owned by the MEF, with the remaining shares held by institutional and retail investors. Poste Italiane SpA continues to be under the control of the MEF. At 31 December 2020, the Parent Company holds 5,257,965 of its treasury shares (equal to 0.4026% of the share capital).
In addition to the mail and parcel service, the Mail, Parcels and Distribution segment also includes the activities of the distribution network and the activities of Poste Italiane SpA corporate functions that provide services to the other segments in which the Group operates.
The Insurance Services Sector regards the activities of Poste Vita SpA, which operates in ministerial life assurance Classes I, III and V, and of its direct subsidiaries, Poste Assicura SpA, which operates in P&C insurance, and Poste Welfare Servizi Srl, which provides services to the segment in question.
This section of the Annual Report for the year ended 31 December 2020 includes the consolidated financial statements of the Poste Italiane Group, the separate financial statements of Poste Italiane SpA and BancoPosta RFC’s Separate Report. The Report has been prepared in euros, the currency of the economy in which the Group operates.
The Group’s consolidated financial statements consist of the consolidated statement of financial position, the consolidated statement of profit or loss, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the financial statements. All amounts in the consolidated financial statements and the notes are shown in millions of euros, unless otherwise stated.
The separate financial statements of Poste Italiane SpA consist of the statement of financial position, the statement of profit or loss, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows and the notes. Amounts in the financial statements are shown in euros (except for the statement of cash flows, which is shown in thousands of euros), whilst those in the notes are shown in millions of euros, unless otherwise stated.
Financial statements of Poste Italiane at 31 December 2020 1. Introduction
2. Basis of preparation and significant accounting policies 2.1 Compliance with IAS/IFRS
73. Current assets include assets (such as inventories and trade receivables) that are sold, consumed or realised as part of the normal operating cycle even when they are not expected to be realised within twelve months after the reporting period (IAS 1, par. 68).
The statement of financial position has been prepared on the basis of the “current/non-current distinction”73. In the Statement of profit (loss) for the year, the classification criterion based on the nature of the cost components has been adopted; details of interest income calculated using the effective interest criterion, as well as gains and losses deriving from the derecognition of financial assets measured at amortised cost (as per IAS 1 - Presentation of Financial Statements paragraph 82) are provided in section 5.3 Notes to the Statement of profit or loss. The cash flow statement has been prepared under the indirect method74.
The disclosures provided in these annual financial statements as well as the accounting standards adopted are in accordance with the guidelines and recommendations of the European regulatory and supervisory bodies and standard setters (ESMA, Consob and IFR Foundation)75 published in 2020 and 2021 in order to provide a guideline in the current economic context, which is heavily influenced by the pandemic. The accounting implications of complying with these recommendations are described in section 2.5 - Use of estimates.
In preparing the annual accounts, the Consob regulations contained in Resolution 15519 of 27 July 2006 and in Ruling DEM/6064293 of 28 July 2006 have been taken into account.
In order to allow for a uniform comparison with the figures for 2019, certain figures and notes for the comparison year have been reclassified.
With regard to the interpretation and application of newly published, or revised, international accounting standards, and to certain aspects of taxation77, where the related interpretations are based on examples of best practice or case-law that cannot yet be regarded as exhaustive, the financial statements have been prepared on the basis of the relevant best practices. Any future changes or updated interpretations will be reflected in subsequent reporting periods, in accordance with the specific procedures provided for by the related standards.
76. The individual components contributing to net revenue from financial services will continue, in the Consolidated Statement of Profit or Loss, to move the same items presented through 2019 and be separately presented under the new revenue item. The approach does not involve any change in key measures of the financial statements such as the Operating profit/(loss) and trading income and Net profit.
Property, plant and equipment Property, plant and equipment is stated at acquisition or construction cost, less accumulated depreciation and any accumulated impairment losses. This cost is increased for charges directly related to the purchase or construction of the asset, including - where identifiable and measurable - that relating to employees involved in the planning and/or preparation for use phase. Interest expense incurred by the Group for loans specifically for the acquisition or construction of property, plant and equipment is capitalised together with the value of the asset; all other interest expense is recognised as finance costs in profit or loss for the year in question. Costs incurred for routine and/or cyclical maintenance and repairs are recognised directly in profit or loss in the related year. The capitalisation of costs attributable to the extension, modernisation or improvement of assets owned by Group compa-
nies or held under lease is carried out to the extent that they qualify for separate recognition as an asset or as a component of an asset, applying the component approach, which requires each component with a different estimated useful life and value to be recognised and amortised separately.
The original cost is depreciated on a straight-line basis from the date the asset is available and ready for use, based on the asset’s expected useful life. Land is not depreciated.
In 2020, as part of the broader process of updating the Business Plan, which included a strategic analysis of the Group’s assets, a complex evaluation and articulation of the real estate portfolio was carried out in homogeneous clusters with the technical/ specialist support of a third party, which required the update of the useful lives and residual values of certain categories of fixed assets. For details of the useful life of the main classes of property, plant and equipment of the Group and for the analysis of the effects deriving from this activity, reference should be made to Note 2.5 - Use of estimates.
At each reporting date, property, plant and equipment is analysed in order to identify the existence of any indicators of impairment (in accordance with IAS 36 - Impairment of Assets; please refer to the treatment of impairment of assets).
Investment property Investment property relates to land or buildings held with a view to earn rental or lease income or for capital appreciation or both; in both cases such property generates cash flows that are largely independent of other assets. The same accounting treatment is applied to investment property as to property, plant and equipment. For details on the useful life of the Group’s investment property, please refer to Note 2.5 - Use of estimates.
In particular, Industrial patents, intellectual property rights, licences and similar rights are initially valued at purchase cost. This cost is increased for charges directly related to the purchase or preparation for use of the asset. Interest expense that the Group may incur for loans specifically for the purchase of industrial patents, intellectual property rights, licenses and similar rights are capitalised together with the value of the asset; all other interest expense is recognised as finance costs in profit or loss for the year. Amortisation starts once the asset is available for use. Amortisation is applied on a straight-line basis, in order to distribute the purchase cost over the shorter of the expected useful life of the asset and any related contract terms, from the date the entity has the right to use the asset.
Industrial patents, intellectual property rights, licenses and similar rights include costs directly associated with the internal production of unique and identifiable software products that will generate future economic benefits with a time horizon of more than one year. Direct costs include - where identifiable and measurable - the charge related to employees involved in software development. Costs incurred for the maintenance of internally developed software products are charged to profit or loss for the year in question. Amortisation begins when the asset is available for use and extends, systematically and on a straight-line basis, over its estimated useful life (normally 3 years). Any research costs are not capitalised.
78. The payments included in the initial measurement of the lease liability include: y fixed payments, less any lease incentives receivable; y variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date (e.g. ISTAT indexes); y the exercise price of a purchase option if the lessee is reasonably certain to exercise that option.
Variable lease payments that do not depend on an index or a rate are, in contrast, not included in the initial measurement of the lease liability. These payments are recognised as a cost in the statement of profit or loss in the period in which the event or the condition giving rise to the obligation occurs.
At the conclusion of the contract, the actual existence of a lease component is assessed. The contract is, or contains, a lease if in return for consideration it confers the right to control the use of a specified asset for a period of time. The activity is usually specified as explicitly stated in the contract or when it is available for use by the customer. The right of control is evaluated on the basis of the right to obtain substantially all the economic benefits deriving from the use of the asset and the right to decide on its use. The initial assessment is only reviewed during the term of the contract if there are modifications to the contract conditions with substantial impact on the right to control the underlying asset.
Only in the case of a significant change in the lease term or in future lease payments, the remaining lease liability is remeasured with reference to the incremental borrowing rate at the date of the modification; in all other cases, the lease liability is remeasured using the initial discount rate.
The Group avails itself of the option granted by the principle of non-application of the new provisions to short-term contracts (with a duration of no more than twelve months) and to contracts in which the individual underlying asset is of low value (up to €5,000); for these contracts, the Group continues to adopt IAS 17 by recognising on a straight-line basis in the profit or loss lease payments as matching entry to short-term trade payables.
79. If the amount of the impairment loss is greater than the carrying amount of the asset or CGU, in accordance with IAS 36, no liability is recognised, unless recognition of a liability is required by an international accounting standard other than IAS 36.
80. This is possible for transactions carried out on organised markets (the “regular way”).
At the end of each reporting period, property, plant, equipment and intangible assets with finite lives are analysed to assess whether there is any indication that an asset may be impaired (as defined by IAS 36). If any such indication exists, the recoverable amount of the asset is estimated in order to determine the impairment loss to be recognised in profit or loss. The recoverable amount is the higher of an asset’s fair value less costs to sell, and its value in use, represented by the present value of the future cash flows expected to be derived from the asset. In calculating value in use, future cash flow estimates are discounted using a rate that reflects current market assessments of the time value of money, the period of the investment and the risks specific to the asset. The realisable value of assets that do not generate separate cash flows is determined with reference to the cash generating unit (CGU) to which the asset belongs.
Investments In the Poste Italiane Group’s consolidated financial statements, investments in subsidiaries that are not significant (individually or in the aggregate) and are not consolidated, and those in companies over which the Group exerts significant influence (“associates ”) and in joint ventures, are accounted for using the equity method. See note 2.4 – Basis of consolidation.
Financial instruments In accordance with IFRS 9 - Financial instruments, the classification of financial assets and liabilities is determined at the time of initial recognition and at the relative fair value, according to the purpose for which they were acquired. The purchase and sale of financial instruments is recognised by category, either on the date on which the Group commits to purchase or sell the asset (the transaction date), or, in the case of insurance transactions and BancoPosta’s operations, at the settlement date80. Any changes in fair value between the transaction date and the settlement date are recognised in the financial statements.
On the other hand, trade receivables are recognised at their transaction price, in accordance with IFRS 15 - Revenue from Contracts with Customers.
On initial recognition, financial assets are classified in one of the following categories, based on the business model adopted to manage them and the characteristics of their contractual cash flows: z Financial assets measured at amortised cost This category reflects financial assets held to collect the contractual cash flows (the held to collect or HTC business model) representing solely payments of principal and interest (SPPI). These assets are measured at amortised cost, that is the value assigned to the financial asset or liability on initial recognition, net of any principal reimbursement, plus or minus the cumulative amortisation by using the effective interest rate method on the difference between the initial value and the value at maturity, after deducting any impairment. The business model on which the classification of financial assets is based permits the sale of such assets; if the sales are not occasional, and are not immaterial in terms of value, consistency with the HTC business model should be assessed.
The classification as “current” or “non-current” of financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income depends on the contractual maturity of the instrument, since current assets are those whose realisation is expected within twelve months of the reporting date. Financial assets measured at fair value through profit or loss are, on the other hand, classified as “current” if held for trading and are expected to be sold within twelve months of the reporting date.
In the event of a change in the business model, previously recognised financial assets are reclassified to the new accounting category; the effects of the reclassification are recognised only prospectively, and therefore, the previously recognised gains/losses and interest must not be restated. The effects of the reclassification are as follows: z if the financial asset is reclassified from amortised cost to fair value through profit or loss, the fair value of the asset is determined on the reclassification date. Gains and losses resulting from the difference between the previous amortised cost and fair value are recognised through profit or loss; Financial statements of Poste Italiane at 31 December 2020 2. Basis of preparation and significant accounting policies
When required by the applicable IFRS (e.g. in the case of derivative liabilities), or when the irrevocable fair value option is exercised, financial liabilities are recognised at fair value through profit or loss. In this case, changes in fair value attributable to changes in own credit risk are recognised directly in equity, unless this treatment creates or enhances an accounting asymmetry, whereby the residual amount of the changes in the fair value of liabilities is recognised through profit or loss.
When the hedge is related to recognised assets or liabilities, or an unrecognised firm commitment, the changes in fair value of both the hedging instrument and the hedged item are recognised in profit or loss. When the hedging transaction is not fully effective, resulting in differences between the above changes, the ineffective portion represents a loss or gain recognised separately in profit or loss for the period. IAS 39 allows, in addition to individual financial assets and liabilities, the designation of a cash amount, representing a group of financial assets and liabilities (or portions thereof) as the hedged item in such a way that a group of derivative instruments may be used to reduce exposure to fair value interest rate risk (a so-called macro hedge). Macro hedges cannot be used for net amounts deriving from differences between assets and liabilities. Like micro hedges, macro hedges are deemed highly effective if, at their inception and throughout the term of the hedge, changes in the fair value of the cash amount are offset by changes in the fair value of the hedges, and if the effective results fall within the interval required by IAS 39.
81. A hedge of the exposure to a change in fair value of a recognised asset or liability or of an unrecognised firm commitment attributable to a particular risk, and that could have an impact on profit or loss.
Repurchase agreements Any securities received as part of a transaction entailing subsequent re-sale and the delivery of securities as part of a transaction entailing their subsequent repurchase are not either recognised or derecognised in these financial statements. Consequently, in the case of securities purchased under a resale agreement, the amount paid is recognised as an amount due from customers or banks under Financial assets measured at amortised cost; in the case of securities sold under a repurchase agreement, the liability is recognised as an amount due to banks or customers under Financial liabilities measured at amortised cost. The transactions described are subject to offsetting if, and only if, they are carried out with the same counterparty, have the same maturity and offsetting is provided for in the contract.
Own use exemption The standards establishing the principles for the recognition and measurement of financial instruments are also applied to derivative contracts to buy or sell non-financial items that are settled net in cash or in another financial instrument, with the exception of contracts entered into, and that continue to be held, for the purpose of the receipt or delivery of a non-financial item in accordance with the entity’s expected purchase, sale or usage requirements (the own use exemption). This exemption applies to the recognition and measurement of forward electricity contracts entered into by the subsidiary EGI SpA if the following conditions have been met: z the contract involves the physical supply of a commodity; z the entity has not entered into an offsetting contract; z the transaction must be entered into in accordance with expected purchase and/or sale or usage requirements.
Taxes Current income tax expense (IRES and IRAP) is based on the best estimate of taxable profit for the period and the related regulations, applying the rates in force. Deferred tax assets and liabilities are calculated on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts, using tax rates that are expected to apply when the related deferred tax assets are realised or the deferred tax liabilities are settled. Deferred tax assets and liabilities are not recognised if the temporary differences derive from investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary difference is controlled by the Group or it is probable that the temporary difference will not reverse in the foreseeable future (IAS 12 paragraphs 39 and 40). In accordance with IAS 12, deferred tax liabilities are not recognised on goodwill deriving from a business combination.
Inventories are valued at the lower of cost and net realisable value. The cost of interchangeable items and goods for resale is calculated using the weighted average cost method. In the case of non-interchangeable items, cost is measured on the basis of the specific cost of the item at the time of purchase. The value of the inventories is adjusted, if necessary, by provisions for obsolete or slow-moving stock. When the circumstances that previously led to recognition of the above provisions no longer exist, or when there is a clear indication of an increase in the net realisable value, the provisions are fully or partly reversed, so that the new carrying amount is the lower of cost and net realisable value at the end of the reporting period. Assets are not, however, recognised in the statement of financial position when the Group has incurred an expense that, based on the best information available at the date of preparation of the financial statements, is deemed unlikely to generate economic benefits for the Group after the end of the reporting period.
In the case of properties held for sale83, if present, cost is represented by the fair value of each asset at the date of acquisition, plus any directly attributable transaction costs, whilst the net realisable value is based on the estimated sale price under normal market conditions, less direct costs to sell.
Long-term contract work is measured using the percentage of completion method, using cost to cost accounting84.
Business Combinations Business combinations are recognised using the acquisition method. The consideration transferred in a business combination is equal to the sum of the fair values, at the acquisition date, of the assets transferred, the liabilities incurred, and any interest issued by the acquirer. Costs directly attributable to the transaction are recognised in the Statement of profit or loss.
Any positive difference between the carrying amount of the asset and its recoverable value is recognised as goodwill and recorded under intangible assets: z the sum of the consideration transferred, measured at fair value at the acquisition date, the amount of any non-controlling interest, and, in the case of business combinations achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interest in the acquiree; and z the net value of the amounts, at the acquisition date, of the assets acquired and liabilities assumed that are identifiable in the acquiree measured at fair value.
In the event of a negative difference, this surplus represents the profit from a purchase on favourable terms and is recognised in the statement of profit or loss.
In the case of a business combination achieved in stages, the interests previously held in the acquiree are remeasured at fair value at the new acquisition date and any difference (positive or negative) is recognised in the statement of profit or loss or in the statement of comprehensive income if appropriate.
Any adjustment to the carrying amount of a non-current asset that ceases to be classified as held for sale is included in “Profit/ (Loss) for the year from continuing operations” in the period in which it no longer meets the conditions for classification as held for sale. If an individual asset or liability is removed from the disposal group classified as held for sale, the remaining assets and liabilities in the disposal group continue to be measured as a single group only if they continue to meet the conditions for classification as held for sale.
86. In detail, reference is made to the provisions of Legislative Decrees no. 173/2997 and no. 209/2005 as well as ISVAP Regulations no. 16, no. 21 and no. 22 (as amended and supplemented by ISVAP measure no. 2771 of 29 January 2010, ISVAP measure no. 2845 of 17 November 2010 and IVASS measure no. 53 of 6 December 2016).
Retained earnings/(Accumulated losses) This relates to the portion of profit for the period and for previous periods which has not been distributed or taken to reserves or used to cover losses and actuarial gains and losses deriving from the calculation of the liability for employee termination benefits, and transfers from other equity reserves, when they have been released from the restrictions to which they were subjected. In the consolidated financial statements, the item also includes any effects arising from transactions with minority shareholders.
Under IFRS 4, contracts that transfer significant insurance risk are considered insurance contracts. These contracts are accounted for and valued in accordance with the principles used to prepare the separate financial statements, observing the applicable laws and regulations86.
Insurance risk is significant if, and only if, an insured event could cause the insurer to pay significant additional economic benefits under any circumstances, other than those that have no identifiable effect on the economic aspect of the transaction, even if the insured event is highly unlikely. The reference accounting standard does not provide a specific indication of the level of significance. Therefore, it is up to the Group insurance companies to define a threshold beyond which the additional payment in the event of the insured event may generate the transfer of a significant insurance risk87.
In the case of contracts for separately managed accounts with discretionary participation features88 (DPF, as defined in Appendix A of IFRS 4), IFRS 4 makes reference, as illustrated above, to national GAAP. The contracts are classified as “financial ”, but accounted for as “insurance” as follows: z premiums, changes in technical provisions and other claim expenses are recognised in the same way as the insurance contracts described above; z unrealised gains and losses attributable to policyholders are assigned to them and recognised in technical provisions (deferred liabilities payable to policyholders) under the shadow accounting method (IFRS 4.30).
88. A contractual right of investors to receive returns on the separately managed account. This category includes contracts relating to the life business and referring to Class I and Class V products that envisage clauses for the revaluation of the insured benefit based on the returns achieved by a separately managed account.
Termination benefits payable to employees are recognised as a liability when the entity gives a binding commitment, also on the basis of consolidated relationships and mutual undertakings with union representatives, to terminate the employment of an employee, or group of employees, prior to the normal retirement date or, alternatively, an employee or group of employees accepts an offer of benefits in consideration of a termination of employment. Termination benefits payable to employees are immediately recognised as personnel expenses.
In the case of equity-settled share-based payment transactions: z an increase in shareholders’ equity is recorded as a matching entry at cost; z if the fair value of the goods or services received or acquired cannot be reliably determined, this value must be estimated indirectly on the basis of the fair value of the equity instruments granted at the grant date.
Revenue is recognised on the basis of a 5-step framework, which consists of the following: z identify the contract with the customer (sales contracts except lease contracts, insurance contracts, financial instruments and non-monetary exchanges); z identify the performance obligations, which can be defined as the explicit or implicit promise to transfer a distinct good or service to the customer; z determine the transaction price; z in the case of bundles of goods or services involving different performance obligations, allocate the transaction price to the performance obligation; to that end, it is necessary to estimate the stand-alone selling price of each component; z recognise revenue when or as the entity fulfils the performance obligation, that is upon delivery of the good or service to the customer. Performance obligations can be fulfilled: – “at a point in time”: in the case of obligations fulfilled at a point in time, revenue is recognised only as control over the good or service is passed to the customer. In that respect, consideration is given not only to the significant exposure to the risks and benefits related to the good or service but also physical possession, customer’s acceptance, the existence of legal rights, etc.; – “over time”: in the case of obligations fulfilled over time, the measurement and recognition of revenue reflect, virtually, the progress of the customer’s satisfaction. An appropriate approach is defined to measure progress of the performance obligation (the output method).
In the presence of multiple performance obligations, the total transaction price is allocated to each performance obligation to the extent of the consideration that the entity is entitled to receive for the transfer of the relevant goods and services to the customer. The transaction price will be allocated on the basis of the standalone selling price of the goods and services associated with the performance obligation. The standalone selling price is the price at which an entity would sell the goods and services separately to the customer, under similar circumstances and to similar customers. If the standalone selling price is not observable, the Company would need to estimate it considering all the information available (market conditions, information on the customer or the class of customers) and the estimation methods used in similar circumstances.
Revenue from activities carried out in favour of or on behalf of the state is recognised on the basis of the amount effectively accrued, with reference to the laws and agreements in force, taking account, in any event, of the provisions contained in legislation regarding the public finances. The return on the current account deposits held by the MEF is determined using the effective interest method and is recognised as revenue from financial services. The same classification is applied to income from Eurozone government bonds, in which deposits paid into accounts by private customers are invested.
90. Diluted earnings per share are calculated by taking into account the potentially dilutive effect of all instruments which can be converted into ordinary shares issued by the Parent Company. The calculation is based on the ratio of profit attributable to the Parent Company, adjusted to take account of any costs or income deriving from the conversion, net of any tax effect, and the weighted average number of shares outstanding, assuming conversion of all convertible securities.
In the Poste Italiane Group’s consolidated financial statements, earnings per share is determined as follows: Basic: basic earnings per share is calculated by dividing the Group’s profit for the year by the weighted average number of Poste Italiane SpA’s ordinary shares in issue during the period.
The Poste Italiane Group’s consolidated financial statements include the financial statements of Poste Italiane SpA and of the companies over which the Parent Company directly or indirectly exercises control, as defined by IFRS 10, from the date on which control is obtained until the date on which control is no longer held by the Group. The Group controls an entity when it simultaneously: z has power over the investee; z is exposed, or has rights to, variable returns from its involvement with the investee; z has the ability to influence those returns through its power over the investee.
Control is exercised both via direct or indirect ownership of voting shares, and via the exercise of dominant influence, defined as the power to govern the financial and operating policies of the entity, including indirectly based on legal agreements, obtaining the related benefits, regardless of the nature of the equity interest. In determining control, potential voting rights exercisable at the end of the reporting period are taken into account.
The consolidated financial statements have been specifically prepared at 31 December 2020, after appropriate adjustment, where necessary, to align accounting policies with those of the Parent Company.
The criteria used for line-by-line consolidation are as follows: z the assets, liabilities, costs and revenue of consolidated entities are accounted for on a line-by-line basis, separating where applicable the equity and profit/(loss) amounts attributable to non-controlling interests in consolidated equity and consolidated profit or loss; z business combinations, in which control over an entity is acquired, are accounted for using the acquisition method. The cost of a business combination is represented by the current value (fair value) at the date of acquisition of the assets sold, the liabilities assumed, the equity instruments issued and any other directly attributable accessory charges; any difference between the cost of acquisition and the fair values of the assets and liabilities acquired, following review of their fair value, is recognised as goodwill arising from consolidation (if positive), or recognised in profit or loss (if negative); z acquisitions of non-controlling interests in entities already controlled by the Group are not accounted for as acquisitions, but as equity transactions; in the absence of a relevant accounting standard, the Group recognises any difference between the cost of acquisition and the related share of net assets of the subsidiary in equity; z any significant gains and losses (and the related tax effects) on transactions between companies consolidated on a line-by-line basis, to the extent not yet realised with respect to third parties, are eliminated, as are intercompany payables and receivables, costs and revenue, and finance costs and income; z gains and losses deriving from the disposal of investments in consolidated companies are recognised in profit or loss based on the difference between the sale price and the corresponding share of consolidated equity disposed of.
During the year, the Parent Company concluded the following business combinations by virtue of which it acquired control of the entities.
sennder Italia Srl As part of the collaboration with the German digital carrier sennder GmbH, on 12 February 2020, Poste Italiane subscribed a capital increase of €255 thousand in the company sennder Italia Srl, acquiring 75% (25% is held by sennder GmbH). On 25 February 2020, to support business needs in the start-up phase, Poste Italiane made an additional capital contribution of €3 million.
Below is the carrying amount of the assets acquired and liabilities assumed at the date of acquisition: (€k) Carrying amount
MLK Deliveries SpA As part of its collaboration with technology start-up company Milkman SpA, which specialises in the management of “last mile” logistics for advanced delivery services in Italy, on 24 April 2020, Poste Italiane subscribed a capital increase of €15 million in MLK Deliveries SpA, acquiring 70%; the remaining 30% is held by Milkman SpA.
Below are the economic values of the acquired company included in the consolidated profit or loss statement from the date of acquisition: (€k) From the date of acquisition to
91. Public statement ESMA32-63-951 of 25 March 2020, Public statement ESMA 32-63-1041 of 28 October 2020 and Consob Notice of attention no. 1/21 of 16 February 2021.
The following section describes the accounting treatments that require greater subjectivity in the preparation of estimates and for which a change in the conditions underlying the assumptions used could have a material impact on the financial statements, also taking account (in line with ESMA requirements and the related Consob warnings91) of the effects of the health emergency linked to the spread of the Covid-19 pandemic, which has had a significant impact on the economic and social context and makes it difficult to make realistic forecasts regarding the economic and financial performance of the market and the Poste Italiane Group.
At 31 December 2020, Poste Italiane Group’s receivables outstanding with central and local authorities amounted to €629 million (€693 million at 31 December 2019), gross of provisions for doubtful debts.
Due from Ministries and Public Administration entities: Ministry for Econ. Dev. 82 80
Other receivables and assets: Sundry receivables due from Public Administration entities 1 1
At 31 December 2020, provisions for doubtful debts reflect receivables for which no provision had been made in the state budget and uncertainty regarding past due amounts due from the Public Administration. For further details, see notes A8 - Trade receivables and A9 - Other receivables and assets.
Determination of the provisions involves the use of estimates based on current knowledge of factors that may change over time, potentially resulting in outcomes that may be significantly different from those taken into account in preparing these financial statements.
The impairment tests performed at 31 December 2020 refer to: Mail, Parcels and Distribution CGU In view of the continuing negative economic results, the decline in the postal market and the current macroeconomic scenario characterised by the health emergency caused by Covid-19, the Mail, Parcels and Distribution CGU was subjected to an impairment test in order to determine a value in use comparable with the overall carrying amount of net invested capital.
At 31 December 2020, there was no need for any further impairment adjustments, in addition to the negative adjustments of €19 million to consolidated profit or loss and €11 million to Poste Italiane SpA’s profit or loss, already recognised in 2020.
The useful life of the main asset classes of the Group, restated as a result of the above analyses, is detailed in the following table: Property, plant and equipment Years
Other assets 3-5 3-5 * Or the useful life of the improvement if shorter than the estimated lease term.
92. For example, with reference to the Life business, the approach adopted for the quantification of technical items useful for the implementation of the LAT consists in the development, for each product line, of a calculation model that replicates the (probable) economic commitments of the Group insurance company over the entire projection horizon coinciding with the residual duration of the contracts. The projections of future cash flows take into account the general and special policy conditions, with particular reference to the time structure of premiums, insured benefits, payments per claim, maturities or redemptions, as well as revaluation clauses and any other contractual options present. Future assumptions express reliable estimates of the probability of exit for the various causes, impacting future cash flows of investment returns, policyholder participation rates, and levels of acquisition and operating expenses.
In order to verify the adequacy of the technical provisions, the Liability Adequacy Test (LAT) is performed periodically. It measures the ability of future cash flows from insurance contracts to cover liabilities to the policyholder92. The LAT is conducted on the basis of the present value of future cash flows, obtained by projecting expected future cash flows from the existing portfolio to the end
Share-based payments As described in more detail in Note 14 - Additional information - Share-based payment arrangements, for the valuation of the Poste Italiane Group’s Share-based payment arrangements in place at closing of these financial statements, an internal pricing tool was used, which adopts simulation models that meet the requirements of the relevant accounting standards and take account of the specific characteristics of the Plans. An exception to this is the valuation of the “ESOP2020” Stock Option Plan of MLK Deliveries SpA, for which the conclusions reached by actuaries external to the Group were used. The plan terms and conditions link the award of the related options to the occurrence of certain events, such as the achievement of performance targets and performance hurdles and, in certain areas of operation, compliance with certain capital adequacy and liquidity requirements. For these reasons, measurement of the liability, equity reserve and the corresponding economic effects involves the use of estimates based on current knowledge of factors that may change over time, potentially resulting in outcomes that may be significantly different from those taken into account in preparing these financial statements.
Employee termination benefits The measurement of Employee termination benefits is also based on calculations performed by independent actuaries. The calculation takes account of termination benefits accrued for the period of service to date and is based on various demographic and economic-financial assumptions. These assumptions, which are based on the Group’s experience and relevant best practices, are subject to periodic reviews.
With regard instead to determination of the lease term at the commencement date or of the remaining term at a later date (in the event of substantial and significant changes to contract conditions) and, in particular, for property leases, the Group uses a valuation approach based primarily on the expected duration of the obligation as per the agreement between the parties and/or in the legal framework of reference (Law 392 of 27 July 1978), and it expects an extension of the lease due to an interpretation/ forecast of events, circumstances and future intentions, including of a strategic nature, of both the lessor and the lessee. This has resulted in a set of rules for determining the lease term, to be applied to leased properties classified previously in three distinct clusters: properties where the lease is subject to legal restrictions and high commercial-value properties; properties for civilian use, such as the company accommodation for Group employees and executives; and other properties used in operations.
One of the indicators of this interest is the fair value measurement of the option exercise price. In addition to the presence of this indicator, the Group makes a case-by-case assessment of the facts and circumstances that characterise existing transactions. In this case, the discounted value of the option is initially deducted from the Group's equity reserves. Any subsequent changes in the valuation of the exercise price of the option are reflected in the PL statement.
z Amendments to certain accounting standards following the reform of interbank rates. The planned amendments, the purpose of which is to take account of the consequences of effectively replacing the existing interest rate reference indices with alternative reference rates, relate to the following standards: – IFRS 9 - Financial instruments introduces a practical expedient for accounting for changes in the basis on which contractual cash flows of financial assets and liabilities are calculated, in order to allow the effective interest rate to be adjusted, thus avoiding changes to the carrying amount; – IAS 39 - Financial Instruments: Recognition and Measurement envisages exemptions relating to the termination of hedging that may occur as a result of the reform; – IFRS 7 - Financial Instruments: Disclosures requires additional disclosures to enable readers of the financial statements to better understand the effect of the reform on benchmark interest rates, financial instruments and an entity’s risk management strategy; – IFRS 4 - Insurance Contracts allows insurance companies that chose to postpone the adoption of IFRS 9 to apply the amendments to IAS 39 necessary to comply with the rate reform; – IFRS 16 - Leases allows leases that specifically refer to an IBOR rate to be amended to refer to an alternative rate resulting from rate reform.
3. Material events during the year 3.1 Principal corporate actions sennder Italia Srl 95. Open banking is sharing of data between different players in the banking ecosystem. With the entry into force of the European PSD2 Digital Payments Directive, European banks are obliged to open up their API (Application Program Interface) to fintech companies and other companies involved in financial products and services. This will allow external companies (third parties) access to payment data thus increasing competition.
sennder GmbH In January 2021, Poste Italiane took part in a new capital increase promoted by sennder GmbH, investing €7.5 million and increasing its holding in the German company to 2.0% (1.8% on a fully diluted basis).
On 11 December 2020, PostePay took part in a new capital increase at Tink with an investment of €1.5 million, keeping its interest in the company’s share capital virtually unchanged (4.7% on a fully diluted basis).
As part of these agreements, Postepay also adhered, with other investors, to a capital increase in Volante with an investment of approximately $5 million for an interest of 3.5% in the share capital issued, or 2.9% on a fully diluted basis. The operation will take effect on 2 July.
The transaction was carried out pursuant to article 75 of Law Decree no. 104 of 14 August 2020 (converted into Law no. 126 of 13 October 2020), which provides that certain concentration transactions shall be considered authorised upon indication to the Antitrust Authority (AGCM) of suitable measures to prevent the risk of imposition of prices or other contractual conditions that could be costly for the user as a result of the transaction.
z The sale of Poste Vita, Poste Assicura and Poste Welfare Servizi ICT management business units to Poste Italiane took effect on 1 March 2020. The transaction is part of the process of making Poste Group ICT processes more efficient by centralising the management of the subsidiaries’ information systems at the Parent Company.
z On 19 May 2020, the General Shareholders’ Meeting of Poste Tributi ScpA in liquidation approved the Company’s final liquidation financial statements and on 26 May 2020, the Company was removed from the Register of Companies.