Payments and Mobile Within the Payments and Mobile Business Unit, the process of change management and innovation already undertaken in previous years, beginning with the establishment of PostePay, continued. The project includes remote learning interventions, virtual experiential activities, micro-learning briefs, cross-functional project-work, focused on the four capabilities at the basis of the new mindset: Managing Chaos, Critical Thinking, Cp-makership and Take Action with specific actions on different company targets. The Group has considered it of fundamental importance in its training path to ensure the continuity of professional updates and the acquisition of specialist and basic know-how, mainly delivered online, with a strong focus on initiatives in the areas of regulatory compliance, safety in the workplace and basic language training, as well as in relation to the forthcoming adoption of the new SAP ONE ERP S4/HANA system. Poste Italiane has shown its commitment to providing training to support Quality and Anti-corruption certification processes and compliance with regulatory obligations.
Already in 2019, Poste Italiane Group activated a study to correlate training with the company’s business KPIs, thus defining an additional level of evaluation of the effectiveness of training in accordance with the ROI Evaluation Process Model.
The overall objectives pursued in the year 2020 in the area of people development have been heavily influenced by the unpredictable scenario due to Covid-19. Therefore, the priorities were reviewed and the main activities of the plan were redesigned in an innovative and ad hoc manner to ensure continuity of the existing processes. Thanks to the revisiting, mainly in a digital perspective, of the main development paths, it has been possible to: z enhance people and their professional development to create a pipeline of talents at various levels of seniority, through the knowledge of their experiences, skills, aptitudes, potential and motivation; z accelerate the evolution of digital processes, systems and tools to promote new ways of working, interacting and collaborating; z support leadership development projects with particular reference to programmes aimed at female inclusion; z contribute to business transformation objectives through ad hoc designed initiatives; z improve engagement and motivation, through participation processes in a “bottom -up” logic.
The enhancement of people and the promotion of professional development were pursued through digital implementation of scouting programmes aimed at identifying potential, skills and expertise that can feed the talent pipeline at various levels of the organisation. The programmes have been created around a digital backbone that spans and supports all process steps. Specially created platforms allow optimal access from all fixed and mobile digital devices. The digitisation of programmes, in addition to making their delivery times more efficient, has led to a reduction in their environmental impact, in terms of CO2 emissions and the elimination of paper.
z MLAB: is the process of intercepting solid professionals and managers, with consolidated experience in the role of manager to be developed in positions of greater complexity; the path has been entirely revised in a perspective, realising during the year 14 editions with the participation of 82 managers, equally divided by gender.
Both programmes were evaluated positively by the participants, in terms of level of usefulness, degree of professionalism of the assessors and satisfaction with the IT tools made available for use.
In line with the leadership development projects, the Mentoring project, which contributes to the building of the Leadership Community of Practice, continued and, compared to 2019, saw the number of female managers as Mentors double. Mentoring is the place where managerial best practices are disseminated and an opportunity for dialogue with diversified role models and consists of a process of accompaniment in which the Mentor supports the Mentee in the pursuit of professional objectives, offering advice, encouragement and opportunities for dialogue. A total of 90 Mentors and 150 Mentees were involved during 2020.
Poste Italiane has always been attentive to actively listening to its people in order to improve their way of being in the Company. For this reason, the NoidiPoste Community has become over the years an established channel of internal communication aimed at creating, facilitating and improving the interaction between the Company and its Employees, facilitating the sharing and management of information requests, promoting the corporate culture, supporting the brand reputation, encouraging Employees to actively participate in corporate life.
Thanks to surveys and polls presented to employees, the NoidiPoste App has increased its functionalities, including the holiday service (600 thousand accesses on average each month) and the social media service. The App also enables daily viewing of TG Poste, the new communication initiative directed at employees launched in 2020.
In continuity with the process of involving the Group’s people, the initiative was extended to all the personnel who interface with retail and business customers on a daily basis in the MP, MIPA, PCL and DTO functions, and to all the people in the Company who work together to structure the new product offerings and service models of the Business Units and Companies in Poste Italiane Group. To continue on the path of engagement with the entire corporate population, in November 2020, a feature was released that alerts users, via notification, of a response from the Internal Communication account or a colleague to a comment posted on the Intranet or App. The high level of personnel involvement is demonstrated by the numbers: more than 70 thousand comments received, of which more than 16 thousand in 2020. During the health emergency, interaction on Poste Italiane’s digital channels recorded over 7 thousand comments, enabling the dissemination of useful information to promote safety, protect the categories most at risk and manage the offices in the best possible way.
With a view to strengthening relations with its employees, Poste Italiane has implemented innovative projects and methods aimed at intensifying internal communication activities within the Company, and has received numerous international awards.
Postenews App In February 2021, the Postenews App was launched, a quick and easy way to stay in touch with the reality of Poste Italiane, through a schedule of daily news with services and video reports from within the Group and beyond. The application offers updates on topics such as logistics, savings, economics, institutions, safety, security, environment and digital, allowing, in addition, to follow the TG Poste, which provides the most important news of the day and Poste Italiane. The app includes a section dedicated to Small Municipalities, where news about small communities is published every day, highlighting the different territorial realities, the faces and stories that tell about the very close relationship between the women and men of the Group with their communities and institutions.
In light of the period of health emergency dictated by the Covid-19 virus, the Group implemented a new communication tool aimed at employee dialogue and engagement, to strengthen ties and increase the sense of belonging to the Company. The initiative involved the creation of a Poste Italiane news programme, broadcast daily and available on the company Intranet, on the app and in live streaming through the Postenews section of the Poste.it website and on the screens in Post Offices. “Italy is changing, TG Poste tells about it” is the claim of the initiative, which proposes news from inside and outside the Company: news and press review, stock market and Poste Italiane share news, news from the various sectors of the Company and interviews with managers. The initiative aims to be a new space that integrates corporate content with the language of journalism, thus offering in-depth knowledge of the Group. TG Poste is broadcast from a technological and innovative TV studio set up inside the Rome EUR headquarters.
Work-life balance The Company identifies work-life balance as a source of well-being for its employees. With this in mind, the Group has strengthened its focus on the social and family aspect of workers, in order to support the role of parents, with an integrated action that has provided guidance for young people and support for families.
As part of the actions taken to support spatial and temporal flexibility of service and the strengthening of welfare tools that make it possible to reconcile personal and family needs with professional ones, remote working experimentation was extended to additional organisational areas, increasing employee engagement and making work processes more efficient, consistent with the Digital Transformation and Change Management programmes undertaken by the Company.
Health and prevention During the period, a series of awareness-raising initiatives were implemented with the aim of preventing illnesses, identifying the main risk factors and good practices for a healthy lifestyle, combining these projects with the provision of free specialist national services aimed at cancer prevention at the company’s premises or at external medical centres. Due to the contingent situation caused by Covid-19, the service carried out in the company offices was reorganised and reshaped in compliance with current regulations in order to ensure the safety of the population participating in the initiative.
In line with its health and prevention programme, Poste Italiane has launched the “Poste Centro Medico”, a centre of excellence for specialist examinations and diagnostic services for the prevention, care and well-being of employees. The first opening in Rome, at the Group’s headquarters, is part of the broader plan to focus on and protect the health of the company’s population, and will welcome the best specialists from the most important national health facilities, ensuring a medical service that fully meets the needs and requirements of users. “Poste Centro Medico” was conceived as the first centre in Italy for the NoidiPoste community. However, it also extends to employees’ families, through even more advantageous rates for those who have signed up for Health Plan coverage.
Every person in the Group, by adopting correct behaviour and responsibly following the instructions of the Government, collaborates and takes an active part in combating the spread of the virus and safeguarding their own lives and the lives of others, at the same time protecting the future of the Company and even more so of the country.
In order to reinforce measures to protect the health of workers during health emergencies, non-executive personnel who are members of the Poste Vita Fondo Salute supplementary health care fund are entitled to free supplementary health care services. In particular, both the Basic and Plus options of the above-mentioned Health Plan have been supplemented with specific coverage for those infected with the Covid-19 virus. In detail, there is a daily allowance for hospitalisation for Covid-19 positivity of €100 per day up to a maximum of 45 days; a daily allowance for intensive care of €200 per day, up to a maximum of 21 days, and a flat-rate compensation of €1000 in case of home isolation. These protections, which also relate to the household, have been extended free of charge until the end of March 2021 regardless of the health package subscribed to.
In addition to the above-mentioned coverage, there is also coverage for expenses incurred for antigenic and molecular swabs. In particular, Poste Italiane has provided, with retroactive effect, a refund for preliminary swabs to access the services provided by the Health Plan, for swabs for suspected Covid-19 pathology (up to a maximum of €40 for each swab carried out) and a refund for the end of quarantine (up to a maximum of €40). The maximum reimbursement per year/assisted person is €600, the reimbursed cost will be deducted from the maximum amount of €600 foreseen for the “specialist outpatient visits” coverage. All the above supplementary coverage is recognised provided that, at the time of the event, the patient and any family members are enrolled in the Health Fund. With a view to integrated welfare, these initiatives complement the Covid-19 diagnostic test campaign promoted by Poste Italiane.
Poste Italiane has set up a supplementary healthcare fund for non-executive personnel and Group companies. By strengthening the corporate welfare system, the plan integrates the services provided by the National Health Service with a network of high-level services, skills and professionalism. In addition, in view of the growing importance of welfare as people leave the workforce and reach a mature age, Poste Italiane ensures that the Group’s pensioners can continue to benefit from the guarantees offered by Poste Vita Fondo Salute.
Actions to raise awareness of a healthy lifestyle were implemented during 2020. With this in mind, a series of online seminars was held for employees and their families, aimed at increasing the culture linked to the importance of primary prevention through meetings with experts, which touched on topics of great importance such as viruses and epidemics, the link between nutrition and the prevention of the main diseases due to incorrect lifestyles. Particularly noteworthy was the appointment that provided for the exploration of smoking aimed primarily at adolescents, with the aim of making clear what are the damages caused by tobacco consumption.
In addition, in continuity with as was done in 2019, letter carriers are provided with uniforms that follow the principles of ergonomics, design and quality of materials. These uniforms have the “green” OEKO - TEX Standard 100 certification, which guarantees the health of personnel and the protection of the environment, ensuring the careful ecological and healthy control of the product.
As part of the initiatives in support of the new generations, school orientation actions have also been carried out in favour of the children of employees - in the 3rd and 4th years of high school - and young people from vulnerable social realities, through the Next Generation programme, in which young people have participated in a hackathon and an innovation hub, challenging themselves on the issues of digital innovation. The challenge launched by the Company, entitled “Next Generation: POSTiamoci ” had the objective of stimulating reflections and ideas aimed at improving the relationship between parents-children-grandparents, enhancing the intergenerational dimension and the inclusive component of the digital world. It was a virtual co-working mode between students and business professionals to encourage the contamination of generational styles.
In addition, in the area of personal services, access to products and services for employees and their families at preferential conditions has been provided, with particular attention to the development of solutions dedicated to the areas of reconciliation aid and support for educational and language preparation, aimed at the children of employees and at achieving internationally recognised certifications. In addition, during the summer period, day care centres for children and young people were offered at dedicated facilities.
Financial benefits The main financial benefits paid to executive personnel are listed below.
z Healthcare: the Company contributes to the financing of the FASI Healthcare Fund and other supplementary funds, so that services supplementary to the National Health Service may be recognised.
Non-financial benefits To complete the remuneration package, Poste Italiane Group provides executives and certain types of managers with additional non-financial benefits, in compliance with applicable regulations and taking account of market practices. These benefits are subject to specific guidelines, which require the application of common criteria depending on the uniform category of employee concerned. Examples of non-financial benefits attributed to executives are the company car for mixed use and the medical check-up, also provided for facility managers.
During the period, the marketing of the third-party motor liability offer, “Poste Guidare Sicuri”, continued for the Poste Italiane Group’s employees, pensioners and family members, and work continued on launching the offer on the open market.
Dialogue with the social partners is managed via periodic meetings with the Labour Unions. With the aim of guaranteeing compliance with current regulations, the Group enters into agreements with the latter and for its employees governed by the bargaining procedures set out in the National Collective Labour Contract (CCNL) and the Consolidated Law on Representation, facilitating the creation of a positive corporate climate. Through the aforementioned approach, the Company is able to guarantee adequate and fair solutions on issues that may have significant impacts on the organisation, on the business and, in particular, on human capital, a fundamental asset for the Company.
In compliance with current legislation, the Group is committed to ensuring the well-being and protection of the rights of its workers and their freedom of association and collective bargaining, and, as enshrined in Poste Italiane’s Code of Ethics, it ensures impartiality and independence in promoting its relations with Labour Unions (OO.SS.).
The Group maintains an ongoing dialogue with social partners and is committed to ensuring the welfare and protection of the rights of its workers
On 23 March 2020, in order to monitor the evolution of the situation and adopt extraordinary measures to implement the measures taken from time to time by the competent Authorities, an OPN Committee (Joint National Body for Health and Safety at Work) was established at national level with the task of applying and verifying the rules identified in the “Shared protocol for the regulation of measures to combat and contain the Covid-19 virus in the workplace” signed by the Government and Social Parties on 14 March 2020. The OPN Committee works in close synergy with the Joint Regional Bodies in order to enhance the knowledge of the territorial specificities and to favour effective and timely coordination between the centre and the territory. In this regard, the Committee paid particular attention to the safety measures suitable to allow the performance of work activity (e.g. mask, gel, gloves, respect for social distancing, cleaning and sanitisation), encouraging the use of remote working and reorganising work activities to reduce as much as possible the presence of workers on duty and therefore their concentration within the workplace. Furthermore, in order to adopt an integrated approach to the assessment and management of the risk associated with the pandemic emergency, the Company, in agreement with the National Secretariats of the Labour Unions and the OPN Committee, has prepared specific Protocols for the main organisational areas as well as the additions to the Risk Assessment Document (DVR) of the Production Units and the related Operating Safety Instructions, updated in accordance with the various regulatory provisions that have been introduced and consistent with the Guidelines issued by INAIL.
With regard to Mail, Communication and Logistics, 1,000 proposals for conversion from part-time to full-time (500 FTEs), 700 proposals for national voluntary mobility and a number of stabilisations of fixed-term contracts that will be defined on the basis of the posts (part-time/fulltime ) that will not be filled or that will be discovered as a result of the conversion and mobility processes.
On 22 December 2020, taking into account the imminent natural expiry of the Agreements signed on the subject of Active Employment Policies, the Parties, with reference to the stabilisations envisaged by the agreement of 29 July 2020, signed an agreement to extend to 30 April 2021 the recruitment on permanent contracts for Delivery activities. Moreover, without prejudice to the need to meet the Company’s organisational requirements and confirming the overall numbers envisaged for 2020 in relation to the stabilisation process, as an extraordinary measure, the Parties agreed to adopt further useful measures, on the one hand, to take advantage of the opportunities for full employment of personnel currently on a part-time basis ( part-time/full-time conversions) and, on the other, to further facilitate the mobility processes on the north/south route (transfer request).
On 21 December 2020, the Company and the Labour Unions signed a further agreement which, in application of the provisions of article 12 of Legislative Decree no. 137/2020 (Ristori Decree), provides for the possibility of further access to the benefits of the Solidarity Fund, expressly identifying the many cases in which access is possible. Also in this case, the Company shall integrate the benefit provided by the Fund up to 100% of the ordinary remuneration due to each worker for each day of actual suspension/reduction of activity and the periods of suspension of work shall be useful for social security purposes, for the accruals relating to the additional months’ salary and severance pay, as well as the shares of the Result Bonus, and shall not be calculated for the purposes of the rankings for voluntary mobility.
In addition, with reference to the period of time between the end of the first phase of recourse to the Solidarity Fund benefits as per the Agreement of 30 April 2020 and the reference date provided for, in the context of access to the Fund, by the Minutes of 21 December 2020 the Company will pay for the periods of non-servicing attributable to the cases of workers defined as “long-term positive”, for whom the ASL or the general practitioner, after at least 21 days of isolation, have issued a certificate of return to the community and who, however, in the absence of a negative swab, have not been able to return to service at the site; or, workers who tested positive for Covid-19 and subsequently tested negative, but have not been able to return to duty at headquarters due to delays in the MCT’s opinion, as a result of which the workers have taken recuperative leave or unpaid leave.
On 30 December 2020, an agreement was signed with Assidipost-Federmanager whereby, in anticipation of the final allocation of the sums collected as a result of the aforementioned April agreement, an amount of €40,000 will be donated by the end of the first half of 2021 to each family of colleagues who died as a result of Covid-19.
In order to protect people infected by Covid19, the coverage offered to employees by the Group Health Fund was extended, regardless of the type of package subscribed, and also extended to their families, if included in the health coverage. On 1 December 2020 and 14 December 2020, the Company and the Labour Unions signed agreements that provide not only for the further extension of the supplementary benefits provided by the Fund until 31 March 2021, but also the possibility of reimbursing all workers and their family members enrolled for the swabs in cases where they are preparatory to accessing the benefits provided by the Fund, as well as in cases of suspected Covid-19 pathology in accordance with certain limits and conditions, including retroactively.
On 10 July 2020, the Company and Labour Unions signed an agreement that extended until 30 September 2020 the possibility of adopting the agile work model, activated in relation to the health emergency related to Covid-19. The agreement also provided that, for actual organ-
Annual Report 2020 Poste Italiane Group isational needs, “returns” can be arranged at the headquarters, communicated in advance by the Manager taking into account, however, the need to protect the health of the worker, in compliance with the provisions in force on social distancing and health condition of the workplace. The agreement signed concerns all Poste Group Companies that apply the National Collective Labour Contract for non-executive personnel of Poste Italiane SpA. On 8 October, in view of the continuing emergency phase, it was agreed to extend the terms for the use of agile work in Poste Italiane Group until 31 January 2021, also in accordance with the provisions of Law Decree 125/2020.
At the end of July 2020, the Company presented the Labour Unions with a new classification of Post Offices, consistent with both the changes in the network’s characteristics and the new business requirements, as well as a new organisational model for the network itself, based on a “Hub & Spoke” logic. In this respect, on 22 July 2020, the Parties signed minutes defining the launch of an experimental phase on the two projects mentioned above, involving a sample of 6 branches. With the agreement of 4 November 2020, having acknowledged the outcome of the trial, the parties extended the new “Hub & Spoke” organisational model and the new criteria for classifying Post Offices to the entire country, at the same time defining the criteria for managing the resulting impact on employment.
On 3 December 2020, the Company and the Labour Unions discussed the initial results of the “Insourcing and re-employment” organisational project, which envisages the company’s orientation towards internalising processes and activities relating to Customer Care and internal users, Back Office and business support.
In order to provide a prompt response to the need to increase the level of customer service provided by the Post Office Network front end, on 14 January 2021, an Agreement was signed by which the Company confirmed that, without prejudice to the numbers agreed for the year 2020, the completion of the residual counters and the recruitment of part-time Counter Operators will be accelerated. In addition, the parties have agreed to implement additional active labour policies and, in particular, 300 special flexible clauses and, for the most critical areas, 100 part-time hires to be considered as anticipation of the active labour policies that will be defined for the Post Office Network in 2021.
Annual Report 2020 Poste Italiane Group al of the National Collective Labour Contract, an agreement was signed on 18 February 2020 for the recognition of an amount, paid in April 2020, by way of all-inclusive contractual entitlements covering the entire year 2019.
On 11 February 2020, following Poste Welfare Servizi’s willingness to apply Poste Italiane’s
Participatory organisations with mixed composition (members from Poste Italiane and Labour Unions)
z Organismi Paritetici per la Salute e la Sicurezza sui Luoghi di Lavoro (The Joint Bodies for Occupational Health and Safety) also continued activities relating to the uniform and correct application of the guidelines regarding occupational health and safety, in particular concerning issues relating to the new work-related stress risk assessment criteria with the aim of “implementing measures to improve occupational health and safety”. At the end of 2018, the Osservatorio Paritetico sulla Sanità Integrativa (Joint Observatory on Supplementary Healthcare) was set up, with the role of proposing and monitoring the services offered by the Supplementary Healthcare Fund.
In addition, Poste Italiane and the national Labour Unions signed an agreement to set up an “Ethical Hour” for the Civil Protection Department. This initiative enables Poste Italiane Group employees to donate, after formally signing up, an amount equivalent to the net remuneration of one hour’s work, through a deduction from their pay slip. Poste Italiane Group, in turn, will contribute to the initiative through a donation equal to the amount collected from employees.
50% MBO bonus deduction in support of the combat against the pandemic
Systematic control of all possible hazards applicable to and correlated with workplaces and processes is guaranteed by the preliminary compilation of a check list annexed to the company procedure “Risk Assessment Document Management”. The Employer refers to the skills of the Prevention and Protection Service to supervise and carry out the risk assessment with the consequent drawing up of the Risk Assessment Document (DVR) as well as of all the relevant specialist technical reports.
Hours of training on Safety in the Workplace provided in 2020
Annual Report 2020 Poste Italiane Group this issue for Poste Italiane Group, information, education and training mechanisms have been adopted for all workers, in order to adequately manage (i.e. in accordance with the protective measures set out in the Risk Assessment Document and in the relevant company procedures ) any work situations that could result in occupational injury or illness.
In order to ensure that all employees are provided with the highest possible level of health oversight, the Group has established a network of doctors who, working within specific territorial boundaries, perform the tasks required by article 41 of Legislative Decree no. 81/08 (visits, inspections, regular meetings and consulting). The network is managed by a coordinating competent doctor who supports the Employers and the Prevention and Protection Service for the Governance aspects of health surveillance. Health surveillance activities throughout the country in 2020 showed a decrease compared to the previous year due to the state of national health emergency that led to an initial blockage. Starting from May 2020, the legislation has provided for the possibility of resumption by providing, at the same time, the deferability of some categories of examination and introducing the exceptional health surveillance for the so-called hyper-susceptible subjects with respect to a possible infection by SARS-COV-2 virus, as well as a verification of suitability prior to the return post illness by Covid-19.
Every year Poste Italiane SpA allocates budgets dedicated to the implementation of improvement plans for aspects related to health and safety in the workplace. During 2020, investments were made for the maintenance of the real estate assets and for the continuous improvement of their structural plant engineering aspects. Equally important are the resources used for the management and maintenance of the company fleet, the implementation of education, information and training campaigns, health and safety audits/controls, health surveillance and the development and maintenance of systems/applications to support the management of this issue.
In 2020, Poste Italiane obtained certification of its Occupational Health and Safety Management System (OHSMS), in accordance with the BS OHSAS 18001 standard, in the Group’s production units of the Post Office Network, Mail, Communication, Logistics, Business and Public Administration, BancoPosta and Chief Operating Office. The management model BS OHSAS 18001, now ISO 45001, is one of the pillars of Poste Italiane, as it allows controlling and mitigating business risks related to health and safety at work. In this way, the extension continues of the Integrated Organisation and Management Model of the various “Company Management Systems”, which pursues the objectives of customer and stakeholder satisfaction and, specifically, the safety of Poste Italiane’s employees and workers in the workplace, in accordance with the Company’s strategic guidelines.
In particular, the verification and control activities carried out by the Company focus on: z audits of occupational health and safety management systems (including environmental controls) with the aim of verifying compliance of the systems with the reference standards; z operational checks and raising awareness of the health and safety of personnel working at sites, in particular operational checks at Delivery Centres and Post Offices aimed at assessing the overall state of safety in terms of infrastructure, systems and working processes; z Technical Audit, control activity aimed at analysing and evaluating the state of OHS compliance of sites, with particular reference to plant/structural aspects.
The Group has adopted various systems to monitor and control the effectiveness of the health and safety policies adopted. Among these: z GISLA (Computer, Occupational Safety and Environment Management)
z Docent platform for training management z GIW for computerised Accident Management z SSA (Safety Self-Assessment)
In line with Poste Italiane’s focus on occupational safety issues, in October 2020 the Company signed a Memorandum of Understanding with the Automobile Club d’Italia (ACI) with the aim of training employees on road safety and safe driving and renewing the entire company vehicle fleet by 2022, reducing emissions by over 40%. The agreement reached between the parties envisages the creation of thematic communication campaigns and the planning of courses, internships and awareness-raising days to ensure ever greater safety at work for Poste Italiane personnel. The initiative undertaken with ACI has defined an important step in the Company’s sustainability path, reflecting the Group’s growing sensitivity to issues of safety in the workplace and sustainable mobility.
The emergency scenario presented in 2020 has led to the need to adopt even more precautionary prevention measures with a view to guaranteeing the health and safety of all People but at the same time ensuring the continuity of the obligations provided for by the regulations and international standards on the subject, such as compulsory training and health surveillance. With reference to health and safety training in the workplace, in view of the emergency, the need has arisen to redesign and adapt training packages in the form of distance learning (FAD) in order to ensure social distancing. In this regard, the Group has started to implement the distance learning method through the use of e-learning training platforms for the courses envisaged by the State-Regions Conference Agreement, thus enabling the continuation of activities, except for the practical training of emergency teams.
In addition to compulsory training, the Company also deemed it important to continue planning and drafting vademecums for workers, supervisors and executives, implementing a massive communication campaign aimed at all employees on hygiene and prevention measures in relation to infection by Covid-19 made available through all internal channels (Intranet, mailings, company notice boards, flyers, etc.). The prevention and mitigation measures adopted made it possible, even in such an emergency scenario, to provide about 224,000 hours of occupational health and safety training.
“immersion”. Over 3,000 new PCs have been provided at home and, for the first time, the Company has allowed employees to use their personal devices in accordance with the Bring Your Own Device (BYOD) practice, which envisages the possibility of accessing the Company’s information resources even through devices owned by the employee, provided that security conditions on these devices are guaranteed.
In the context of commercial relations, the Company has communicated the reference information on the management of risks or from contagion by means of reference posters containing behavioural guidelines and by means of formal communications as part of the coordination action between the parties concerned (workers and customers) that the Employer carries out through the company’s Prevention and Protection Service, drawing up the Interference Risk Assessment Document. This document, the drafting of which involves all interested parties, both internal and external to the Company, integrates the protection measures envisaged for specific work activities with further actions to mitigate risks arising from interaction with customers.
Agile work for 16,500 employees 21 e-mails were sent to all employees, 4 video messages were sent by the Chief Executive Officer and 18 posters were created on the subject of Covid-19; more than 60 communications were sent to the Labour Unions and 1 million views were reached on the internet
Masks type KN95 6.8 million pcs. Fabric/surgical masks 34.3 million pcs.
MAAM project • 46% of middle and senior women managers in 2020
Investing in mentorship programmes for the development of a new leadership style in line with gender - equality policies
% of female mentors trained 50% by 2021 2019 In 2020, 41 women were trained (+407%)
Increase mentoring programmes in order to encourage generational cooperation and the exchange of knowledge
+15% by 2021 2019 More than 50% of mentors to support the new generations
Strengthen caring measures towards colleagues with chronic diseases and/or serious pathologies through corporate awareness plans and the availability of services aimed at inclusion
No. of surveys carried out on the Intranet 3 integrated communication campaigns 5 surveys by 2021
Implement structured listening programmes through surveys and communities aimed at detecting the needs of the different generations
% of the detected target reached by the caring measures identified 40% by 2022 2019 Survey of the entire company population to identify the target
Carry out training and awareness actions on the protection of human rights
Define training and communication campaigns aimed at overcoming stereotypes and prejudices (unconscious bias)
Adopt a specific strategy to ensure the strengthening of female representation in the coverage of middle management positions
Poste Italiane, which has always been by the side of the country, is aware that it can play an important role in affirming the principles of sustainable development among businesses. To that end, the Group adopted a Code of Ethics and a series of corporate policies and guidelines concerning the protection of human rights, including: the Group Policy for the protection of Human Rights; the Diversity Policy for administrative and auditing bodies of Poste Italiane; and the Group Policy Diversity and Inclusion, which promotes the value of diversity and an inclusive culture within the Company.
Programmes for the promotion of diversity and social inclusion are part of a broader context that aims to ensure the valorisation of individual differences and the promotion of balanced organisational models that can stimulate dialogue and bring out the characteristics of each person, favouring the reduction of situations of individual fragility.
This path aims to develop and evolve the way in which diversity issues are dealt with, moving from an approach aimed at protecting and integrating diversity to a proactive strategy to overcome any barriers and resolve the factors that may prevent people from being included in the labour market.
The Group sees diversity as a value to be protected and encouraged with concrete and pervasive actions in all organisational and management processes, based on the respect and value of people, so that everyone feels included and can give the best of themselves. In particular, the Policy defines the 4 aspects of diversity for Poste Italiane: MAIN RELATED TYPES OF CAPITALMAIN RELATED TYPES OF CAPITAL
Gender The Company values gender equality and the elimination of every stereotype, discrimination or prejudice to create the best conditions in which individuals can fully express themselves. Poste Italiane Group is committed to a constant strengthening of awareness initiatives at all levels and promotes policies and actions aimed at promoting equal opportunities, work-life balance, the sharing of family responsibilities and the removal of potential obstacles, including those related to sexual orientation.
Disability The Group recognises equal opportunities for all its people regardless of sensory, cognitive and motor disabilities. In this context, it is committed to implementing concrete measures to promote the integration and inclusion of people with disabilities, making full use of their talent and skills in the Company and thus contributing to the removal of cultural, sensory and physical barriers.
Inter-culturalism The Company is committed to promoting and systematising the mix of different cultures within it through the promotion of an intercultural vision and open to multi-level discussion, based on organisational and social cooperation.
Poste Italiane’s diversity and inclusion programmes, in line with the provisions of its corporate Policy, will be monitored using indicators developed annually in liaison and collaboration with the Group’s Risk Management function in the Corporate Affairs area, in line with the guidelines for development of the corporate sustainability plan. To this end, a cross-functional task force made up of representatives of all the company functions involved will be set up to appreciate scenarios, objectives and evaluation metrics to be made visible and transparent in public company documents, to be disseminated both within the organisational context and to stakeholders, through the main internal and external communication channels.
With reference to updating, this is assessed at least annually in light of evidence emerging from assessments and monitoring of national and international trends.
Issues related to diversity and inclusion are managed by the People Care and Diversity Management function, introduced in 2019 in the Human Resources and Organisation area which, in coordination with the Group Risk Management function, operates as an activator and promoter of cultural and organisational change. Moreover, the Company maintains active participation in inter-company working groups on these issues, enhancing the value of collaborations with leading sector associations.
In line with the provisions of the Memorandum of Understanding with the Ministry of Equal Opportunities, which the Group signed several years ago, Poste Italiane is committed to promoting effective and incisive awareness campaigns on aspects of gender-based violence and monitoring their impact on the local area: in this regard, the monitors of the 7,000 Postamat
ATMs display institutional messages to raise awareness of these issues, as well as the 1522 toll-free number and the app for preventing and combating violence, stalking and mistreatment.
With reference to this, as for what the Group did during 2019, together with the two main protection organization operating at a national level, the anti-violence network “D.i.Re.” and the voluntary association “Telefono Rosa”, the integrated model of intervention in favour of the economic and working autonomy of women victims of violence was launched through the activation of an ad hoc fund from special resources resolved during 2020 by the Group’s Sponsorships and Donations Committee. This project is based on the realisation of paid vocational training courses aimed at the job placement of women coming out of anti-violence centres on the national territory. On the one hand, Poste Italiane provides financial support for retraining and work placement courses, and on the other, by raising awareness in the Group’s supply chain, it enables the identification of job positions that can be filled by professionals selected by anti-violence centres.
The Policy identifies criteria that ensure the Board of Directors has a qualitative and quantitative mix that is functional to effectively fulfilling the tasks and responsibilities allocated to the management body, through the inclusion of members who provide sufficient diversity in terms of the competences required to effectively understand current business, risks and opportunities associated with long-term company activities.
In its Code of Ethics, the Group expresses its attention to the fair management and growth of the intellectual potential of its human resources, in line with the criteria of merit and performance achieved, ensuring equal treatment and condemning any form of discrimination. In this regard, People are selected on the basis of their professionalism and skills with respect to the Company’s needs, regardless of their personal characteristics - age, gender, sexual orientation, disability, ethnic origin, nationality, political opinions and religious beliefs - in accordance with the principle of impartiality.
of the Board of Directors of the Parent Company is made up of women of middle and senior women managers in 2020
The development and enhancement of the distinctive skills of people, in all forms and manifestations, at the various levels of the organisation represent fundamental strategic levers to support the growth of the Group’s business.
The Group’s objective is to value diversity, ensure constant dialogue with its employees and promote an inclusive corporate culture that condemns all forms of discrimination
Finally, in order to enhance consolidated skills, useful for an effective return to or activity at work, the Multiply programme allows a voluntary exchange between the manager and the employee for the enhancement of skills. MAAM is therefore designed to help share a cultural model at all levels which is geared towards the inclusion of women in the workplace, and encouraging active parenting for both parents.
The programme will continue in 2021, under the name “Lifeed” and will be usable on all devices.
The MAAM project saw the participation of about 700 employees in 2020
Poste Italiane entered the top five of the gender equality ranking of companies belonging to the FTSE MIB index of the
Alliance among generations Poste Italiane intends to promote the exchange of skills between different generations. In line with this vision, two editions of the “FishBowl Generation” programme were created, an innovative format that aimed to develop a listening process on the guiding values, languages, prevailing behaviours and styles of relationships adopted in professional contexts by colleagues of different ages, in order to identify practices and methods useful for fostering an alliance between different generations. During the two editions, about 120 employees participated. The analysis made it possible to obtain an initial representative survey of behaviours and reference practices to be reinforced and disseminated in the work contexts, in order to encourage proximity and active relationships between the different generations that exist in the Company.
Resources representatives. The perceptions and experiences of the entire company population were then collected through voluntary and anonymous surveys. This initiative, which follows on from trials of the PosteHelp project launched in the regions of Lombardy, Lazio, Campania and Sicily, will make it possible to plan and develop responses in line with the real needs of the business population.
In addition, a course on Fragility Management has been planned, open to all personnel, in order to have a shared vision of the subject at company level. The programme offers video clips on the main issues concerning disabilities and fragility that are experienced in the family, such as the management of time and space, life balance and moments of pause.
• Continuity of service even during the pandemic • Delivery of more than 1,500,000 doses of the vaccine • Extension of the offer during an emergency to encourage the financial inclusion of all citizens
* The baseline year was postponed to 2021 as the health emergency had a significant impact on the implementation of the initiatives. Despite this, Poste Italiane's commitment and great effort resulted in the realisation of 26 initiatives in the area of well-being and social inclusion for an economic value of €532 thousand.
With a view to being close to the territory and the community, the Group has adopted a Policy on Community initiatives, which describes the Company’s commitment to promoting socio-economic initiatives in Italy. The Policy follows as already stated in the Ethical Code, the Integrated Group Policy in terms of anti-corruption and the Group Policy for the protection of Human Rights, underlining the attention of the Company towards the most vulnerable categories of people and the needs of the community.
In June 2020 was the launch of the cycle of meetings “Atlas of the Territories”, presented by Poste Italiane and Fondazione Giangiacomo Feltrinelli in virtual form, and structured in four stages to discuss the aspirations and possibilities for change starting from the great themes of health, solidarity, housing and territorial fragility of internal areas. The pandemic crisis has highlighted more clearly the gaps, fragilities and contradictions between and within territories and has highlighted the need to embrace more resilient, sustainable and inclusive models of development. The various meetings have welcomed the testimonies of researchers, local administrators, health workers, social workers and artists who, highlighting experiences and stories of their territories, have encouraged dialogue and the sharing of alternative models for restarting.
No. of events 193 events by 2020 2019 Postal financial education programmes were carried out for
Annual Report 2020 Poste Italiane Group corruption or any other conduct not in line with the principles of the Group. The granting of contributions by the Company is a process that is subject to a due diligence of relevance of the initiatives, notoriety of the potential partner, alignment with corporate objectives and expected benefits. The Sponsorships and Donations Committee evaluates all requests for sponsorships and donations and is chaired by an external Chair with high standards of professionalism, integrity and independence.
In order to proceed with the material disbursement of the contribution, the consistency of the initiative with the content of the contract, the regularity of the activities and the proper execution of contractual obligations are evaluated.
Poste Italiane has adopted a monitoring tool that allows the identification of specific KPIs to measure the benefits that initiatives have generated both for the community and for the business, adopting as a reference the standard of classification and measurement proposed by the London Benchmarking Group (LBG model), which establishes specific criteria for managing, measuring and reporting on community involvement, according to principles of transparency and participation.
Poste Italiane alongside the Lazio Region for the requalification of an area of the Tiber river
As part of initiatives aimed at supporting the most vulnerable categories of people, Poste Italiane has joined the “Adotta una Casa Buona” project promoted by “La Caramella Buona Onlus”, an association that has been active for 24 years in preventing and suppressing the abuse of minors and women. The adhesion to the project has allowed the Group to adopt a first reception house in the province of Frosinone, increasing the free hospitality of mothers and children in emergency and danger situations.
Number of CIG (redundancy) claims processed for categories most at risk of financial exclusion
European Commission and the Ministry of the Environment. The award highlights the commitment of Italian municipalities on issues of sustainable development of the territories. The winning small municipalities have promoted eco-sustainable activities and active citizen participation.
In continuity with the Memorandum of Understanding stipulated with Caritas in 2018, and renewed in 2019 for a further 5 years, the initiative “Valori ritrovati” (Rediscovered Values) continues in 2020, a circular economy project that aims to allocate the so-called “anonymous parcels ” or “abandoned parcels”, to families in need, through the “Empori della Solidarietà”, the circuit of supermarkets managed by Caritas that provides free basic necessity products. The initiative proposes a concrete solution for the preservation of value and its redistribution, thus strengthening the Group’s proximity to the territory.
In continuity with 2019, in September 2020 some unclaimed goods were sold in the “Mercatini dei Valori ritrovati” (Found Values Markets), run entirely by volunteers, including some Poste Italiane employees. The proceeds contributed to the creation of a solidarity fund that aims to support the employment inclusion of adults in difficulty.
From the project, 8 docufilms have been made, broadcast on Sky Arte, which tell the story of the creation of the various works.
Close to young people The partnership agreement between Poste Italiane and Fondazione Politecnico di Milano aims to bring the academic world closer to a major Italian company. The two players created a challenge that featured students. Specifically, the challenge involved 150 students, 9 Poste Italiane tutors and 6 university tutors in the search for innovative ideas on the themes of Green & Sustainability, New Urban Logistic Model and Smart City. The mentoring activity decreed the project “Yellow Footprint” winner of the challenge, an idea that outlines the Smart Office of the future, focusing on the transformation of Poste Italiane in a digital company. Growing digital autonomy of customers, the definition of partnerships with companies promoting environmental and social sustainability and the reinterpretation of some of the Company’s spaces in a green context are the guidelines provided by the young winning students.
The service provided by Poste Italiane and the Group’s widespread presence throughout Italy require constant collaboration with national and local institutions in order to promote shared initiatives in the interest of the community, encouraging the sharing of economic and social development projects and awareness of the Group’s activities, as well as Poste Italiane’s position on important legislative issues.
In 2020, the dialogue with central institutions was continuous and transparent.
Among the main central institutions and regulatory and supervisory bodies with which the Company interacts are: the Italian Communications Authority (Autorità per le Garanzie delle Comunicazioni - AGCom), the Ministry of Economic Development (Ministero per lo Sviluppo Economico - MISE), the Ministry of Economy and Finance (Ministero dell’Economica e delle Finanze - MEF), the Ministry of Foreign Affairs and International Cooperation (Ministero per gli Affari Esteri e della Cooperazione Internazionale - MAE) and the European Policies Department of the Cabinet Office. In this regard, as part of its relations with the MEF, on 20 February 2020, Poste Italiane’s Board of Directors approved the renewal of the three-year agreement for 2020-2022, which aims to regulate treasury services and the movement of funds on behalf of the State.
At European and international level, the Group also maintains relations with the European Parliament, the European Commission, the Universal Postal Union (UPU), PostEurope, the European Centre of Employers and Enterprises providing Public services (CEEP), the International Post Corporation (IPC) and other institutions and associations in the sectors in which it operates. The Group is engaged in activities relating to the coordination, representation and monitoring of the political agenda at European and international level within the main bodies mentioned above, and the release of information for regulatory purposes at national, European and international level, as well as the formulation of proposals for amendments and additions to the reference regulatory framework.
Dialogue and collaboration with institutions during the emergency 2020 was an unusual and completely unexpected year, a difficult period full of fear and uncertainty that forced the whole world to change its habits and that highlighted the importance of solidarity and closeness to the territory and citizens. In such a complex year, Poste Italiane continued to engage in constant dialogue with institutions, seeking shared solutions to meet the social needs of the community. The Group immediately established contacts with the government bodies responsible for managing the crisis, sitting on a permanent basis on the Civil Protection’s Operations Committee, managing relations with the Prefectures and the police forces involved at local level, participating as the central operator for the country’s economic and financial system in the meetings of CODISE, the structure for coordinating operational crises in the Italian financial centre chaired by the Bank of Italy, and COBAN, the Committee for operational continuity in the distribution of euro banknotes.
Poste Italiane stood by its citizens during the first wave of the health emergency, working with the Italian government to provide the Inps bonus and anticipating ordinary and special redundancy payments to BancoPosta and Postepay Evolution customers who requested them, signing an ad hoc partnership with BNL Finance. In agreement with several Regions, masks were distributed free of charge in millions of homes through the postal service and, on the occasion of high school exams, on behalf of the Civil Protection, the Group delivered protective devices to 3,600 schools throughout the country.
In order to contribute to the realisation of the vaccination campaign, in February 2021, Poste Italiane launched the new platform for tracking and administration of vaccines against Coronavirus, providing the nation with its logistics and IT facilities. The platform allows citizens in the regions that adhere to the Poste Italiane systems to book their vaccine online, through the call centre, by going to the Postamat and inserting their health card, or directly using the hand-held devices provided to letter carriers. The administration platform is already active in 6 regions: Sicily, Marche, Calabria, Abruzzo, Basilicata and Lombardy.
With Italy’s largest ground fleet, Poste Italiane has put itself at the service of the country to deliver vaccines. Infact, in the first months of 2021, Poste Italiane’s SDA company delivered more than 1,500,000 doses of the vaccine. In order to continue distribution, the Group’s fleet has been reinforced with 8 new refrigerated vehicles (with capacity increased to 8 cubic metres), compared to the 17 already in its possession. In order to guarantee the correct management of the cold chain, all shipments were packed in professional isothermal containers, able to maintain the temperature at -2°C for more than 36 hours. In addition, the vehicles have been equipped with two types of cold rooms: one capable of guaranteeing a temperature of 0 to 10°C, the other of maintaining a temperature between -20° and +40°C. This intervention for the good of the country demonstrates, on the one hand, the Group’s logistical and organisational capacity to reach Italian citizens and, on the other, its great social commitment to the entire Community.
Thanks to its widespread presence throughout the country, Poste Italiane is close to the community and is committed to it, guaranteeing products and services that are accessible to all and aim at social inclusion
During 2020, in order to support the community in financial terms, Poste Italiane received thousands of requests to suspend BancoPosta mortgages and instalments on BancoPosta loans for small and medium-sized businesses and self-employed individuals with VAT numbers. In particular, in agreement with the lending banks, BancoPosta loan holders have been given the possibility of using the Solidarity Fund managed by Consap, for first home mortgages, up to a maximum of 18 months with a contribution covering 50% of the interest accrued during the suspension period while, for those that do not meet the requirements of the Fund, the possibility of suspending the mortgage for a maximum of 12 months has been provided.
During the period, the Group continued its programme to relaunch postal savings, accompanied by improvements in the quality and efficiency of the services offered to customers, including through the development of the digital channel. Specifically, online transactions on BancoPosta’s current accounts for the purchase of Interest-bearing Postal Certificates on a 24-hour, 7-day-a-week basis have been extended, and the range of products on offer has been expanded with the launch of new Interest-bearing Postal Certificates that meet
Annual Report 2020 Poste Italiane Group the different needs of Poste Italiane’s customers, most of whom can also be subscribed to via the online channel. Among the aforementioned Certificates are: z Buono Rinnova, a product for the re-investment of expired certificates, which for the first time can be subscribed to online; z Buono per Ripartire, with a premium yield and dedicated mainly to customers with an interest in investing over the medium to long term (maximum duration of 16 years); z Buono Soluzione Eredità, reserved for beneficiaries of inheritance proceedings concluded at Poste Italiane, which can only be subscribed at Post Offices; z Buono Obiettivo 65, dedicated to customers who intend to supplement their future income through a certain annuity from 65 to 80 years of age.
Finally, again with a view to improving the customer experience and encouraging the management of products for minors, including in the digital channel, a dedicated section has been implemented where parents can make deposits and subscribe to dematerialised Certificates for minors using their BancoPosta current account and/or Smart Book.
In 2020, due to the Covid-19 pandemic, numerous legislative provisions were enacted to introduce urgent measures to support businesses in difficulty, and regarding access to credit, to protect households, micro, small and medium-sized enterprises. In this context, together with the partners for whom financing products are distributed, the Poste Italiane Group has guaranteed the application of all the initiatives provided for by the regulations, as well as those undertaken on a voluntary basis and promoted by individual intermediaries or trade associations. The Company has extended its offering by launching various promotions on BancoPosta loans dedicated to retail customers, also supported by specific communication campaigns, such as the one called “Riparti Italia”, in order to give a new boost to the country’s difficult economic situation. In particular, with reference to loans, during the last quarter of 2020, the “Black Friday” campaign was carried out, with the aim of ensuring more advantageous access to credit, and the “Ristrutturazione” (Restructuring) promotion was launched, in line with government provisions on tax incentives for energy efficiency measures. In support of small businesses, sole proprietorships and partnerships, a promotion has been made active, until the end of March 2021, which has provided for a reduction in the nominal annual rate (TAN) on Small Business loans for liquidity purposes. Moreover, in partnership with Mediocredito Centrale, the offer of a medium/long-term unsecured loan, assisted by the Central Fund Guarantee, in an amount equal to 100%, as provided by the Liquidity Decree and converted into Law no. 40 of 5 June 2020, was launched for Italian micro, small and medium-sized enterprises (including sole proprietorships), the business of which was negatively impacted due to the Covid-19 emergency.
With a view to digital and financial inclusion, and in line with the country’s objectives, Poste Italiane has qualified as one of the 10 operators involved in Italy in providing digital identity to citizens, the so-called Sistema Pubblico di Identità Digitale (SPID), which aims to provide users with a single login system with which to access all Public Administration services. At the end of December 2020, approximately 11.9 million SPID identities were active, an increase of +190% compared to the same period in 2019. The Group holds over 80% of the identities issued in the Public Digital Identity System. Thanks to SPID, with a single password it is possible to obtain health bookings, school registrations, access to the public Wi-Fi network and business practices, thus bridging the distance between citizens and the Public Administration and making various procedures easier and faster.
With regard to bringing young people closer to the financial world, in continuity with 2019, the initiative “il Risparmio che fa scuola” (A textbook way of saving) continued, a programme aimed at students that focuses on the theme of multidimensional savings as a value and tool for progress and personal development.
The programme is in line with the Ministry of Education, Universities and Research’s (MIUR) goal of enhancing the economic and financial knowledge of students at all levels.
A free 25-hour e-learning training course on “Dynamic and multi-dimensional savings and economic citizenship” has been planned for all teachers to support the implementation of the course.
Transfer of the tax credit In line with the provisions of the “Relaunch Decree” (Law Decree 34/2020, converted with amendments into Law 77/2020), in September 2020, the Group launched a service enabling individuals, businesses and self-employed professionals to transfer their tax credits to Poste Italiane, enabling them to obtain the related liquidity in a single payment, directly into their BancoPosta current account.
The service can be requested online at poste.it using Internet banking credentials or at all Post Offices and the request process is simple and immediate. It is also possible to simulate the value of credits in real time, using a simulator available both on the website, in the public area, and in the Post Office.
Poste Italiane guarantees a high level customer experience, offering quality products and services and basing its relationship with its customers on trust and listening, in order to intercept and satisfy emerging needs
In carrying out its activities, the Company continuously monitors and contributes to the progress of the quality provided and the quality perceived by the customer. With regard to the first aspect, the objectives and performance of the services provided by Poste Italiane are monitored through a system of KPIs that encompasses all the services and products of the various business units, and provides management with a projection of progress and trends through periodic reports. An example is the continuous monitoring of waiting times in the Post Office through the wait manager, with the possibility to intervene in real time by means of an alert system. In this regard, the digitisation projects implemented by the Group have contributed significantly to increasing the quality of the services provided. With respect to the value attributed by the Company to the quality perceived by its customers, Poste Italiane has long had a customer experience objective for all recipients of the “Management By Objectives” (MBO) programme. Specifically, the “Customer experience Poste Italiane Group” indicator has been assigned to the Chief Executive Officer, the Internal Audit function and all personnel functions. This is a composite indicator that measures the quality perceived by customers regarding the Group’s most important products, services and channels. In addition, with the aim of achieving increasingly significant progress with regard to the customer experience, the Company has adopted a listening model that makes it possible to identify the priority actions to be implemented through the analysis of the instant responses received from customers with regard to the shortcomings found in their relationship with the Company’s products and services during their customer journey.
In 2020, the new Digital, Technology & Operations function was set up with the aim of creating an ecosystem of innovative product and service solutions that, in a platform logic, aggregates services and customer experiences, maximising customer satisfaction while enabling synchronous mechanisms between IT and operation components, so as to respond quickly and effectively to business needs. With a view to continually improving the customer experience, this function guarantees the development and operational excellence of customer service activities and back office operations, as well as the design, development and operation of IT systems to support company processes and services, with the ultimate aim of simplifying the value chain by moving towards the platform company model. It also monitors and continuously improves customer satisfaction, guaranteeing the process of detecting recurring problems and identifying the reasons for such shortcomings, in order to then address them as part of the continuous improvement process. The newly established function includes Information Systems, Chief Operating Office and the Customer Experience Transformation function. Moreover, the IT support activities and processes carried out at a territorial level by the Post Office Network and Mail, Communication and Logistics functions in order to strengthen their governance and guarantee ever greater effectiveness and efficiency were centralised.
Poste Italiane on the customer’s side: the Return Hub is created in Bologna
In 2020, Poste Italiane brought the system for collecting and managing complaints under the Customer Support Services structure. This structure presents a model aimed at making assistance a competitive lever to support the business and the development of relations with customers, with the aim of addressing their expectations through a series of customised solutions. Over the years, Poste Italiane has pursued the project with the aim of building a customer service journey for each business segment, enabling more efficient management of the customer experience over time with the progressive adoption of innovative technological tools. The gradual introduction within the improvement actions identified between July and December 2020 annual complaints received compared to 2019 contacts managed in 2020 (+18% compared to 2019)
Customer Support Services of artificial intelligence, in 2019, allowed Poste Italiane to develop the “Poste Italiane Digital Assistant” tool, which made it possible to improve and simplify customers’ interaction with the Company, guiding them and providing them with information and assistance in the event of complications in using the Group’s services. Considering the significant increase in the number of contacts managed by Poste Italiane in 2020 due to the Covid-19 pandemic, the Digital Assistant proved to be indispensable, contributing positively to the possibility of managing such numbers.
Poste Italiane Group attaches essential importance to building relationships with customers that are oriented towards the pursuit of maximum transparency and fairness, requiring from its people a constant commitment to the satisfaction of their expectations. With the aim of achieving these purposes, the Group Integrated Policy on quality provides that the companies of the Group, within the scope of their autonomy and independence, incorporate the principles contained within it, adapting them to their size and organisational and operational context and any regulatory provisions (e.g. Financial and Insurance sectors).
In order to ensure the maximum effectiveness and efficiency of processes, activities and resources, Poste Italiane adopted an Integrated Management System that brings together the most significant aspects of all the management systems adopted by the Group, in order to align business processes and make the widespread distribution of business procedures increasingly flexible. Specifically, Poste Italiane SpA has implemented an effective Quality Management System, in compliance with the UNI EN ISO 9001:2015 standard, with which it carries out its activities according to the following principles: z maintain adequate service quality, in particular by ensuring efficiency and continuity of service in accordance with the specific requirements; z maintain the adequacy of the services offered to customers; z respect time and optimise the cost/quality ratio of products and services.
Poste Italiane considers the management of complaints a fundamental activity in the interaction with the customer, as their regular monitoring and management can be an instrumental indicator to define the level of service of the Company. In addition, it constitutes an element that contributes to the assessment and management of operational and reputational risks and, in particular, the risks of non-compliance and conduct. The analysis of the progress of complaints is communicated to top management through specific reporting systems that the various Group companies carry out on a weekly and monthly basis. In this regard, it should be noted that each Poste Italiane Group company has implemented specific procedures defining the principles and methods for handling complaints, which are periodically submitted for approval by their respective Boards of Directors.
At this location, Poste Italiane is able to preview future products and services for Consumer Associations, gathering feedback and evaluations that may be useful in refining its offerings.
In June 2020, from the elaboration of the ideas obtained thanks to the constant dialogue between Poste Italiane and the Consumer Associations the “Punto Poste da Te” was created, a digital counter that can be installed inside any enclosed space that lends itself to the service. The Group’s new creation is a clear example of a service that adapts to the needs of citizens, enabling them to manage shipments and payments directly from their homes or offices, improving the quality of the service and consequently the customer’s experience with Poste Italiane. The innovative and entirely digital service has received the innovation award “Elected Product of the Year 2020”, based exclusively on consumer vote, for the category shipping and collection services.
In the course of the experience with Cantiere, many successful initiatives have been created, such as the newsletter “Dialogando con i consumatori”, an informative tool addressed to the territorial representatives of the Consumers’ Associations, created with the aim of disseminating the issues addressed and the initiatives promoted at the discussion table. The newsletter, which is also available in the special section of the Group’s corporate website, provides information on the main news from the world of Poste Italiane and acts as a driver for new ideas and recommendations, helping to strengthen the relationship of collaboration that has always characterised the two entities. In addition, in December 2020, the twelfth edition of “Dialogando con i consumatori”, the annual campaign of meetings organised with territorial representatives of Consumer Associations, was held in webinar mode. The initiative took place in synergy with Consumers’ Forum, an independent association that collaborates in the management of training updates for
Conciliators and that awards certificates for refresher courses. The event was structured in 5 meetings that involved a total of 220 territorial representatives of the Associations, with the aim of providing training updates to the conciliators of the Associations and the Company, as required by the regulations of the sector.
In addition to the ordinary signs, which define the behaviours to be adopted in order to reduce the risk of infection, horizontal signs have been applied on the floor (distance lines) in order to indicate the correct distance to be maintained within the postal sites. Poste Italiane has launched communication activities for customers, including through advertising campaigns and digital communications (email, Intranet and push app), and information has been posted outside each office to inform customers of the actions taken by the Company to contain the virus, including details of: sanitisation activities, behaviour to be adopted as indicated by health authorities, staggered access to offices, safety distances to be maintained and the correct use of protective equipment. In addition, new channels for reporting claims have been implemented to make it increasingly easier for Group customers and employees, in addition to the paper-based channel already available, to speed up paperwork and avoid travel during health emergencies. In particular, the following new channels have been made available: from the Reserved Area (by accessing the poste-assicura. it site with credentials); by telephone channel (by contacting the Contact Center at 800.13.18.11) and by e-mail channel (by sending the report or the fully completed Claim Form to the e-mail sinistri@posteassicura.it).
In order to guarantee and provide further support to citizens, the Group has launched a process to simplify inheritance practices, initially offering the service to citizens in the regions most affected by the pandemic, such as Lombardy, Piedmont, Liguria and Valle d’Aosta, and then extending it to the whole territory. The service allows sending the claim online in a simplified way, thus avoiding having to go to the Post Office several times. With this request, citizens obtain the Declaration of Credit, the document necessary for the submission of the
Once the declaration of credit has been received online, the heir or legal successor can go to the Post Office selected to submit the declaration of inheritance together with the original documents, thus considerably reducing the time required for the entire request.
Poste Italiane is committed to guaranteeing the protection of data and information belonging to the Company, its customers and other stakeholders, adopting technologically advanced protection systems and the measures provided for by the relevant regulations
With this in mind, the Corporate Affairs - Information Security function carries out monthly assessments of the company’s cyber risk, adopting a methodology that assesses the risk from a purely technological point of view, based on technical security audits carried out on individual applications or groups of applications. In particular, Poste Italiane implements three types of preventive security activities: z Vulnerability Assessment is the process of identifying, measuring and prioritising the vulnerabilities of a system. It is performed with special tools twice a year for each application; z Code Review (Static and Dynamic) represents the process of checking the source code of an application to verify that the correct security controls are in place and that they are working as intended. By means of special tools, the verification is carried out of both the source code (“Static CR”) and of the code in execution (“Dynamic CR”); z Penetration Test is the process of evaluating the security of a system or a network through the simulation of attacks that aim to gain undue access to the system. Being a time-consuming activity, it is performed on a specific perimeter of applications.
Following the above activities, the Company performs the cyber risk assessment taking into consideration two main aspects, Severity and Confidence. The first indicates the level of severity of cyber vulnerabilities; the second, on the other hand, indicates the level of reliability of the cyber risk value and depends on the degree of coverage of the checks carried out, in terms of the total number of analyses completed. Downstream of the entire analysis process, Recovery Plans are drawn up, i.e. the main corrective measures necessary to fill the safety gaps identified during the various analyses, including the technical ones. In the past, the management of Recovery Plans relating to the various security activities has involved the contribution of a number of Poste Italiane Group functions. In 2020, in order to make the process more streamlined and efficient, the Company developed a tool for the centralised management of Recovery Plans resulting from Penetration Tests, Secure Code Review, Static and Dynamic, IT risk analysis, audits or findings from ISO certifications. With this in mind, the Group launched a series of additional initiatives during the year: z developed a Security Planning, defining and implementing a methodology for planning technical security audits (Penetration Tests, Static and Dynamic Code Review) deriving from regulatory/contractual requirements and from the Security By Design process; z extended the scope of Cyber Risk analysis to include BancoPosta, PostePay, PosteVita, Poste Assicura, Poste Welfare Servizi and other compliance/security areas; z set up the Information Security Committee - DTO, a periodic working table between the Information Security and Digital, Technology & Operations functions with the aim of jointly planning and directing security activities and identifying areas for improvement.
In this regard, with reference to security monitoring and verification activities, Poste Italiane has implemented a series of measures and interventions to safely manage the Covid-19 emergency, ensuring continuity in its remote working model. Specifically: z continuous monitoring of the number of VPN connections, type, purpose and security of remote access to the corporate Intranet; z monitoring of the level of updating, patching and security of the operating systems used, both for company PCs/laptops and BYOD (Bring Your Own Device); z monitoring of third-party access and related security aspects; z monitoring of AdS (System Administrators) accesses and related security aspects; z verification and eventual blocking of remote connections coming from foreign IP addresses and/or not reliable in terms of security.
Authorisation to the installation of Antivirus and Office365 on personal PCs
Ongoing monitoring and management of security in connections, guaranteeing secure operational continuity
Use of transparent safety mechanisms such as the SSO (Single Sign On) on the cloud platform e-Learning to facilitate the extensive use of the courses
INFRASTRUCTURE CHECKS Monitoring of the Internet channels where Poste Italiane services are exposed
BRAND PROTECTION Internet monitoring to verify the correct use of Poste Italiane brands
Proof of the exemplary attention and security that Poste Italiane reserves for its customers and personnel is provided by the Business Control Center and the security pact with the Postal Police, as well as the agreements signed with institutions and the prevention actions carried out on a daily basis.
The Business Control Center is the area of the Headquarters where the controls of Poste Italiane’s business processes take place. It is the technological fulcrum of the company. This structure is entrusted with a number of tasks, the four main ones being: z real-time control, 24 hours a day, of the services provided by the Group; z the protection of the safety of customers inside Post Offices and of personnel in all workplaces; z combating fraud and cybercrime; z experimentation of the services offered by the Company.
Personal data protection In order to ensure full compliance with the legislation on the protection of personal data and, in particular, with the provisions of the General Data Protection Regulation (GDPR), the Group has strengthened its corporate regulatory system, the reference point of which is represented by the Policy on Personal Data Protection and the Privacy Guidelines and Personal Data Protection Management System, the latter introduced with the aim of ensuring uniform data management at Group level. In particular, the Guidelines illustrate the Company’s privacy model, the principles of Privacy by Design and Privacy by Default, which establish the need for the Company to ensure adequate protection of personal data from the design of products /services and IT systems and to guarantee compliance with privacy legislation by default in processes for the collection and processing of data, as well as the main processes adopted by the Poste Italiane Group and the related responsibilities, with the aim of ensuring correct management of personal data protection risks.
The Poste Italiane Group has adopted a system of standards and guidelines designed to ensure a high level of protection for the personal data of those concerned, including customers, employees and suppliers, encouraging the development of a culture of confidentiality
In line with the provisions of the GDPR, Poste Italiane envisages the figure of the Data Protection Officer, as a privacy expert who assumes responsibility for observing, evaluating and directing the management of personal data processing.
The approach focused on continuous improvement, the peculiar management of customers ’ requests and the correct compliance with regulatory provisions, allowed Privacy Service Center to obtain the certification of its management system for information security according to ISO 27001 standard.
Group to ensure operations during the pandemic • 48.1 million apps downloaded in 2020
Install SMART mailboxes Number of SMART mailboxes 10,500 by 2025 2019 347
Number of online payments 894 million by 2024 2019 397 million
Digitisation Customer Receipt Digitisation customer receipt Digitisation paper receipt by 2021
Increase Postepay Wallets Number of Postepay Wallets 10.5 million by 2024 2019 7.4 million
During the course of the Covid-19 pandemic, the Company implemented a series of technological solutions that enabled the Group’s 35 million customers to continue using its products and services, despite the disruption caused by the health emergency. In particular, Poste Italiane was able to quickly and effectively integrate its traditional services with new proposals more focused on a digital approach.
With the aim of contributing to the improvement of public health and limiting the physical access of citizens to hospitals or surgeries, in October 2020, Postel SpA, a company of the Poste Italiane Group, launched “Smart Screening”, an aid service to invite citizens to participate in mass health screening programmes by self-collection. The innovative solution dedicated to Local Health Authorities provides for the preparation and home delivery of the invitation and the self-collection kit, entirely paid for by Postel. The technologies deployed by the Company, such as RFID and smart labels, ensure maximum reliability of samples. In particular, the test tubes and envelopes, equipped with RFID micro-antennas, through an “electronic gate” set up at the collection centres of Local Health Authorities, allow verifying the correct matching and, if necessary, reporting possible errors of association between envelope and sample. The optical detector collects the data automatically and populates the laboratory management system with the sample codes, guaranteeing the correct operation of the service. Following the examinations carried out, Postel prepares the sending of the results, and in case of positivity, it sends a new invitation to contact the Local Health Authority to perform diagnostic examinations, health treatments and new tests.
With a view to payments, Poste Italiane has undertaken a series of initiatives that place customers in a central position, directing all its efforts towards the continuous improvement of the experience of using the services made available and accessing the offer in an increasingly omni-channel logic. Despite the contraction in the market, the year 2020 saw Poste Italiane strengthening its growth in digital payments, thanks to the construction over time of an ecosystem of digital collection and payment services made available to consumer, business and PA customers, usable both through the physical network and through app and web channels.
In the electronic money area in particular, the Group’s activities have contributed to the development and launch of new, increasingly advanced and innovative services and products, such as Postepay Digital and Code, and to the establishment of important partnerships in the acquiring area. The process of developing new Open Banking platforms was also launched, with the aim of making Poste Italiane’s infrastructure increasingly open, providing customers with an increasingly complete and integrated service.
On the digital savings front, one development was the launch of Salvadanaio Digitale (Digital Money Box) on the BancoPosta App. This feature, through the digital management of the Smart book, the BancoPosta account and/ or the Postepay Evolution prepaid card, allows customers to set aside sums and achieve spending and/or savings micro-goals. The service was elected Product of the Year 2020 in the Expense Management Services category due to its innovativeness and ability to meet and satisfy customer needs. Through the implementation of the Digital Money Box, Poste Italiane intends to stimulate savings education, build customer loyalty and attract new customers, also stimulating younger customer segments. In the area of books, Supersmart Offers continued to be offered, dedicated to customers who bring in new liquidity, which can be activated exclusively through digital channels. In addition, in order to support collection activities on digital channels (web and app) and increase the customer base, the possibility was provided of opening a Smart65 book directly in the BancoPosta App. The same application has also introduced the possibility of opening a BancoPosta account directly from the device, by choosing the type (“Start Giovani”, “Start” and “Medium” options) and following the instructions provided by the application. The account is opened in a few days and active immediately. As part of the “Premium” service model, dedicated to customers with high capitalisation and sophisticated needs, the possibility has been introduced to manage and provide remote consultancy after which the customer can sign the necessary documents by advanced electronic signature in the dedicated area of the Poste Italiane website.
In the Business and Public Administration current account segment, the same promotion, already implemented for retail customers and related to the transfer of tax credits, was implemented in 2020. Until the end of December
Preparations for the launch of a new current account, using a modular offer, for the Small Economic Operators (POE) segment also continued during the year.
The Group aims to offer more and more advanced and digital services in order to combine traditional channels with new solutions, dedicated to all types of customers.
During 2020, Poste Italiane promoted the use of ATMs as an alternative to the counter for withdrawing cash and the use of all digital channels and apps to carry out the various transactions. In this scenario of great digital evolution, as anticipated, there is the development of an offer increasingly oriented to the combat against cash and the use of electronic money. In this regard, the research and efforts made by the Group, also in support of the initiatives promoted by the Government, have enabled the launch of a series of additional new products and services: z Postepay Digital, the new full digital prepaid product. Through the Postepay App, in a simple and intuitive way, it is possible to obtain the new dematerialised card, suitable for online payments, transport payments, payments through QR codes in affiliated activities or Google Pay for owners of an Android-enabled smartphone. The new company product also allows associating an IBAN code with it and thus enable the payment and receipt of bank transfers, credit the salary or pay utility bills; z Postepay PA, the prepaid card dedicated entirely to the Public Administration, which since its launch, has made it possible to manage the funds and contributions to be paid out to citizens to deal with the Covid-19 emergency; z Postepay Green, the new biodegradable prepaid card, made from materials of organic origin with a lower environmental impact, reserved for young people aged 10 to 17. The prepaid card allows young customers to make payments safely and quickly, and parents to monitor transactions and quickly top up the card through the “pocket money” system; z Postepay Code, the new service with its dedicated app, allows merchants to manage payments via QR code, representing a simple and secure collection solution for professionals, artisans and small businesses in the area. Payment by Code, which is also permitted inside Post Offices, was extended to BancoPosta debit cards in July 2020 and, in December 2020, the service was supplemented with a promotion that enables customers to receive cashback for each transaction carried out. In addition, during the last quarter of 2020, the online sales process was launched to enable self-service purchases of the Code service, as well as the method that involves generating lists of users interested in the service (leads) at Post Offices, who are subsequently contracted through sales representatives or the contact centre; z In December 2020, the Postepay Evolution card was enhanced by the possibility of sending money, through a partnership with Western Union, not only via Postepay App, but also from the web channel to over 200 countries.
Since December 2020, PostePay has been supporting the Government in the implementation of the Cashless Italy Plan aimed at encouraging electronic payments and the development of a more digital, fast, simple and transparent system. The programme provides a 10% cashback on purchases made with payment cards or apps in physical stores with electronic payment instruments and is paid out in cashback mode. In this regard, a new feature has been released on the Postepay App that enables customers to register their Postepay prepaid and BancoPosta debit cards with the State Cashback and view the transactions carried out, as well as the amount of cashback accrued.
With regard to acquiring services for the digitisation of payment methods for the Public Administration, was the completion of the activation of the Postepay acquiring service for the State Notaries’ Archives and the Guardia di Finanza (the Italian Finance Police) and, from November 2020, the solution for the supply of 3,500 “Mobile POS” terminals at the Carabinieri’s radiomobile units and/or stations.
Finally, in the early months of 2021, PostePay announced its intention to expand its collaboration with BANCOMAT SpA, also activating an issuing licence to complement its existing acquiring licence for the acceptance of these cards by Post Offices, Postamat ATMs and merchants affiliated with Postepay. The initiative also aims to further accelerate the digitisation of payments. In this regard, the scope of the collaboration will be further extended to include digital services via apps, with the aim of bringing together the P2P payment and money exchange services currently available in the Postepay and BANCOMAT Pay apps.
Postepay Standard and Postepay Evolution climb the rankings for quality and services
In 2020, Postepay Standard ranked first in the ranking compiled by OF (Osservatorio Finanziario), being identified as the best prepaid card in the standard version. The extra services that characterise Postepay Standard’s offerings allowed BancoPosta’s card to win the 2020 edition, from third place in 2019. Among the most significant new features, OF highlighted the launch of Postepay Code, for purchases in stores using the QR Code and the possibility of obtaining discounts and benefits at affiliated partners; the control and security features that can be managed independently directly from the application, such as blocking the card on e-commerce portals, blocking contactless functionality to prevent fraud, and the Geocontrol service to limit card operations in certain geographical areas. In addition, the Osservatorio Finanziario (Financial Observatory ) awarded the Postepay Evolution as the best Account Card for the numerous extra-banking services linked to its use, which obtained the highest score within the specific qualitative classification. In particular, OF, in addition to the features that Postepay Standard also has, mentioned services such as the ability to disable the contactless function and customise withdrawal and payment limits via the app, the mini-loan with sums available directly on the card and the Postepay Connect offer, which combines the account card service with that of telephony through a mobile SIM.
system and it is therefore possible to make payments via the PagoPA service on all digital channels, at Post Offices and through the Portals of the Creditor Entities, including for payment notices with respect to bank current accounts.
During the year, offerings continued to be enriched with the voice only “PosteMobile Casa Standard” offer, and the “voice&data ” “PosteMobile Casa Internet” offer which, launched by PostePay at the end of 2019, made it possible to expand the target market through a solution characterised by flexibility and convenience. In fact, the offer is entirely on the mobile radio network and this provides customers with maximum flexibility in using the data service that can be used anywhere, provided that the Wi-Fi modem is connected to an electrical outlet. Moreover, the marketing of Postepay Connect also continued during the period, which, by integrating the Postepay Evolution card and PosteMobile SIM in a single app, has confirmed its unique and distinctive offer on the Italian market. As of May 2020, the request has been available to customers via the Postepay App, in full-digital mode.
Parcels and Distribution In 2020, Poste Italiane committed to making its transport systems even more efficient and in line with market demand. The Group continued to develop air connections to facilitate the delivery of parcels within 24 hours throughout Italy, in particular Sicily and Sardinia, with 9 active air connections, including two introduced in the first quarter of 2020 at the Fiumicino airport hub
As part of its programme to optimise long-haul road transport, in 2020, Poste Italiane established a joint venture with sennder, a European leader in the digitisation of freight transport. The partnership covers the entire field of full load transport and the handling of parcels and letters between all of Poste Italiane’s sorting and distribution hubs. This initiative allows the Company to offer itself as a transport operator, both in the Italian and foreign markets, benefiting from economies of scale and technological optimisation, creating a full-tracked and full-digital operating model, in line with the needs of e-commerce. In addition, it guarantees the Group a reduction in its CO2 emissions, thanks to the use of vehicles with alternative fuels. The joint venture will provide Poste Italiane with annual savings of around €100 million on full-load transport costs.
As far as the delivery area is concerned, the development of the potential of the collaboration with Amazon continued, in line with the Poste Italiane strategy of growth in logistics linked to e-commerce purchases. This is also connected with expansion of the Punto Poste network for collecting online purchases and sending returns. It consists of over 10,800 alternative collection points (of which about 350 lockers and 10,450 collect points, mainly tobacconists), which are in addition to Post Offices. In particular, as part of the agreement signed with the new partner - Italiana Petroli 34 points of the distributor network were activated in October 2020. From September 2020, at all Punto Poste network collect points and in Post Offices, the Reverse Paperless service has been active for Amazon customers, allowing e-shoppers to deliver their return consignment simply by showing their identification code without having to print the Waybill. As part of the partnership with Zalando, since July, the Click & Collect network of Poste Italiane has been active for return and outward items, allowing all customers who purchase on the e-commerce website to pick up their purchases at the Post Office or alternative collection point. In addition, with a view to increasing the flexibility of shipments, the Company has developed the Scegli Tu feature, which allows the recipient of a shipment to manage and customise the delivery even when it is in transit.
In 2021, Poste Italiane acquired a 51% voting interest in Sengi Express Limited, a wholly owned subsidiary of Hong Kong-based Cloud Seven Holding Limited. For the first time in Poste Italiane’s history, the acquisition has led to the entry of a foreign company into the Group, enabling it to develop its B2C business internationally and to consolidate and ship to Italy the volumes purchased in China by Italian consumers. Sengi Express is a reference point for Chinese e-commerce merchants in the Italian market, positioning itself as a leader in the creation and management of cross-border logistics solutions. In addition, as part of this collaboration and in line with the evolution of the needs of e-shoppers, testing has begun of the E2E (End to End) tracking of shipments that allows for the first time verifying on the Poste Italiane website the status of the shipment along the entire supply chain, even beyond the borders of the Italian territory.
With reference to solutions dedicated to businesses, Poste Delivery Business was launched, the new range of express courier services that is complete, flexible and with services dedicated to e-commerce, combining the expertise of SDA express courier with the capillarity of the Poste Italiane network. Poste Delivery Business is made up of different services according to delivery speed, destination and a wide range of accessory services, to customise the delivery phase according to the customer’s needs. The Reverse option (both express and standard ) allows purchases to be returned to Post Offices, Punto Poste and Scegli Tu, through a proactive notification system, allowing recipients to adjust the place and date of delivery of the shipment to their needs. Finally, with the Prepaid Offer geared towards small businesses, it is possible to pay for shipments through an electronic wallet with free top-up amounts.
Innovation and digitisation of processes The digital revolution undertaken by Poste Italiane in recent years has involved not only its own offer, but also its processes through the evolution of its distribution model in an omni-channel perspective that guarantees the Company the possibility to provide services in an agile manner and in step with the needs of its customers. The roll-out of the omni-channel strategy, through the extension of the physical footprint and the enhancement of digital channels, has allowed a radical inversion of its paradigms, affecting the organisation at all levels of business. In this scenario, the recent pandemic has favoured the acceleration of the shift towards business models that leverage an omni-channel strategy, supported by a liquid and open operating model that combines technological intensity, data orchestration at the service of the ecosystem and digital and customer-oriented operations. This operating model has enabled the Company to respond rapidly to changes in the market by leveraging an innovative and sustainable business model, based on digital platforms that exploit the opportunities arising from technological innovation to create new and customised products and services, opening up new channels of communication with its customers to offer a seamless experience in line with their needs.
The digital era has consecrated platform companies as disruptive and winning business models, characterised by critical success factors such as the combined use of exponential technologies, customer centricity, open and easily integrated platforms, guarantee of reliability and security, factors capable of sustaining markets during the pandemic.
With respect to the transformation, it should be emphasised that it is made possible only through the development of strategic partnerships that can help accelerate the digitisation of the country, assisted by a cultural change that involves all people, in a number of aspects: z culture: it is necessary to establish a generative culture in which people are driven to have a strong customer orientation and continuous improvement; z collaboration: adequate collaboration tools allow the creation of internal communities that evolve autonomously and generate value for the entire business ecosystem; z improvement: continuous improvement must be part of the DNA of all employees in order to anticipate customer needs; z agile: the adoption of agile methods, not only on the production chain, makes it possible to respond quickly to the changes that a highly digital world imposes from the outside; z skills: strengthening of internal skills through the inclusion of specialised resources (e.g. architects, software engineers, etc.) to internalise skills and allow the in-house creation of strategic platforms for the business, through the establishment of specialised IT factories also located in the territory.
During the year, the Group worked to strengthen the digital sales channel, optimising the “one click to buy” purchasing process and expanding the range of products and services that can be purchased directly through the web.
and on a cutting-edge technological framework and that requires an approach driven by automation, security and data protection
In line with the actions in support of the younger generations already undertaken by the Company, a distance learning course was set up in 2020, in collaboration with the ELIS Consortium, aimed at the children of employees and the students of three schools located in socio-cultural contexts in the suburbs of Bologna, Rome and Naples-Scampia. The “Next Generation” Hackaton is an initiative aimed at providing 3rd and 4th grade students with the tools they need to develop distinctive skills for the professions of the future. About 40 students had the opportunity to challenge themselves on topics of social and business interest that can stimulate the fundamental characteristics for employability: creativity, the ability to work in a team and problem solving. The winner of the initiative was the group that presented the idea “Trova un Modo (TuM)” (Find a Way), an application that works as a container for information and tutorials with simplified reading and explanation. Following the competition, an “Innovation hub” was set up, open to participation by children of employees attending 3rd and 4th grade, with the aim of implementing the winners’ idea. The course was structured in 9 meetings for a total duration of 36 hours, providing at the end, a certificate of participation for all young people involved.
Consolidating its territorial capillarity through digital innovation, Poste Italiane is able to connect the country in the new hybrid world
In 2020, Poste Italiane and Microsoft Italia announced a partnership that aims to continue the digital transformation path started by the Company and that promotes the provision of advanced and digital services for Italian businesses and Public Administration. The new agreement revolves around three strategic areas of collaboration. Firstly, the creation of an “Ecosystem Platform for SMEs” aimed at promoting the digital transformation of companies that drive the country’s economy. The platform will provide the market with joint services from Poste Italiane and Microsoft to create local and tailored applications using simple and secure solutions. In this context, small and medium-sized organisations will be able to equip themselves with the technology they need to run their business digitally and grow, reaching new markets. In addition to offering innovative services, the two companies will help SMEs with training projects on the new digital skills required. The second aspect of the agreement establishes the development of a National Hybrid Cloud Platform that combines the pillars of Poste Italiane DataCenter architecture with Microsoft Azure cloud solutions to enable the world of private companies and Public Administration to undertake digital transformation and modernisation of public services. Thanks to the hybrid model, it is possible to define which information and applications reside in the public cloud and which remain in the private cloud, with simplified and unified management between the two worlds that will allow taking full advantage of the two approaches. This model also ensures that applications can be moved from public to private clouds and vice versa at any time, based on an ethical and secure data management policy. With this in mind, Poste Italiane and Microsoft will develop a joint offering of hybrid cloud services for small, medium and large organisations. The agreement also includes the launch of a Hybrid Cloud Competence Center to help accelerate the adoption of cloud computing solutions. The third point of the strategy focuses on the Group’s digital transformation process: the adoption of Microsoft technology will allow Poste Italiane to accelerate the transformation of existing applications and create new native cloud applications with reduced development time and agile solutions to meet current and future customer needs. The Group will adopt Modern Workplace cloud platforms for collaboration and information sharing with all corporate figures in order to drive cultural change on the front of new working models, also in light of the needs that emerged with the Covid-19 emergency. A highly innovative aspect is represented by the continuous evolution of the channels of customer relations that will lead to the development of Artificial Intelligence solutions, such as the creation of chatbot services to respond more efficiently and promptly to customer requests.
• About €10 million invested in projects for the reduction of the environmental impact
Increase the share of environmentally friendly vehicles (hybrid, low emission) of sennder tCO2 e -8% by 2025 2020 New
Increase the share of environmentally friendly vehicles (electric, hybrid, low emission) of Nexive, SDA, Milkman
Achieve Carbon Neutrality Net tCO2 e 0% by 2030 2020 New tCO2 e -15% by 2025 2020 New
Poste Italiane Group recognises its responsibility in creating sustainable value for the communities in which it operates, where the environmental dimension is of primary importance. To this end, the Group recognises in the Group’s Code of Ethics its commitment to safeguarding the environment through a conscious use of resources and innovative solutions that allow the minimisation of environmental impacts.
The Company’s objective is to reduce its ecological footprint by spreading a culture of environmental protection and encouraging conscious behaviour in the use of energy, water resources and waste management
The Company has centralised, in a single function dedicated to overseeing the areas of environmental responsibility relating to real estate assets, with the task of ensuring compliance of Group practices with current regulations regarding energy use, monitoring and measurement of consumption, identifying areas where savings can be made.
In line with the Company’s ESG objectives and with a particular focus on the decarbonisation of its buildings, Poste Italiane Group has committed to a series of virtuous actions. To name a few: it has adopted electric vehicles to replace endothermic ones, and has installed the respective stations to recharge them. In addition, the Group focused on increasing the production of renewable energy sources and entered into new multi-year contracts for gas and electricity with ENI and Acea, so that the supply of electricity will continue to come from renewable sources, as in previous contracts. Aware that reducing environmental impact involves monitoring it, Poste Italiane’s commitment continues with the installation of data collection tools and management platforms to control consumption and utility bills.
The Policy is structured around several Principles that set out the Company’s approach to environmental sustainability. In detail: efficiency in the use of resources, innovation to support a low-carbon economy, prevention and reduction of impact, promotion of environmental culture.
Poste Italiane, together with 110 other signatories, including associations, entities and companies, has joined the Manifesto “Exiting the pandemic with a new Green Deal for Italy”, promoted by the Foundation for Sustainable Development. The initiative stems from the desire to relaunch the economy in a green perspective, after the significant impact of the pandemic caused by the SARS-COV-2 virus. Given the serious conditions generated by the health emergency, the Group hopes for the implementation of a new Green Deal, an ambitious European project for an advanced, decarbonised and circular economy. The Company believes that this project is the way forward for a stronger and more lasting recovery that will enhance the value of activities dedicated to decarbonisation and circularity of production, distribution and consumption models. The Manifesto, signed by its signatories, was sent to Italian and European institutions.
As proof of the attention Poste Italiane pays to reducing its environmental impact, after obtaining certification in previous years for the environmental management systems of the companies Postel SpA and SDA SpA, in 2020, it obtained certification for the environmental management system for the processes of planning, guidance, control and coordination
z Incorporation of environmental aspects into the products and services offered: – implementation of processes to digitise the goods and services offered, in the awareness that the tool of digital innovation can potentially generate value shared between the Company and its stakeholders, helping to reduce pressures on the environment and supporting corporate profitability; – assessment of environmental risks and opportunities in investment decisions and in the management of insurance business with the aim of making an important contribution to the sustainable development of the country.
The effectiveness of Poste Italiane’s approach is verified through procedures for the periodic identification and assessment of risks inside and outside the Group, a system for reporting violations, a system of sanctions and through numerous activities of dialogue with stakeholders.
Quality, Environment and Occupational Health and Safety Policy of SDA SpA: in which SDA SpA encloses the principles that govern and ensure proper management of issues related to environmental protection, health and safety in the workplace and quality. With reference to environmental issues, the
With a view to adopting virtuous behaviour from an environmental perspective, the Group considers energy efficiency to be one of the main elements for combining economic growth and sustainable development, and it has reduced its environmental strategy to the following areas of intervention: Renewable sources. In order to promote renewable energy sources, Poste Italiane has focused on the distribution of integrated photovoltaic systems in buildings, thereby creating infrastructure aimed at reducing dependence on fossil fuels. With a view to reducing the withdrawal of electricity from the national grid, as well as the overall costs of supply, the Group has planned to increase its own self-production facilities by installing photovoltaic panels on its buildings. In this regard, a European tender worth €32.2 million was awarded in 2020 for the implementation of 622 photovoltaic installations. In supplying electricity, Poste Italiane is committed to reducing its impact as much as possible. A portion of the energy is, therefore, produced by the company’s own photovoltaic systems. More than 95% of the Group’s requirements in 2020 were acquired through the Group company Europa Gestioni Immobiliari, with 100% from renewable sources certified through Guarantees of Origin. In 2020, the new Hub in Rome, equipped with a 220 kWp photovoltaic system, became operational and the project for the construction of photovoltaic systems on the new SDA Hub in Milan was started.
Smart buildings. Buildings are responsible for around 60% of the energy consumed and 31% of the group’s direct CO2 emissions. In order to minimise the environmental impacts of buildings, in terms of emissions produced and resources used, Smart Building was created. The project provides a single supervision system in terms of Building and Energy Management System (Bems) and allows the integrated management of more than 2,000 Poste Italiane buildings to optimise plants and energy efficiency. This allows, on the one hand, monitoring all consumptions, on the other hand, implementing centralised automatic management based on environmental parameters to optimise consumption, maintaining optimal comfort conditions.
Energy optimisation. In terms of energy efficiency, Poste Italiane has joined the Platoon Project, financed by the European Community with funds from the Horizon 2020 programme. The project foresees the development of a digital platform that, using distributed processing and data analysis technologies for the optimised real-time management of the energy system, provides effective support to experts in the field. There are currently twelve EGE (Energy Management Expert) technicians in the company, three central and nine territorial, who
Annual Report 2020 Poste Italiane Group have followed a certification process to acquire these skills, which guarantees their professionalism and skills on the external market as well. The aim of the analysis is not only to optimise energy use and identify behaviours that need to be changed, but also to identify opportunities to reduce maintenance requirements and service interruptions, for example through more efficient use of air conditioning and lighting systems and the use of artificial intelligence to predict maintenance work. Of the 220 Poste Italiane buildings located in the area of the Municipality of Rome, 16 have been selected as “set” for the Platoon Project test. The cooling and heating systems installed in the premises will generate data for Platoon’s “smart” platform, which will suggest actions to decrease breakdown numbers and reduce maintenance costs. The same logic will concern the consumption related to the lighting of each building in order to plan optimisation actions and detect anomalies.
LED lighting. In 2020, Poste Italiane continued to invest in smart technologies. In particular, the Group has focused over the years on the installation of LED technology lighting. Specifically, during 2020, the Group continued the conversion to LED lighting, arriving to cover 56% of the square meters of Poste Italiane, adding 40,000 pieces compared to 2019.
1. Turn off lights when you do not need them and do not leave electronic devices on standby 6.
Favour to the purchase of reusable products that at the end of their life cycle are fully recyclable, paying maximum attention to their proper disposal.
Study all possible synergies and exploit the opportunities arising from intermodal mobility, taking advantage of public and shared transport such as car-sharing/car-pooling and cycling/ pedestrian mobility 4.
Put the lid on the pots when boiling water and always avoid the flame being wider than the bottom of the pot 9. Save time, money and energy by rationally planning your trips 5.
Maintain efficient heating/cooling systems, regulating them so as to intervene on the ambient temperature only when necessary and while in the house 10.
Poste Italiane pays attention to its supply chain in all the sectors in which it operates. With reference to real estate purchases, the cleaning and environmental hygiene contracts are carried out in compliance with the Green Public Procurement with the adoption of the “Minimum Environmental Criteria” (MEC) contained in Ministerial Decree dated 24/05/2012. In 2020, all tenders relating to cleaning, sanitation services and work were in compliance with the MEC. The concession contracts for catering services at the property complexes also comply with the principles of Green Public Procurement to guarantee the provision of a corporate catering service with a reduced environmental impact characterised, in terms of processes and contents, by compliance with all aspects of environmental, economic and social sustainability.
Poste Italiane is committed to reducing the environmental impacts of logistics, aiming for an increasingly green fleet and a reduction in CO2 emissions
The green fleet thus reaches 14.2% of the total fleet of Poste Italiane: there are about 2,800 bifuel non-electric cars and vans and about 2,000 low-emission motorcycles. The interventions are in line with the goal of reaching 27,800 by 2022 to reduce fleet emissions by 40%.
Poste Italiane participated in the second edition of the “Green Postal Day”, an initiative organised by the International Post Corporation to enhance the contribution of postal operators to the reduction of CO2 emissions and the global combat against climate change. In 2020, IPC (the innovative technology services company to which 25 postal operators worldwide belong) dedicated Green Postal Day to the work done by postal operators during the Covid-19 emergency to ensure the delivery of mail and parcels, in light of the formidable development of e-commerce during the pandemic, while ensuring maximum attention to sustainability and reduction of environmental impact.
With regard to the supplier selection process, Poste Italiane wanted to integrate criteria that would allow indirect environmental impact to be monitored. The Company verifies the technical and professional suitability of its suppliers by requesting, for qualification purposes, the possession of specific requirements, including the composition and type of vehicles in the fleet. Among the mandatory requirements for hauliers on all vehicles used to perform services, it is required that the fleet meets European standards on pollutant emissions with a class not lower than EURO6 and that the semi-trailers boxed or tarpaulin XL provided with TIR cable are equipped with GPS detection system capable of transmitting all the findings on the position of the vehicles.
Cost avoided Cost avoided Cost avoided Cost Cost avoided Cost avoided
According to the calculated model, the new green fleet will generate value for the community (True Value) equal to +€25 million compared to the traditional fleet, during its total period of operation. In particular, 80% is represented by damages avoided thanks to the lower environmental impacts of the green fleet compared to the as-is fleet resulting from the 40% reduction in CO2 emissions, equivalent to 2,500 fewer cars in circulation. The remaining 20% is the sum of costs avoided due to the reduced road congestion and increased safety provided by the new vehicles. Electric tricycles and quadricycles, in fact, being smaller in size, will be able to move more easily in traffic, not generating impacts on road congestion and may lead to a lower accident rate and fewer injuries.
• Participation in various development initiatives at international level on responsible finance issues
Promote the financial inclusion of the most vulnerable social categories (risk of non-self-sufficiency and Senior customers)
Objective achieved / Objective achieved and updated Objective not achieved Deadline for achieving the objective that has not yet expired
The Group has implemented the provisions and adapted its operations to the rules of the new EU Regulation 2019/2088 on ESG transparency, applicable from 10 March 2021. The aforementioned Regulation aims to standardise the information provided to customers on sustainability risks and the promotion of environmental, social and governance factors in investment activities, placing an obligation on intermediaries who give advisory services to provide pre-contractual and ongoing information to end investors on ESG profiles.
In this regard, Poste Italiane, which for years has been committed to integrating ESG criteria into the investment processes of Poste Vita and BancoPosta Fondi SGR, applies sustainability principles to all the sectors in which it operates, including the financial sector. The Group firmly believes in the sustainable investment market, aware that, through the implementation of effective investment processes, the asset management and insurance sectors can help protect society, promote innovation and support economic growth.
Poste Italiane incorporates ESG criteria into its investment decisions, promoting the sustainable economic and social development of the Group and the entire national economy
With this in mind, since 2019, Poste Vita and BancoPosta Fondi SGR have been signatories to the Principles for Responsible Investments (PRI), the international network of investors, promoted by the United Nations, which aims to raise awareness among economic operators of the need to incorporate environmental, social and governance issues within their investments, proposing a long-term vision in the interests of the signatories, the economy, the environment and society. By adhering to the six PRI principles, the Group has made a formal commitment to integrate ESG issues into its policies, analysis and investment decision-making processes. Poste Italiane is convinced that the inclusion of these issues in investment processes is necessary to pursue sustainable long-term performance, reduce portfolio risk and act with transparency and integrity.
Increase BancoPosta Fondi SGR investments involving the integration of ESG criteria
% of total AUM of Funds in placement with: • benchmark composed of ESG Indices for the Funds with benchmark; • investment policies involving specific criteria for selection of financial instruments related to ESG factors for Funds without benchmark
Promote the proposal of protection coverage on investment policies aimed at mitigating the risks to customers' health, reducing the socio-economic impact of such events
Development of a new health offer dedicated to employees and retirees of Poste Italiane Group members of Poste Italiane Fund
Annual Report 2020 Poste Italiane Group health emergency through the implementation of actions and projects in favour of the transition to a zero-emissions economy, in line with the achievement of the European Union’s goal of having a neutral impact on the climate by 2050.
In the context of the crisis linked to the Covid-19 pandemic, the PRI has promoted an open letter addressed to the business community asking them to adopt corporate welfare measures with the aim of mitigating the social effects of the health emergency. Poste Italiane Group, through Poste Vita and BancoPosta Fondi SGR, together with 335 other international asset owners and asset managers, representing around 9,500 billion dollars in assets, has joined the Investor Statement on Coronavirus Response initiative, which represents the first collective move by investors worldwide. With this adhesion, in line with the Sustainable finance strategy, the Company intends to reaffirm its commitment to the social dimension of sustainability, which takes place starting from the maintenance of employment levels, the protection of health and safety of employees and customers, sustainable financial management and the provision of paid leave, in support of the people of the Company and the reference communities.
Both companies consider it essential to adhere to internationally shared principles and standards that serve as guidelines for defining their approach as responsible investors. These memberships enable BancoPosta Fondi SGR and Poste Vita to take part in important initiatives on the topic of integrating ESG criteria into investment processes, offering an important opportunity for dialogue and the sharing of best practices among the main players in the sectors in which they operate. Among the various is Access to Nutrition Index, an important initiative to raise awareness in the sector to address the dual global nutritional challenge of over-nutrition and malnutrition, in line with the UN Sustainable Development Goals.
European Alliance for a Green Recovery: Poste Italiane on site for the construction of green investment plans
In line with its environmental sustainability strategy, through its subsidiaries, Poste Vita and BancoPosta Fondi SGR, the Group has joined the initiative promoted by the PRI, joining the appeal made by EU member states, business leaders, researchers and non-governmental organisations in support of a Green Recovery Plan. For Poste Italiane, the investments required for economic recovery must trigger a more resilient, protective and inclusive economic model: all requirements that call for an economy built around green principles. Poste Vita and BancoPosta Fondi SGR have therefore joined the European Alliance for a Green Recovery, launched by the European Parliament’s Committee on the Environment, to promote the construction of green investment plans together with more than 50 business leaders in the financial and insurance sectors and investment funds from 10 European countries. Poste Italiane recognises the importance of aligning economic recovery with ecological transition and is committed to proposing the investment solutions needed to relaunch the economy in a green perspective, in line with the Paris COP21 agreement.
Report on operations at 31 December 2020 6. Performance communities in which it operates. In this regard, the same policies provide for the exclusion, from the panorama of potential investments, of issuers directly involved in the production of weapons banned by the UN Conventions and which violate fundamental humanitarian principles, such as depleted uranium, anti-personnel mines, biological weapons, cluster bombs, blinding lasers, incendiary weapons, white phosphorous, invisible fragmentation weapons and chemical weapons. In addition, the two Group companies have respectively adopted a guideline governing investments in sensitive sectors. The documents define measures to identify, assess and monitor exposure to activities that present a relevant intrinsic risk from an ESG point of view, guiding the integration of environmental, social and governance aspects into investment processes. In particular, the guidelines are part of the identification of sensitive activities and sectors from the ESG point of view, defining specific and detailed investment processes, with specific reference to issuers involved in fossil fuels, coal, animal testing and human rights violations.
In line with its decarbonisation strategy and in implementation of the guidelines for the exercise of voting rights and engagement activities and for investment in sensitive sectors, the Poste Italiane Group, through its subsidiaries Poste Vita and BancoPosta Fondi SGR, has joined Climate Action 100+, an unprecedented international collaborative engagement initiative to raise awareness of climate change issues among the world’s largest greenhouse gas emitters. The initiative focuses on the issues of climate risk and biodiversity loss for businesses and aims to mitigate the effects of climate change caused by key economic sectors. BancoPosta Fondi SGR participates as a “collaborating investor” in dialogue with Kinder Morgan, a company identified as a target for engagement, among those currently available within the initiative, on the basis of the Guideline for investment in sensitive sectors, because it is involved in the area of fossil fuels. In general, the objective is to make European investments more ambitious and appropriate to the challenge of an ecological and climate transition that rests on three cornerstones: climate ambition to increase the share of climate funding in the Recovery Fund, stringent climate criteria to guide investments and a list of exclusion of anti-climate activities not to be funded.
ESG monitoring As part of their Responsible Investment Policies, BancoPosta Fondi SGR and Poste Vita provide for a detailed and structured process of monitoring investments in their portfolios, aimed at analysing the ESG profiles of the assets present.
Through the principles and processes adopted, the two Group companies pursue the objective of structuring an overall ESG profile on their investments that is in line with industry best practices, through assessments carried out by specialised external and internationally recognised info-providers. In this regard, the long-term collaboration with Vigeo Eiris, a world-renowned ESG rating agency specialising in social and environmental issues, provides for BancoPosta’s and Poste Vita’s portfolios to undergo periodic ESG analysis to assess their degree of social responsibility, and carbon footprint, with the aim of mitigating any risks. These assessments are carried out in line with internationally recognised standards, guidelines and norms, disseminated by organisations such as the UN, the ILO and the OECD, and cover both corporate issuers and country issuers.
For the Poste Vita Group, the weighted average ESG score for the investment portfolio in 2020 was 51/100 for corporate issuers and 77/100 for country issuers. The results obtained are higher than the ESG performance of the reference benchmarks, Ishares MSCI World ETF equal to 39/100 for corporate investments (equity + corporate bonds) and Universo Paesi by Vigeo Eiris equal to 59/100 for government investments, confirming the high quality of the Group’s investments in terms of sustainability. With respect to the CFET (Carbon Footprint Energy Transition) analysis, the weighted average carbon footprint of its portfolio was 4,509,271 tCO2e, with an Energy Transition score of 51/100 for corporate issuers. Both indicators exceed the level of the benchmark Ishares MSCI World ETF (4,964,124 tCO2e, score 40/100). Finally, the CFET of government investments was 429,327,492 tCO2e.
Green Funds The current Poste Vita portfolio includes the investment in the Real Estate fund called Diamond Eurozone Office (DEO), which has obtained the highest rating in terms of sustainability from GRESB, an international organisation that analyses and compares Real Estate investments from an environmental, social and governance (ESG) perspective worldwide. The DEO Fund achieved a five-star rating, winning the title of Green Fund and an overall score of 86/100, placing 12th among the 64 unlisted funds in the Eurozone in the Office sector. Poste Vita also exclusively holds the Diamond Core Fund, a real estate investment fund whose underlying asset is a LEED Gold certified property and which has received a credit line classified as “Green Loan”, as well as the first green loan in the Italian real estate sector. In addition, there are currently investments in funds of institutional investors with strong orientation towards environmental sustainability: a particular mention should be made of the Tages Helios fund, specialising in investments in the photovoltaic sector, the F2i III fund, managed by the first operator in Italy in the production of energy from renewable sources, and the Ambienta II fund, the investment policy which is strictly inspired by the criteria of limiting the impact on pollution and efficiency in the use of resources by target companies.
Finally, an investment insurance product has also been introduced in the insurance sector, the internal insurance fund which is managed according to a benchmark with a marked ESG index component: in particular, 20% of equity investments are managed with an index that aims at a significant reduction in carbon emissions compared to the global level, with a view to transition to a low emission economy.
With regard to Assets under administration, in July and November 2020, Poste Italiane participated in the placements of the BTP Futura linked to the Italian GDP trend and launched as part of the measures adopted by the Government to deal with the health emergency from Covid-19.
The Poste Vita Group signatory to the Principles for Sustainable Insurance
In defining and marketing its products, Poste Vita pursues the objective of enhancing the social role of insurance protection and making it more inclusive by facilitating its affordability, in line with its corporate objectives. In order to pursue this aim, the Company develops insurance solutions that, on the one hand, encourage the adoption of sustainable and responsible behaviour by its policyholders and, on the other, are functional to the mitigation of ESG risks. When developing its offering, Poste Vita is committed to including more vulnerable social groups that need greater attention, such as younger and older people, and people with particular illnesses. Specifically, in the area of individual pension plans, Poste Vita offers special complementary forms, accessible also to the younger generations, who find themselves having to fill a substantial pension gap, reducing the difference between the expected basic compulsory pension and what is needed to guarantee a decent standard of living. Among the insurance products most popular with customers is the “Poste Vivere Protetti” product, which continued to operate throughout 2020 and aims to provide an integrated, modular solution for protection, assistance and services in the areas of personal, property and assets. In this regard, during the year, the BancoPosta App extended its functionality to include a section dedicated to protection policies distributed by Poste
Overall leadership of Poste Italiane for the Brand Strength Index (BSI), with a score of 85.5 and a rating of AAA
The following tables show the indicators required by the Global Reporting Initiative standards, together with other indicators that Poste Italiane believes important in order to illustrate its performance, divided in the 8 Pillars of the Group’s Strategy.
* Assessment of Group companies for risks related to corruption was conducted as part of the survey carried out in drawing up the Organisation, Management and Control Model required by Legislative Decree no. 231/2001.
** Coverage represents the overall percentage of operations audited. *** The figures refer to Poste Italiane SpA.
[GRI 205-3] Reports managed by the Whistleblowing Committee of which relating to corruption 7 4 3*
of which confirmed - - of which in-depth relating to corruption - 1 - * For reports in this area, 3 of them have been assessed as potentially relevant to corruption; in particular, 3 reports were recognized as unfounded, 1 was exposed with reference to 31 December 2019 and closed in 2020.
Specific training on procedures and policies of anti-corruption of which: Existing tenders which incorporate specific environmental criteria*
Percentage of suppliers selected on the basis of social criteria 45.5 57.7 74.1 * The assessment regards tender processes for amounts above the EU thresholds and is functional to identify tenders that include specific social criteria in the subject, in the technical specifications or in the participation and/or assessment criteria (e.g. SA8000, OHSAS 18001, measures to combat Covid-19, adoption of ethical codes of conduct, 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 social performance. The 2020 index increased by 16.4 percentage points compared to 2019.
Percentage of qualified suppliers with an ISO 14001 or EMAS certified environmental management system % 49.1 75.9
Revenue from intra-group transactions with other tax jurisdictions - - -
SCPA, SDA Express Courier SpA, Postel SpA, Postepay SpA, Consorzio Per I Servizi Di Telefonia SCPA, Poste Air Cargo Srl, Poste Assicura SpA, Patentivia Poste SCPA, Consorzio Poste Motori, Poste Welfare Servizi Srl, Poste Insurance Broker Srl, MLK Deliveries SpA, sennder Italia Srl.
*** For 2020, the difference is essentially due to two macro phenomena: 1) application of the Patent Box benefit in 2020 on the basis of the conclusion of agreements with the Revenue Agency; 2) permanent effect of the redetermination of the ACE.
[GRI 102-8] Number of personnel by contract type and gender, by Strategic Business Unit*
[GRI 102-8] Number of personnel by type of employment and gender, by Strategic Business Unit*
[GRI 404-1] Average hours of training for employees by gender and category
Type of training 2018 2019 2020 * The figures have been rounded in line with the figures reported last year.
Percentage of new hires by gender 54 46 100 60 40 100 53 47 100 * The figures are shown in Full Time Equivalent (FTE) terms.
[401-2] Benefits provided to full-time employees that are not provided to temporary or part-time employees
Health Assistance YES** YES YES* YES** YES YES* YES** YES YES*
Average cost of FTEs hired (€)** 34,900 36,300 36,200 * The turnover rate was calculated on the basis of the number of FTEs leaving the Group as a proportion of the total workforce for year n-1. The voluntary turnover rate is FTEs leaving the Group voluntarily as a proportion of the total workforce for year n-1.
** The average per capita annual cost of new hires regards all types of contract (permanent, flexible and executives). The per capita figure takes into account the following elements: fixed pay, additional remuneration (performance-related bonus, overtime, various forms of compensation, etc.) plus contributions and employee termination benefits payable on the first two components. The average cost for FTEs hired refers to the Parent Company.
[GRI 403-8] Workers covered by an occupational health and safety management system
% employees covered by the system 98 99 99 99 99 99 99 99 99 * Total number of employees covered by an occupational health and safety management system.
% employees covered by the system 97 99 98 98 99 99 99 99 99 * Total number of employees covered by an occupational health and safety management system that is internally audited.
Number of non-employees covered by the system 366 46 412 452 246 698 533 255 788
% of non-employees covered by the system 64 48 63 69 86 73 46 83 53 * Total number of non-employees covered by an occupational health and safety management system that has been audited or certified by an independent third party (e.g. ISO 45001 certified).
Men Women Total Men Women Total Men Women Total * No. of days of absence due to illness and injury/working days * 100. The rate is calculated for permanent personnel only and does not include executives.
Men Women Total Men Women Total Men Women Total of which: of which: Occupational accidents with severe consequences of which: Total number of hours worked
* With respect to 2020, the total number of injuries does not consider 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.
Injuries by type Men Women Total Men Women Total Men Women Total
Fall and/or awkward movement 1,047 1,394 2,441 841 1,338 2,179 593 958 1,551 * With respect to 2020, the figure considers 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.
Revenue-generating functions**** 31,4 32,4 32 * The percentages regard the presence of women in formally designated organisational roles within Poste Italiane and Group Companies. ** Includes first and second level personnel within Poste Italiane, the chief executive officers and general managers of the main Group companies and personnel reporting directly to them.
[GRI 404-3] Percentage of employees who receive regular performance appraisals, by gender and category*
Total percentage of Group companies subject to human rights assessment 100 100 100
Support for local communities and the Country as a whole 68. Expenditure on corporate giving and corporate citizenship in 2020 amounted to more than €1,500,000.
of which: Well-being and social inclusion 450.5 8 1,152.1 18 532.4 14 * Donations: one-off disbursements made to support charitable organisations. ** Community investments: spending on medium- to long-term initiatives supporting communities in collaboration with non-profit organisations and local authorities. *** Commercial initiatives: business initiatives that benefit the community (e.g. sponsorship, occasional donations of the Company’s property and other assets). The figures refer solely to spending on support for the community and do not include, for example, expenses linked to advertising and/or marketing initiatives relating to commercial initiatives.
Total settlements discussed 1,499 1,568 1,709 * In 2020, the procedure on Retail Postal products and that on Business Postal products stand out, recording more cases discussed than in 2019, +15% and +236% respectively, while there is a decrease in the BancoPosta procedure (-24%).
Percentage of young current account holders (under 35) 24.9 24.2 27
Percentage of senior current account holders (over 65) 23.8 25.9 24.7
Percentage of young current account holders (under 35) 46.4 42.7 37.4
Average response time (days) 10 3 4 * The figures on complaints relate to open cases requiring back-office intervention. ** In logistics, with the exception of Recorded Mail, there has been an improvement in complaint rates for all products (including Parcels). In the financial sector, the complaints phenomenon mainly refers to cases of non-recognition of online transactions. With reference to the insurance sector, the increase is linked to the settlement of premiums and identification of the beneficiary.
Number of contacts handled (mln) 24 28 33 * The upward trend in 2020 is due to the growth in contacts on digital payment services. The use of technology with artificial intelligence has enabled easier and more efficient management of the number of contacts.
In terms of channels, the indicator used is the Customer Effort Score (CES), which records the ease of access to services. The customer samples involved in the customer experience surveys represent the related universe. The Business Units involved in the customer experience surveys are: BancoPosta (Consumer, SME and Large Customers); Mail, Communication and Logistics (SMEs and Large
Breaches, data theft and leaks of customer data identified 205 321 468
Total number of IT security breaches involving customers' data 9 7 6
Total amount of fines /penalties paid in relation to IT security breaches or other IT security incidents (€)
Transactions carried out via consumer digital channels (websites and apps) 47.9 57.1 90.3
Consumption of fuel from non-renewable sources (GJ) 2,034,554 2,180,838 2,417,825 of which: Consumption of energy from non-renewable sources (GJ) 93,603 84,183 80,411 of which: Thermal energy (district heating) 20,862 23,122 27,164
** 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 water withdrawals (Ml)** 1,926.462 1,955.768 1,824.983 of which: Third-party water resources 1,925.232 1,949.833 1,821.019 * The management of water discharges is entrusted to third parties who are currently unable to determine the quantity of water used by the Company for recycling. ** The target set for 2020 is 1,963 mega litres. *** The figures for the years 2018 and 2019 have been updated following refinement of the reporting system.
* The figures for the years 2018 and 2019 have been updated following refinement of the reporting system.
** Poste Italiane acquires renewable energy guarantee of origin certificates for approximately 95% of its electricity consumption. The GRI Sustainability Reporting Standards envisage two calculation methods for Scope 2 emissions – the location-based method and the market-based method. The market-based method (the method used by Poste Italiane) is based on CO2 emissions emitted by the energy suppliers from which, via a contract, the organisation purchases electricity (in this case renewable energy guarantee of origin certificates), and for the remaining 5%, emission factors from the national electricity grid (emission factor for market-based method calculation: for 2020, 0.466 kg CO2 e/kWh, source: European Residual Mixes 2019, for 2019 0.487 kg CO2 e/kWh, source: European Residual Mixes 2018, for 2018, 0.476 kg CO2 e/kWh, source: European Residual Mixes 2017). Conversion factors used to convert thermal energy into CO2e: for 2018, 0.18 kg CO2 e/kWh, for 2019, 0.17 kg CO2 e/kWh and for 2020, 0.17 kg CO2 e/kWh. The target set for 2020 is 10,600 tCO2 e.
The location-based method, on the other hand, is based on average emission factors for regional, sub-national or national power generation. Applying the location-based method, the Group’s total Scope 2 emissions in 2018 amount to 183,486 tCO2 e, in 2019, 177,855 tCO2 e and in 2020, 150,168 tCO2 e (emission factor for the location-based method calculation: 0.336 kg CO2 e/kWh, source: ISPRA 2020).
*** The emission factors used to convert fuels into CO2e are as follows: Jet fuel for 2018 2.54 kg CO2 e/l (source DEFRA 2018), for 2019 2.21 kg CO2 e/l (source DEFRA 2019) and for 2020 2.54 kg CO2 e/l (source DEFRA 2020).
**** 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.
On site Off site On site Off site On site Off site
Consumption of fuel from non-renewable sources (GJ) 745,711 718,445 871,256 of which: Consumption of energy from non-renewable sources (GJ) 93,603 84,183 80,411 of which: Thermal energy (district heating) 20,862 23,122 27,164
Consumption of energy from renewable sources (GJ) 1,741,421 1,696,698 1,535,358 of which: Self-produced photovoltaic electricity 5,907 5,521 6,213
Total energy consumption (GJ) 2,580,734 2,499,325 2,487,024 of which: from renewable sources 1,741,421 1,696,698 1,535,358 from non-renewable sources 839,313 802,628 951,666 * 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.
Direct emissions – Scope 1 (tCO2e) 48,725 46,596 50,435 of which
[GRI 302-2; GRI 305-3] External energy consumption and CO2 emissions relating to real estate facilities
[GRI 305-4] Intensity of GHG emissions related to real estate facilities
Intensity of direct and indirect GHG emissions Scope 1 and Scope 2* 11.029 10.387 10.914
Total vehicles (no.) 34,102 33,477 32,791 of which: of which: hybrid motor vehicles 88 79 79*
Percentage of alternative vehicles (%) 12.6 13.1 14.2 * With reference to the Parent Company and mainly for owned vehicles, with respect to mileage, in case of lack of data in the system, the Km were estimated as an average for vehicles in use and half the average for vehicles being disposed of.
[GRI 302-2; GRI 305-3] Energy consumption and CO2 e emissions to contracted road logistics
Indirect emissions – Scope 3 (tCO2 e) 98,808 131,575 154,000 * Road vehicles used by logistics contractors are almost entirely diesel-fuelled. For 2020, the increase in consumption (mainly diesel) is attributable to greater outsourcing of transport services caused by an exit of about 350 Poste Italiane drivers and an increase in shipment volumes.
Total Fuel emissions from non-renewable sources – Scope 1 (tNOx)* 262.92 243.94
Jet Fuel 1.21 1.63 * The emission factors used to convert fuels into VOC are as follows: natural gas 0.0558 t VOC/TJ. LPG 0.0439 t VOC/TJ. Diesel for cars 0.0036 t VOC/TJ, for light commercial vehicles 0.0113 t VOC/TJ, for heavy trucks 0.0126 t VOC/TJ. Petrol for cars 0.2177 t VOC/TJ, for light commercial vehicles 0.1190 t VOC/TJ, for motorcycles 0.9418 t VOC/ TJ. Source: ISPRA, Database of average emission factors of road transport in Italy. Jet fuel 3 g NMVOC/GJ. Source: ISPRA, Emission factors for stationary combustion sources in Italy.
Jet fuel - 20.63 * The figure is close to 0, but still contributes to the total.
The year 2020 proved to be one of exceptional complexity because of the repercussions that the health emergency has had and continues to have on the social and economic front.
In a year marked by an unprecedented health emergency, the Group confirmed its role as a systemic operator at national level, a flexible and resilient company, not only with reference to its economic and financial performance, but also in relation to the social responsibility and solidarity it has demonstrated. The agreement with the Carabinieri for the disbursement and home delivery of pensions for citizens over 75 years of age, the distribution of more than 1.5 billion masks in schools throughout the country, the opening of interactive channels of communication with all the institutions and bodies responsible for managing the crisis and the related agreements for maintaining the guarantee of services, the active role in the distribution of vaccines, are just some of the initiatives undertaken alongside and in support of the institutions.
Supporting the country during the pandemic and developing important social initiatives
The implementation of the strategy within the “2024 Sustain & Innovate” plan is spread across the Group’s 4 Strategic Business Units and includes: Mail, Parcels and Distribution Strategic Business Unit: z The evolution of the logistics network with reference to the entire value chain in order to seize the full potential of the growing parcel market, which is expected to generate more than 50% of the SBU’s total revenues over the plan’s time horizon, thanks to the consolidation of B2C leadership and growth in the B2B area z Completion of the new service model in the C2X segment; entry into new market segments (pharma and food), which are currently only partially covered; development of operations outside Italy, taking advantage of the acquisition of the Chinese operator Sengi Express z Increasing productivity through the strengthening and integration of its distribution networks to support the offer z The modernisation and automation of logistics processes by leveraging the strategic partnerships made during 2020 with specialised and innovative players in the logistics value chain (sennder, MLK Deliveries)
Key logistics player for a sustainable business, accelerating the transition to the growing parcel market
Most trusted financial institution in Italy, benefiting from an omnichannel approach
Innovative digital platform for an integrated payment, telephony and energy offering z Evolution of the logistics network zB2C market leadership zGrowth in C2X and B2B markets z Strengthening leadership in digital payments zNew TLC offer, for both mobile and fixed lines z Energy services from 2022, leveraging market liberalisation and customer confidence z Life products at the heart of the group’s investment offering z Profitable growth in the non-life market z Full integration of ESG principles and reduction of under-insurance in Italy z Promoting diversification in asset allocation z Expansion of omni-channel for the Customer z Integration of nonlife coverage into the investment offering
Payments and Mobile Strategic Business Unit: z Continuous evolution of the business model by combining offerings in payments, telecommunications and - in the near future - energy z The consolidation of leadership in digital payments, through the introduction of value-added services to act as a market facilitator, connecting customers, SMEs and Public Administrations z the offer of integrated, innovative and flexible payment solutions on online channels and the spread of the “Postepay Code” as a fast and Covid-free payment method z The launch of a new Postepay debit card, totally biodegradable, which will offer the same functions as the prepaid card, improving the customer experience z The enrichment of the telephony offer, both fixed and mobile, increasing the penetration of the online channel. In particular, it is expected to enter the ultra-broadband fiber market, thanks to agreements with TIM and Open Fiber signed in 2020.
Report on operations at 31 December 2020 8. Summary of the resolutions of the ordinary and extraordinary Shareholders’ Meeting and other information 8. Summary of the resolutions of the ordinary and extraordinary Shareholders’ Meeting and other information
Summary of the resolutions of the ordinary and extraordinary Shareholders’ Meeting 69. The amount of € 1,896,981 refers to the income not available for distribution recognised in profit or loss for the fair value measurement of Visa Preferred Stock shares which – in application of Legislative Decree no.38/2005 – cannot be the subject of distribution until actually realized.
The ordinary and extraordinary Shareholders’ Meeting of Poste Italiane S.p.A. held in Rome in single call on 28 May 2021 at the premises of the Company located in viale Europa n. 175, adopted the following resolutions: Ordinary session: 1. approved the financial statements of Poste Italiane S.p.A. for the year ended 31 December 2020; and took note of the results of the consolidated financial statements of the Poste Italiane Group, also for the year ended 31 December 2020, which closed with net income for the year of euro 1,206 million; 2. resolved: i. to allocate the net income of BancoPosta’s Ring-fenced Capital, amounting to 628,795,707 euro, as follows: – to the reserve named “Retained Earnings” for 50,000,000 euro; – to the disposal of the Company for the possible distribution for 578,795,707 euro; ii. to allocate Poste Italiane SpA’s net income for 2020, amounting to 324,755,377 euro, as follows: – to the aforementioned reserve named “Retained Earnings” of BancoPosta’s Ring-fenced Capital for 50,000,000 euro; – to the not available reserve for 1,896,98169 euro; – to the distribution to the Shareholders for the remaining amount of 272,858,396 euro; iii. in light of the above, to distribute a total dividend of 0.486 euro per share, using (i) Poste Italiane SpA’s net income for 2020, available for distribution, equal to 272,858,396 euro, and (ii) for the remaining part, whose exact amount will be determined at the time of the payment of the balance of the dividend on the base of the shares in circulation on the ex-dividend date, an amount deriving from the partial distribution of the available reserves (amounting to 1,015,712,369 euro as of 31 December 2020); iv. to distribute the aforementioned dividend of 0.486 euro per share as follows: – the amount of 0.162 euro for each ordinary shares in circulation on the ex-dividend date, excluding treasury shares on that date to cover the interim dividend payable from 25 November 2020, with the ex-dividend date of coupon no. 7 having fallen on 23 November 2020 and the “record date” (i.e. the date of the title to the payment of the dividend, pursuant to Article 83-terdecies of the Legislative Decree no. 58 of February 24, 1998 and to Article 2.6.6, paragraph 2, of the Rules of the Markets organized and managed by Borsa Italiana SpA) falling on 24 November 2020, for an overall amount of 210,738,030 euro; – the amount of 0.324 euro for each ordinary shares in circulation on 21 June 2021, the day scheduled as the ex-dividend date, excluding treasury shares on that date, as the balance of the dividend; v. to pay the aforesaid balance of the dividend for 2020 of 0.324 euro per ordinary share – before withholding tax, if any – from 23 June 2021, with the “ex-dividend” date of coupon n. 8 falling on 21 June 2021 and the record date (i.e., the date of entitlement to the payment of the aforesaid dividend pursuant to article 83-terdecies of Legislative Decree n. 58 of 24 February 1998 and article 2.6.6, paragraph 2, of the Regulations of the markets organized and managed by Borsa Italiana SpA) falling on 22 June 2021; 3. approved the Report on the policy regarding remuneration for the year 2021 – including the guidelines on the policies of remuneration and incentive plans of BancoPosta’s Ring-Fenced Capital, which are attached to the Report on the policy regarding remuneration – which explains (i) the Company’s policy regarding the remuneration for members of the Board of Directors, the general manager and other executives with strategic responsibilities, and the members of control body, as well as (ii) the procedures used for the adoption and implementation of such policy; SectionSummary
Annual Report 2020 Poste Italiane Group 4. resolved in favor of the Report on amounts paid in the year 2020, which are provided (i) by name, for the members of the administrative and auditing bodies, and the general manager, and (ii) in aggregate form, for executives with strategic responsibilities; 5. approved the equity-based Incentive Plans, whose features are described in a document prepared pursuant to article 84-bis, paragraph 1, of CONSOB Resolution n. 11971 of May 14, 1999, attributing to the board of directors all the powers necessary to concretely implement such Incentive plans; 6. approved the ratio between the variable and fixed remuneration components for BancoPosta Ring-Fenced Capital’s Material Risk Takers, not belonging to the control functions, up to a maximum of 2:1.
Extraordinary session: 1. approved the removal of the BancoPosta’s Ring-Fenced Capital constraints on the assets and activities of the business unit related to the debit cards, currently in circulation, connected the BancoPosta bank accounts.
Related party transactions Details of the impact of related party transactions on the financial position and profit or loss are provided in Poste Italiane Financial Statements for the year ended 31 December 2020.
Transactions of greater importance Details of the most significant transactions for the purposes of the Consob Regulation adopted with Resolution no. 17221/2010 are provided below.
At its meeting of 2 April 2020, Poste Italiane SpA’s Board of Directors resolved to renew the following agreements with the subsidiary, PostePay: the service agreement for payment products issued by BancoPosta to PostePay SpA, the value of which, over the three-year term of the agreement, has been estimated at approximately €880 million, and the agreement for the promotion and placement of products issued by PostePay SpA, the value of which, over the three-year term of the agreement, has been estimated at approximately €574 million. The Related and Connected Parties Committee expressed a favourable opinion on the transactions as they are of greater significance for the purposes of Bank of Italy regulations. The agreements with PostePay SpA were signed on 15 May 2020.
At its meeting of 11 November 2020, Poste Italiane SpA’s Board of Directors approved the signing of a framework agreement with the subsidiary, SDA Express Courier SpA, for the management of domestic and international parcels, with an estimated maximum value of approximately €1,334 million for the two-year term of the agreement. In the absence of significant interests of other Related and Connected Parties, the transaction benefited from the exemption from the application of the resolution procedures of the Related and Connected Parties Committee. The Agreement was signed on 17 December 2020.
Statement of reconciliation of profit and equity 70. Such transactions are defined as transactions that due to their significance/materiality, the nature of the counterparties, the purpose of the transaction, the manner of determining the transfer price and timing of the transaction may give rise to doubts over the correctness and/or completeness of the disclosures in the financial statements, over a conflict of interest, safeguards for the Company’s financial position and protections for non-controlling shareholders.
The statement of reconciliation of the Parent Company’s profit/(loss) for the period and Equity with the consolidated amounts at 31 December 2020, compared with the statement at 31 December 2019, is included in Poste Italiane Financial Statements for the year ended 31 December 2020 (Notes to the Poste Italiane Group’s financial statements – Equity).
Alternative performance indicators In keeping with the guidelines published by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415), in addition to the financial disclosures required by the International Financial Reporting Standards (IFRS), Poste Italiane has included a number of indicators in this Report that have been derived from them. These provide management with a further tool for measuring the Group’s performance.
In relation to the ESMA guidance of 17 April 2020 on how to represent Alternative Performance Indicators in light of the impacts of the pandemic (ESMA 32-51-370) referred to in the Document of 28 October 2020 (ESMA 32-63-1041), please refer to the sections of this Report on Operations, which provides disclosure on the impact of Covid-19 on operations and business performance, how it affected the assumptions and estimates used to determine the inputs used in the calculation of the input of the indicators, the level of uncertainty and the measures taken or that will continue to be taken to address the epidemic.
NON-CURRENT ASSETS: this indicator represents the sum of property, plant and equipment, intangible assets and investments measured using the equity method. This indicator is also shown separately for each Strategic Business Unit.
CET 1 RATIO: this ratio measures the adequacy of Tier 1 capital with respect to Pillar 1 risks (operational, credit, counterparty and foreign exchange). It is the ratio of CET1 Capital to total Risk Weighted Assets (RWA).
COMBINED RATIO: is a measure of profitability, calculated by taking total claim-related losses and general business costs and dividing them by the value of gross earned premiums and gross premium revenue. It is the sum of the Loss Ratio and the Expense Ratio.
UNIT DIVIDEND: it represents the amount of dividends paid by the company for each outstanding share. It is calculated as Dividends paid/Number of shares outstanding.
EBIT margin: this is an indicator of the operating performance and is calculated as the ratio of operating profit (EBIT) to total revenue. This indicator is also shown separately for each Strategic Business Unit.
LAPSE RATE: this is an indirect measure of customer loyalty. It is based on surrenders during the period as a percentage of mathematical provisions at the beginning of the period. It is calculated as Surrenders/Mathematical Provisions (on a linear basis over 12 months).
AVERAGE PORTFOLIO YIELD EXCLUDING GAINS (%): average portfolio yield calculated as the ratio of interest income to average current account balances (excluding gains).
RWA (Risk Weighted Assets): this indicator measures the risk exposure of assets in accordance with Basel III regulations. Risk-Weighted Assets, or RWA, are calculated by applying a weighting to assets that takes into account the level of exposure to credit, counterparty, market and operational risks.
TOTAL ASSETS: total assets in the Statement of Financial Position of BancoPosta Ring-Fenced Capital - RFC.
of which early retirement incentives 434 342 93 27.1% 423 328 94 28.8%
of which disputes and other extraordinary items (1) (6) 5 88.0% (3) (5) 2 31.8%
Contribution of Strategic Business Units to the consolidated statement of profit or loss 2020 (€m)
Adjustments and eliminations Total of which ordinary personnel expenses 5,108 25 39 32 5,204 of which early retirement incentives 432 0 1 1 434 of which disputes and other extraordinary items (1) 0 0 0 (1)
Statements of profit or loss by Strategic Business Unit Statement of profit or loss for the Mail, Parcels and Distribution Strategic Business Unit of which: of which ordinary personnel expenses 5,108 5,448 (340) -6.2% 1,317 1,423 (107) -7.5%
Statement of profit or loss for the Payments and Mobile Strategic Business Unit of which: of which ordinary personnel expenses 25 31 (6) -18.5% 6 7 (1) -16.5%
of which early retirement incentives 0 0 (0) n/s 0 0 (0) n/s
Statement of profit or loss for the Financial Services Strategic Business Unit
of which: of which ordinary personnel expenses 39 42 (3) -6.5% 10 11 (0) -3.0%
Statement of profit or loss for the Insurance Services Strategic Business Unit
Change in technical provisions and other claim expenses of which: of which ordinary personnel expenses 32 40 (8) -19.5% 8 11 (3) -28.2%
Trade receivables, Other receivables and assets and Inventories 3,143 518 3,089 2,582 (1,864) 7,468
Trade payables and Other liabilities (3,202) (719) (2,455) (644) 1,862 (5,158)
of which profit for the period (418) 194 647 784 - 1,207 of which fair value reserve 9 10 2,183 92 - 2,294
Trade receivables, Other receivables and assets and Inventories 2,720 233 2,843 2,428 (1,246) 6,978
Provisions for risks and charges (857) (10) (330) (21) - (1,218)
Prepaid/deferred tax assets//(liabilities) 392 16 (349) 253 - 312 of which profit for the period (306) 271 640 737 - 1,342 of which fair value reserve 6 - 971 41 - 1,018
Net technical provisions for insurance business - - - 140,203 - 140,203
Trade receivables, Other receivables and assets and Inventories 423 285 246 154 (618) 490
Trade payables and Other liabilities (154) (321) (377) 340 616 104
Provisions for risks and charges (299) 1 116 4 - (178)
Cash and deposits attributable to BancoPosta - - (2,088) - - (2,088)
Net debt/(funds) of the Mail, Parcels and Distribution SBU ESMA net debt/(funds)
Revenue from sales and services 935,410 683,863 251,547 36.8 n/s: not significant
Financial assets (liquidity and securities) 71,125 56,812 14,313 25.2 n/s: not significant At 31 December 2020, the company declared dividends totalling €16 million.
Technical provisions for insurance business 153,557,571 140,053,883 13,503,688 9.6 * 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.
At 31 December 2020, the company declared dividends totalling €140 million.
Poste Italiane’s Consolidated Non-Financial Statement (NFS or “Statement”) for 2020 has been drafted on the basis of the 8 key Sustainability Pillars of the Group’s ESG Strategic Plan which covers environment, social and governance issues (ESG) and has been designed with the aim of generating long-term value for stakeholders.
In addition to ensuring compliance with the provisions of the Italian Legislative Decree no. 254/2016 (“Decree”) through the information contained in this chapter, conformity with the law requirements is also ensured by providing references to other sections of the Annual Report and to other company documents, when the information is already contained therein or to which reference is made for additional clarifications. In particular: z the company’s organisational and management model is illustrated within the Annual Report in the following paragraphs: “Integrating Sustainability within Poste Italiane’s strategy”, “Business model” and “Poste Italiane’s Integrated Internal Control and Risk Management System”. Such paragraphs describe the way in which the organisation, thanks to its business activities, generates results enabling it to deliver on its strategic objectives and create value over the short, medium and long term; z risk management, implemented through the Group Risk Management (GRM) model, based on the Enterprise Risk Management (ERM) framework, is described in the paragraph “Sustainability themes relevant to Poste Italiane” and “Poste Italiane’s Integrated Internal Control and Risk Management System”, where the main non-financial risks, their potential impacts related to material topics and treatment actions are described in greater detail; z company policies are described in the paragraph “The Group’s sustainability Policies” which sets out the general rules of conduct on which all of Poste Italiane’s activities must be based. In addition, the chapter “Performance” provides the strategic objectives and the operating processes used to deliver each material topic; z performances are illustrated in the paragraphs of the chapter “Performance”, which describes the main initiatives for the year, and in the paragraph “Indicator Tables”, which shows the results achieved in the last three years.
y Sustainability themes relevant to Poste Italiane y Integrating Sustainability within Poste Italiane’s Strategy y Business Model y Poste Italiane’s Integrated Internal Control and Risk Management System
Main risks and related management systems [Art. 3, paragraph 1, letter c]
y Sustainability themes relevant to Poste Italiane y Poste Italiane’s Integrated Internal Control and Risk Management System
Corporate Governance Report y 9. Internal Control and Risk Management System
yWork with transparency and integrity y Legality and incorporation of ESG criteria within procurement processes y Integration of ESG factors into investment policies y Integration of ESG factors into insurance policies
y Protection of human rights y Equal career development opportunities y Staff training and development y Staff welfare and well-being y Relations with social partners y Occupational health and safety
y Legality and incorporation of ESG criteria within procurement processes y Protection of human rights y Equal career development opportunities y Integration of ESG factors into investment policies y Integration of ESG factors into insurance policies
y Legality and incorporation of ESG criteria within procurement processes y Environmental impacts of real estate facilities y Environmental impacts of logistics y Integration of ESG factors into investment policies y Integration of ESG factors into insurance policies
Reporting standards and policies 71. ESMA document on European common supervisory priorities for 2020 “European common enforcement priorities for 2020 annual financial reports”. 72. CONSOB Attention Notice no. 1/21 of 16 February 2021.
The Statement is included in the Report on Operations, which in turn is contained in the 2020 Annual Report and constitutes Poste Italiane’s Integrated Report, prepared in accordance with the principles included in the “International Framework”, published by the International Integrated Reporting Council (IIRC).
The NFS was approved by Poste Italiane SpA’s Board of Directors on 24 March 2021, pursuant to art. 3, paragraph 10 of the Decree. The NFS, with the exception of disclosures relating to SASB, WEF, TCFD and SDGs requirements, has been subjected to a limited assurance engagement in accordance with the criteria indicated in the “International Standard on Assurance Engagements ISAE 3000 Revised - Assurance Engagements Other than Audits or Reviews of Historical Financial Information” issued by the International Auditing and Assurance Standards Board (IAASB) by Deloitte & Touche SpA, which expresses its opinion in a special “Report of the Independent Auditors” contained in the document.
In order to define the contents of the NFS, the accounting principles of the GRI Standards were observed, among which the principle of materiality to identify the significant aspects to be disclosed (for further information refer to paragraph “Sustainability themes relevant to Poste Italiane”). In particular, in relation to the materiality principle, the degree of detail regarding the various topics covered by the reporting process was defined according to the importance assigned to them in Poste Italiane Group’s business objectives and strategies and their relevance for the stakeholders, established via a structured process of materiality analysis, which involved top management and the Group’s stakeholders through specific engagement activities.
Work with transparency and integrity y GRI 205 Anti-corruption y GRI 207 Taxes y GRI 415 Public Policy
Poste Italiane Group y Suppliers and Business partners y Entities and Institutions y Customers y Shareholders and Investors
Personnel Equal career development opportunities y GRI 404 Training and Education y GRI 405 Diversity and Equal Opportunity
Poste Italiane Group y Entities and Institutions y Shareholders and Investors
Poste Italiane Group y Customers y Entities and Institutions y Shareholders and Investors
Poste Italiane Group y Suppliers and Business partners y Entities and Institutions y Shareholders and Investors
Poste Italiane Group y Suppliers and Business partners y Communities and Territory y Entities and Institutions y Shareholders and Investors y Customers
Environmental impacts of real estate facilities y GRI 302 Energy y GRI 303 Water and Effluents y GRI 305 Emissions y GRI 306 Waste
Poste Italiane Group y Environment y Entities and Institutions y Communities and Territory
Generated by the Group and related to the Group through its commercial relationships
Environmental impacts of logistics y GRI 302 Energy y GRI 305 Emissions
Poste Italiane Group y Environment y Suppliers and Business partners y Entities and Institutions y Communities and Territory
Social Support for the socio-economic development of local communities y GRI 203 Indirect economic impacts
Dialogue and transparency with the authorities - Poste Italiane Group y Entities and Institutions y Communities and Territory
Quality and Customer experience - Poste Italiane Group y Customers Generated by the Group
Integration of ESG factors into investment policies y FS 11 Percentage of asset positive and negative environmental/social screening
Integration of ESG factors into insurance policies y FS 11 Percentage of asset positive and negative environmental/social screening
Poste Italiane Group y Shareholders and Investors y Communities and Territory y Environment
102-2 Activities, brands, products and services Report on Operations: Areas of operations and organisation of the Group (p.43-71)
102-5 Ownership and legal form Report on Operations: Business Model (p.24-71)
Report on Corporate Governance and the Ownership Structure: Section I: Governance and Ownership Structures (p.1-8)
The precautionary approach required by principle 15 of the United Nations Rio Declaration is applied by Poste Italiane to protect the environment in the development, introduction of new products and services and in planning new operating activities.
102-12 External initiatives Report on Operations: The Group’s Environmental Social and Governance (ESG) Strategic Plan (p.79-82)
Strategy 102-14 Statement from senior decision-maker Report on Operations: Statement from the Chairwoman and the Chief Executive Officer (p.8-11)
Report on Operations: Management and Supervisory Bodies (p.90-94); The management and reporting of climate change risks according to the indications of the Task Force on Climate-related Financial Disclosures (p.120-122)
Report on Operations: Poste Italiane’s Corporate Governance (p.9094 ); Risk Management and Risk Assessment model (p.95-98); The 2020 Multi-stakeholder Forum (p.106-107)
102-25 Conflicts of interest Report on Corporate Governance and the Ownership Structure: 14. Other corporate governance procedures (former art. 123-bis, par. 2.a), Consolidated Law on Finance (p.55-59)
102-26 Role of highest governing body in setting purpose, values, and strategy
Report on Corporate Governance and the Ownership Structure: 6.6 Chief Executive Officer (p.15-16); 7.2 Audit and Risk Committee (formerly Audit, Risk and Sustainability Committee) (p.24-30); 7.3 Sustainability Committee (p.30-32)
Report on Operations: Poste Italiane’s Integrated Internal Control and Risk Management System (p.95-98) Report on Corporate Governance and the Ownership Structure: 6.3 Role and functions (former art. 123-bis, par. 2.d), Consolidated Law on Finance (p.12-14); 6.8 Independent Directors (p.17-19); 6.10 Assessment of workings of the Board of Directors and Board Committees (p.20-21)
Report on Corporate Governance and the Ownership Structure: 6.10 Assessment of workings of the Board of Directors and Board Committees (p.20-21)
Report on Corporate Governance and the Ownership Structure: 7.2 Audit and Risk Committee (formerly Audit, Risk and Sustainability Committee) (p.24-30); 7.3 Sustainability Committee (p.30-32)
Report on Operations: Poste Italiane’s Integrated Internal Control and Risk Management System (p.95-98)
Report on Corporate Governance and the Ownership Structure: 5.5 Equity participation by employees: rights mechanisms (former art. 123-bis, par.1.e), Consolidated Law on Finance (p.5-6); 7.2 Audit and Risk Committee (formerly Audit, Risk and Sustainability Committee) (p.24-30); 7.3 Sustainability Committee (p.30-32)
102-41 Collective bargaining agreements Report on Operations: Relations with social partners (p.221-226)
102-42 Identifying and selecting stakeholders Report on Operations: Stakeholder engagement (p.105-107)
102-44 Key topics and concerns raised Report on Operations: The 2020 Multi-stakeholder Forum (p.106-
Report on Operations: Material issues, risks and management methods (p.104-117); Chapter 9. Consolidated non-financial statement (p.351-370)
102-47 List of material topics Report on Operations: Material issues, risks and management methods (p.104-117)
102-48 Restatements of information 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.
GRI 203: Indirect economic impacts 203-1 Infrastructure investments and services supported
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Integrity and transparency (p.192-203); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
207-2 Tax governance, control and risk management 207-3 Stakeholder engagement and management of concerns related to tax 207-4 Country-by-country Reporting Chapter 6. Tables of indicators (p.308)
GRI 415: Public Policy 415-1 Political contributions In line with the provisions of the Group's Integrated Policy, in 2020, Poste Italiane made no contributions of any kind, either directly or indirectly, to political parties, movements, committees and political and labour union organisations, or to their representatives or candidates, either in Italy or abroad.
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); 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: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Environmental impacts of real estate facilities (p.287292 ); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
GRI 303 (2018): Water and Effluents 303-1 Interactions with water as a shared resource 303-2 Management of water discharge-related impacts 303-3 Water withdrawal Chapter 6. Tables of indicators (p.326) Currently, there is no evidence that Poste Italiane withdraws water from water-stressed areas. Therefore, this value is zero.
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); Chapter 6. Tables of indicators (p.307-308); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
GRI 402: Labor/ Management relations 402-1 Minimum notice periods regarding operational changes
For Poste Italiane and Group companies signatories of Poste Italiane National Collective Labour Contract: four weeks (25 working days from the date of the first meeting with the Labour Unions, including Saturday) for talks at national level; a further 2 weeks (13 working days, including Saturday) is provided for in order to endorse any agreement reached by trade union representation (RSU) Coordination; an additional week (7 working days, including Saturday) for talks at local level.
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Staff training and development (p.207-213); Equal opportunities in career paths (p.240-243); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
GRI 404: Training and education 404-1 Average hours of training per year per employee
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Work with transparency and integrity (p.193-199); 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)
GRI 418: Customer Privacy 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data
Report on Operations: Materiality matrix (p.108-111); Poste Italiane’s Sustainability Strategy (p.77-83); Integration of ESG factors into investment policies (p.299-303); Integration of ESG factors into insurance policies (p.303-305); Table showing the link with the scope of the Decree, Poste Italiane’s material topics and the GRI Standards (p.354-355)
Other reference standards and guidelines for the preparation of the integrated financial statements
Taking into consideration the indications provided by the document, the table below shows the “material ESG metrics” outlined in this Integrated Report.
Stakeholder engagement Impact of material problems on stakeholders GRI 102-21 GRI 102-43 GRI 102-47
Dignity and equality Diversity and inclusion (%) Assessment on respect for human rights, complaint impact and modern slavery (#,%)
Table showing links between SASB Indicators and Indicators of the Integrated report of Poste Italiane
FN-IN-410a y Poste Italiane’s Sustainability Strategy y Integration of ESG factors into investment policies y Integration of ESG factors into insurance policies y Percentage of assets subject to positive and negative environmental or social screening regarding social/environmental aspects
FN-AC-410a y Poste Italiane’s Sustainability Strategy y Integration of ESG factors into investment policies y Integration of ESG factors into insurance policies y Percentage of assets subject to positive and negative environmental or social screening regarding social/environmental aspects
Business Ethics FN-AC-510a y Poste Italiane’s Sustainability Strategy yWork with transparency and integrity y Poste Italiane’s commitment to managing human rights risks y Companies assessed for risks related to corruption and percentage of operations audited for risks related to corruption y Reports managed by the Whistleblowing Committee y Anti-competitive practices y Specific training on procedures and policies of anti-corruption y Cases of bribery and corruption and corrective actions y Political contributions y Tax approach
Greenhouse Gas Emissions TR-AF-110a y Poste Italiane’s Sustainability Strategy y Decarbonisation of real estate facilities and logistics y Total direct GHG emissions (Scope 1) y Total indirect GHG emissions (Scope 2) y Intensity of GHG emissions related to real estate facilities y Internal Group energy consumption y External Group energy consumption
Labor Practices FN-AC-510a y Poste Italiane’s Sustainability Strategy y Relations with social partners y Protection of human rights y Number of disputes with employees
Employee Health & Safety TR-AF-320a y Poste Italiane’s Sustainability Strategy y Occupational health and safety y Type of injury, rate of occupational accidents that can be registered, rate of occupational accidents with severe consequences, absentee rate and work-related fatalities at the Group
Supply Chain Management TR-AF-430a y Poste Italiane’s Sustainability Strategy y Environmental impacts of logistics y Other total indirect GHG emissions (Scope 3)
Business Ethics FN-AC-510a y Poste Italiane’s Sustainability Strategy yWork with transparency and integrity y Companies assessed for risks related to corruption and percentage of operations audited for risks related to corruption y Reports managed by the Whistleblowing Committee y Anti-competitive practices y Specific training on procedures and policies of anti-corruption y Cases of bribery and corruption and corrective actions y Political contributions y Tax approach
Table showing links between the SDGs and the GRI Standards Indicators
y Air quality y 305-1 y 305-2 yWaste management y 306-1 y 306-2 y 306-3 y 306-4 y 306-5 y Occupational health and safety y 403-2 y 403-3 y 403-6 y 403-9
y Gender equality in governance bodies y 102-22 y 102-24 y Infrastructure investment y 203-1 y Gender equality in employee training y 401-2 y 404-1 y 404-3 y Gender equality y 405-1
y Sustainable water withdrawals y 303-1 y 303-2 yWaste management y 306-1 y 306-2 y 306-3 y 306-5
y Gender equality in governance bodies y 102-22 y 102-24 y Anti-corruption y 205-1 y Occupational health and safety y 403-4 y 403-9 y Public Policy y 415-1 y Protection of privacy y 418-1
2. Basis of preparation and significant accounting policies 380 3. Material events during the year 408 4. Poste Italiane Group Financial statements for the year ended 31 December 2020 414 5. Poste Italiane SpA - Financial Statements for the year ended 31 December 2020 486 6. Risk Management 564 7. Determination of fair value 606 8. Hedging Transactions 611 9. Proceedings Pending and Principal Relations with the Authorities 617 10. Material Non-Recurring Events and/or Transactions 622 11. Exceptional and/or Unusual Transactions 622 12. Events after the end of the Reporting Period 623 13. Additional information 624 14. BancoPosta RFC’s separate report for the year ended 31 December 2020 650
The Group’s business is assessed and presented on the basis of four operating segments: (i) Mail, Parcels and Distribution, (ii) Payments and Mobile, (iii) Financial Services and (iv) Insurance Services.
The Payment and Mobile Services Sector includes the activities of payment management, e-money services and mobile and fixed-line telephone services by Postepay SpA. Starting in 2020, and in line with the organisational changes that in 2019, saw the transfer of the digital channel control activities within the Mail, Parcels and Distribution Services Sector, the name of the Payments, Mobile and Digital Sectors has been updated to Payments and Mobile.
The Financial Services Sector regards the activities of BancoPosta RFC, which include the collection of all forms of savings deposits, the provision of payment services (of which some are outsourced to the Payments and Mobile sector), foreign currency exchange, the promotion and arrangement of loans issued by banks and other authorised financial institutions, the provision of investment services and the activities of BancoPosta Fondi SpA SGR.
The consolidated and separate financial statements contain notes applicable to both sets of financial statements, providing information on matters common to both the Group and Poste Italiane SpA. The relevant matters specifically regard: z the basis of presentation used and accounting standards adopted; z disclosure of the sources and the procedures used in determining fair value; z financial risk disclosures; z a summary of the principal proceedings pending and relations with the authorities at 31 December 2020; z and, in general, certain additional disclosures required by accounting standards, whose presentation in a single section is designed to provide the reader with better information (e.g. the analysis of net debt, key performance indicators for investee companies, etc.).
75. Public statement ESMA 32-63-951 of 25 March 2020 "Accounting implications of the Covid-19 outbreak on the calculation of expected credit losses in accordance with IFRS 9"; IASB document of 27 March 2020 "IFRS 9 and Covid-19 - Accounting for expected credit losses applying IFRS 9 - Financial Instruments in the light of current uncertainty resulting from the Covid-19 pandemic"; Public statement ESMA 32-63-1041 of 28 October 2020 "European common enforcement priorities for 2020 annual financial reports"; Consob Notice of attention no. 1/21 of 16 February 2021.
2.2 Basis of presentation the accounting standards reflect the full operations of the Group and Poste Italiane SpA in the foreseeable future. As a going concern, Poste Italiane Group companies prepare their financial statements on a going concern basis, taking account, among other things, of the Group’s economic and financial outlook, as reflected in the “2024 Sustain & Innovate” strategic plan approved by the Board of Directors at its meeting of 18 March 2021.
The accounting standards and the recognition, measurement and classification criteria adopted in these annual accounts are consistent with those used to prepare the annual accounts at 31 December 2019.
In accordance with Consob Resolution 15519 of 27 July 2006, the statement of financial position, the statement of profit or loss and the statement of cash flows show amounts deriving from related party transactions. The statement of profit or loss
also shows, where applicable and of significant amount, income and expenses deriving from non-recurring transactions, or transactions that occur infrequently in the normal course of business. Detailed information about non-recurring events and transactions, including their impact on the financial position, results of operations and cash flows of the company and/or the group, is provided in the section “Material non-recurring events and/or transactions”.
In this regard, it should be noted that the presentation of the positive and negative income components relating to the financial business has been revised in the Consolidated Statement of Profit or Loss, in order to allow for a convergent interpretation with the presentation in the banking financial statements in accordance with Bank of Italy regulations; this presentation method also ensures greater consistency with respect to the current presentation of the positive and negative income components relating to the insurance business. In detail, and in accordance with IAS 1, the consolidated statement of profit or loss for the year ended 31 December 2020 includes the item “Net revenue from financial services”, defined as the sum of “Revenue from financial services” and “Expenses from financial activities”, previously separately represented respectively under “Net operating revenue” and under costs, as a proportion of the Operating profit/(loss) and net trading income76. In order to ensure the same set of information as in previous Financial Reports, the item is accompanied by details of the individual positive and negative components that contribute to the margin shown.
77. The tax authorities have issued regular official interpretations only in respect of certain of the tax-related effects of the measures contained in Legislative Decree 38 of 28 February 2005, Law 244 of 24 December 2007 (the 2008 Budget Law) and the Ministerial Decree of 1 April 2009, implementing the 2008 Budget Law, which introduced numerous changes to IRES and IRAP. The MEF Decree issued on 8 June 2011 contains instructions regarding the coordinated application of EU-endorsed international accounting standards coming into effect between 1 January 2009 and 31 December 2010, in addition to regulations governing determination of the tax bases for IRES and IRAP. In addition, the new standards are subject to the rules contained in the endorsement tax decrees issued by the Ministry of the Economy and Finance, in application of the provisions of Law no. 10 of 26 February 2011 (Decreto Milleproroghe).
The accounting policies adopted by the Poste Italiane Group are described below.
Among the Group’s intangible assets, Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the identifiable assets and liabilities of the company or business acquired, at the date of acquisition. Goodwill attributable to investments accounted for using the equity method is included in the carrying amount of the equity investment. Goodwill is not amortised on a systematic basis, but is tested periodically for impairment in accordance with IAS 36. This test is performed with reference to the cash generating unit (“CGU”) to which the goodwill is attributable. The method applied in conducting impairment tests and the impact on the accounts of any impairment losses are described in the paragraph, “Impairment of assets”.
If the lease contract also contains a non-lease component, the latter is separated and treated in accordance with the relevant accounting standard. However, if separation cannot be achieved on the basis of objective criteria, the lease and non-lease component are submitted jointly to the accounting rules of the lease.
On the contract commencement date, a right to use the leased asset is recorded, equal to the initial value of the corresponding lease liability, plus payments due before or at the same time as the contract commencement date (e.g. agency fees). Subsequently, said right of use is measured less accumulated depreciation and any accumulated impairment losses. Depreciation starts on the commencement date of the lease and extends over the shorter of the lease term and the useful life of the underlying asset.
The lease liability is initially recorded at the present value of the lease instalments not paid on the date the contract commences78, discounted using the incremental borrowing rate, defined by loan period and for each Group company. The lease liability is subsequently reduced to reflect the lease payments made and increased to reflect interest on the remaining amount.
The lease liability is restated (resulting in a right-of-use adjustment) in the event of a change in: z the lease term (for example, in the case of early termination of the contract or an extension of the lease); z the assessment of a purchase option for the underlying asset; in these cases, lease payments due are reviewed on the basis of the revised lease term and to take account of the change in the amounts payable in view of the purchase option; z future lease payments deriving from a change in the index or rate used to determine the payments (e.g. ISTAT), or as a result of a renegotiation of the financial conditions.