The expected benefits of depend on a certain number of pre-requisites: TOP MANAGEMENT S

DESIRE TO INNOVATE

Governance is a content element of the integrated report, but that alone does not explain its importance. The involvement of the company s governing body (board of directors or supervisory committee) and senior management is vital, as they alone can drive innovation by:

→ providing strategic direction and breaking it down into a business model that they can monitor closely,

→ striking the right balance between the different components of the integrated report with regard to risks and opportunities,

→ ensuring that, in addition to visibility, the process uses effective differentiation enablers to create medium and long term value,

→ providing reassurance concerning the advantage of communicating with key stakeholders about new aspects (based on the thresholds and criteria they have validated),

→ fostering a trust-based environment conducive to a culture of transparency and constructive self-examination,

→ monitoring the process efficiency.

Without this leadership, the company will struggle to generate the cross-functional cooperation and commitment it requires from all of its members. The integrated report would be an empty concept without integrated thinking and, therefore, the dynamic that leverages all the expected benefits of both at company level and in stakeholder relationships.

Several factors helped make the process a success. Firstly, the support of our governing and managing bodies (the Board of Directors, the Chief Executive Officer, the Chief Financial Offi- cer), which supported the «Corporate Reporting Evolution» project aimed at adopting Integrated Reporting.

The commitment of my colleagues (CSR, finance, investor rela- tions, communications, strategy) was key to producing the report.

MASSIMO ROMANO, HEAD OF INTEGRATED REPORTING & CFO HUB AT GENERALI

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