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Integrated Report 2018 Contents 06 INTEGRATED REPORT 2018 CONTENTS 06 42 Human capital 01 03 Message from 07 the Management 45 Reputational capital 02 08 06 Introduction 57 Intellectual capital 03 09 09 Itaúsa 64 Materiality 67 Summary of 04 GRI content 75 Independent 20 Value creation auditors' limited assurance report 05 77 Glossary 79 Corporate 27 Financial information capital MESSAGE 01 FROM THE MANAGEMENT We proceed in our pursuit of sustainable value creation to our stockholders and society, attentive to investment opportunities. 3 GRI Message from the Management As a holding company, our challenge is managing capital We have also strengthened the monitoring of the investees’ and investment portfolio efficiently, focused on the sus- performance and endeavored the best efforts so that com- tainable value creation to stakeholders. panies with a consolidated position in our portfolio are able to raise their profitability and efficiency levels and exert- in Due to its relevant weight in our results, Itaú Unibanco creasingly more discipline in the use of capital. remains our greatest asset – and will continue to do so. We are however attentive to other opportunities to Another concern of ours is ensuring that investees are increase our portfolio and bring attractive returns, and aligned with good practices in people management – and for exceeds Itaúsa’s cost of capital. We target well-established this reason we are part of the Personnel Committee, set up companies, with good cash generation, a consistent history at Itaú Unibanco and Duratex, and the People Committee, set of results, preferably that own recognized brands and up at Alpargatas. operate in sectors with low execution and regulatory risks. As part of the revision of our investment portfolio, we com- It is not our strategy to be the sole controlling stockhold- pleted in 2018 the sales of the ownership interest held ers in the business and, therefore, we seek to engage in Elekeiroz for R$ 160 million and of the remaining 10.3% in consortiums with ethical and experienced partners in stake held by Itautec in Oki Brasil. Constantly being on the the areas of operation. alert to market opportunities and monitoring the discount level of Itaúsa’s shares have led us to carry out buybacks of Regarding governance, our intention is to continue to Companie’s own shares. have significant influence on investees through Share- holders’ Agreements and by joining the Board of Direc- Our focus is also driven to improving management and tors and other Board of Directors’ advisory bodies. governance, both internally and in our investees. Under this scenario, we have set up a permanent Fiscal Council, Each opportunity is diligently assessed by a very knowl- consolidated the structure of internal departments and edgeable internal M&A team that counts on the support the meritocracy culture, expanded our communication of top external advisors for applicable projects. with investors and stockholders, strengthened our internal controls and risk management practices, completed the first cycle of Internal Audit work, and set up our independent HENRI PENCHAS Whistleblowing Channel. Chairman of the Board of Directors GRI 102-14 | 102-15 4 GRI Recent improvements in investees include the set-up of Our belief is such that we are part of the Sustainabili- a permanent Fiscal Council at Itaú Unibanco, an IT and ty Committee of our investees and make contributions Digital Innovation Committee at Duratex, and Strategy, to discussions that align their strategies in the face of People and Finance and Audit committees at Alpargatas. the changes society has been going through, including cultural, environmental and social issues. Therefore, We have elected independent members for the Board of we make up the Dow Jones Sustainability Index (DJSI), Directors and members for Committees at Alpargatas, alongside Itaú Unibanco, and the B3 Business Sustain- our newest investee. We have also announced Mr. Ro- ability Index (ISE), alongside Itaú Unibanco and Duratex. berto Funari as the new CEO beginning in January 2019. In line with the international market expansion strategy, We also disclosed a relevant growth in dividends paid we have brought knowledgeable executives with broad to stockholders, up 33% for quarterly dividends and a international experience to contribute with their exper- rise in payout that reached 94%, leading to one of the tise and speed up the performance of this strategy. highest dividend yields in 2018 among companies listed on B3 – about 7.4%. Our best efforts were driven to digital and disruptive trans- formation, which has been quicker in the financial sector, We are ready to face up the challenges and we reaffirm by closely monitoring both trends and threats, with the our confidence in the future of Brazil. After enduring a goal of keeping ourselves competitive and playing a rele- long recession, we expect to resume a – even if moder- vant role in the areas in which our investees operate. ate - growth path, with actual interest rates under con- trol and low inflation. We have also strengthened our commitment to the en- vironmental and social responsibility by encouraging We assert, given this scenario, our belief in our strategy, investees to develop eco-efficient, groundbreaking and one that prioritizes a sustainable portfolio growth and is technological products and to adopt sustainable practic- supported by our team’s ability to capture opportunities to es in their processes. This is a legitimate concern, that provide our stakeholders with continuous value creation. we share with investors, employees and stockholders, as we are aware of our role in society. ALFREDO EGYDIO SETUBAL CEO, Investor Relations Officer and Vice-Chairman of the Board of Directors GRI 102-14 | 102-15 5 02 INTRODUCTION By seeking continuous improvement in terms of accountability, Itaúsa takes this opportunity to submit its first integrated report, thus strengthening the relevance of the organization’s long-term vision. 6 GRI Reporting cycle Itaúsa has published its annual report since the 1980s This report discloses the actions taken in connection with the cess for the last two years. Early in this process in 2017, to inform all stakeholders about its performance, always material topics identified in the materiality review process countless meetings and discussions were held to analyze, carried out in 2017 with stakeholders – efficient capital allo- committed to continuous improvement. With this goal in adjust and validate the results of the materiality and re- mind, as from this publication and reaping the benefits of cation, continuous improvement and shared culture (page 8). porting process, taking into account global and local risk our collective mindset, Itaúsa now unveils its performance Itaúsa expects that related outcomes are disclosed in a more scenarios, integrated reporting principles and elements, in accordance with the integrated reporting model set out coherent and efficient way. Throughout this report, Itaúsa -in and management’s current maturity level to understand all by the Integrated Reporting Council (IIRC), prioritizing long- troduces its Business Model, evidencing the process adopted these factors. Pursuing what it takes for a concise, material term vision and systemic thought. As in previous years, this to create value to stockholders and society. See below the report was prepared in accordance with the GRI Standards, steps taken in our journey to submit this report. and interconnected content to meet the needs of our main Comprehensive option. It was also subject to an independent Itaúsa’s Board of Directors and top executives have been stakeholders has become routine at Itaúsa. These efforts assurance carried out by PwC. directly engaged to improve the Company’s reporting pro- can be seen in this report. Holding interviews with Defining, together Based on a series of value executives and assessing with our executives, creation indicators, defined with internal and external what “value” means the business model, we have documents based to Itaúsa developed and deepen our on benchmarks knowledge of each of them Value Business Defining Integrated Diagnosis Materiality Creation Model Indicators Report Holding interviews with local and Holding meetings foreign investors, as well as capital with executives market institutions, to help defining to design and the relevant topics for the Company’s discuss the present and future business model GRI 102-21 | 102-32 | 102-40 | 102-42 | 102-43 | 102-44 | 102-48 | 102-49 | 102-52 | 102-54 | 102-56 7 Material topics GRI Efficient capital Continuous Shared allocation improvement culture Expectation of return, strategy Improvement in controls, compliance Influence on the strategy and of expansion and portfolio and internal processes governance of investees management E&S impact on business portfolio Investees’ value creation capability Aligning corporate governance with good international practices Long-term vision in decision making Developing human capital in the Company (talent retention and Due diligence in new investments Risk management beyond the development; health, safety, and financial aspect well-being) Macroeconomic scenario and impacts on the organization’s Ethics and advances in anti- strategy corruption actions GRI 102-47 8 03 ITAÚSA Guides the companies of its portfolio through their financial and strategic decisions, by sharing a culture of governance, ethical values, concerns about risk management and human capital appreciation, discipline in capital allocation and focus on long-term value creation. 9 1 GRI 66% 34% Ownership structure Egydio Souza Free float Aranha Itaúsa – Investimentos Itaú S.A. is a holding company con- Family (ESA) trolled by Cia ESA, which, through its representatives in the boards of directors and advisory committees of investees, 63% CS 19% PS seeks to guide the latter through their financial and strate- 40% 60% gic decisions and share its culture of governance and ethi- Foreigners Brazilians cal values. By way of its engagement with investees, it also reinforces its concerns about risk management and human capital appreciation, with focus on sustainable value cre- ation and ongoing discipline in capital allocation.
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