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ANNUAL REPORT Pirelli & C

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ANNUAL REPORT Pirelli & C — 2020 ANNUAL REPORT Pirelli & C. S.p.A. – 2020 Annual Report CONTENTS NOTICE OF SHAREHOLDERS’ MEETING ..................................................................................... 4 CORPORATE BODIES ..................................................................................................................... 6 PRESENTATION OF 2020 INTEGRATED ANNUAL REPORT ....................................................... 9 DIRECTORS’ REPORT ON OPERATIONS ................................................................................... 11 MACROECONOMIC AND MARKET SCENARIO.................................................................... 12 SIGNIFICANT EVENTS OF 2020 ............................................................................................ 16 GROUP PERFORMANCE AND RESULTS ............................................................................. 20 RESEARCH AND DEVELOPMENT ACTIVITIES .................................................................... 34 PARENT COMPANY HIGHLIGHTS ........................................................................................ 40 RISK FACTORS AND UNCERTAINTY ................................................................................... 42 OUTLOOK FOR THE FIVE-YEAR PERIOD ............................................................................ 54 SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE YEAR ................................. 56 ALTERNATIVE PERFORMANCE INDICATORS .................................................................... 58 OTHER INFORMATION .......................................................................................................... 61 REPORT ON RESPONSIBLE MANAGEMENT OF THE VALUE CHAIN - CONSOLIDATED NON-FINANCIAL DISCLOSURE PURSUANT TO LEGISLATIVE DECREE OF DECEMBER 30, 2016, N. 254 ............................................................................................................................. 66 METHODOLOGICAL NOTE .................................................................................................... 67 ECONOMIC DIMENSION ........................................................................................................ 85 ENVIRONMENTAL DIMENSION ........................................................................................... 117 SOCIAL DIMENSION ............................................................................................................ 152 REPORT ON THE CORPORATE GOVERNANCE AND SHARE OWNERSHIP OF PIRELLI & C. S.p.A. PURSUANT TO ARTICLE 123-BIS TUF ....................................................................... 216 GLOSSARY ........................................................................................................................... 217 INTRODUCTION ................................................................................................................... 221 COMPANY PROFILE ............................................................................................................ 221 INFORMATION ON THE OWNERSHIP STRUCTURE ......................................................... 223 COMPLIANCE ....................................................................................................................... 235 BOARD OF DIRECTORS ...................................................................................................... 236 PROCESSING OF CORPORATE INFORMATION ............................................................... 253 BOARD COMMITTEES ......................................................................................................... 254 1 Pirelli & C. S.p.A. – 2020 Annual Report STRATEGIES COMMITTEE .................................................................................................. 256 APPOINTMENTS AND SUCCESSIONS COMMITTEE ........................................................ 257 RELATED-PARTIES TRANSACTIONS COMMITTEE .......................................................... 259 REMUNERATION COMMITTEE ........................................................................................... 260 REMUNERATION OF THE DIRECTORS.............................................................................. 262 AUDIT, RISKS, SUSTAINABILITY AND CORPORATE GOVERNANCE COMMITTEE ....... 262 SYSTEM OF INTERNAL CONTROL AND RISK MANAGEMENT ........................................ 264 INTERESTS OF THE DIRECTORS AND RELATED-PARTIES TRANSACTIONS ............... 270 BOARD OF STATUTORY AUDITORS .................................................................................. 271 OPERATIONS GENERAL MANAGER .................................................................................. 276 INFORMATION FLOWS TO THE DIRECTORS AND STATUTORY AUDITORS ................. 276 RELATIONS WITH SHAREHOLDERS .................................................................................. 277 SHAREHOLDERS’ MEETINGS ............................................................................................. 277 CHANGES SINCE THE END OF THE YEAR........................................................................ 279 THE PIRELLI WEBSITE ........................................................................................................ 279 CONSIDERATIONS ON THE LETTER OF 22 DECEMBER 2020 FROM THE CHAIRMAN OF THE CORPORATE GOVERNANCE COMMITTEE ......................................................... 280 REPORT ON THE REMUNERATION POLICY AND COMPENSATION PAID ............................ 296 REMUNERATION POLICY FOR THE 2021 FINANCIAL YEAR ........................................... 300 REPORT ON COMPENSATION PAID FOR YEAR 2020 ...................................................... 342 CONSOLIDATED FINANCIAL STATEMENTS ............................................................................. 356 FINANCIAL STATEMENTS ................................................................................................... 357 EXPLANATORY NOTES ....................................................................................................... 362 SCOPE OF CONSOLIDATION .............................................................................................. 472 PIRELLI & C. S.p.A. SEPARATE FINANCIAL STATEMENTS ..................................................... 479 FINANCIAL STATEMENTS ................................................................................................... 480 EXPLANATORY NOTES ....................................................................................................... 485 ANNEXES TO THE EXPLANATORY NOTES ....................................................................... 545 REPORT OF THE BOARD OF STATUTORY AUDITORS TO THE SHAREHOLDERS’ MEETING ............................................................................................................................... 550 RESOLUTIONS ............................................................................................................................ 578 2 Pirelli & C. S.p.A. – 2020 Annual Report PROPOSAL ON THE ALLOCATION OF THE RESULT OF THE FINANCIAL YEAR AND DISTRIBUTION OF DIVIDENDS ........................................................................................... 579 APPOINTMENT OF A MEMBER OF THE BOARD OF DIRECTORS; RELATED AND CONSEQUENT RESOLUTIONS ........................................................................................... 581 APPOINTMENT OF THE BOARD OF STATUTORY AUDITORS FOR THE FINANCIAL YEARS 2021, 2022 AND 2023 AND DETERMINATION OF ITS REMUNERATION; RELATED AND CONSEQUENT RESOLUTIONS ................................................................. 584 REMUNERATION POLICY AND COMPENSATION PAID; RELATED AND CONSEQUENT RESOLUTIONS ........................................................................................... 591 THREE-YEAR MONETARY INCENTIVE PLANS FOR PIRELLI’S GROUP MANAGEMENT; RELATED AND CONSEQUENT RESOLUTIONS AND CONFERMENT OF POWERS ......................................................................................................................... 594 CERTIFICATIONS ........................................................................................................................ 601 a. Certification of the Consolidated Financial Statements pursuant to art. 154 bis of Legislative Decree 58 of February 24, 1998, and pursuant to article 81-ter of Consob Regulation No. 11971 of May 14, 1999, as amended ..................................................... 601 b. Independent auditors report on the Consolidated Financial Statements ........................ 603 c. Certification of the Separate Financial Statements pursuant to art. 154 bis of Legislative Decree 58 of February 24, 1998, and pursuant to article 81-ter of Consob Regulation No. 11971 of May 14, 1999, as amended ..................................................... 611 d. Independent auditors report on Separate Financial Statements ..................................... 613 e. GRI Content and Correlation Tables ............................................................................... 621 f. Independent Auditor’s Report on the Consolidated Non-Financial Disclosure in accordance with article 3, paragraph 10 of Legislative Decree 254/2016 and with article 5 of CONSOB Regulation 20267 adopted by resolution of January 2018 ............ 639 3 Pirelli & C. S.p.A. – 2020 Annual Report Notice of shareholders’ meeting NOTICE OF SHAREHOLDERS’ MEETING The persons entitled to vote at the general shareholders’ meeting of Pirelli & C. Società per Azioni are called to an Ordinary
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