Listen, Understand, Respond
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Listen, understand, respond. 2013 Sustainability Report his report expresses UniCredit’s approach to banking by telling everyday Tstories about our interactions with Customers, innovations in products and adaptability in services. These brief but meaningful stories come directly from our colleagues. They are examples of the tangible benefi ts and concrete solutions offered by UniCredit, demonstrating how we make a difference in people’s lives. Our clear goal to improve everyday circumstances is rooted in our complete commitment to outcomes that ensure Customer satisfaction. At UniCredit, listening to our Clients and engaging with them to offer simple, direct results lies at the heart of our commercial banking operations. It is part of our determined effort to contribute to the economic and social well-being of our Customers as well as the communities where we work. We will continue with this commitment to all of you, every day. 2013 Consolidated2013 Reports Sustainability and Accounts Report Report structure This is the 13th edition of the UniCredit Sustainability Report (the “Report”), an annual publication that summarizes the relationships between our Group’s business strategies, the management of our stakeholder relationships, and our principal activities during the reporting period that ended on December 31, 2013. As in previous years, the 2013 Sustainability Report is composed of two related sections: a main section, which primarily contains qualitative content, and the Supplement, which includes technical appendixes that relate to the main section. The report was written in accordance with the Sustainability Reporting Guidelines & Financial Services Sector Supplement issued in 2008 and the Sustainability Reporting Guidelines (version 3.1) issued in 2011 by the Global Reporting Initiative (GRI). We declare our reporting status to be Application Level A+. In 2012, our Group adopted a new data-collection process, substituting CSR cards for management software, with content in line with GRI requirements. The reporting boundaries include 15 countries where the Group has significant operations: Italy, Germany, Austria, Poland and some countries in CEE (Central Eastern Europe) - Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine. With respect to 2012 Report, we report that Kazakhstan exited the reporting boundaries, as a consequence of the sale of the companies operating in this country. As in previous reports, the final section of the Supplement summarizes our principal activities and sustainability performance in Turkey, which is not included in the reporting boundaries. Unless otherwise noted, the data related to our workforce and to generated added value corresponds to information provided in our 2013 Consolidated Reports and Accounts. Any conditions that may limit the scope of this data are clearly disclosed throughout the report. Data relating to previous years are presented for comparative purposes, in order to allow an evaluation on the Group’s performance over a period. In order to ensure that the reported information is reliable, we have included relevant data directly and limited the use of estimates to the possible extent. The data is based either on the strongest information available or on sample analyses. Estimated figures and restatements of data published previously are clearly disclosed as such. As in previous years, the process of defining the report’s content was based on the GRI’s reporting principles of materiality, stakeholder inclusiveness, sustainability context and completeness. During 2013, materiality analysis was updated on the basis of the methodology already applied in previous years in order to understand stakeholders’ expectations, given the changing environment, and in order to identify our response to these expectations with respect to our Mission. This report includes the topics identified in the analysis. To make faster and easier access to UniCredit corporate website, we decided to use a QR code, included at the end of this report, which will deepen related topics. To read the QR code you must install a free application on your smartphone or tablet. This report was subject to a limited review by Deloitte, which, on completion of the procedures performed, released the Review Report on the Sustainability Report – hereby enclosed - in accordance with the criteria established by the International Standard on Assurance Engagements 3000 - Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, issued by the International Auditing and Assurance Standards Board (IAASB). 2 2013 Sustainability Report · UniCredit Index CEO’s Letter 4 Highlights 6 Our Approach 11 A new challenge 12 Cultural change 13 Stakeholder engagement 15 Valuing our Colleagues 21 Performance management 22 Employees’ development 23 Diversity and inclusion 27 Work-life balance 29 Serving Individuals and Families 31 Customer proximity 32 Dynamic bank 33 Simplicity and transparency 36 Quality and value 39 Supporting Companies 41 Customer proximity 42 Dynamic bank 44 Simplicity and service quality 45 Support to business 46 Informing Investors 53 Clear approach to markets 54 Fostering Communities 57 Financial inclusion 59 Talent and innovation 61 Culture and sports 65 Teamwork 66 Conserving Natural Resources 71 Reducing direct environmental impacts 72 Reducing indirect environmental impacts 74 Sustainable procurement 76 GRI and UN Global Compact Indexes 78 Report of the External Auditors 82 UniCredit · 2013 Sustainability Report 3 CEO’s Letter Dear Stakeholders, in 2013, as a result of a number of judicious To that end, we have devoted greater resources We are presently setting ambitious goals for the choices, we continued to build UniCredit into one to advisory tools and services. For example, we future. Among them, we are seeking to become of the most solid banks in Europe. We have secured developed the Bilancio Familiare spending analysis the top-rated bank in Europe for quality of service. our capital position and adopted new measures to dashboard to help families make better choices. We intend to lead our industry in multichannel improve our operational efficiency. In recent years, For businesses, we are making it easier to do offerings – particularly in digital banking. we have significantly raised our core Tier 1 ratio, business abroad and directly access capital markets. To achieve this, we will invest robustly in IT reduced our operating costs and trimmed our over the next three years to further develop our risk-weighted assets. Core to our strategy is to make more credit innovative digital platform. We are also working available to both families and enterprises, in line to serve our corporate customers more effectively As planned, today we are a rock-solid commercial with the improving macroeconomic environment and to improve our standing as one of the primary bank, able to lend our full support to the economy. all of us expect for 2014. It may not yet be possible corporate banks on the continent. Despite a challenging macroeconomic environment, to expand our lending to pre-crisis levels, but we our Group has evolved into an innovative and are doing everything possible to help our customers These advances are being executed against a efficient bank that engages effectively with its tap into a wide variety of funding sources. backdrop of broader changes at the European level. customers. Last year saw Europe make progress towards the We are now starting to realize the benefits of formation of a genuine banking union. Three years ago, we shifted our focus to our core our work over the past three years. Notably, our When this important work is complete, we will FEDERICO GHIZZONI business, anticipating a trend that has been customer satisfaction indexes are starting to rise have successfully leveled the playing field. Chief Executive Officer gradually spreading across our industry. Wherever again, climbing to levels not seen since before The union will enable the European banking sector I travel throughout Europe, I hear our competitors the crisis – even in countries including Italy where to thrive once again, bringing substantial benefits saying that they must become more efficient and considerable difficulties have had to be addressed. to the European economy. With this in mind, I view strengthen their efforts in traditional commercial These results justify our commitment and our the upcoming asset quality review as an important banking. We have already done this. We have investments, and we will continue to pursue the opportunity to increase transparency, which will simplified our organization and processes and are course we have taken. help Europe’s banks to reestablish their reputations Given UniCredit’s providing our customers with better services. and look to the future with confidence. solid position, we are We have eliminated roughly 30 percent of our Internally, we have been working to foster a culture “ layers of bureaucracy to become a leaner bank that that drives sound behavior, particularly through Given UniCredit’s solid position, we are particularly well-equipped to confront makes faster decisions. Our front-line bankers now stronger risk management. We have reinforced well-equipped to confront future challenges. We are have greater authority to complete transactions cooperation between our risk personnel and our looking forward to reaping the benefits of what we future challenges. quickly. business staff