For whatever life brings 2010 Reports and Accounts www.unicreditanduniversities.eu Printed on certified recycled chlorine-free paper. Everyone knows that life can be surprising. Many of these surprises are good things. Some are not so good. That is why people need their bank to be a reliable partner, helping them to deal with whatever life brings. Because this year’s report is inspired by real life, its graphics portray some of life’s more pleasant aspects, as well as a few of its less enjoyable features. Thus, the images present a range of contrasts, and our cover offers up a kaleidoscope of moments drawn from daily life. That is simply how life works. From the exciting to the ordinary, from the expected to the unanticipated, life is always changing and makes demands on all of us. And UniCredit is here to lend a hand. Our job is about more than offering products and managing transactions. It is about understanding the needs of our customers as individuals, families and enterprises. Our goal is to deliver solutions for the everyday issues that people face. This means providing them with concrete answers - day by day, customer by customer, need by need. 2010 Reports and Accounts For whatever life brings Governing Bodies Board of Directors Dieter Rampl Chairman Anna Simioni Vice-Chairman Marco Annunziata Directors Willibald Cernko Federico Ghizzoni Antonella Massari Theodor Weimer Secretary General Giannantonio De Roni Board of Auditors Giorgio Loli Chairman Claudia Cattani Standing Members Elisabetta Magistretti UniCredit & Universities Knight of Labor Ugo Foscolo Foundation Non-profit Organization Italian Presidential Decree no. 255 of 28.3.1967 (Official Gazette, no. 118 of 12 May 1967) Registered Office: Via Alessandro Specchi, 16 - 00187 Rome Business Office: Via Santa Margherita, 12 - 20121 Milan Tax Code: 80024350581 UniCredit & Universities · 2010 Reports and Accounts 3 For whatever life brings Scientific Committee Scientific Committee Franco Bruni Chairman Silvia Giannini Members Tullio Jappelli Catherine Lubochinsky Giovanna Nicodano Reinhard H. Schmidt Josef Zechner UniCredit & Universities · 2010 Reports and Accounts 5 Chairman’s Letter To become a leading European “ player in support of the best students and researchers is and will remain our greatest challenge. ” 6 2010 Reports and Accounts · UniCredit & Universities Thanks to its ongoing commitment to support the At the foundation, we do not see our results as just best European talents, the UniCredit & Universities another positive mark on our record, but rather as Foundation achieved excellent results in 2010, an incentive to work longer, harder and better. fielding more initiatives and providing more financial We do so with the full knowledge that to succeed grants to students and researchers. in the dynamic world of academia, one must relentlessly seek out advanced initiatives and The feedback from this surge of activity was solutions to meet the needs of Europe’s finest overwhelmingly positive, as reflected by the young talent. significant increase in the number and the national diversity of applicants for its competitions. Finally, I would like to thank all those who enabled the UniCredit & Universities Foundation to fulfill its These positive trends were matched by the commitment this year and, in particular, the Board quality and academic value of the submissions of Directors, the Board of Auditors and the Scientific received. This year’s winning research projects Committee, whose contributions have been were outstanding scientific efforts that made real invaluable to our success. contributions to their fields of inquiry. Furthermore, by the number and variety of initiatives launched during the past year, the foundation has signaled its intention to become a leading European player in support of the best students and researchers in economics and finance. Looking ahead, achieving this goal will remain our greatest ambition and our greatest challenge. To date, we remain encouraged by the significant appreciation expressed for our work by award recipients and the communities in which we operate. Moving rapidly to build on this support, we have proposed a new series of initiatives and built firm relationships with leading universities and research centers that, like us, aim to promote the study of economics without regard to geographical, political or cultural boundaries. In the future, these partnerships will surely create new and exciting opportunities for young European students and Dieter Rampl researchers. Chairman UniCredit & Universities · 2010 Reports and Accounts 7 For whatever life brings Contents Annual Report 11 The Foundation’s Purposes 12 Highlights 13 Management Analysis 14 Activities 18 Main Goals 30 Financial Statements 35 Balance Sheet 36 Report on Operations 37 Notes on the Accounts 38 Annexes 47 Report of the Board of Auditors 49 UniCredit & Universities · 2010 Reports and Accounts 9 Annual Report The Foundation’s Purposes 12 Highlights 13 Management Analysis 14 Activities 18 Support for Studies 18 Support for Research 22 Other Initiatives 27 Main Goals 30 UniCredit & Universities · 2010 Reports and Accounts 11 Annual Report The Foundation’s Purposes On the basis of Article 2 of the foundation’s statute, the UniCredit & Universities Foundation does not pursue profit and operates with the following purposes: TO PROMOTE studies and initiatives designed to deepen knowledge in the 1academic fields of finance, economics, law, politics and the social sciences. TO AWARD, annually, one 2 or more scholarships. TO ESTABLISH awards for dissertations or for special academic 3 work in the academic fields of finance, economics, law, politics and the social sciences. TO PROPOSE and SUPPORT 4 academic initiatives. 12 2010 Reports and Accounts · UniCredit & Universities Highlights During 2010, the foundation launched 12 initiatives (7 in 2009) Expenses for ordinary operations amounted to a total of €1.65 that yielded 34 awards (8 in 2009). million (€0.85 mln in 2009). Expenditures related to the launch of all 2010 initiatives As of the date on which the financial statements were amounted to €1.02 million (€0.66 mln in 2009). approved, the network of foundation scholarship students included a total of 25 students and researchers. Expenditures can be broken down as follows: • initiatives in support of studies: 64% In 2010, the foundation received 522 applications. Since the • initiatives in support of research: 33% start of its operations in January 2009, the foundation has • other initiatives: 3% received 800 applications. Number of initiatives Number of award recipients (Unit) (Unit) 12 34 +71% +325% 7 8 2009 2010 2009 2010 Investment in new initiatives Breakdown of expenditures (€ million) for new initiatives in 2010 (%) 1.02 +55% 33 0.66 64 Initiatives in support of research 3 Other initiatives Initiatives in support of studies 2009 2010 Expenses for ordinary operations Number of applications received (€ million) (Unit) 1.65 522 +88% +94% 278 0.85 2009 2010 2009 2010 UniCredit & Universities · 2010 Reports and Accounts 13 Annual Report Management Analysis 2010: THE FIRST FULL YEAR OF OPERATION FOR THE FOUNDATION In 2010, the foundation’s primary objective was to support the Six of the 12 initiatives launched this past year are new. These best European talent in the fields of economics and finance. arose both from existing initiatives, which have subsequently been This goal was pursued through an increasingly broad and refined, and from entirely new projects. well-structured range of initiatives. In addition to the introduction of a range of new initiatives, an The most striking aspect of the foundation’s activities was their important part of the activities performed during the year by the European character. Through its support for study and research, foundation concerned the creation of a large and sturdy network the foundation fully reflects the impressive geographic and cultural of international relationships. diversity of UniCredit, which fully funds and, through its values, also inspires the foundation’s daily work. The European scope of This network is essential to efforts to: the foundation’s work has been essential to its ability to achieve its results, which would not have been possible had it remained 1. reach the best European talent worldwide; focused exclusively on Italy. 2. start collaborations with the best universities, with the aim of developing effective new initiatives. The foundation is further distinguished by its intense focus on innovation, particularly in regard to new initiatives. It believes that Networking activities included the organization of meetings with innovation is central to achieving its objectives without burdening major European universities located both within and outside the itself with preexisting activities, particularly since the academic geographic scope of UniCredit’s operations. Within this scope, the environment is evolving with increasing speed and complexity. foundation worked to build relationships with: All the winners of 2010 initiatives, with Dieter Rampl (Chairman of the Board of Directors of the UniCredit & Universities Foundation), Franco Bruni (Chairman of the Scientific Committee of UniCredit & Universities Foundation), Giannantonio De Roni and Annalisa Aleati (General Secretary and Scientific Responsible of UniCredit & Universities Foundation). 14 2010 Reports and Accounts · UniCredit & Universities 1. Corvinus University of Budapest; knowledge of the foundation’s work and receive answers