Corporate Social Responsibility Report 2015 Index Corporate Social Responsibility Report .........................................................................................................................................................................................................................................5 Letter from the Chairman..........................................................................................................................................................................................................................................................................7 Methodological note ....................................................................................................................................................................................................................................................................................... 8 Its foundations ........................................................................................................................................................................................................................................................................................ 10 Materiality analysis ............................................................................................................................................................................................................................................................................. 10 Report contents ...................................................................................................................................................................................................................................................................................... 11 Report boundary ....................................................................................................................................................................................................................................................................................12 Process of drawing up and assurance .............................................................................................................................................................................................................................. 14 The Commitment of Piaggio Group .............................................................................................................................................................................................................................................. 16 Piaggio’s Corporate Social Responsibility Model .................................................................................................................................................................................................... 19 Generation of sustainable value ........................................................................................................................................................................................................................................... 20 Sustainability strategy ..................................................................................................................................................................................................................................................................... 21 Stakeholders’ involvement ...........................................................................................................................................................................................................................................................22 The process of the Sustainability Plan ............................................................................................................................................................................................................................. 26 Group profile ........................................................................................................................................................................................................................................................................................................ 28 Main events and recognitions in 2015 ............................................................................................................................................................................................................................. 33 Piaggio - facts and figures ......................................................................................................................................................................................................................................................... 35 Piaggio Group Certifications .................................................................................................................................................................................................................................................... 36 Corporate Governance .............................................................................................................................................................................................................................................................................. 38 Role of the Board of Directors .................................................................................................................................................................................................................................................40 Code of Ethics .......................................................................................................................................................................................................................................................................................... 41 Business Ethics Committee........................................................................................................................................................................................................................................................ 42 Organisational model pursuant to Legislative Decree 231/2001 ........................................................................................................................................................... 42 Compliance with laws and regulations .......................................................................................................................................................................................................................... 43 Risk management ..........................................................................................................................................................................................................................................................................................44 The Economic Dimension ........................................................................................................................................................................................................................................................................48 2015 results and future objectives....................................................................................................................................................................................................................................... 50 Determination and distribution of Added Value ................................................................................................................................................................................................... 50 Public grants and tax benefits .................................................................................................................................................................................................................................................52 Value for shareholders .................................................................................................................................................................................................................................................................... 53 Dividends ...................................................................................................................................................................................................................................................................................................... 54 Communication with shareholders and Investor Relations ....................................................................................................................................................................... 54 The Product Dimension ............................................................................................................................................................................................................................................................................. 56 Group Objective ....................................................................................................................................................................................................................................................................................60 Research guidelines ..........................................................................................................................................................................................................................................................................