Corporate Social Responsibility Report 2016 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 ................................................................................................................................................................................................................................................................................... 13 Process of drawing up and assurance .............................................................................................................................................................................................................................. 13 The Commitment of Piaggio Group .............................................................................................................................................................................................................................................. 14 Piaggio’s Corporate Social Responsibility Model .................................................................................................................................................................................................... 17 Generation of sustainable value ............................................................................................................................................................................................................................................ 18 Sustainability strategy ..................................................................................................................................................................................................................................................................... 19 Stakeholders’ involvement .......................................................................................................................................................................................................................................................... 20 The process of the Sustainability Plan ............................................................................................................................................................................................................................. 24 Group profile ........................................................................................................................................................................................................................................................................................................ 26 The Group’s international dimension ............................................................................................................................................................................................................................... 28 The product range .............................................................................................................................................................................................................................................................................. 29 The brands .................................................................................................................................................................................................................................................................................................. 29 Company structure at 31 December 2016 .................................................................................................................................................................................................................... 31 Main events and recognitions in 2016 ..............................................................................................................................................................................................................................32 Piaggio - facts and figures ......................................................................................................................................................................................................................................................... 33 Piaggio Group Certifications .................................................................................................................................................................................................................................................... 34 Corporate Governance .............................................................................................................................................................................................................................................................................. 36 Role of the Board of Directors ................................................................................................................................................................................................................................................. 38 Code of Ethics ......................................................................................................................................................................................................................................................................................... 39 Business Ethics Committee........................................................................................................................................................................................................................................................40 Organisational model pursuant to Legislative Decree 231/2001 ...........................................................................................................................................................40 Fighting against corruption ........................................................................................................................................................................................................................................................ 41 Compliance with laws and regulations .......................................................................................................................................................................................................................... 42 Risk management ..........................................................................................................................................................................................................................................................................................44 The Economic Dimension ........................................................................................................................................................................................................................................................................48 2016 results and future objectives ...................................................................................................................................................................................................................................... 50 Determination and distribution of Added Value ................................................................................................................................................................................................... 50 Public grants and tax benefits .................................................................................................................................................................................................................................................52 Value for shareholders ...................................................................................................................................................................................................................................................................