Sustainability risks and the policies related to them
The relative risks have been identified for each material issue and these risks correspond to policies and actions that the Company is carrying out or will carry out in the next few years.
The relative risks have been identified for each material issue and these risks correspond to policies and actions that the Company is carrying out or will carry out in the next few years.
Material issue | Risks and possible impacts | Associated policies and action plans |
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Climate change | Increase in consumption and energy costs and damages to assets due to unexpected environmental factors (flooding, temperature increase) | Structural actions (photovoltaic systems, LED lighting systems) and asset analysis aimed at fostering both energy efficiency of the structures and resilience to weather conditions |
Increase in management costs due to a rise in prices of fossil fuel | - Structural actions (photovoltaic systems, LED lighting systems) and asset analysis aimed at fostering both energy efficiency of the structures and resilience to weather conditions - Continuous monitoring of electricity consumption by means of divisional meters and monthly internal reporting, an integrated monitoring system is being experimented. - Management actions also in line with UNI EN ISO 14001 and BREEAM certification requirements. |
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Sanctions related to the increasingly stringent environmental regulations | EMS (Environmental Management System) UNI EN ISO 14001 certified both with regard to the headquarters and to 24 shopping centers | |
Risk regarding non-compliance to new European/national laws on environmental issues | Constant vigilance regarding initiatives by means of active participation in the ECSP Sustainability Committee and in the ESG Commission of the CNCC | |
Reputational fall due to a lack in management/investments with regard to enviromental issues | - UNI EN ISO 14001 certifications. - Breeam and Breeam in Use certification obtained for key assets. The possibility for other shopping centers to be certified is currently under assessment. - Investments to improve energy efficiency. - 100% energy from renewable sources. - Awarness raising activities regarding visitors, tenants and employees. - Circular economy: Waste2Value project and And project |
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Accessibility and mobility | Impossibility of satisfying the different needs in terms of mobility of the various target visitors (with reputational fall and drop in visitors) | - EV charging stations installed in 20 Shopping Centers - Feasibility project to promote cycling is currently under assessment |
Non-compliance with the introduction of legislation regarding the compulsory installation of EV charging stations | ||
Good employment | Low attractiveness with regard to new talent | - New approach in the recruitment section on the website - Professional use of social networks, also by means of creating corporate brand ambassadors |
Increase in staff turnover | - Corporate Welfare Plan aimed at all employees on permanent contracts - Monitoring of internal atmosphere and definition of follow up actions - Development of internal skills to manage any replacements without drawing on the external market |
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No updating of skills in relation to the evolution of the sector and of the regulations | - Implementation of training programmes for professional development - Internal information sharing groups |
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Gender equality | Non-compliance with legislation | Impartiality towards all employees and guarantee of equal opportunities (as described in the Code of Ethics) |
Reputational fall linked to the failure to comply with corporate values | ||
Wellbeing, health and safety | Inability to guarantee a safe environment for employees and for those that experience the Shopping Center life | - Every year the Prevention and Protection Service Manager carries out an inspection to assess the safety measures in place, after which a report is drawn up stating compliance/non-compliance - Specific projects: lifelines (safety routes and fall protection systems created in all the Shopping Centers), anti-ram bollards (installation of fixed or retractable anti-ram posts), anti-seismic (voluntary projects regarding the anti-seismic improvement of the structures launched, with the experimentation of innovative technology) - Introduction of specific measures aimed at limiting the pandemic risk - Bio Safety Certification obtained in 7 shopping centers, in addition to the headquarters |
Non-compliance with legislation | Safety at Work Management System adopted, in accordance with article 30 of Consolidated Safety act 81/2008 | |
Increase in injury at work rate (with repercussions on corporate efficacy) | Training on safety: general training for new employees, refresher course every five years for person-in-charge, refresher course every five year for workers, refresher course for Workers’ Safety Representatives; Fire prevention course |
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Inadeguate provision of technological devices for employees in smart working to carry out their duties in the best conditions | - Devices provided for headquarter employees in smart working - Agreement signed with trade unions regarding smar working |
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Governance, ethics and corruption | Lack of counter measures against corruption with legal implications and impact on reputation | > IGD guarantees compliance with the laws in force by abiding by the protection measures included in the Organisational Model ex. Legislative Decree 231/01 and in the Code of Ethics (reviewed in 2020). > UNI ISO 37001-Anti Bribery Management Systems certification obtained both in Italy and in Romania. > IGD obtained the Legality Rating awarded by the Antitrust Authority (AGCM) with the maximum score. |
Reputational risk in the event of non-compliance with the Code of Ethics | System defined regarding the reporting of breaches (so called Whistleblowing) of the Code of Ethics and/or of the operating procedures which make up the Organisational, Management and Control Model adopted by IGD in accordance with Legislative Decree 231/2001 |
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Data breach and cybersecurity failure | - IGD became aligned with the GDPR Regulation, with the purpose of ensuring its stakeholders that the data they provide to the Company is properly protected. - Cyber Security: IGD implemented a process to regulate the management and use of IT tools supplied to the Group's employees, so as to guarantee greater data security. The entire workforce received training on this issue. |
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Impossibility of keeping the members of the Board of Directors up-to-date. | - Promotion of seminars so throughly examine issues relating to the role of Director. - The "Board Review", a self assessment process for the Board of Directors to assess their own performance, was assigned to the Independent consultancy firm Egon Zehnder. |
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Low ESG ratings | Participation in sector and non-sector ESG questionnaires, with the definiton of improvement targets | |
Sustainable enhancement of the portfolio | Reduction in the attractiveness of the structures with possible results being a decrease in footfall, marketing difficulties and a decrease in investor interest | Sustainability as an integral part of restyling work and extensions in all the Shopping Centers where restyling work and extension are carried out |
Retail offer | Difficulty in identifying and introducing appealing tenants | Management of existing tenants portfolio and scouting to identify new brands |
Spaces to be lived in | Inability to offer the visitors other drivers with regard to choice, in addition to the retail offer | Programming of marketing initiatives in an increasingly omnichannel approach that are capable of engaging visitors on issues regarding sustainability |
Innovation | Inability to respond to the impact of e-commerce, the numbers of which are increasing due to the pandemic | - "Innovation project" launched in 2016 with annual planning, implementation, monitoring and fine tuning phases - Implementation of actions as per the Digital Plan defined at the end of 2021 |
Inability to seize the opportunities offered by the development in technology | ||
Stakeholder engagement | Investing in activities that are not material for the stakeholders and/or not guaranteeing a suitable offer due to lack of information regarding their expectations | - Creation of an engagement plan involving all the stakeholders, both with regard to business issues and with those relating more to social responsibility. - A specific engagement plan defined for the shopping centers visitors |
Local communities | Being perceived as an “outsider” compared to the local community | IGD is committed to having a positive impact on the local community in three ways: - employment, with regard to those that work there and to the suppliers. On this subject, the corporate policy of supplier rotation is aimed at favouring local suppliers especially with regard to those services where the knowledge of the local area, speed of execution and physical presence on site are a competitive advantage; - commercial: IGD is committed to introducing into its Malls those tenants that are more appealing at local level, in line with the location of the shopping center in its catchment area; - social/meeting place: each center operates so that contact with the local community is heightened and intensified over time, the aim being to enhance and favour inclusiveness. The project “Social Borgo, towards a collaborative Shopping Centre” was promoted with the aim of enhancing the community role of Borgo Shopping Centre in Bologna within the urban area in which it is situated (momentarily suspended due to the pandemic) |
IGD immediately implemented a series of measures consistent with its sustainability policies relative to all its stakeholders: