Methodological Note

Methodological Note – Integrated Annual Report 2020

Consolidated Non-financial Statement ex D.Lgs. 254/2016

Objectives of the document

For 2020, the Italgas Group (hereinafter also referred to as “Italgas” or the “Group”) presented the annual financial report as the first edition of the Integrated Annual Report (hereinafter also referred to as the “Report” or the “Integrated Report”) as a tool for the integrated reporting of financial and non-financial data. The Integrated Annual Report includes information which was previously included in the following documents in previous years:

Annual financial report;
Consolidated Non-Financial Statement (hereinafter also “NFS” or “Non-Financial Statement”).

The Integrated Annual Report consists of the Integrated Report on Operations, with both financial and non-financial reporting, the Consolidated Financial Statements and the Separate Financial Statements.
By way of this document, the Italgas Group aims to meet the requirements of Italian Legislative Decree 254/16, issued in order to “implement Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups”. Also, “to the extent necessary to ensure understanding of the business, its performance, results and the impact it produces, the document covers environmental and social matters, personnel-related issues, respect for human rights and the fight against active and passive bribery, which are important, considering the activities and characteristics of the company”.
The Integrated Annual Report makes it possible to provide stakeholders with an accurate, extensive and transparent report of the Group’s activities, the results achieved and their progress, in addition to the services provided.
Having joined the United Nations Global Compact, Italgas also decided to update the annual Communication on Progress (CoP)⁵ within its Integrated Report, by supplementing its content in order to notify all internal and external stakeholders of the activities undertaken and results achieved when implementing the Ten Principles of the Global Compact.

Reference framework and reporting standards

In relation to the financial information, the Italgas Integrated Annual Report was prepared using the following references:

International accounting standards (IAS/IFRS);
Italian Legislative Decree no. 58 of 24 February 1998, as amended (“Consolidated Finance Act” or “TUF”);
Regulation (EC) no. 1606/2002;
Italian Legislative Decree no. 25/2016, implementing European Directive 2013/50/EU.

Pursuant to Italian Legislative Decree 254/2016, the reporting of non-financial information is carried out “in accordance with the methods and principles required by the reporting standard used as a reference or by the independent reporting method used to prepare the statement”. For this aspect, the Group used the following technical and methodological references:

for reporting of the information required by Italian Legislative Decree 254/16, Italgas has adopted the “Global Reporting Initiative Sustainability Reporting Standards” (hereinafter “GRI Standards”) issued by the “Global Reporting Initiative” in 2016, as amended. In particular, as provided for in section 3 of the GRI Standard 101: Foundation, section 3, the Group decided to prepare the document in compliance with the Core option. The references to the GRI Standards reported on are contained in both the Integrated Report and the table of indicators;
the Integrated Annual Report was drafted on the basis of the Guiding Principles and Content Elements required by the International Integrated Reporting Framework (hereinafter also “IIRF” or “ Framework”), issued by the International Integrated Reporting Council (IIRC) and updated in January 2021;

For the information on the topics required by Italian Legislative Decree no. 254/2016, a specific reconciliation table has been prepared. This table shows the information contents required by the Decree, the relative positioning within this document in terms of chapters / paragraphs as well as the connection, where possible, with the material topics identified, the capitals of the Framework and the GRI indicators. Where estimations were required in order to report particular data, this is specified in the description or in the notes to the table. For certain issues (e.g. Innovation, Quality and Safety of assets), where Italgas was unable to pinpoint a specific quantitative indicator in the GRI Standards, it decided to report its performance using KPIs and not GRIs, as specified in the table of indicators. The document is published annually and is available on our website https://www.italgas.it/en/investors/reports-and-presentations/. To facilitate the reading of this document, specific icons have been used to identify the minimum elements required by Italian Legislative Decree 254/16 (

icon) and principles required by the Global Compact (

icon). Moreover, the response to the TCFD Recommendations is shown in the “Information on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)” table at the end of this document.

Reconciliation table
Minimum elements envisaged by Italian Legislative Decree no. 254/2016	Document chapters/paragraphs	Capital and material topics	Indicators
Corporate management model and organisation of the business activities	Methodological note 1. Value creation process in the Italgas Group (paragraphs 1.1 Corporate identity, 1.2 Business model and 1.3 External context, markets and Italgas share) 3. Governance, risks and opportunities (paragraphs 3.1 Governance, 3.3 The internal control system in Italgas and 3.4 Ethics and compliance)	Responsible governance and risk management Corporate identity Compliance and transparency Social and relationship capital Human capital	405-1 – Diversity of governance bodies and employees
Policies practised by the company	2. Strategy and forward-looking vision 5. Italgas Group performance (paragraphs 5.1 Transparent relations, 5.2 Putting people first, 5.3 Create value for customers and the market, 5.4 Create value for the territory and the communities and 5.5 Attention to the environment)
Risk management	Methodological note (paragraph “Materiality analysis”) 3. Governance, risks and opportunities (paragraph 3.2.3.2 Risk management) “Information on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)” Table
Use of energy resources Greenhouse gas emissions and polluting emissions into the atmosphere Impact on the environment or other relevant environmental risk factors	5. Italgas Group performance (paragraph 5.5 Attention to the environment)	Environmental sustainability and the fight against climate change Natural capital	302-1 – Energy consumption within the organization 302-3 Energy intensity 305-1 Direct (Scope 1) GHG emissions 305-2 – Indirect (Scope 2) GHG emissions from energy consumption 305-3 – Other indirect (Scope 3) GHG emissions 305-4 – GHG emissions intensity 305-5 – Reduction in GHG emissions 305-7 – Nitrogen oxide (NO_X), sulfur oxides (SO_X) and other significant emissions 306-4 – Waste diverted from disposal 306-5 – Waste directed to disposal 307-1 – Non-compliance with environmental laws and regulations
Impact on health and safety or other relevant health risk factors Aspects relating to personnel management Action taken to prevent discriminatory action or behaviour	5. Italgas Group performance (paragraph 5.2 Putting people first)	Development of human resources Human capital	401-1 – New hires and turnover 403-9 – Work-related injuries 405-1 – Diversity of governance bodies and employees 401-3 – Parental leave 404-1 – Average hours of training per year per employee
Social aspects (including those relating to the supply chain and subcontracting and respect for human rights)	4. Summary data and information (paragraph 4.2 Key data) 5. Italgas Group performance (paragraphs 5.1 Transparent relations, 5.3 Create value for customers and the market, 5.4 Create value for the territory and the communities and 5.6 Business OutlookThe outlook indicates the future rating prospects over a long period of time, usually two years. When it is “negative” it means that the rating is weak and that the rating agency has detected some (economic-financial)) 6. Comment on the economic and financial results and other information (paragraph 6.2 Comment on the economic and financial results)	Innovation Quality and safety of assets Responsible supply chain management Customer quality and satisfaction The commitment to the local area Economic Performance Intellectual capital Manufactured capital Social and relationship capital Financial capital	308-1 – New suppliers that were assessed using environmental criteria 414-1 – New suppliers that have been assessed through the use of social criteria 416-1 – Assessment of the health and safety impacts of product and service categories 201-1 – Direct economic value generated and distributed Non-GRI indicator – Value of sponsorships and donations 207-1 – Approach to taxation 207-2 – Tax governance, control and risk management 207-3 – Stakeholder engagement and management of concerns related to tax 207-4 – Country-by-country reporting 102-7 – Scale of the organisation
Respect for human rights	2. Strategy and forward-looking vision 5. Italgas Group performance (paragraphs 5.2 Putting people first and 5.3 Create value for customers and the market)	Development of human resources Responsible supply chain management Social and relationship capital Human capital	414-1 – New suppliers that have been assessed through the use of social criteria
Fight against both active and passive corruption	3. Governance, risks and opportunities (paragraph 3.4 Ethics and compliance)	Fight against corruption Social and relationship capital	205-2 – Communication and training about anti-corruption policies and procedures 205-3 – Confirmed incidents of corruption and actions taken

Reporting scope and period

The data and information reported in this Integrated Annual Report refer to the performance of the Italgas Group5 in the financial year ending 31 December 2020.

For the non-financial reporting, the quantitative data in this document refer, where possible, to the 2018, 2019 and 2020 financial years. This is to ensure comparison of the information with information from previous financial years, as required by Italian Legislative Decree 254/16, and also to comply with the comparability principle under the GRI Standards.

The scope of non-financial reporting encompasses:

Italgas S.p.A., parent company with offices in Milan, Via Carlo Bo 11;
Italgas Reti S.p.A., with offices in Turin, at Largo Regio Parco 11, whose core business is nationwide gas distribution;
Italgas Acqua S.p.A., with offices in Caserta, at Via Falco 31, whose core business is water distribution in five municipalities of the Campania region;
Medea S.p.A., with offices in Sassari, at Via Torres 4, whose core business is the distribution of gas and propane air in the Sardinia region;
Toscana Energia S.p.A., with offices in Florence, at Piazza E. Mattei 3, whose core business is gas distribution primarily in the Tuscany region;
Toscana Energia Green S.p.A., with offices in Pisa, at Via A. Bellatalla 1, whose core business is the production of renewable energy in the Tuscany region;
Seaside s.r.l., with offices in Bologna, at Via E. Cristoni 88, an Energy Service Company (ESCo) providing consulting services and technological and financing solutions in the energy efficiency sector;
Gaxa S.p.A., with registered office in Milan, at Via Carlo Bo 11, whose core business is the sale of gas in the Sardinia region.

Any exceptions to the criteria set out above are detailed in the individual sections of the document in the form of a footnote below a table or at the bottom of the page.

There are no changes in scope from the documents published in the previous financial year (Non-Financial Statement and Annual Financial Report), with the exception of the acquisition of 15% of the capital of Reti Distribuzione, which was completed in May 2020.

It should be noted that in 2019, the companies Toscana Energia and Toscana Energia Green were consolidated with reference to the last quarter and that, where it has been possible to refine the calculation methods used for the data reported in the 2019 Non-Financial Statement, a specific note is included, describing the restatement.

Reporting process

Preparation of the Italgas Integrated Annual Report involved across-the-board engagement of all Italgas Group departments and divisions and performance of the following activities:

identifying the reporting scope for financial and non-financial information;
preparing and updating the materiality analysis, including through stakeholder engagement;
launching the collection of qualitative and quantitative data to be reported, with the direct engagement of the company divisions/units in charge of such data;
consolidating the data and preparing the draft Integrated Annual Report;
issuance of auditing reports by the independent firm appointed;
approval of the draft financial statements, of the consolidated financial statements and of the management report included on the Integrated Annual Report by the Board of Directors on 10 March 2021 and subsequent approval of the financial statements by the Shareholders’ Meeting on 20 April 2021.

The following independent Auditors’ Reports contain the results of the audits conducted by Deloitte & Touche S.p.A.:

Report in accordance with Article 3, paragraph 10 of Italian Legislative Decree no. 254 of 30 December 2016 and Article 5 of CONSOB Regulation no. 20267/2018, drawn up in relation to non-financial information reporting in the document;
Reports in accordance with Article 14 of Italian Legislative Decree no. 39 of 27 January 2010 and Article 10 of Regulation (EU) No 537/2014, drawn up in relation to the financial information in the Consolidated Financial Statements and Separate Financial Statements.

Materiality analysis

The structure and contents of the Integrated Annual Report revolve around the analysis of the material issues, i.e. those considered relevant and a priority for the company, taking into account not only the minimum elements set out in Italian Legislative Decree 254/2016 (Article 3, paragraph 1), but also its own business and characteristics, as well as the expectations of its stakeholders.

Italgas looks to sustainability as an evolutive concept. This is why the Group has chosen to update the materiality matrix once a year to incorporate the requests of the various reference stakeholders.

In particular, Italgas updates its Materiality Matrix by means of a series of activities coordinated by the Corporate Social Responsibility (CSR) Department. These activities include but are not limited to:

benchmarking against key competitors;
media and ESG (environmental, social and governance) area trend analyses;
identification, including based on the materiality matrix reported in the 2019 NFS, of any developments in the company and context in which it operates, of matters of greatest interest highlighted by the reference stakeholders and the minimum scopes of disclosure set out in Italian Legislative Decree 254/16, of the list of relevant issues to be submitted for evaluation by Italgas top management and the stakeholders;
internal and external stakeholder engagement activities, aimed at gathering information on the importance of the issues for stakeholders in terms of economic, environmental and social impact and/or priority given.

In 2020, Italgas carried out internal and external stakeholder engagement and listening activities, through interviews and the sending of questionnaires to:

the company’s top management;
stakeholders identified with the departments involved in the reporting process.

Stakeholder engagement activity is an opportunity for two-way dialogue that is useful for understanding the level of satisfaction of a company’s work. It is also a chance to gather useful insights in order to improve the services and operational and management models. Accordingly, Italgas adopts diversified and flexible dialogue and involvement practices, in response to the various characteristics and needs of its stakeholders.

The stakeholder categories identified and stakeholder engagement activities carried out in 2020 are set out below.

Stakeholder category	Stakeholder interaction methods
Investors and lenders	Periodic financial reports and conference calls about these; presentation of the business plan; shareholders’ meeting, meetings with analysts and investors, including virtually and by conference call, also focusing specifically on SRI matters; corporate website; filling in of questionnaires aimed at assessing sustainability-related performance;
Suppliers	Dedicated meetings, annual engagement initiatives; filling in of questionnaires aimed at assessing sustainability-related performance.
Customers and sales companies	Direct, ongoing relationship with the sales personnel through dedicated dialogue channels (e.g. “GasOnLine”); periodic workshops with sales companies; interactions with end customers through the “My Italgas” portal; customer satisfaction surveys; filling in of questionnaires aimed at assessing sustainability-related performance.
Authorities and Associations	Periodic meetings and ongoing dialogue; filling in of questionnaires aimed at assessing sustainability-related performance.
Italgas People	Training events; periodic meetings; annual meetings to discuss career development paths; development workshops, newsletters, company environment analyses; company Intranet; filling in of questionnaires aimed at assessing sustainability-related performance.
Communities and local areas	Meetings with representatives of the local communities, associations and organisations; cultural initiatives; filling in of questionnaires aimed at assessing sustainability-related performance.

Following this stakeholder engagement and the activities mentioned above, Italgas updated its materiality matrix, highlighting the degree of relevance assigned to Italgas’ priority issues, from an internal perspective (x-axis) and an external perspective, i.e. of the reference stakeholders (y-axis).

2020 ITALGAS MATERIALITY MATRIX

The highest relevance, from an internal and external perspective, was given to three issues: environmental sustainability and the fight against climate change, quality and safety of assets and innovation.

With regard to the areas provided for by the Decree, Italgas’ material topics are broken down as follows:

Social topics: responsible supply chain management, commitment to the local area, quality and safety of assets, quality and customer satisfaction, economic performance and financial sustainability, innovation, compliance and transparency;
Topics relating to personnel: human resources development, compliance and transparency;
Environmental topics: environmental sustainability and the fight against climate change;
Topics relating to the fight against active and passive bribery: fight against bribery;
Topics relating to the respect for human rights: human resources development and responsible supply chain management.

The topics relating to environmental aspects are included in the Environmental sustainability and fight against climate change topic, with the exception of the management of water resources, as this is not relevant to Italgas’ core business for non-financial reporting purposes. The Group’s water consumption refers mainly to the use of water for sanitation purposes by the various offices of the Group’s companies and minor technological uses by those offices, such as for air-conditioning and fire protection systems; in view of the volumes of water withdrawn, the type of use and the geographical location of Italgas companies, the impact on water resources was regarded as negligible. Although the water resources management topic is of greater relevance to Italgas Acqua, this topic was not included in the non-financial reporting in the Integrated Annual Report, given the impact of this business on the Group’s total revenue (1%).

For more details on water resources management by the Italgas Group, in terms of withdrawal, discharge and consumption (GRI 303-3, GRI 303-4 and GRI 303-5 indicators), please refer to the paragraph “Attention to the environment” in this document.

Below is the table of GRI indicators reported.

TABLE OF GRI INDICATORS

GRI CONTENT INDEX
GRI ID	Description of indicator	NOTES	PAGE NUMBER
GENERAL STANDARD DISCLOSURES
PROFILE OF THE ORGANISATION
102-1	Name of organisation		17
102-2	Activities, brands, products and services		28-29
102-3	Location of headquarters		17
102-4	Location of operations		17
102-5	Ownership and legal form		17
102-6	Markets served		28-29
102-7	Scale of the organisation/td>		26; 74; 92
102-8	Information on employees and other workers		102-104
102-9	Supply chain		120-126
102-10	Significant changes to the organisation and its supply chain	In 2020, there were no significant changes to the organization and its supply chain
102-11	Principle of precaution		57-71
102-12	External initiatives		48-49
102-13	Membership of associations		94
STRATEGY
102-14	Statement from senior decision-maker		8-11
ETHICS AND INTEGRITY
102-16	Values, principles, standards and norms of behaviour		Values, mission and vision; 71
GOVERNANCE
102-18	Governance structure		52-57
102-22	Composition of the highest governance body and its committees		52-57
102-24	Nominating and selecting the highest governance body		52-57
STAKEHOLDER ENGAGEMENT
102-40	List of stakeholder groups		18-19
102-41	Collective bargaining agreements	In the three years 2018-2020, the percentage of employees covered by collective bargaining agreements is 100%.
102-42	Identifying and selecting stakeholders		18-20
102-43	Approach to stakeholder engagement		18-20
102-44	Key topics and concerns raised		18-20
REPORTING PRACTICES
102-45	Entities included in the consolidated financial statements		3; 17
102-46	Defining report content and topic boundaries		18-20
102-47	List of material topics		18-20
102-48	Restatements of information		17
102-49	Changes in reporting	With respect to the materiality matrix present in the 2019 NFS, the issues have been rationalized and merged into macro-issues. In addition, the following new themes were introduced: corporate identity, economic performance and financial sustainability and asset quality and safety.
102-50	Reporting period		17
102-51	Date of most recent report	The 2019 Consolidated Non-Financial Statement was published in April 2020
102-52	Reporting cycle		14
102-53	Contact points for questions regarding the report	sustainability@italgas.it
102-54	Claims of reporting in accordance with the GRI Standards		14
102-55	GRI content index		20-25
102-56	External assurance		18; 196-198
ASPECT: ECONOMIC PERFORMANCE
103-1	Explanation of the material topic and its boundary		20; 128
103-2	The management approach and its components		20; 128
103-3	Evaluation of the management approach		20; 128
201-1	Direct economic value generated and distributed		129
ASPECT: ANTI-CORRUPTION
103-1	Explanation of the material topic and its boundary		20; 72-73
103-2	The management approach and its components		20; 72-73
103-3	Evaluation of the management approach		20; 72-73
205-2	Communication and training about anti-corruption policies and procedures		76
205-3	Confirmed incidents of corruption and actions taken		76
207-1	Approach to tax		129-130
207-2	Tax governance, control and risk management		129-130
207-3	Stakeholder engagement and management of concerns related to tax		129-130
207-4	Country-by-country reporting	Not applicable, Italgas only operates in Italy.
ASPECT: ENERGY
103-1	Explanation of the material topic and its boundary		20; 131-139
103-2	The management approach and its components		20; 131-139
103-3	Evaluation of the management approach		20; 131-139
302-1	Energy consumption within the organization		140-141
302-2	Energy intensity		141-142
ASPECT: EMISSIONS
103-1	Explanation of the material topic and its boundary		20; 131-139
103-2	The management approach and its components		20; 131-139
103-3	Evaluation of the management approach		20; 131-139
305-1	Direct (Scope 1) GHG emissions	CO₂ emissions have been consolidated according to the operational control approach. The GHGs included in the calculation are CO₂ and CH4 and the emissions are calculated with a GWP of methane equal to 28, as indicated in the scientific study of the Intergovernmental Panel on Climate Change (IPCC) “Fifth Assessment Report IPCC”	143-144
305-2	Energy indirect (Scope 2) GHG emissions		143-144
305-3	Other indirect (Scope 3) GHG emissions	As regards the calculation of scope 3 emissions linked to value spent, an internal approach was used that associates a factor of conversion from the value spent into CO2 emissions for each Product category.	143-144
305-4	GHG emissions intensity		143-144
305-5	Reduction of GHG emissions		143-144
305-7	Nitrogen oxides (NOX), sulfur oxides (SOX), and other significant air emissions	SOX emissions are not considered significant	143-144
ASPECT: WASTE 2020
103-1	Explanation of the material topic and its boundary		20; 139
103-2	The management approach and its components		20; 139
103-3	Evaluation of the management approach		20; 139
306-4	Waste diverted from disposal		144-145
306-5	Waste directed to disposal		144-145
ASPECT: ENVIRONMENTAL COMPLIANCE
103-1	Explanation of the material topic and its boundary		20; 131
103-2	The management approach and its components		20; 131
103-3	Evaluation of the management approach		20; 131
307-1	Non-compliance with environmental laws and regulations	In 2020, in relation to reclamations, no cases of non-conformity with laws and/or environmental regulations occurred. In 2020, just like in 2019, the Italgas Group did not receive any significant sanctions for breaching environmental laws and regulations.
ASPECT: ENVIRONMENTAL ASSESSMENT OF SUPPLIERS
103-1	Explanation of the material topic and its boundary		20; 120-126
103-2	The management approach and its components		20; 120-126
103-3	Evaluation of the management approach		20; 120-126
308-1	New suppliers that were screened using environmental criteria		126
ASPECT: EMPLOYMENT
103-1	Explanation of the material topic and its boundary		20; 97-102
103-2	The management approach and its components		20; 97-102
103-3	Evaluation of the management approach		20; 97-102
401-1	New employee hires and employee turnover		104-107
401-3	Parental leave		108
ASPECT: HEALTH AND SAFETY IN THE WORKPLACE
103-1	Explanation of the material topic and its boundary		20; 101-102
103-2	The management approach and its components		20; 101-102
103-3	Evaluation of the management approach		20; 101-102
403-9	Work-related injuries		108-109
ASPECT: EDUCATION AND TRAINING
103-1	Explanation of the material topic and its boundary		20; 97-102
103-2	The management approach and its components		20; 97-102
103-3	Evaluation of the management approach		20; 97-102
404-1	Average hours of training per year per employee		110
ASPECT: DIVERSITY AND EQUAL OPPORTUNITIES
103-1	Explanation of the material topic and its boundary		20; 97-102
103-2	The management approach and its components		20; 97-102
103-3	Evaluation of the management approach		20; 97-102
405-1	Diversity of governance bodies and employees		55; 111-115
ASPECT: SOCIAL ASSESSMENT OF SUPPLIERS
103-1	Explanation of the material topic and its boundary		20; 120-126
103-2	The management approach and its components		20; 120-126
103-3	Evaluation of the management approach		20; 120-126
414-1	New suppliers that were screened using social criteria		126
ASPECT: PUBLIC POLICY
103-1	Explanation of the material topic and its boundary		20; 93
103-2	The management approach and its components		20; 93
103-3	Evaluation of the management approach		20; 93
415-1	Political contributions	As envisaged by the Code of Ethics, Italgas does not make any direct or indirect contribution in any form to political parties, movements, committees, political organisations or trade unions, nor to their representatives and candidates, except for those specifically mandated by applicable laws and regulations.	94
ASPECT: CUSTOMER HEALTH AND SAFETY MATERIAL ISSUE: QUALITY AND SAFETY OF ASSETS
103-1	Explanation of the material topic and its boundary		20; 90-93; 118-120
103-2	The management approach and its components		20; 90-93; 118-120
103-3	Evaluation of the management approach		20; 90-93; 118-120
416-1	Assessment of the health and safety impacts of product and service categories		95-96

Method for reporting non-GRI indicators

As regards its “commitment to the local area”, Italgas has identified not only the indicator GRI 201-1 (Direct economic value generated and distributed) to report on its performance, but also a specific non-GRI KPI related to the amount spent by the Group for sponsorships and donations. This data, reported in the paragraph on “Create value for the territory and communities” is managed as follows:

donation requests are periodically reported (every six months) to the Board of Directors of the company concerned by the initiative, by the Head of the External Communication Department supported by the Human Resources Department (in the case of initiatives aimed at employees);
once assessed by the competent corporate departments, requests received for sponsorship are submitted for authorisation by Italgas’ Chief Executive Officer before preparing the relevant contract.

Furthermore, in relation to the topic “Innovation”, Italgas reported on the investments made. For more details, please refer to the “Investments” section of paragraph 4.3 “Operating performance”.

⁵ The United Nations Global Compact (GC), the world’s largest voluntary corporate citizenship initiative, requires companies to adhere to principles which encourage the integration of sustainability in business. Companies/organisations joining the initiative are required to inform all internal and external stakeholders of the activities undertaken and results achieved during implementation of the Global Compact principles. Participating companies are in fact required to notify stakeholders on a yearly basis of any progress they have achieved, by publishing an annual reporting document (Communication on Progress, COP) on the GC website.
⁶ Please note that for the purposes of non-financial reporting in the Integrated Annual Report, the Italgas Group only includes companies over which Italgas exercises control and not also affiliates that are not subsidiaries, for which the operating data is stated.

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Methodological Note – Integrated Annual Report 2020