UBI Banca Group

ECONOMIC REPORT
In 2011 the Group generated economic value of €2,849 million (-6.5% compared to 2010).
Economic value distributed amounted to €3,035 thousand, inclusive of the loss attributable to
non controlling interests. Net of that item, economic value distributed amounted to €3,055
thousand: 46.6% to employees, 29.9% to public administrations for taxes, 21.6% to suppliers,
1.5% to registered and unregistered shareholders, 0.4% to the community (see the 2011 Social
Report for further details).
REPORTING AND CONTROL
The Social Report, together with the social responsibility section of the Group corporate
website, is the main instrument for integrated reporting on the economic aspects (the
economic value generated and distributed), social aspects (commitments, objectives and
results achieved in terms of satisfying the legitimate expectations of stakeholders) and
environmental aspects (commitments, objectives and results for controlling direct and indirect
impacts) of operations.
In accordance with requirements expressed by stakeholders in consultation activities
conducted during the year, consisting of the Consultation Project for customers and focus
groups with trade associations and local nonprofit organisations, and with developments in
best practices, it was decided to publish the following for 2011:
a summary document, of an informative nature, to involve the broadest possible range of
stakeholders, designed for consultation on the internet and using tablets and smartphones.
Printed in 3,000 copies, it is published and distributed to shareholders on the occasion of
the Annual General Meeting together with the consolidated and separate annual report;
a detailed document, prepared for the first time in compliance with the highest level A+ of
the “Sustainability Reporting Guidelines G3.1”, accompanied by a “Financial Services
Sector Supplement” of the Global Reporting Initiative 4 and subject to independent auditing
by the independent auditors KPMG Spa. This document is published in electronic format
only and is translated into English, while hardcopy versions are produced and sent only on
request.
The social responsibility section of the Group corporate website underwent a series of
improvements in 2011, in order to achieve the following objectives: reorganisation and
simplification of the navigation tree; the insertion of new contents, especially on corporate
social responsibility governance (e.g. the social responsibility model, relevant issues,
reputational risk management) and on the Social Report in order to make it accessible to
stakeholders with the ease of navigation on the web. As a consequence, the corporate social
responsibility section reached 15 th position overall (+2 positions compared to the previous
year) and 4 th position among banks in the 2011 CSR Online Awards Italy league table. The
classification, drawn up each year by the communication company Lunquist, assesses the
quality of the online communication of businesses on social and environmental, ethical and
corporate governance issues and on the level of dialogue with stakeholders.
Meetings were again held in 2011 with representatives of trade associations and nonprofit
organisations, conducted by an independent company using the focus group method, in order
to verify the level of awareness and agreement with the social responsibility policies of the
Group and the quality of the reporting provided in the communities concerned and to survey
expectations and acquire recommendations for improvement. The meetings were held in Turin,
at the new headquarters of Banca Regionale Europea, in Genoa for the Banco di San Giorgio
and at Breno for Banca di Valle Camonica.
4 An independent nonprofit foundation located in Amsterdam which was formed from a project started in 1997 by CERES of Boston (a
coalition of investors, environmental organisations and public interest groups, which came together to promote corporate social
responsibility by addressing businesses directly on social and environmental issues). Its mission is to produce global standards for
sustainability reporting, thanks to the contribution of hundreds of experts in a large number of countries throughout the world.
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