Pirelli & C.

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Stock Exchange indices and ethical finance

The commitment and results achieved by Pirelli in the field of sustainability have been recognised for years through its inclusion in some of the most prestigious international stock exchange sustainability indices.

It received widespread recognition once again in 2009, as illustrated in the following paragraphs.

Dow Jones Sustainability Indices

Launched in 1999, the Dow Jones Sustainability Indices are the first global indices to track the financial performance of leading companies in terms of sustainability. Compiled on the basis of cooperative efforts between Dow Jones, STOXXLimited and SAM Group, they provide reliable and objective information in the form of benchmarks for managers of sustainable fund portfolios. Pirelli was selected for the Dow Jones Sustainability STOXX (DJSI STOXX) index for the first time in 2002, and has also been included for many years in the Dow Jones Sustainability World index.

Logo for Dow Jones Sustainability Indexes Logo for Sam sector leader Logo for Sam sector mover Logo for Sam gold class

Pirelli’s overall rating for 2009 was 88% (+11% from 2008), compared with an industry average of 48%.

In January 2009 Pirelli was named world sustainability leader in the “Autoparts and Tyres” Sector and Gold Class Company for the third year in a row and – for the first time - "Sector Mover" for its additional, significant improvement in terms of sustainable performance over the past year. This recognition was published in the prestigious Sustainability Yearbook 2010, published by SAM Group in collaboration with PricewaterhouseCoopers.

The Yearbook is the most complete and authoritative global benchmarking tool for sustainable finance specialists. It includes only the top scoring companies worldwide, ranked as such by SAM Group, or 15% of firms in 57 business sectors.

FTSE Indices

Pirelli has been included in the FTSE Global and European STOXX indices since 2002. FTSE is an independent company, owned by The Financial Times and the London Stock Exchange.

Logo for FTSE4Good Series

The FTSE4Good Series indices were created by FTSE to measure the performance of companies in terms of their observance of internationally recognised standards of social responsibility, and to facilitate investment in these companies.

The information used to include or exclude a company from the FTSE4GOOD Indices is gathered on an independent basis by EIRIS.

The Group’s rating (expressed in qualitative terms) in 2009 showed further improvement from previous years.

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ASPI Index

Pirelli has been included since the beginning of 2005 in the ASPI EUROZONE ® (Advanced Sustainable Performance Indices) index, which includes the 120 best-performing companies in terms of sustainability on the basis of the ratings issued by Vigeo, a social and environmental rating agency. The ASPI survey pool is comprised by the companies included in the DJ EURO STOXX SM index. The companies are included in the ASPI Eurozone® index and other ASPI indices according to Vigeo’s assessments of their sustainability performance.

Logo for ASPI

The assessment of Pirelli conducted in 2009 showed further improvement from the previous years.

In an important Vigeo assessment, whose results were published in Italy in September 2008, the Company was recognised as a leader in its sector for its policies and practices, especially in the fields of “Human Rights,” “Environment,” and “Customers and Suppliers” (which the Vigeo model considers to be some of the areas with the greatest risks/opportunities), for which Pirelli received the highest score. Its score for human rights was far higher than the sector average. Vigeo has also given Pirelli high marks in the environment category, reflecting the Group's environmental management systems. Appreciation was also expressed for the Group’s equal opportunities and product safety policies and transparency in regard to Board of Directors compensation.

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AXIA Indices

Pirelli has been included in the Axia Ethical Index since 2004 (the year when the index was created) and in the Axia Csr Index since 2005 (the year it was created). Pirelli is also included in the Axia Euro Ethical Index and Axia Euro Csr Index.

The Axia indices interact with the major international platforms for financial operators and encompass international best practices in corporate social responsibility for a range of companies selected from those with the highest capitalisation for the S&P MIB and Eurostoxx60 indices.

Pirelli’s current rating is A+++, which is the highest obtainable in the “ethical class.”

ECPI Indices

Logo for E Capital PartnersSince 2008 Pirelli & C has been included in the ECPI Ethical Index EMU, ranking prepared by E. Capital Partners (ECPI), a leader for socially responsible investments (SRI).

This index is comprised by the 150 largest companies in terms of capitalisation belonging to the EMU (Economic and Monetary Union), which were found to be sustainability leaders in the screening carried out according to ESG (Environmental, Social, Governance) parameters for assessment of environmental risk, social impact and corporate governance structure.

Pirelli was listed on the ECPI Ethical Index EMU and in the investment universe of companies listed on the ECPI Ethical Index Global and ECPI Ethical Index Euro.

KEMPEN Indices

Logo for Socially Responsible Investing

Pirelli has held "Pass Status" since 2003 in the entire Kempen Capital Management "SNS Socially Responsible Investing Universe," with continually improving ratings.

The investing universe includes companies listed in Europe that prove they have adopted the highest standards in terms of ethical, environmental, and human resources standards.

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Principal international commitments

Certain of the principal commitments made by Pirelli worldwide are illustrated as follows.

The list does not include the numerous agreements existing at the local level with Group affiliates. However, some of these will be mentioned in other chapters, in the sections relating to them.

Membership in the European Alliance for CSR

Pirelli’s participation in the European Alliance, formalised in 2007, is based on its full acceptance of the role of sustainability as a strategic and competitive way to manage a company. So far, Pirelli’s participation in the initiative promoted by the European Commission to encourage the spread and exchange of the best sustainability practises amongst businesses, has been expressed through its active participation in the Alliance’s European Laboratories, coordinated in Italy by the Sodalitas Foundation.

In 2009 the Multiculturalism Laboratory created the toolkit Multiculturalism, an Asset for Business. A Comparison of Experiences and Programmes: Stimulus for Improvement of Company Life, presented in Milan on October 27, 2009 by Pirelli and the other companies that co-authored the book, together with UNAR-National Office against Racial Discrimination, during the conference "Diversity Management: an Asset for Business."

The Equal Opportunities Workshop held in 2008 produced a toolkit entitled Practising Gender Equality in Careers, which was presented in Brussels on June 19, 2008 at the CSR Europe General Meeting.

For more information about the workshops mentioned here and the companies participating in them with Pirelli, please visit the website www.sodalitas.it.

Chairmanship of ETRMA – European Tyre and Rubber Manufacturers Association

Tyre manufacturers commemorated 50 years of presence in Brussels in 2009.

Under the chairmanship of Francesco Gori, CEO and General Manager of Pirelli Tyre and serving his second three-year term as ETRMA Chairman, ETRMA worked intensively during 2009 in response to unprecedented regulatory changes in Europe.

The initiatives taken by the European Commission in the areas of environmental protection, road safety and greater competitiveness resulted in:

  • regulation of the general safety of vehicles and tyres, under which industry is required to make a major commitment to reducing tyre noise, improving performance on wet road surfaces and reducing fuel consumption;
  • regulation of energy efficiency, which will require that tyres be sold by informing buyers about the energy efficiency, road hold on wet surfaces and noisiness of tyres.

The Association, backed by the institutional support provided by the Pirelli Group, was the principal partner of European Union institutions in Brussels during development of these regulations. ETRMA is expected to make a big commitment over the next two years for harmonised implementation of these regulations in the European Union.

ETRMA is also active in implementing the REACH (Registration, Evaluation and Authorisation of Chemicals) regulation in collaboration with the European Chemical Agency (ECHA), and in supporting the European Commission for implementation of the Greenhouse Gas Emission Trading Scheme (EU ETS) in Member States.

Two years after signing the European Road Safety Charter, which contains a commitment to halve the number of highway accident deaths by 2010, the ETRMA safe driving campaign continued with dissemination of the best practices existing in Europe.

WBCSD – World Business Council for Sustainable Development

Pirelli actively participated in the WBCSD – World Business Council for Sustainable Development once again in 2009. Headquartered in Geneva, this is an association of about 200 international companies based in over 30 countries that have made a voluntary commitment to link economic growth to sustainable development.

Pirelli Tyre is a member of the Tire Industry Project Group, the project launched in 2006 to identify, from a sustainable development perspective, the potential impact on health and the environment of the materials associated with the manufacture and use of tyres. This project focuses on raw materials and tyre debris. It aims to further the development of knowledge and devise a new industrial approach that will not only meet but even anticipate the challenges of sustainable development. After three years of research, in 2010 the heads of the world’s leading tyre manufacturers and members of the group will have to assess the progress made on achieving the group's objectives and what next steps it would take.

The members of the group also published a report on the handling of tyres at the end of their life cycle, aiming to promote their recovery and reuse as a resource (secondary raw material) in emerging countries, so that the exploitation of raw materials and its environmental impact could be reduced.

Partnership with the European Occupational Safety and Health Agency (EU-OSHA)

Pirelli has officially joined the “Safe and Healthy Workplaces” campaign as partner of the European Agency for Safety and Health at Work (EU-OSHA).

Francesco Gori, CEO and General Manager of Pirelli Tyre and Parts, clearly described the spirit with which the Group is participating in these initiatives: “Attention to health and safety in the workplace has always been an important part of the culture of Pirelli, in all our factories and offices throughout the world. Knowledge, understanding and above all internal sharing of the concept of risk are key elements that we focus on, with the goal of raising the general awareness of the Company on a theme which, more than a collection of rules to respect, is a matter of culture. It is with this spirit that we adhere to the EU-OSHA campaign.

Since 2000, the Agency has organised the European campaign that, with the participation of over 30 countries and about 4 million pieces of informational material distributed in all the official languages of the European Union, has become one of the biggest annual public awareness initiatives.

The Campaign addresses a different issue every two years, being dedicated in 2008 and 2009 to “Risk Assessment.” Its objective was to promote a participatory approach to risk assessment, based on consultation and the involvement of everyone present at the workplace, so that all hazards would be accounted for, not only on the basis of theoretical principles but also through actual knowledge of the environmental conditions and situations that have a negative impact on workers.

The commitments made by the Group with the EU-OSHA during this Campaign have ranged from promoting the risk prevention culture through internal and external communication channels to organisation of ad hoc meetings at Pirelli sites with the participation of Agency representatives.

In 2010 the theme of the new Campaign will be “Maintenance” and engage Pirelli in new projects.

More details about the Campaign and the commitments made by Pirelli are found in the dedicated section of the EU-OSHA website:


Subscription of the Copenhagen Declaration

In 2009 Pirelli signed the Copenhagen Communiqué, an initiative sponsored by the British entity Prince of Wales’s Corporate Leaders Group on Climate Change and supported by over 500 firms worldwide.

The aim of this commitment is to develop new policies – especially for controlling Co2 emissions – in response to the pressing issue of climate change.

The basic framework of the agreement calls for:

  • a cap on global emissions and a long-term programme of reducing all emissions and sources of greenhouse gases between 2013 and 2050;
  • immediate commitments by industrialised countries to “de-carbonise” their economies;
  • participation by developing countries to define emissions abatement plans.

The Copenhagen Communiqué was presented to the United Nations Climate Change Conference in Copenhagen, testifying to the commitment made by the participating companies to environmental sustainability.

At the United Nations Climate Change Conference on Bali in 2007, Pirelli Tyre had already endorsed the Bali Communiqué together with 150 international firms. This document promotes the development of concrete strategies through joint action by governments on a comprehensive global climate accord.

Principal awards received

The main awards received from outside organisations for sustainable performance in 2009 are mentioned in the following chapters, where they are discussed in the related sections.

For a complete, detailed overview of the awards and recognition received by the Group in 2009, please see the Sustainability section on the website www.pirelli.com, Sustainability Channel area.