MSCI has upgraded its ESG rating for Mediobanca from A to AA.

MSCI, one of the leading ESG rating companies worldwide, said the upgrade reflects the work done by Mediobanca on corporate governance issues and environmental risk mitigation in particular.

In terms of corporate governance, the rating upgrade was driven by the improvements in Board composition and in pay performance and remunerations policy aligment. Through these efforts, MSCI said, Mediobanca "leads most global peers on corporate governance".

The MSCI rating also acknowledged that "Mediobanca leads peers in efforts to mitigate environmental risks in its financing activities, notably with sector specific lending policies". Improvements in consumer protection initiatives also contributed to the upgrade.

"Two of the priorities of our Stategic Plan for the years through to 2023 have been to bolster our ethical and responsible business model and to follow a pathway to sustainable growth", said Alberto Nagel, Chief Executive Officer of Mediobanca. "These drivers will be critical success factors that will guide us also as we look to develop our new plan to 2026".

This new rating upgrade by MSCI - on the back of the previous upgrade in October 2021 - confirms Mediobanca's commitment to ESG issues, which in recent months has also involved signing up to the Principles for Responsible Banking promoted by the United Nations, becoming a signatory to the Net-Zero Banking Alliance, and publishing the Group's first TCFD report.

MSCI ESG Research provides research, assessments and analysis of thousands of companies worldwide from the standpoint of their business, environmental, social and governance practices. MSCI ESG indexes are designed to provide institutional investors with effective and transparent tools to integrate ESG or climate considerations into their investment process and portfolios.

Milan, 19 December 2022

Attachments

Disclaimer

Mediobanca S.p.A. published this content on 19 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2022 17:14:07 UTC.