How is sustainability governed in the company? What are the dynamics and solutions adopted by medium-sized companies, the backbone of the Italian economy, in the face of the increasingly frequent decisions to be made on the subject of sustainability? This was the focus of the event "Sustainability Governance in Italian Unlisted Companies" held on 11 December 2025, dedicated to in-depth analysis of governance and sustainability decision-making processes in Italian companies.
The conference, organized by ALTIS in collaboration with Sustainability Makers - The Professional Network, saw the presentation of the book "Deciding for corporate sustainability. Innovative governance models in Italian unlisted companies" (Franco Angeli, 2025), which collects the results of the PRIN 2022 PNRR project "GOST – Governance of Sustainable Transition" and the contributions of eleven Italian companies from different sectors engaged in sustainable transition processes.
The book is edited by Marco Minciullo, researcher in Business Administration at the Faculty of Economics of the Catholic University of the Sacred Heart, Vittorio Capitani, research fellow in Business Administration at the same Faculty and Matteo Pedrini, full professor of Corporate strategy and Director of ALTIS Università Cattolica.
On the occasion of the event, Profs. Minciullo and Pedrini presented the preliminary results of the GOST – Governance of Sustainable Transition project, which involved over thirty Italian companies to investigate how these companies have structured their decision-making processes on sustainability.
The presentation was followed by two round tables with testimonies on the decision-making and organizational best practices of the companies featured in the volume. The first, on "Sustainability as a 'paradox': how to find a synthesis between economic, social and environmental objectives?", moderated by Flavia Cau, Research Fellow in Business Administration, ALTIS-UCSC, saw the participation of: Armando Bergamini, Sustainability and Quality Manager, Italgraniti Group; Franco Filippi, Controller and Sustainability Specialist, CADF; Marzia Chiesa, Chief Strategy and Sustainability Officer, Sodai; Carlotta Venturelli, marketing, communication and sustainability specialist, VIS Hydraulics.
In the second round table, on: "Sustainability decision-making processes - what opportunities and challenges in the sustainable management of companies?", moderated by Vittorio Capitani, the following spoke: Alessandro Garavaglia, director of external relations & ESG, Acqua Novara Vco; Alessandro Lopa, ESG coordinator, Guido Gobino; Silvia Mazzanti, sustainability manager, Save The Duck; Maurizio Melfa, Founder and General Manager, Meic Services; Francesco Soldi, president of the ESG Commission, National Council of Shopping Centers (CNCC).
Abstract of the book
The book "Deciding for corporate sustainability. Innovative governance models in Italian unlisted companies" delved into the decision-making processes related to sustainability in unlisted companies which, free from the constraints and stringent expectations that derive from listing, enjoy greater flexibility in defining their models and decision-making processes. This freedom is often at the origin of innovative models capable of reconciling tensions between objectives often considered potentially in conflict, such as economic and socio-environmental ones. Starting from an analysis of the literature on inclusive governance of stakeholders' social and economic expectations, the volume offers an overview of the different decision-making models for sustainability, identifying their dynamics and processes, and describing the main actors involved and the way they interact.
The direct testimonies of some companies involved in the research project "Governance Of Sustainable Transition – GOST" provide valuable empirical evidence on the ways in which the implementation of innovative decision-making processes has led to effective management of sustainability from a strategic perspective, going beyond the intrinsic tensions of sustainability issues. The volume is aimed at managers and professionals directly or indirectly involved in the integration of sustainability into the strategy, providing conceptual tools and practical examples useful for guiding the transition, navigating potential conflicts and facilitating the involvement of the various parties involved.
The project "Governance Of Sustainable Transition – GOST"
The research developed as part of the GOST Project has carried out a mapping of sustainability decision-making processes in unlisted Italian companies, an activity developed starting from the study of decision-making models that are an expression of corporate governance and corporate orientation towards sustainability. The analysis identified four main patterns . The top-down model sees the top management directly involved in leading sustainability initiatives, which are then entrusted to management by the dedicated unit. The centralized model assigns the sustainability organizational unit an integral role in the formulation and management of sustainability initiatives. In the finalized model, sustainability is incorporated into the competencies of an existing business area, such as HR, Marketing or Finance. Finally, the widespread model occurs when sustainability initiatives can be initiated by multiple actors, including external stakeholders.
Despite the variety of models, the analysis identifies phases common to all the models identified. In the start-up phase, the proposing actor (often prompted by regulations, stakeholders or strategic objectives) raises the need to address a specific issue. This is followed by the analysis phase, in which the feasibility of the initiative and the impact assessments are examined, and the formulation of the proposal, the output of which is presented to the top management in the subsequent evaluation phase. Formal approval by the top management comes with the deliberation phase. The planning of the executive activities and the subsequent implementation phase are the final stages of execution of the deliberated guidelines. The results of this research underline that the outcome of such initiatives depends significantly on the proposer's commitment to leading the discussion and linking strategy to operation, with the support of the sustainability referent.
The results of the GOST Project relating to FTSE MIB listed companies will be presented on 27 January 2026, at a new event to be held at Università Cattolica del Sacro Cuore, organised in collaboration with LUIISS.