How has sustainability governance evolved in Italy? What models and processes do FTSE-MIB companies adopt to integrate environmental and social objectives into their strategy? These questions were discussed at Università Cattolica del Sacro Cuore, on the occasion of the event: "Corporate Governance and Sustainability in FTSE-MIB companies: the strategic role of Sustainability Managers", during which the volume edited by Alessandro Zattoni, Professor of Corporate Strategy and Corporate Governance at Luiss Guido Carli University, and Marco Minciullo, Assistant Professor of Business Administration at the Faculty of Economics of Università Cattolica del Sacro Cuore, was presented.
The event offered an in-depth analysis of governance and sustainability decision-making processes in the leading Italian listed companies. The conference organised jointly by ALTIS, the Graduate School of Sustainable Management of Università Cattolica del Sacro Cuore and Luiss University, with the support of Sustainability Makers - The Professional Network, included the presentation of the book "Corporate governance and sustainability – The governance of sustainability in large Italian listed companies" (EGEA, 2026), which brings together the results of the PRIN 2022 PNRR GOST – Governance of Sustainable Transition project and the contributions of fourteen companies listed on the FTSE-MIB index.
On the occasion of the event, Professors Zattoni and Minciullo presented the GOST – Governance of Sustainable Transition project, which involved thirty-two listed companies belonging to the FTSE-MIB. The project involved several researchers and aimed to investigate the evolution of sustainability governance and how Sustainability Managers foster alignment between boards, top management and operational functions.
The heart of the event consisted of three roundtables with contributions on the decision-making and organisational best practices of the companies featured in the volume. The first, focused on the financial and insurance sector, was moderated by Professor Alessandro Zattoni and included contributions from Gianluca Randazzo, Head of Sustainability, Banca Mediolanum; Raffaele Barteselli, Head of Transition and Sustainability, Banco BPM; Daniele Basini, Head of ESG Governance, Intesa Sanpaolo; Rossella Cardone, Group Director & Head of ESG & Sustainability, Nexi.
In the second, dedicated to sustainability governance in the Energy and Multiutilities sectors (16.45–17.35), Professor Marco Minciullo coordinated the contributions of Manuela Baudana, Head of Sustainability Development, A2A; Luigi Sampaolo, Head of Sustainability Positioning and Stakeholder Engagement, Eni; Filippo M. Bocchi, Director of Shared Value and Sustainability, Hera; Marco Stampa, Head of Sustainability Governance, Saipem; Matteo Tanteri, Director Sustainability and Social Impact, Snam.
The third roundtable, focused on the Consumer, Infrastructure and Technology sectors, was moderated by Professor Silvia Dello Russo, Luiss University, and included contributions from Massimo Paris, Director of Sustainability and Quality Assurance, Buzzi; Emanuele Cardinale, Head of Sustainability, Inwit; Laura Esposito, Head of Sustainability, TIM.
"The cases analysed show how it is necessary to identify a 'place' where sustainability can take shape within the company. Multi-level governance therefore becomes a fundamental prerequisite for integrating it into the strategy and making it operational at all levels. However, these structures become effective and recognised when they are consistent with the company's strategy, culture and values, and when they enable the company to quickly manage and anticipate changes and innovation opportunities," said Marco Minciullo.
Alessandro Zattoni, for his part, underlined: "The companies interviewed have made significant progress in integrating sustainability into their business model, demonstrating how solid governance is crucial for their long-term success. Regulatory uncertainty and some recent events can slow down the transition towards sustainability, but companies must continue to invest to consolidate or increase their competitive advantage."
Abstract of the book
Corporate governance and corporate social responsibility are rapidly converging due to pressures from evolving regulations and growing expectations from stakeholders, including institutional investors. This volume aims to deepen understanding of this topic through the analysis of governance models and organisational processes that companies adopt to ensure sustainable success. The volume includes both a cross-cutting analysis of the corporate governance, sustainability governance and human resources management models adopted by the largest listed Italian companies, and a description of the practices, processes and results of sustainability management by the managers of the companies included in the FTSE MIB. The volume is a useful tool for all those, including academics, managers and investors, who deal with governance and sustainability.
Some data
The analysis of the companies included in the FTSE MIB showed that the board committees on sustainability are present in almost all companies (37 out of 40), and in half of the cases they are composed of three directors, almost always independent members. With regard to variable remuneration systems, the research found that almost all FTSE MIB companies, 90%, have included at least one KPI linked to sustainability objectives. The vast majority of companies, 74%, link both short-term and long-term incentives to sustainability goals. In addition, the remuneration associated with these goals increases in weight over time. The most widely used short-term KPIs are accidents, health and safety, while long-term KPIs mainly concern DE&I and emissions.
The project "Governance Of Sustainable Transition – GOST"
The research developed as part of the GOST project highlights how sustainability and corporate governance are now inseparable in large Italian companies. The volume shows that almost all FTSE MIB companies have board committees dedicated to sustainability and environmental and social KPIs in their remuneration systems. Sustainability managers and HR managers emerge as key players in integrating sustainability into corporate strategy and organisational culture. The business cases analysed confirm the spread of multilevel governance and increasingly structured managerial coordination systems. However, the mere pursuit of compliance risks limiting the effectiveness of ESG policies. The volume therefore recommends that boards of directors play a more proactive role in defining sustainability policies and aligning them with incentive systems. At managerial level, it is essential to create widespread skills, improve internal coordination and foster sustainable innovation. The final message is clear: sustainability only becomes truly strategic when governance, processes and corporate culture work consistently towards long-term sustainable success.
The volume also shows how, despite regulatory uncertainties, sustainability is becoming a competitive factor, capable of influencing corporate performance and reputation. The contributions collected confirm the importance of collaboration between company functions in transforming ESG objectives into concrete and measurable projects. The most advanced companies adopt managerial committees, data governance systems and training programmes capable of spreading a culture of responsibility. The work highlights the risk of purely formal approaches, which weaken the link between strategic objectives and actual results. For this reason, the authors invite companies to invest in the quality of processes and internal skills, promoting an integrated vision of sustainability. Only in this way will governance be able to effectively guide the transition to business models capable of generating inclusive and lasting value.
