RESEARCH 27 February 2026

Governance for Sustainable Transition: the final results of the GOST project

The PRIN GOST – Governance of Sustainable Transition research project concludes with the presentation of its final findings, the outcome of a multi-year process that involved universities, companies and associations in the analysis of the evolution of sustainability governance models in Italy.

Governance research for sustainable transition companies

Date 27 February 2026

The PRIN GOST – Governance of Sustainable Transition project concluded with the presentation of its final findings during an online event held on 27 February 2026. The research project (NRRP for Mission 4, Component 2, Investment 1.1. Call 1409/2022, funded by the European Union - Next Generation EU) is a multi-year project conducted by a joint research team from Università Cattolica del Sacro Cuore and Luiss Guido Carli University , which involved companies and associations in the analysis of the evolution of sustainability governance models in Italy. The research was carried out with the contribution and collaboration of ALTIS Graduate School of Sustainable Management and Sustainability Makers.

The final meeting offered a comprehensive synthesis of the main findings that emerged, clearly outlining how decision-making processes, organisational structures and managerial practices are transforming in response to new ESG challenges.

Over the years of research, GOST has observed and analysed how sustainability - from an external demand or a specialist area - is becoming a structural element of the way Italian companies think about the future, organise their governance system and make strategic decisions. This change affects large listed companies as well as family businesses, SMEs and unlisted companies, each with its own specific characteristics and development path.

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LISTED COMPANIES: INCREASINGLY INTEGRATED GOVERNANCE

In listed companies, a progressive institutionalisation of sustainability is particularly evident. Dedicated board committees are more widespread and have broader responsibilities, often explicitly including references to governance, ESG risks and transition scenarios.

At the same time, non-financial performance indicators are increasingly part of senior management remuneration systems: diversity and inclusion, health and safety, emissions reduction, energy transition and the quality of ESG assets now play a concrete role in the assessment of senior management performance. Also particularly significant is the growing direct involvement of the CEO, who is often the driving force and strategic sponsor of ESG issues: a sign that sustainability is entering the core of decision-making processes.

Among the most relevant elements that emerged is the growing centrality of human resources as enablers of the sustainable transition. Working on sustainability means, in fact, acting on organisational behaviour, developing new skills, creating convergence between functions and promoting a common culture. The continuous relationship between HR functions and Sustainability Managers thus becomes crucial in transforming strategic objectives into operational practices, overcoming resistance, facilitating internal alignment and ensuring continuity in change processes.

The analysis of FTSE-MIB companies has been included in the volume “Corporate Governance and Sustainability – The Governance of Sustainability in Large Italian Listed Companies” (EGEA), edited by Alessandro Zattoni and Marco Minciullo.

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UNLISTED COMPANIES: FLEXIBLE GOVERNANCE WHEN FACING COMPLEX TENSIONS

Another area of investigation within the project was unlisted companies, where decision-making processes are often more agile, less formalised and more linked to organizational culture or entrepreneurial leadership.

To interpret the dynamics of these companies, the research adopted the paradox theory, useful for reading the typical tensions that characterise sustainability pathways: between short and long term, between flexibility and formalisation, between economic and environmental objectives, between operational needs and stakeholder demands.

The analysis shows that the ability to resolve these tensions - achieving a “synthesis” between economic and sustainable goals - increases when multiple functions participate in the decision-making process, top management is actively involved and internal collaboration prevails over mere delegation or functional silos. Surprisingly, this synthesis is easier in smaller companies, where the proximity between people and decision-making roles favours a more integrated approach.

Furthermore, within family businesses, it emerges how sustainability is intertwined with a deep identity issue: legacy, understood as responsibility towards future generations. For many of these companies, sustainability is not just a regulatory adjustment, but a deep-rooted cultural component that guides entrepreneurial choices, relations with local communities, the management of people and the development model. The challenge today is to transform this heritage of values into structured, measurable and transferable processes, capable of ensuring continuity and competitiveness in the long term.

The analysis of unlisted companies has been included in the volume "Deciding for corporate sustainability. Innovative models of governance in Italian unlisted companies" (Franco Angeli), edited by Marco Minciullo, Vittorio Capitani, Matteo Pedrini.

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BEYOND RESEARCH

The conclusion of the GOST project does not represent a point of arrival, but the beginning of new phases of in-depth study. The sustainable transition is a process that is constantly evolving. GOST set out to observe its mechanisms, critical issues, innovations and, above all, its transformative potential at close range.

It is now up to companies to continue this path, making sustainability a strategic lever and a distinctive element of the governance of the future.