03

GOVERNANCE

Corporate entities

PRESIDENT

Ivana Ciabatti

Carlo Ferrini

VICE PRESIDENT

BOARD MEMBERS

Giuseppe Ferrara, Filippo Dami, Alice Vanni

Gabriele Nardi – President, Cristiana Chiericoni, Luca Varignani

BOARD OF AUDITORS

MANAGING DIRECTOR / CEO

Ivana Ciabatti

Sustainability governance

Organizational model 231

The Organizational Model pursuant to Legislative Decree 231/01 (Legislative Decree. 231/01) is a management and control tool that companies can adopt, and which can bring numerous benefits. The adoption of this model not only helps to prevent and combat illicit behavior within the organization, but also to promote an ethical corporate culture, improve internal processes and reduce financial and reputational risks. In pursuing our transparency and integrity commitments, Italpreziosi has maintained the Organizational Model pursuant to Legislative Decree. 231/01 as a fundamental governance tool, aimed at preventing and combating illicit behavior within our organization.

Board of directors

Italpreziosi’s Board of Directors is made up of five members, including the CEO. Member selection takes place not only considering experience and specialization, but also by commitment to sustainability, an element integrated into the company strategy. The Board of Director’s vision must be aligned with high sustainability standards, as this is an integral part of the company’s overall strategy. The Board of Directors’ role consists of directing and supervising the company strategy, collaborating with the organization, controlling activities and promoting corporate sustainability. Furthermore, the Board of Directors is periodically updated and trained on the relevant topics defined in this report.

Management

In collaboration with the Senior Management, made up of the managers of each department, the CEO of Italpreziosi coordinates and supervises execution of the corporate strategy and sustainability principles.

Due diligence commission

The Due Diligence Commission is made up of Senior Management, whose President is the company Legal Officer. The Due Diligence Commission’s role is to supervise the work of the Compliance office, strengthening the corporate Compliance department in the management and mitigation of risks related to the supply chain and company collaborators.

Sustainability commission

The sustainability commission was established with the aim of aligning the company vision with the established sustainability objectives, continually monitoring company trends and seeking continuous innovation, through planning the sustainable strategy in the short, medium and long term. The Due Diligence Commission supports the work of the Sustainability Commission, as the two aspects must act complementarily and in synergy. The due diligence process is integrated with a sustainability path aimed at collaborative support in compliance with our customers and suppliers.

Board of auditors

It has the task of supervising the board members’ activities and checking that the company management and administration is conducted in compliance with the law and the by-laws, further guaranteeing its quality.

Supervisory board

The Supervisory Board is made up of 3 members and is responsible for monitoring the implementation of Model 231 and its compliance by its recipients. It also verifies the adequacy of the Model and ensures that staff are appropriately trained and instructed on it.

Benefit Corporation and B Corp™

Benefit Corporation

Italpreziosi became a Benefit Corporation (in italian, Società Benefit or SB) in May 2023, taking a key step in its commitment to a positive impact on society and the environment.

Benefit Corporations were introduced in Italy with law n.208 of 28 December 2015, which came into force on 1 January 2016.

Benefit Corporations integrate into their corporate purpose, in addition to profit objectives, the aim of having a positive impact on society and the biosphere. This new legal status provides us with a solid foundation to align our mission over the long term and create shared value.

As a Benefit Corporation, Italpreziosi is committed to pursuing objectives of common benefit in a responsible and transparent way, balancing the interests of the members with that of the community.

This includes the obligation to report our activities transparently and comprehensively through an annual impact report. Our strategy is to integrate this assessment into this sustainability report, to provide an even more complete view of our company’s impacts, highlighting our commitment to creating a positive impact not only for our business, but also for the community and the environment in which we operate.

The company pursues the following objectives of common benefit, which are reported in the company by-laws:

Reduce environmental impact and promote research and development in industrial activity.
Improve sustainability along the supply chain through social and environmental collaborations and initiatives.
Create a more sustainable and responsible supply chain, adhering to national and international standards.
Promote social and environmental responsibility through training and awareness.
Integrate the sustainable development goals of the UN Agenda 2030 into company activities.
Promote the well-being of employees, collaborators, customers, suppliers and local community.

Italpreziosi Certified B Corp™

B Corp™ certification is considered one of the main references in the analysis of corporate ESG performance. B Corp™ certified companies undergo the B Impact Assessment (BIA), a rigorous evaluation process that analyzes their social and environmental impact, governance practices and commitment to transparency. This assessment serves to determine whether a company meets the exacting standards required, demonstrating a genuine commitment to sustainability and corporate social responsibility.

The Assessment is divided into five thematic areas: environment, community, governance, workers and customers.

Certification requires a score of at least 80 points, which is a balance between how much the company “takes” from society and the environment compared to how much it “gives back” to them.

Italpreziosi has acquired B Corp™ certification, obtaining a score of 81.3. This recognition identifies companies that are actively committed to monitoring not only the financial aspect, but also the environmental and social impact of their activities.

The goal is to generate positive changes for all stakeholders involved.

Value creation

Always, and even more so since we officially became a Benefit Corporation, value generation along our supply chain has represented a fundamental aspect for our business. We focus on promoting local development in the contexts in which we live and work. This occurs through the sustainable creation of value for shareholders, stakeholders, employees and local communities, respecting the ethical values that define our business model.

This commitment is transparently expressed in our Benefit Corporation statute and is confirmed by the B Corp™ certification, which underlines our contribution to the global movement of companies that respect ambitious standards of social and environmental impact.

DISTRIBUTED ADDED VALUE

VALUE DISTRIBUTION 2023	€
DIRECT ECONOMIC VALUE GENERATED	3.173.186.369
DISTRIBUTED ECONOMIC VALUE	3.168.432.514
NON-DISTRIBUTED ECONOMIC VALUE	4.753.855

The added value generated by Italpreziosi in 2023 amounts to €8,616,704.44
In 2022 it amounted to €6,137,050, while it was €6,079,204 in 2021.

The added value of 2023 was distributed as shown:

2023

Profit – 25,75%
Shareholders – 0%
Depreciation, Provisions – 17,81%
Public Administration – 11,61%
Human Resources – 42,91%
ESG – 1,92%

*€231,000 Distribution to shareholders of profits from previous years.

2022

Profit – 28,5%
Shareholders – 0%
Depreciation, Provisions – 20,9%
Public Administration – 13,5%
Human Resources – 37%
ESG – 2,23%

2021

Profit – 27%
Shareholders – 0%
Depreciation, Provisions – 21%
Public Administration – 8%
Human Resources – 41%
ESG – 3%

Among ESG expenses, €165,711 was allocated to creating well-being for the environment and society. These initiatives have been divided into categories based on the relevant Sustainable Development Goals (SDGs), including:

SDG	Description	Percentage
SDG 3 (Health and Well-being)	Intended for associations dealing with development and research in the medical field, and for initiatives for employee health well-being	19,83%
SDG 4 (Quality Education)	Sponsor events, academies and cultural awards, as well as for employee training	6,5%
SDG 5 (Gender Equality)	Donated to associations and projects for reducing the gender gap and favoring women’s empowerment	9,57%
SDG 8 (Decent Work and Economy)	Support initiatives aimed at improving working conditions in the supply chain	23,34%
SDG 13 (Climate Actions)	For development of our climate strategy	6,96%
SDG 16 (Peace, Justice and Strong Institutions)	Aimed at collaborating with a local authority, engaged in initiatives to promote peace and resolve conflicts in a constructive and non-violent way	15,09%
SDG 17 (Partnership for Goals)	In membership and partnership with the common goal of increasing sustainability in the supply chain	18,71%

Certifications, memberships and accreditations

RESPONSIBLE JEWELLERY COUNCIL (RJC)

We are part of the Responsible Jewellery Council (RJC), an association that brings together over 1400 of the world’s leading companies involved in the entire gold value chain, from mines to renowned jewelry manufacturers such as Cartier, Bulgari, Tiffany and others. Ivana Ciabatti has held a role on the Board of Directors of the RJC. In 2013, Italpreziosi obtained the voluntary Code of Practice (CoP) certification and the “Provenance Claim” certification, followed in 2017 by the Chain of Custody (CoC) certification.

LONDON BULLION MARKET ASSOCIATION (LBMA)

On 1 September 2008 Italpreziosi became an Associate Member of the London Bullion Market Association (LBMA). Since 2018 it has been a Good Delivery (GD) certified refinery. LBMA is a London-based association that serves as the representative for the world’s largest over the counter (OTC) market dedicated to physical gold and silver trading. The association unites most central banks, manufacturers, refiners and traders, regulating several sectors, including refining standards and trade documentation, as well as promoting best trading practices.

FAIRMINED

Italpreziosi is certified as a Fairmined Authorized Supplier. We actively collaborate on initiatives with international organizations and sectoral associations to improve the conditions of small communities of artisanal miners, while preserving the environment in various parts of the world. The gold resulting from such projects is certified as Fairmined. The purchase of this gold supports the socio-economic development and environmental protection of small mining communities, significantly contributing to promoting a sustainable and ethical approach in the industry.

RESPONSIBLE MINERAL INITIATIVE (RMI)

In addition to being on their list of globally certified refiners, we are members of the Responsible Mineral Initiative (RMI). Established in 2008 by members of the Responsible Business Alliance and the Global e-Sustainability Initiative, today, the Responsible Minerals Initiative is one of the most widespread and esteemed references for companies in various sectors committed to promoting responsible mineral supply chains.

INTERNATIONAL ORGANIZATION FOR STANDARDIZATION ISO

Italpreziosi has obtained the ISO 9001 certification, confirming its continuous commitment to excellence and quality in process management. Quality and customer satisfaction represent fundamental values that guide our daily activities and contribute to our company’s long-term sustainability.

The certification for measurement of greenhouse gas emissions, compliant with ISO 14064 standards, underlines our tangible commitment to responsible management of our activities. This recognition certifies that we adopt standardized practices and procedures to quantify, evaluate and manage greenhouse gas emissions, divided into various categories, to thus contribute to reducing our operations’ environmental impact.

GENDER EQUALITY CERTIFICATION (UNI PdR 125:2022)

Italpreziosi has obtained the certification regarding gender equality following the UNI PdR 125:2022 practice, confirming its effective commitment to an inclusive and equitable working environment. Achieving this recognition implies achieving a specific score, assessed through the analysis of both qualitative and quantitative indicators. This achievement is a significant step towards promoting diversity and equal opportunity within our organization.

INITIATIVE FOR RESPONSIBLE MINING ASSURANCE (IRMA) MEMBERSHIP

Italpreziosi is a member of the Initiative for Responsible Mining Assurance (IRMA). The initiative aims to increase responsible mining, in which the mining industry respects human rights and community aspirations; provides safe, healthy and supportive workplaces; minimizes damage to the environment and leaves positive legacies.

WATCH & JEWELLERY INITIATIVE 2030 (WJI2030)

We are members of the Watch & Jewellery Initiative 2030, an initiative promoted by Kering and Cartier and dedicated to operators in the watch and jewelry industry. The project is based on three common objectives: developing a climate resilience plan, preserving natural resources and promoting inclusiveness.

INTERNATIONAL PRECIOUS METALS INSTITUTE (IPMI)

Italpreziosi is a member of the International Precious Metals Institute (IPMI), which is the largest association dedicated to precious metals on a global scale. IPMI is an international association of producers, refiners, manufacturers, scientists, users, financial institutions, traders, private and public sector groups, formed to provide a forum for the exchange of information and technology.

B LAB

As a certified B Corp™ company in the precious metals sector, Italpreziosi is among the firms leading a global movement committed to an inclusive, equitable and regenerative economic paradigm. Certified B Corp™ companies meet the high standards of social and environmental performance, responsibility and transparency verified by the non-profit B Lab.

BANK OF ITALY

We are registered with code 5000120 as a Professional Operator on the gold market with the Bank of Italy, in compliance with Italian laws. This is with particular reference to law 7/2000, which, among other things, allowed the purchase and sale of investment gold for private individuals.

Governance

03

GOVERNANCE

Corporate entities