FinecoBank: a story of success

FinecoBank S.p.A is an independent multi-channel direct bank offering banking, credit, trading and investment services from a single account.
It is a brokerage leader in Europe with one of the largest networks of financial advisers and a capillary network of Fineco Centres throughout Italy.

FinecoBank is one of the most important FinTech banks in Europe. Its transaction and consulting services and platforms are developed in-house with proprietary technology, designed to be innovative and user-friendly to ensure a seamless and intuitive customer experience across all channels.

In addition, FinecoBank is one of the most important players in Private Banking in Italy, with a highly tailor-made consultancy approach that includes trustee services, protection and transfer of personal and corporate assets, legal and tax advice and wind-down management.

FinecoBank has also been active in the United Kingdom since 2017, focussing on offering brokerage and transaction services.

Pioneers since 1999

In 1999 the first online trading retail service in Italy was launched. The new service, known as Fineco Online, was a revolution. Before online trading, a €10,000 stock exchange order cost around €70 and a €100,000 order around €700. With Fineco, the cost for all orders was a maximum of €49, which fell to €19 from the beginning of 2000.

Continuous innovation

Fineco was also immediately innovative in its advertising. It coined the term "The New Economy" that would become the symbol of an era and launched the 3 laws of the new economy.
Here are the most important events in Fineco's history:

1999

Becomes a bank and launches the first remunerated deposit account in Italy, which soon becomes a fully-fledged current account.

2000

Launches financial advisory services through its own network of advisors, as well as a network of mortgage agents; the first of its kind in Italy.

2001

In just two years it grows from zero to 250,000 customers and becomes No. 1 in online trading in Europe.

2008

On July 7 the current banking model is created from the merger with UniCredit Xelion Banca.

2014

On July 2, Fineco was listed on the MTA segment of the Italian stock market.

2016

On April 1, FinecoBank shares are listed in the FTSE MIB.

2017

FinecoBank listed on the Stoxx Europe 600, the index of large cap European companies. On 7 June it lands in the UK: trading, banking and investment in a single multicurrency account.

2018

Fineco Asset Management is born, an Irish company tasked with Funds of Funds management, through strategic partnership with the best international asset managers.

Fineco turns 20. It leaves the UniCredit Group and becomes an independent public company.

With about 1,359,000 clients and € 4.7 billion of net sales in the first half of 2020, Fineco is one of the most solid, innovative and reliable banks on the international financial stage.

Awards

Simplicity, innovation, excellence in products and services: a combination of winning elements that allow the achievement of important results year after year.

Source: Report Assosim - First half of 2020. Figures for volumes traded on Italian markets and internalised by associated brokers. Press Release

Company Boards

Board of Directors

The Board of Directors was appointed by the Ordinary Shareholders' Meeting of FinecoBank of 28 April 2020 and will remain in office until the approval of the annual financial statements as at 31 December 2022. The Board of Directors has the following members:

The members of the Board of Directors are domiciled for the purpose at the Company’s registered office.

Board of Statutory Auditors

The Board of Statutory Auditors currently in office is made up of five members, of which three are acting statutory auditors and two alternates. The Board of Statutory Auditors will remain in office until the approval of the financial statements for the year ended 31 December 2022. The Board of Statutory Auditors has the following members:

The members of the Board of Statutory Auditors are domiciled for the purpose at the Company’s registered office.

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Supervisory Body

In a resolution of 15 December 2005, the Board of Directors entrusted the supervision of the activities subject to protection in accordance with Leg. Dec. No. 231/01 to a specific body known as the "Supervisory Committee under the terms of Art. 6 of Leg. Dec. No. 231/2001", defining its composition and the relevant identification of the activities within its competence.

The Supervisory Committee is made up of:

• Marianna Li Calzi, President
• Salvatore Messina
• Patrizia Verdesca, Head of Internal Audit

The term of office of the Committee members coincides with that of the Board of Directors, which appointed them, and its members may be re-elected. The Secretary of the Committee is the Compliance Officer.

In accordance with the provisions of Art. 6 of Leg. Dec. No. 231/2001, the Supervisory Committee is granted the powers necessary for the precise and efficient supervision of the operation of and compliance with the Organisation and Management Model. An integral part of the Model is the Code of Ethics under the terms of Leg. Dec. No. 231/2001, a document that contains the provisions aimed at ensuring that the actions of the recipients are motivated by criteria of correctness, cooperation, loyalty, transparency and mutual respect, as well as preventing the introduction of conduct that may constitute the offences or unlawful administrative acts included in the list of Leg. Dec. No. 231/01.

In the performance of the tasks provided for by Leg. Dec. No. 231/2001, the Supervisory Committee may participate directly in discussions with the Administrative Bodies of FinecoBank S.p.A., the Board of Auditors as well as all the organisational units of the company in order to obtain information or data deemed necessary for the performance of its activities.

To report any behaviour contrary to the principles referred to in Leg. Dec. No. 231/2001 to the Supervisory Committee of FinecoBank S.p.A., the email address is organismodivigilanza231@finecobank.com

It is pointed out that the aforesaid address is dedicate solely to reports for which it has competence and that the Supervisory Committee shall not consider claims from customers, for which reference is made to the appropriate section of the site for methods of transmission to the Bank.

The message must contain the person’s full ID information with the first and last names and address in order to enable the Committee to effect any communications/responses to the reporting party.

Committees

Risk and Related Parties Committee

Remuneration Committee

Appointments Committee

Corporate Governance and Environmental and Social Sustainability Committee

External Auditors

The External Auditors must be included in the Register of Auditors kept by the Ministry of Economy and Finance and, during the year, have the task of:

• Verifying that the company’s accounting records are properly maintained and that operations are correctly reflected in the accounting records;
• Providing an opinion, in a specific report, on the annual report’s compliance with the regulations with the rules governing the report and confirming that it provides a true and fair view of the financial position and results of operations for the year

Additionally, as recommended by Consob, the external auditors also audit the half-year financial statements, including the half-year interim financial report. The above tasks were assigned during the Ordinary Shareholders’ Meeting of FinecoBank of 16 April 2013, upon a reasoned proposal from the Board of Statutory Auditors, for the years 2013-2021, in accordance with Italian Legislative Decree 39/2010 which establishes the term of the engagement as nine years non-renewable and were confirmed ahead of the listing of the Bank’s shares on the Mercato Telematico Azionario (electronic stock market) organised and managed by Borsa Italiana S.p.A. by letter of acknowledgement of 16 April 2014.

The external auditors currently appointed by FinecoBank are Deloitte & Touche S.p.A.

Via Tortona, 25
20144 Milano
Tel. 02 83322111
www.deloitte.it

Related parties and associated persons

Global Policy for the management of transactions with persons in potential conflict of interest of the FinecoBank Group.

The Board of Directors of FinecoBank S.p.A. in its meeting on November 5, 2019, having received prior positive recommendations from the Risk and Related Parties Committee and the Board of Statutory Auditors, approved the new "Global Policy for the management of transactions with persons in potential conflict of interest of the FinecoBank Group" (the "Global Policy") whose purpose is to establish, within FinecoBank Group's scope of operations, the rules and principles to be adhered to for the control of risk arising from situations of possible conflict of interest resulting from the proximity of certain persons to the Bank's or its Subsidiaries’ decision-making centres.

The Global Policy – intended as an organic abridgement with the aim of unifying the governance aspects and the scopes of application, as well as the procedural and organizational aspects – contains the rules to be followed in the management of:

• Transactions with Related Parties pursuant to the Consob Regulation adopted by resolution 17221 of March 12, 2010;
• Transactions with Associated Persons pursuant to the regulations on “Risk activities and conflicts of interest with associated persons, established in Tile V, Chapter 5 of the Bank of Italy Circular 263/2006 ("New regulations for the prudential supervision of banks" as amended);
• Obligations of Bank Officers pursuant to Article 136 of the Legislative Decree 385 of September 1, 1993, the "Italian Banking Law";
• Transactions with additional relevant persons in potential conflict of interest as identified by way of self-regulation by the Bank, taking into account the applicable law and regulations.

The Board of Directors of FinecoBank S.p.A., on an annual basis, assesses whether to revise the Global Policy taking account, among other things, of any changes in the applicable regulations and in the governance and organizational structure of the Bank or FinecoBank Group as well as the demonstrated effectiveness of the same Global Policy in practice.

Documents

Articles of Association

The Articles of Association contain the operational rules for the Company that supplement legal provisions. The Articles of Association may be amended by the Ordinary Shareholders' Meeting or, in specific cases, by the Board of Directors. The amendments take effect from the time when the related resolution is recorded in the Register of Companies.

Quali-Quantitative Profile of the Board of Directors

In a meeting held on 25 February 2020 – and in accordance with the Supervisory Provisions for banks on corporate governance issued by the Bank of Italy – the FinecoBank Board of Directors established and approved its own qualitative and quantitative composition (the "Assessment of the Qualitative and Quantitative composition of the Board of Directors of FinecoBank S.p.A."), which is considered "optimal" for the purpose of proper performance of its responsibilities.

Quali-Quantitative Profile of the Board of Statutory Auditors

In a meeting held on 11 March 2020, the FinecoBank Board of Statutory Auditors established and approved its own qualitative and quantitative composition (the "Assessment of the Qualitative and Quantitative composition of the Board of Statutory Auditors of FinecoBank S.p.A."), which is considered "optimal" for the purpose of proper performance of its responsibilities.

Procedures for Shareholders’ Meetings

The Shareholders’ Meeting of FinecoBank S.p.A. adopted the Procedures for Shareholders’ Meetings, which are designed to govern ordinary, extraordinary and – insofar as compatible – special meetings.

Tax Strategy

The FinecoBank Tax Strategy - approved by the Board of Directors of Fineco - provides for the guidelines and principles of Fineco Group for the management of tax issues and associated risks (both financial and reputational). A proper tax management, in fact, is essential for Fineco Group, its shareholders and all third parties affected by its activities.
The document has been written in line with our Group values, which also reflect the International best practice, and should be read and applied in conjunction with the other Group's policies and procedures.

Board resolution documentation

Report on Corporate Governance

Results

Listing

Financial reports

Public disclosure

Financial analysts

Financial calendar

Subscribed and paid-up share capital

The share capital of FinecoBank, fully subscribed and paid-in, is € 201,152,834.19, divided into 609,554,043 ordinary shares with a nominal value of €0.33 each.

Shareholder structure

The current shareholder structure of FinecoBank S.p.A is composed of:

Source: Ownership Consob, significant holdings - 23th June 2020

⁽¹⁾ 10.233% investments in financial instruments and aggregate on 11th July 2019

Initial Public Offering

Sustainability at the heart of our strategy

Our business model is oriented towards excellence. It is inspired by principles of transparency and fairness aimed at creating sustainable long-term value for all our stakeholders.
Our work is based on passion, innovation and efficiency and on the quality of our people and services, always seeking to support the well-being of individuals and the advancement of local communities.

Our sustainable pillars

We founded Fineco on 3 main pillars: Efficiency, Innovation and Transparency.
The keys of our strategy, still leading our sustainable growth.

EFFICIENCY

Strong focus on IT & Operations, more flexibility, less costs.

INNOVATION

Anticipate new needs simplifying customers’ life.

TRANSPARENCY

Fairness and Respect for all our stakeholders.

Stakeholder Engagement

Stakeholders play a fundamental role in the Group’s growth. Engaging with them and understanding their needs allow the Group to pursue its objectives more responsibly and effectively.

Over the years Fineco has developed many initiatives that continuously involve stakeholders, so as to better manage relations with them and to engage stakeholders in its activities, enhancing their roles and potential.

Material topics

In 2018 Fineco carried out a structured process to define its material topics, with the support of ALTIS, Università Cattolica del Sacro Cuore of Milan. Based on the four principles set out by the GRI Sustainability Reporting Standards for defining the most significant aspects (materiality, inclusion of stakeholders, completeness of data, and context of the Group’s operations) a topic was found to be “material” if it was able to influence the decisions, actions and performance of the organization and its stakeholders.

Fineco identified 20 material topics, grouped into 8 macro-aspects, which represents the starting point of the sustainability path undertaken by the Group and the related goals definition.

The list of material topics was approved in 2018 and confirmed in 2019 by the Corporate Governance, Appointments and Sustainability Committee and the Board of Directors.

ESG goals

We are aware that our strategy, focused on stable and organic growth, must necessarily be accompanied by a progressive integration of environmental and social sustainability principles in our business and operational management choices.

Our first set of sustainability goals to be pursued in the years 2020-2023 has been approved by the Board of Directors on January 2020, and includes in addition to the definition or review of the main cross functional sustainability policies and the identification and integration of the main ESG risks in corporate risk management, the following areas of activity:

¹ The assessment will focus, for example, on compliance with environmental and occupational health and safety regulations, on the presence of a Code of Ethics and on possible certifications (ISO 14001, OHSAS 18001, SA8000, ISO 50001, ISO 37001).

For further details, please see the 2019 Consolidated Non Financial Statement of FinecoBank Group.

Governace and risk management

Sustainability Governace

The central role of the Board of Directors, the correct management of conflicts of interest, an efficient internal control system and transparency in relations with the market, with particular reference to reporting corporate management decisions, are the main principles recognised by international best practices as key to good governance. The Board of Directors has a supervising role over the Group's goals and commitments, as well as monitoring and evaluating related risks identified.

Within the Board, a specific Committee for the management of sustainability topics, has been established, in order to promote an efficient system of information and consultation that allows the Board of Directors to better evaluate sustainability issues: Corporate Governance, Appointments and Sustainability Committee, which oversees the evolution of the sustainability strategy of the Group based on the relevant international guidelines and principles, defining plans, goals, internal procedures and the assessment of sustainability related risks.

In support of this committee, a Sustainability Management Committee, has also been set up, consisting of FinecoBank managers, who have the main task of defining a proposal for the Bank’s sustainability strategy and the related objectives to be achieved, to be examined by the Corporate Governance, Appointments and Sustainability Committee and potentially approved by the Board of Directors.

Risk Management

Fineco has always promoted a solid risk culture based on shared values and consistent behaviour, which are necessary to ensure long-term sustainable profitability.

The Risk Management function is responsible for identifying, quantifying and mitigating the Group's risks adopting an effective and efficient Centralized Internal Control System (ICS), with the aim of ensuring that the company’s activities are based on sound and prudent management practices that guarantee capital solidity and ensure compliance with internal and external regulations.

Fineco identifies the Risk Appetite Framework (RAF) as the instrument to monitor the risk profile that the Group wants to adopt in the implementation of its business strategies and in the pursuit of sustainable profitability in conjunction with solid business growth. RAF metrics are regularly monitored and reported, at least quarterly: monitoring is carried out by the Chief Risk Officer and Chief Financial Officer Departments and reported to the Management Committees and the Board of Directors.

Fineco takes also into consideration also risks with potential ESG implications, as strategic, among which operational risks and reputational risks, are particularly important, as they could be determined by specific social, environmental and customer relationship risks. The prevention and management of operational and reputational risks allows, on the one hand, the limitation of losses by reducing business risk and, on the other hand, the maintenance of good relationships with customers.

Cyber Security

Fineco's objective is to protect customers and business by ensuring data security, in terms of availability, confidentiality,and integrity.

Cyber Security & Fraud Management strategies are considered and applied right from the design of the systems. They are seen as key requirements to properly defining the solutions and services Fineco offers, including opportunities presented by evolving regulation, in order to offer customers a secure, innovative and user friendly experience. The steps taken to improve IT security management help mitigate the Group’s exposure to operational and reputational risks. The necessary measures are taken to minimise the risks related to the services offered, applying security best practices and ensuring that company strategy and ICT risk are aligned, as well as the uniform application of the rules on information systems. Specifically, the processes and activities for the governance and management of IT security and related risks are organised according to a model that involves the Bank’s corporate bodies and the various corporate functions, according to their respective skills and in line with the responsibilities relating to the three types of audits provided for in the Internal Control System. This is to ensure proper interaction between all the functions and bodies when carrying out auditing tasks and avoid overlaps and gaps.

Cyber Security: The set of technical solutions, best practices, intelligence activities and organisational and/or technological measures designed to counter potential attacks, in order to protect company resources and assets from any security threats. The Bank has therefore adopted a formal and exhaustive plan to manage events, incidents and crises, which is structured on several levels (governance, organisation, operation and reporting) and involves diff erent corporate functions, according to their respective roles and responsibilities.

Operational Security: The set of technical and infrastructural security systems specifically aimed at protecting company assets, in order to grant an appropriate security posture in diff erent areas, such as: application, network, asset management, device management, patch/change/vulnerability management.

Data and Identity Management: The set of technological and organisational measures aimed at ensuring adequate data protection and controlled access to resources.

Antifraud Solutions: The set of technological and organisational measures aimed at preventing and managing potential fraud attempts, to the detriment of the Bank and customers.

Security Governance: The set of activities to address the security strategic direction, ensure that security objectives are achieved, regulation’s requirements and risk are managed appropriately.

For further details, please see the 2019 Consolidated Non Financial Statement of FinecoBank Group.

Business Integrity

Anti-corruption, conflict of interests management, anti-competitive practices, Anti-Money Laundering and Anti-Terrorism

Fineco has a "zero tolerance" approach to corruption, prohibits "facilitation payments" and does not allow any transfer of goods to public officials without prior approval; political contributions are also banned.

Fineco's approach to preventing corruption and bribery is defined in the Global Policy Anti-Bribery and Anti-Corruption, approved and adopted in 2018, and in the related Operating Instructions, (both in the process of being updated by the end of 2020). These documents set minimum standards for anti-corruption compliance and apply to all members of Fineco’s strategic, control and executive bodies, employees, financial advisors and occasional collaborators.

Additionally, the Bank's activities and organisational structures are also subject to anti-corruption checks, as per implementation of the Organisation and Management Model in accordance with Legislative Decree 231/200128, updated in November 2019.

In this regard, the Code of Ethics, in accordance with Legislative Decree 231/2001 obliges all concerned to conduct all activities in compliance with current laws and regulations related to non-competition agreements and forbids any act of intimidation against the Bank's competitors.

With regards with the management of conflicts of interest, in November 2019 the Board of Directors approved the FinecoBank Group's Global Policy for the management of transactions with persons in possible conflict of interest. This policy defines, within the Bank's and the Group's scope of operations, the principles and rules to be observed to manage risks arising from situations of possible conflict of interest due to parties' proximity to the Bank's and its subsidiary's decision-making functions.

Following the implementation in 2016 of the Group's anti-trust regulations, the Bank has adopted an Anti-trust Compliance Programme, which will be extended to the whole Group by the end of 2020. The Programme aims at:

• consolidating Antitrust Governance;
• consolidating compliance culture by enhancing the Bank’s reputation in the markets;
• more efficiently managing and mitigating anti-trust risks and sanctions.

The Programme is regularly monitored and reviewed in order to ensure its long-term effectiveness. In this regard, Fineco issued the Group Global Policy - Anti-trust and Unfair Commercial Practices, updated in January 2020, which includes practical rules of conduct for the proper management of meetings with competitors and surprise inspections by the Antitrust Authorities.

In accordance with the applicable anti-money laundering and counter-terrorism financing regulations, the Board of Directors of FinecoBank adopts the Anti-Money Laundering and Anti-Terrorism Policy and defines the organizational structures and the internal measures to oversee and manage the money laundering and terrorism financing risks which FinecoBank Group may be exposed to.

Humans Rights

The Group recognises the importance of respect for human rights, as an essential element for proper business conduct. Fineco is aware that through its business operations and activities it may have to deal, directly or indirectly, with different human rights related issues. It is also aware that these issues have an impact on its stakeholders, including employees, customers, financial advisors, suppliers, and the local community.

For this reason, in December 2018, the Corporate Governance, Appointments and Sustainability Committee approved a document, to be updated in 2020, which outlines its Human Rights Commitment, the approach, roles and responsibilities. It also contains the principles, rules, procedures and systems adopted by FinecoBank to ensure compliance with generally accepted international and local standards, with the objective to prevent, manage and, where possible, reduce human rights impacts.

Supply Chain

FinecoBank's procurement model is based on the principles of transparency and responsibility.

The FinecoBank Procurement Office ensures that the supply chain management is in line with the criteria of transparency and objectivity and that suppliers are selected on the basis of professional knowledge and skills, meet the minimum quality-price ratio requirements for internal customers, and adopt socially responsible behaviour. Where necessary, it requests mandatory documentation and reviews the completeness and the accuracy of the information received.

This ensures better management and quality of the supply base. Moreover, the entire procurement process, at Group level, is governed by the Expenditure Regulation.

Furthermore, the Code of Ethics and the Organisation and Management Model of FinecoBank S.p.A, updated in November 2019, define the principles of cooperation, fairness, transparency and professionalism, as key principles in relations between FinecoBank and its suppliers.

Whistleblowing

Whistleblowing helps to protect the company, its reputation, as well as its employees. Through the Global Policy - Whistleblowing, implemented in 2016, to be updated in early 2020, FinecoBank has adopted a system through which employees and financial advisors can report any conduct that violates the law or the Bank's internal rules.

The channels made available to employees and financial advisors by the Bank to report irregularities – including anonymously – are as follows (some available 24 hours a day):

• by telephone, via the FinecoBank SpeakUp line, where employees and financial advisors can leave a voice message, also anonymously;
• on the website, via the FinecoBank SpeakUp service, where employees and financial advisors can leave a written message, also anonymously;
• using the dedicated e-mail address;
• by writing to the dedicated postal address.

For further details, please see the 2019 Consolidated Non Financial Statement of FinecoBank Group.

Our People

Since its very foundation, Fineco has found itself dealing with an ever-changing competitive environment and has been very much aware that the ability to innovate and the continuous development required to overcome the challenges of the market cannot be dissociated from the development of both human capital and the corresponding professionalism and talent, not to mention the importance of its diverse composition. With this in mind, Fineco strives on a daily basis to become "The Place To Be", for its employees – a workplace where everyone can express their potential and aspirations in the best possible way, contributing to the success and sustainability of the company.

1,225
EMPLOYEES
(+55 vs 2018)

98%
PERMANENT
EMPLOYEES

2,541
FINACIAL ADVISORS

60%
NEW HIRES < 30 YEARS OLD

42.4%
WOMAN
(42.9% in 2018)

16%
STAFF EMPLOYED CUSTOMER CARE

57.6%
MAN
(57.1% in 2018)

Fineco has always been committed to ensure an appropriate and transparent selection process, proper training and remuneration of personnel, and the obligation for everyone to ensure a peaceful, safe and non discriminatory working environment. These principles are emphasised in the Integrity Charter and the Code of Conduct which will be updated in 2020 and applies to the Group as a whole and in the the Code of Ethics pursuant to Legislative Decree 231/2001. All recipients of these documents are required to ensure that new colleagues are integrated into the company as effectively as possible by fostering a sense of collaboration and availability, avoid any form of discrimination against colleagues, and share information, paying attention to the contributions made by each co-worker and thus encouraging continuous dialogue and exchange of opinions.

Engagement

FinecoBank invests on a daily basis in developing a sustainable environment based on trust and a sense of belonging. Which is why it has been gauging, through a biennial survey, what motivates employees and how engaged they are and, based on the information they provide, defining and implementing specific action plans on which it focuses its following activities. People Care, Working Environment, Work-Life Balance, Best Place To Work and People Development are the fields on which Fineco is focusing as a result of the findings of various feedback initiatives involving all employees. In 2019, the following initiatives were particularly relevant:

• An hour with the CEO: the CEO visited all of the Bank’s offi ces to meet and chat to employees and informally discuss Fineco’s strategy and upcoming challenges;
• Induction: onboarding, which involves setting aside half a day in which newly hired employees attend information/training sessions with Deputy General Managers, Human Resources and union representatives;
• Induction 1 year later: onboarding initiative that takes place a year after the employee has joined the company;
• Focus group in which colleagues are involved in discussions on issues relevant to the implementation of products and services.

Diversity and non-discrimination

The Group is committed to promoting an inclusive culture in which no form of discrimination is tolerated and in which people’s talents, skills, experience and differing perspectives can be fully expressed with a view to promoting greater innovation, collaboration and flexibility.  

A Global Policy on Gender Equality was adopted in 2013 and will be updated by June 2020, outlining principles and guidelines for ensuring a level playing field on which all employees, regardless of gender, can achieve their full potential.

FinecoBank signed an Association Agreement with Valore D, an organisation with a network of over 180 companies committed to ensuring an inclusive culture within organisations and indeed within Italy as a whole, a factor that can, under the right conditions, result in innovation, competitiveness and therefore growth. Fineco is also able to access to different training programs and has the possibility to shre best practices with other companies involved. A Diversity Manager has been appointed within the Bank, providing a point of reference for activities and initiatives relating to the issue of diversity and reinforcing the commitment to developing a culture of inclusion and viewing diversity as a source of strength and competitiveness for the Bank.

In 2019, the Group sponsored and participated in the Global Inclusion - Generazioni senza frontiere - event held in Bologna on 11 September 2019 with the aim of promoting the contribution of inclusion policies within companies as a competitive lever for organisational development. Fineco also took part in a Diversity Day held at Bocconi University of Milan.

In 2019, Fineco also signed the ABI Women in Bank: Enhancing Gender Diversity Charter, which breaks, which breaks down the commitment to enhancing, promoting and strengthening diversity, including gender diversity, at every level of the organisation.

Moreover, the company's collaboration with Jobmetoo, an online recruitment company that helps bring together companies and applicants belonging to protected categories, continued in 2019.

Fineco is also committed to the management and continuous monitoring of employees returning from maternity and paternity leave, with a view to ensuring that they enjoy equal conditions and gender treatment.

Training and Assessment

Enhancing and improving professionalism in line with the changes and continuous evolution of the competitive environment are fundamental requirements for facing the challenges of the market and prerequisites for the Group’s long-term growth.

With this in mind, Fineco is committed to encouraging the growth and development of its employees and financial advisors, placing great emphasis on continuous training.

The training plans developed to support FinecoBank's employees and financial advisors through this process of continuous updating and honing of their skills include multidisciplinary courses, designed to improve both hard and soft skills. Moreover, numerous training sessions were organised on technical skills, in collaboration with external suppliers, strategic partners and Universities, to improve business development and enhance employee specialisation.

25H
average hours of training for
employee

78H
average hours of training for
financial advisor

In 2019, FinecoBank continued the Leadership Training Program targeting all managers, team leaders and those dealing with resource management for the first time.

Furthermore, thanks to its collaboration with Valore D Fineco participated in specific training courses specifically designed to promote female talent within the company.

A great deal of importance is also placed on training on the job and job rotation, rotation pathways, extremely useful when it comes to ensuring that employees receive appropriate training in an effective and practical manner.

With regard to financial advisors, Finenco has continued to invest in young financial advisors with a two-year training programme designed to teach the sorts of technical and behavioural skills that are useful and indeed necessary for those practicing in this profession.

All Group employees undergo an annual performance evaluation by their managers that not only takes into account performance and results linked to specific and common objectives but also identifies future opportunities for learning and development. All members of staff can be involved in choices regarding their professional growth based on the experience they have acquired and the results they have achieved. Fineco's incentive mechanism is based on Pay for Performance analysis, which looks at the consistency between the distribution of individual performance evaluations for the year and the relative average bonus paid.

For further details, please see the 2020 Compensation Policy and the 2019 Cosolidated Non Financial Statement of FinecoBank Group.

Walfare and social dialogue

FinecoBank wants to support the well-being of its employees and their families, which is why its Welfare System is continuously evolving and improving. These benefits integrates national social security, healthcare and work-life balance, support systems, with the aim of ensuring wellbeing of employees and their families throughout their working lives and after retirement.

Special access conditions for banking products and other FinecoBank services may also be granted with the aim of providing employees with support throughout different phases of their lives.

Moreover, a Joint Commission for reconciling working hours with home life, innovation and welfare was established in 2019. In particular, all employees notably have access to various services that can be grouped into the following 4 categories:

HEALTH
including, for example, supplementary healthcare, insurance cover and prevention campaigns. The new Health Plan for all employees was introduced through the Fineco One Care portal in 2019

SAVINGS
such as pension funds, mortgages, loans, financial support and welfare accounts.

WORK-LIFE BALANCE
flexible working, flexible working hours, part-time hours, leave of absence and sabbatical years.

FAMILY
such as agreements with nurseries, contributions for families with children and support for elderly and disabled family members.

50% OF EMPLOYEES HAD JOINED THE FLEXIBLE WORKING PROGRAMME

Flexible Work was further extended in 2019 with the aim of supporting employees’ work-life balance and offering them greater flexibility in terms of time management (with the possibility of working from home one day a week).

MaggiorTempo, initiative has continued in 2019, an additional tool for reconciling work with home life designed to streamline some of the most common daily tasks for employees, from parcel collection to laundry, shoe repairs, tailoring, and postal and administrative tasks. MaggiorTempo’s services are managed by a social cooperative whose mission is to help socially disadvantaged people integrate into the workplace.