The Sustainability Plan presents the commitments, targets and results of the Group. Every year, it is updated by the Sustainability Team, which coordinates and consolidates the feedback from all of the regions and business functions.
The highest governance bodies of the Group are engaged in the development and approval of goals related to economic, environmental and social aspects. This process consists of three main phases:
Planning phase: the commitments, actions and targets in the Sustainability Plan are initially defined on the basis of the areas for improvement identified by the Sustainability Team in collaboration with the operating segments/regions and central functions. In support of that activity, throughout the year the team monitors the performance of best-in-class competitors as well as the assessments by the principal sustainability rating agencies, international organizations and Socially Responsible Investors with whom the Group has a relationship. The draft Sustainability Plan is submitted for the approval of the Group Executive Council (GEC), which evaluates its consistency with Group strategy and makes appropriate recommendations. Once the Plan is approved by the GEC, it is then evaluated by the Nominating, Corporate Governance and Sustainability Committee of the Board which grants formal approval.
Management phase: responsibility for individual projects and achievement of the targets in the Sustainability Plan rests with the various operating segments/regions or corporate functions which have the resources, tools and knowledge necessary for their implementation.
Control phase: as a further indication of adherence to the commitments made, the Sustainability Team is periodically updated on the status of projects and, in turn, updates the GEC.
Following the materiality analysis completed for 2013, the Sustainability Team launched a project to establish Group targets with a longer time horizon. Results of targets set in prior reports which have not yet been concluded as well as the new targets are available through the Group's online interactive report. The selection of the most relevant long- term targets is reported in the printed version of the report at the beginning of related section.