SUSTAINABILITY REPORT - Campari Group
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SUSTAINABILITY REPORT Consolidated non-financial declaration pursuant to Legislative Decree 254 of 30 December 2016, implementing EU Directive 2014/95
CONTENTS 1 2 3 4 5 4 6 10 50 122 LETTER OF NOTE ON CAMPARI GROUP’S SUSTAINABILITY APPENDIX THE CHAIRMAN : METHODOLOGY IDENTITY FOR THE GROUP 'BUILDING MORE VALUE TOGETHER' 10 About us 52 Sustainability policies and governance 122 Correlation table to the Legislative Decree 254/16 11 Our world 54 Creating value for stakeholders 132 GRI Content Index 14 Our history: 55 Our stakeholders a history of culture 156 Independent auditor’s report Campari: 56 The value chain of our products the evolution of a brand Campari Group: 57 Materiality analysis a history of entrepreneurship 24 Campari Group worldwide 26 Growth strategy 60 88 Our Responsible 28 Our brands: people practices Global priorities Regional priorities 36 Our Master Blenders 38 Governance model 100 112 Environment Community 42 Risk management involvement 48 The Foundations: Fondazione Campari JWN Foundation Campari Foundation Mexico
Letter of the Chairman 2018 was again a year of many developments for our Group; a year in which we We have developed greater strategic coordination at global level to enable us to were able to consolidate Campari’s growth path for the next years. better define priorities and coordinate the initiatives of the Group’s global func- tions, while at the same time also involving the regional operating units via collab- Our performance objectives have been aligned with our global strategies, ensuring oration that goes beyond the organisational boundaries. In this way, we have iden- a long-term vision and defining the strategic pillars that must guide the priorities tified a roadmap with well-defined corporate priorities and global transformation and initiatives of all Camparistas. We have included ‘Sustainability’ as the Group’s projects. This will help us to improve the planning of our functions, align the scope eighth strategic pillar; this will help us build a programme to foster the sustaina- and time-scales of the Group’s initiatives in a consistent manner across business bility topics that most characterise our business, within a clear, defined framework units and markets, and efficiently manage resource and cost allocation. along the entire value chain. It will become increasingly necessary for all business structures to work together to implement cross-functional processes and projects As confirmation that we have embarked on the right path, in 2018 we again that can create sustainable value - i.e. value that lasts over time - and to satisfy the achieved significant objectives, both financial and in terms of strengthening our expectations and needs of many different stakeholders. brands. This result would not have been possible without the passion and commit- ment of all our Camparistas, who continued, with their entrepreneurial mindset, to Again this year, I would like to emphasise the importance of the values that under- develop and manage our brands. The ‘cathedral’, which is based on our people, pin the Group’s activities. ‘Building more value together’ is still the main aim that our brands and our values, continues to grow, becoming taller and taller each day the Campari Group strives for and on which it wants to continue to build for future via sustainable business growth. years. Drawing on our pragmatism, in 2018 we added ‘Behaviours’ to our ‘Values’; these represent the types of conduct that inspire the work of Camparistas all over the world and constitute our way of being. LUCA GARAVOGLIA
NOTE ON METHODOLOGY 1 This Sustainability Report contains the Campari Group’s Consolidated non-financial Also in 2017, the process of defining material issues was also reviewed and refined declaration, pursuant to EU Directive 95/2014 and the resulting Legislative Decree through a comprehensive benchmarking comparison with competitors in the sec- 254 of 30 December 2016. It therefore contains non-financial information, specifi- tor, and on the basis of the results of a sustainability questionnaire distributed to cally relating to environmental, social and employment matters, as well as respect the Group’s entire management. In 2018, however, the materiality analysis was fur- for human rights, anti-corruption and bribery issues. For each of these issues, and ther updated via the involvement of one of the most important external categories based on the materiality principle, the strategies and key impacts produced by the of stakeholders for us: our customers and bartenders. Group are also described. Campari Group’s Sustainability Report was drawn up according to the GRI Sus- The declaration is drawn up every financial year, and like the financial statements, tainability Reporting Standards, the guidelines of the Global Reporting Initiative, is approved by the Board of Directors, which is also responsible for its publication as well as the most advanced framework for sustainability reporting used by com- in the Companies Register. Meanwhile, the control body is responsible for ensuring panies around the world. The document complies with the core option of GRI, compliance with the provisions of the Decree, while an external auditor checks the ensuring that at least one indicator for each material issue is disclosed. To incor- layout of the declaration and its compliance with applicable laws. porate the key performance indicators of the GRI Standard and those aspects of sustainability for which reporting is subject to clear legal obligations, as in previous Although it started reporting socio-environmental information in 2013 on a vol- years, Campari Group has reported some additional qualitative and quantitative untary basis, Campari Group has verified that the information produced so far indicators that are particularly important for a multinational operating in the spirits complies with the recent regulatory provisions. For this reason, with the support segment (e.g. marketing and responsible communication practices). of external advisers, a gap analysis was performed in 2017 with the involvement of the management of six corporate departments, which led to an action plan being The reporting perimeter corresponds to that of the Consolidated Financial Statements drawn up indicating areas for improvement, in order to adapt the reporting system and, therefore, according to the requirements of Legislative Decree 254/16, includes and the existing documentation to the provisions of Legislative Decree 254. data of all the Campari Group’s companies consolidated using the full consolidation method with reference to the period from 1 January 2018 to December 31, 2018. 6 7 1 The official text is the Italian version of the document. Any discrepancies or differences arisen in the translation are not binding and have no legal effect. In case of any dispute on the content of the document, the Italian original shall always prevail.
NOTE ON METHODOLOGY In 2018, there was a perimeter variation com- pared with the previous year due to the sale of the Crodo facility (agreement closed on 2 Jan- uary 2018) and the production activities of the Sorocaba plant in July, together with the inclu- sion, always in July, of the production activities of the Caltanissetta and Cognac plants. For the purposes of this report, the figures relating to the Sorocaba plant, although it was sold in July 2018, are included in the perimeter. The information reported refers to the period from 1 January to 31 December 2018 (fiscal year 2018); any data relating to previous years are reported for comparative purposes to allow performance to be assessed on a multi-annual basis. The col- lection and monitoring of data is managed via our sustainability platform (Enablon), which was initially adopted by the Quality, Health, Safety and Environment function in 2016, and then extend- ed to all business units involved in sustainability reporting, notably Marketing, Human Resources, Legal and Public Affairs, in 2017. Data collection is undertaken locally and double-checked at coun- try and regional level. Additional sample checks are carried out by the Group’s heads of functions and by Internal Audit to ensure maximum data consistency. The adoption of the platform ena- bles us to monitor our performance more effec- tively and to define internal targets for medium- 2 to long-term overall improvement. For the second time, the document was exter- nally certified by the auditing company Price- 19 Production Sites waterhouseCoopers S.p.A., which had already 20 Co-packers been engaged to audit the Company’s financial Campari Group’s sustainability reports can statements at the shareholders’ meeting of 30 32 Offices be viewed and downloaded in Italian and English April 2010. The relevant certification is shown in from the website: 25 Countries (excluding co-packers) the ‘Independent Auditor’s Report’ attached. www.camparigroup.com/en/sustainability 1 Bar - Camparino 8 9 2 The production facilities counted include the Sorocaba plant, which was sold in July 2018.
OUR WORLD 'S Last year, at the Group Management Conven- Essence, Mission, Values and Behaviours. We tion 2017, we started to work on defining a re- further developed these elements during the newed business culture. This process enabled us year, paying great care and attention to pre- to identify the defining aspects of our culture serving their original meaning. and the constituent elements of our identity: ESSENCE VALUES MISSION BEHAVIOURS ABOUT US 1 DIAGEO Campari Group, a leading company in the glob- 2 PERNOD RICARD al branded beverage industry, was founded in ESSENCE categories and become real leaders. We do it 3 BACARDI Milan in 1860, when Gaspare Campari created by combining preliminary, strategic in-depth re- the world-famous red aperitif. 4 BROWN-FORMAN The Group essence ‘Toasting Life Together’ flection and planning with excellent execution 5 BEAM SUNTORY shows the fundamental role that our people and attention to detail. We do it by creating a With a portfolio of over 50 premium and super play in ensuring the success of the business. For balanced mix of ‘myth’ and ‘ritual’. By ‘myth’, we premium own brands, marketed and distributed 6 CAMPARI GROUP this reason, Campari Group’s people (‘Campar- mean always aiming to build brand equity, pre- in over 190 countries worldwide, it has leadership 7 CONSTELLATION BRANDS istas’) are offered the opportunity to continu- mium-ness and uniqueness. By ‘ritual’, we mean positions in Europe and the Americas. Campari ously develop the skills they already have while constantly associating our strategic thinking with Group is now the sixth-largest branded spirits 8 E. & J. DISTILLERS also acquiring new ones. ‘Toasting Life Together’ the creation of compelling and surprising con- group in the world3 and employs around 3,700 9 MAST-JÄGERMEISTER also celebrates the positive role that our brands sumer experiences’ (Andrea Neri, Managing Di- people. Our main competitors are: and drinks play in enhancing sociable occa- rector Italian Icons & Gin). 10 THE EDRINGTON GROUP sions, encouraging people to get to know each other, and celebrating life in a positive and re- ‘In Campari Group, we have a true passion for sponsible way. our work and are deeply committed to pro- ducing iconic brands. They are iconic because MANUFACTURING PLANTS PROPRIETARY DISTRIBUTION NETWORK IN they attract consumers, customers, bartenders 18 20 and influencers from all over the world due to COUNTRIES MISSION their unrivalled quality and their intriguing and authentic stories’ (Julka Villa, Managing Director ‘The smallest large group in the spirits sector, Global Spirits). HEADQUARTERED IN SINCE 2001 THE SHARES OF THE PARENT COMPANY, which creates iconic brands and generates DAVIDE CAMPARI-MILANO S.P.A., better results, together with inspired and pas- ‘‘Together’ is the way in which we see our work, SESTO HAVE BEEN LISTED ON THE sionate Camparistas’. a joint effort by us Camparistas and our cus- SAN GIOVANNI ITALIAN STOCK ‘What does it mean to create iconic brands? tomers and partners, as we work passionately to deliver each brand and each cocktail served’ (MILAN) EXCHANGE We produce unique brands that excel in their (Giorgio Pivetta, Head of Group HR). 10 11 3 Fonte: Impact’s top 100 Premium Spirits Brands Worldwide by Company, March 2018.
VALUES BEHAVIOURS Passion Together Humble and Hungry Always act with passion Passion is a defining trait of our way of thinking ‘Together’ is our team philosophy. It is the com- ‘Humble and Hungry’ means continuously put- Passion is a defining trait of our way of thinking and acting in Campari Group. We are passion- mon thread that connects the nature of what we ting ourselves to the test, stepping out of our and acting in Campari Group. We are passionate ate about our sector, our work and our brands. do with how we do it; it involves the joint efforts comfort zone, being open to change, rectifying about our sector, our work and our brands. We We work as a team and always give our utmost of Camparistas (including customers and con- our mistakes and learning from them, and con- work as a team and always give our utmost to to ensure that our consumers have positive ex- sumers) all over the world, passionately working tinuing to do the things that we do but aiming ensure that our consumers have positive experi- periences with our brands day after day. on each brand and each cocktail that is served. to do even more and doing them better. ences with our brands day after day. Together we knock down silos, break every cul- tural, organisational and geographical barrier, Integrity and all move in the same direction to achieve Respect others and our planet Simplify and do more with less We hire, develop and value people who work our common goal. Campari Group has always supported responsi- We eschew bureaucracy and firmly believe in in a transparent way. For us, integrity means liv- ble and sustainable behaviour, which it considers a practical approach. Simplicity underpins our ing responsibly as part of the organisation and of paramount importance for the Group’s growth. actions. Our unique structure allows us to take treating all our stakeholders with the utmost Sustainability, which runs through all our business agile and customer-focused decisions, while respect; it also, and most importantly, means activities, is part of our DNA. The path we have benefiting from synergies and the sharing of ensuring that fairness, honesty and consistency followed over the last few years has allowed us to know-how across the whole Group. underpin our way of doing business and guide achieve a greater level of maturity and awareness the professional life of all Camparistas. of the fundamental role that the business world can, and must, play in society. Welcome challenges and drive change We are a Group that evolves and changes rap- Pragmatism idly, and which operates in a volatile and highly In all functions, and at all levels, we encourage dynamic competitive environment. Against this and reward a pragmatic attitude towards resolv- backdrop, each day brings new challenges and ing problems and tackling challenges. We es- opportunities for us. To contribute to the Group’s chew bureaucracy and firmly believe in a prac- HUMBLE AND HUNGRY success in the context in which we operate, each tical approach. Simplicity underpins our actions. Camparista must embrace the challenges that Our unique structure allows us to take agile and RESPECT OTHERS arise and drive change. Staying in our comfort customer-focused decisions, while benefiting from synergies and the sharing of know-how PASSION AND OUR PLANET zone and protecting the status quo regardless, is not a viable option. across the whole Group. ALWAYS ACT WITH PASSION INTEGRITY Creating more value together We must knock down silos and ensure we are SIMPLIFY AND DO MORE all moving in the same direction, better synchro- PRAGMATISM WITH LESS nising our capabilities and strengths, in order to accelerate growth and optimise costs. The only way to release the potential of our organisation WELCOME CHALLENGES TOGETHER AND DRIVE CHANGE is to adopt a more synchronised approach to the way in which we do business and focus on our priorities. All Camparistas can play a key role in CREATING MORE VALUE creating our iconic brands and generating better TOGETHER financial results, by consistently acting in accord with our Values and Behaviours, and overcoming every obstacle. 12 13
HISTORY CAMPARI: THE EVOLUTION OF A BRAND 1860 1904 1915 1920 - - - - t he origin Getting The Camparino bar Classic cocktails bigger in Milan’s Galleria and the association with art Novara, Italy. Spirits-maker On 1 October 1904, the first A mainstay of Italian aperitifs, Classic cocktails, first and many great artists of the era poster became an icon of Gaspare Campari’s experi- manufacturing plant opened the Camparino bar opened in foremost the Americano and started to work with Campari, the product. A figure halfway ments culminated in the in- in Sesto San Giovanni, Milan. Milan city centre, alongside the the Negroni, were created, giving rise to the historic between a spirit and a jester, vention of a new drink with a Cathedral in Galleria Vittorio becoming increasingly popular association between the brand wrapped in orange peel, distinctive bitter flavour and a Emanuele II, and quickly be- and famous; today they are and the art world. In 1921, suggesting one of the classic recipe that has remained a se- came one of the symbols most included in the ‘unforgettable’ Leonetto Cappiello created Campari combinations, offers cret to this day. commonly associated with of category of the IBA official list the famous ‘Spiritello’, for the observer a bottle of bitter. the city, along with fashion of cocktails. At the same time, example, and its advertising and design. 14 15
Art became more geometric and structured forms. An avant-garde reprised by architect Mario Botta, The strong link between Campari of Modern Art, New York. In the dynamic, and the styles more dis- choice for Campari, Depero was project manager for the Campari and art continued. In 1964, Bruno work, the artist breaks down and tinctive, and Campari’s advertising an artist with a synthetic, graphic, Headquarters building in Sesto Munari produced the ‘Declinazi- reassembles the various lettering could not fail to reflect these chang- almost stylised style, who experi- San Giovanni, who transferred the one grafica del nome Campari’ styles used by the company over es. The collaboration with Depero mented with solutions that are still sketch to a bas-relief on the left- (‘Graphic variations of the Cam- the years. The poster became a represented an important turning current today. One example is hand side of the historic building, pari name’), a poster designed symbol of the infinite number of point for the advertising material, Depero’s iconic ‘little robot’, a sy- the Group’s first plant, inaugurated for the opening of the first line interpretations that only Campari - which was enhanced in that peri- phon that sprayed soda water into in 1904, and which is today home of the Milan metro, and now on with its uniquely versatile combina- od with mechanical designs and a glass of Campari bitter; this was to the Galleria Campari. permanent display in the Museum tions - could inspire. 1930 1960 - - The Futurist underground period pop 1940 1950 1970 1980 - - - - Rebirth The world International film A unique of sport stars and directors lifestyle and Campari At the end of the 1940s, after Artists such as Felice Mosca, Campari’s partnerships with During the 1980s, a period of a forced hiatus occasioned by Attilio Rossi and Giovanni famous actors and directors, great economic and cultur- the war, the brand launched a Mingozzi expressed the Cam- which started in the 1970s, al growth, Campari was at the new advertising campaign in pari energy and dynamism in reached its peak in 1985, when centre of the most exclusive and partnership with avant-garde posters inspired by the world the Italian director Federico distinctive occasions at which artist Carlo Fisanotti. of sport. The image of the Fellini shot his first television drinks were served, and star of bottle of Campari travelling advertisement for Campari. the famous ‘Milan aperitif’. around the world like a sput- nik is still iconic. 16 17
2000 For the World Cup in Italy in tles of Campari and Campari Hotel Campari Club Campari Tales Campari 1990, Ugo Nespolo created an Soda. The campaign highlight- advertising campaign for the ed the role of the aperitif and company based on football, of Campari, like football, as which showed a winning Cam- one of the great passions of The first global TV advertis- For the 2008 edition of the For its tenth anniversary, the pari team made up of bot- the Italian people. ing campaign for the brand Campari calendar, Eva Mendes 2010 Campari calendar por- starred Salma Hayek, direct- starred in Campari Tales. The trayed a seductive, elegant Jes- ed by Matthew Rolston in the cover and 12 tales told a mag- sica Alba, star of ‘Club Campari’, Italia 90 ‘Le Connaisseur’ commercial, which was filmed in an imag- ical story via Mario Parisotto’s 13 shots, which creatively em- the film directed by designer, photographer and director Jean inary Hotel Campari. The ac- bodied the ‘Red Passion’ value. Paul Goude. The commercial tress, an icon of sensuality, but represented a place that was at the same time sophisticated, both real and imaginary with elegant and headstrong, was the most exclusive clubs on the subsequently immortalised by planet: enjoyable, provocative photographer Mario Testino in but, most importantly, sociable, the 2007 Campari calendar. in line with the brand’s values. 2010 - 150 years of Campari The limited edition Campari Galleria ‘Art Label’ Milano Campari collection 1990 - The AVAF (assume vivid as- The city of Milan, where it all In 2010, the new Galleria Cam- Tarsem, tro focus) art collection and started, framed the special pari opened its doors. A special A Director's cut international artists Vanessa edition 2010 Calendar, which space symbolic of the strong Beecroft and Tobias Rehberger starred the seductive Olga connection between Campari celebrated Campari’s 150 years Kurylenko, shot by talented and the art world, the gallery At the end of the 1990s, Cam- by creating the Campari Art La- young photographer Simone was created with the aim of pari launched a new partnership bels, a limited edition of three Nervi. revisiting this historic link using with the famous Indian director, commemorative labels. A tradi- modern, contemporary tech- Tarsem, who filmed the excep- tion that marks the connection nology to provide an experi- tional TV commercial ‘Il Graffio’ between brand, product and ence to be enjoyed. (‘The Scratch’), the first to broach art, and which will be replicated the subject of female homosex- each year from now on. uality in Italy, for the ‘Campari Red Passion’ campaign. 18 19
Kate Hudson was the star of The Red Diaries project con- the 2016 Campari Calendar, tinued: in 2018, Campari chose entitled BitterSweet Cam- Stefano Sollima to recount paign. The different facets of how, behind every cocktail, the campaign reflect the un- there is a hidden story. Actors mistakeable Campari taste, Zoe Saldana and Stefano Solli- with its dual but complemen- ma are the stars of an intense, tary nature, in which either the compelling story and a journey ‘bitter’ or the ‘sweet’ side pre- around the world in search of vails depending on the type the perfect cocktail. The film of blending, with both aspects shows the imagination and portrayed by the Hollywood creativity of bartenders, no- actress in the Calendar’s 13 im- tably celebrating the talent of ages, the work of international the ‘Red Hands’, the only ones fashion photographer Michel- that can create the best cock- angelo di Battista. tails in the world. BitterSweet The Legend Campaign of Red Hand The Red Campari Creation If your soul is curious, Affair e Killer in Red enter the red The 2011 Campari Calendar was Paolo Sorrentino relates the The new short movie from the the film, which brings to life its the first to feature a male ac- Campari Red Passion story in Red Diaries project. Following most symbolic places, such as tor, Oscar-winner Benicio Del a new communications cam- the Campari philosophy that the extraordinary Galleria Vit- Toro, who, through the shots of paign, with a film that express- 'every cocktail tells a story', the torio Emanuele II, location of Michel Comte, told the tale of es the full essence of the brand, firm marks the start of the cel- the iconic Camparino in Gal- the Red Affair, the adventure of because 'nothing is created ebrations for the 100th anniver- leria bar, and the Cathedral, all a charming art-lover. without passion'. In 2017, Paolo sary of Negroni, the world-fa- transformed for the occasion Sorrentino also wrote and di- mous iconic cocktail that has with a splash of Campari red. rected an intriguing film noir Campari as its key ingredient. featuring Clive Owen; this was Portrayed by actress Ana de Ar- the film that launched Red Dia- mas and Italian actor Lorenzo ries, the cinematic evolution of Richelmy, ‘Entering Red is di- the Campari Calendar. Playing rected by multi-award-winning the role of famous bartender Italian director Matteo Garrone. Floyd, the actor tells the story Milan, Campari's city of ori- of the Killer in Red cocktail. gin, plays an important role in 20 21
The Group made its first acquisition in 1995, marking the start of a strategy that still today combines 50% organic growth with 50% external growth. Since then, each A HISTORY OF brand that has joined the Group has brought with it a unique history and identity. ENTREPRENEURSHIP • 27 acquisitions since 1995 for a total value of over €3 billion; • 12 sales since 2013; • Disposals amounting to around €380 million since 2016. ** * 1995 2001 2003 2006 2008 2009 2011 2013 2016 2018 1999 2002 2004 2007 2010 2012 2014 2017 22 23 * Distribution Company ** Contract beverage Packer
CAMPARI GROUP WORLDWIDE Since 2004, Campari Group, headquartered in Sesto San Giovanni (Milan), has been developing a proprietary direct distribution network, which has grown in 15 years from five to 20 markets worldwide and represents over 90% of total sales CANADA 1 UNITED STATES 1 MEXICO 1 JAMAICA 3 BRAZIL 1 ITALY 4 ARGENTINA 1 GREECE 1 SCOTLAND 1 The Group brought the bottling activities in the FRANCE 3 core markets of the US and Australia in-house and, since 2004, has been increasing the number of production sites around the world (from eight to 18 at 31 December 2018). The distribution subsidiaries in 2004 were in Italy, Germany, United States, Brazil and Switzerland. AUSTRALIA 1 The expansion since 2004 referred to Austria, China, Argentina, Mexico, Ukraine, Belgium, Luxembourg, Australia, Russia, Jamaica, the UK, Spain, Canada, Peru and South Africa. Distribution subsidiaries in 2004 Expansion from 2004 24 25
GROWTH STRATEGY In 2018, Campari Group’s consolidated sales where a direct sales force was recently launched, were €1,711.7 million, down -2.4% compared with as well as in the US and China, key markets for 2017. Sustained organic growth of +5.3% for the the cognac category. Lastly, it further increases year was completely offset by negative perim- the Group’s exposure to the super premium seg- eter and exchange rate variations of -3.4% and ment of the on-premise distribution channel in -4.2% respectively. Sales increased in all the both developed and emerging markets. main geographical regions, especially in the high-margin markets of North America, west- In March 2018, the Group signed an agreement ern Europe and Australia. Growth was driven by to create Trans Beverages Co. Ltd, a joint venture the continuous outperformance of global pri- in South Korea, with a local partner, BNC F&B Co. ority brands (+8.9%) and the positive result of Ltd., a group operating in the food & beverage high-margin regional priority brands (+2.8%) in sector, with the aim of promoting and developing the major developed markets. the Group’s products in this geographical region. The Group has a call option on the remaining Campari Group’s growth strategy combines holding of 60% of the share capital. organic growth, pursued through strong brand-building, and external growth via acquisi- On 2 January 2018, the Group closed an agree- tions focused on the core business of spirits, in ment to sell the Lemonsoda range, for net to- order to achieve or improve on its critical mass tal proceeds of €80.2 million, to Danish-based in the key geographical markets. beer and non-alcoholic drinks manufacturer Royal Unibrew A/S. In addition to the Lemon- On 31 January 2018, the Group closed the agree- soda, Oransoda, Pelmosoda and Mojito Soda ment to acquire Bisquit Dubouché et Cie from brands, and the Crodo brand (excluding Crod- South African group Distell, corresponding to a ino), the sale encompasses the manufacturing net cash outlay of €52.7 million. The company, and bottling facility in Crodo, water springs and which owns the Bisquit brand, is a cognac pro- inventory. At the same time, a multi-year man- ducer located in the French town of the same ufacturing agreement was signed, under which name. The acquired business includes inventory, Royal Unibrew will continue to manufacture particularly maturing stock, brands and produc- some of the products owned by Campari Group 50% 50% tion facilities, such as warehouses for the matur- that are currently bottled at the Crodo plant. ing process, blending cellars and bottling lines. As part of its strategy to reduce its non-core The brand’s key markets are South Africa, Bel- assets, this transaction marks Campari Group’s gium, the duty free channel and Switzerland. As exit from the soft drinks business, retaining only a result of the acquisition of the super premium the Crodino brand, in order to focus more on brand Bisquit, the Group is expanding its offer- ORGANIC EXTERNAL the aperitif segment in Italy. ing in the cognac category and taking full control GROWTH GROWTH of its maturing process. It is also creating brand Lastly, the agreements to distribute Brown Forman innovation opportunities, including in conjunc- products in Italy were terminated in April 2018. tion with Grand Marnier. Commercially, the deal Sales, mainly relating to the Jack Daniel’s brand, further strengthens the Group’s distribution plat- represented around 2% of Group sales in 2017. form, particularly on the South African market, 26 27
OUR BRANDS Campari Group has a portfolio of over 50 premium and super premium brands divided into global, regional and local priorities Global regional priorities priorities
OUR BRANDS GLOBAL PRIORITIES APPLETON ESTATE APEROL WILD TURKEY GRAND MARNIER CAMPARI SKYY VODKA With Appleton Estate, which became part of Aperol was founded in 1919 in Padua, an in- The acquisition of Wild Turkey in 2009 helped Campari Group acquired Grand Marnier in July The quintessential aperitif with its unmistakable Campari Group, which had already acquired the Group portfolio in 2012, Campari Group vention of brothers Silvio and Luigi Barbieri. to strengthen Campari Group’s leadership 2016, when it took over the Société de Produits red colour is today one of the most famous a minority stake in Skyy Spirits LLC in 1998, entered the rum category, further consolidat- Since then, Aperol’s popularity has grown position in the US and international premium Marnier Lapostolle (SPML), founded in 1827. brands in the world, sold in over 190 countries. acquired a further 50% in 2001, increasing its ing its critical mass in North American markets, exponentially, thanks to its fresh taste and spirits markets. The liqueur is said to date back to 1827 and The original recipe was created in Novara in interest to 100% in 2006. particularly the United States, Canada, Mexico compatibility with various other drinks, giv- It has been the authentic Kentucky Straight was originally called Curaçao Marnier, one of 1860, the result of experimentation by Gaspare SKYY Vodka, created in 1992, is now the and the Caribbean. ing an unmistakable flavour to even the most Bourbon Whisky since 1855, whose original many versions of Triple Sec, which was much Campari. Made from an infusion of bitter herbs, fifth-largest premium vodka in the world. It Appleton Estate is Jamaica’s oldest sugar cane elaborate cocktails. Acquired in the 1990s by distillation and maturing process has not been in vogue in the second half of the nineteenth aromatic plants, fruit in alcohol and water, it has revolutionised the alcohol market due to plantation and distillery. The earliest record of Barbero 1891 S.p.A., Aperol became part of changed since it was first introduced. Wild century. It was in 1880, however, that liqueur forms the basis of numerous cocktails. In 1904, its innovative quadruple-distillation and tri- rum production on the estate dates from 1749, the Campari Group brand portfolio in 2003, Turkey uses a distinctive process in which the merchant Louis-Alexandre Marnier Lapostolle the first manufacturing plant was established in ple-filtration process, which ensures a product although its origins date back to 1655, when achieving new records in terms of internation- bourbon (typically American whisky, recog- chose to combine a young cognac with es- Sesto San Giovanni, Milan. It is a classic, sophis- of proven quality and softness with very few the British conquered Jamaica. Appleton Es- al spread and popularity. nised by Congress in 1964 as ‘America’s Native sence of Caribbean oranges and added syrup. ticated, top-class and high-quality brand, but impurities. It is distilled in the United States tate Jamaica rums have a unique profile, and Aperol’s highly secret recipe, which includes Spirit’) is distilled at a low proof to seal in its The result, briefly barrel-aged to combine the is always evolving and at the cutting edge, a from wheat grown in the Midwest. With its are only produced on one Jamaican estate infusions of fine ingredients, herbs and roots flavours. It is then aged in white oak barrels, ingredients, has made Grand Marnier one of symbol of Italian excellence. iconic, cobalt-blue bottle, which reflects the within an enclosed area in the Nassau Valley. in perfect harmony, gives it an unmistakea- which gives it its typical rusty colour and full the best-known French liqueurs in the world. name of the product, SKYY was the first vodka At Appleton, rum production is regarded as an ble bitter-sweet taste. Another strength that flavours of vanilla and caramel. The addition of to introduce packaging as a ‘style image’. art, and the process is controlled at every stage, makes it the perfect aperitif is its low alcohol a little water gives the product a rich and au- encompassing the selection of sugar cane vari- content of only 11%. thentic taste, as if just tapped from the barrel. eties harvested on the estate, the natural culti- Under the guidance of Master Distiller Jimmy vation of yeast used in fermentation, distillation, Russell, who has worked in the distillery for 55 blending methods and rum bottling. years, the Wild Turkey Bourbon offering has Appleton Estate Signature Blend is the best- seen extraordinary growth. Alongside the clas- known rum in the Appleton Estate family, cre- sic Wild Turkey 101 Bourbon, the distillery also ated from a blend of 15 aged rums. makes Rare Breed, Kentucky Spirit, Wild Turkey 80, Wild Turkey Rye and American Honey. 30 31
OUR BRANDS REGIONAL PRIORITIES ESPOLÓN AVERNA Espolón is a super premium tequila with 100% tional pride and independence. Master distiller Averna, acquired by Campari Group in 2014, of the growth and status gained by the product pure blue agave, distilled and bottled at the Cirilo Oropeza has decades of experience and represents the true Sicilian character, with a story in Italy, in 1912, King Vittorio Emanuele III granted San Nicolas distillery, Los Altos in the Mexi- craftsmanship in the creation of Tequila Es- that has its roots in the wonderful Caltanisset- Averna the right to print the wording ‘Patent of can region of Jalisco. Established in 1998, San polón. The production process involves cooking ta region. The secret recipe was created in the the Royal House’ on the label. Nicolas combines the environment and culture the agave for 18-20 hours, six hours longer than early nineteenth century by Capuchin friars in The production process started with a combina- of the ancient Mexican distillery with the most the sector average, while the distillation process Santo Spirito Abbey and, in 1868, was given as a tion of bitter orange and Sicilian essential oils, modern and cutting-edge production technol- lasts five and a half hours compared with a sec- gift by Brother Girolamo to textile merchant Sal- pomegranate peel and other herbs, roots, nat- ogy, and was judged the ‘Best Tequila Factory tor average of three and a half. There are two vatore Averna as a gesture of gratitude for the ural spices. In 2018, Averna celebrated its 150th in Mexico’, a prize awarded by the School of varieties of Espolón: Blanco, which is clear in dedication he had shown to the local commu- anniversary with the launch of the first aged ver- Architects and Engineers in Jalisco. The label, colour, delicate with sweet notes of agave and nity. Salvatore launched production of the drink, sion, Averna Riserva Don Salvatore, which has a which was inspired by nineteenth-century Mex- a medium-bodied palate, and Reposado, ma- passing on the business to his son Francesco, stronger and more intense taste. This is created ican classical art, depicts figures from Mexican tured for six months in American oak barrels, who deserves the credit for getting the product by letting the liquid mature in oak barrels for 18 folk tradition, Guadalupe, Rosarita and the giving it a rich golden colour, a spicy aroma known at Italian and foreign trade fairs. In view months with a perfect blend of ingredients. proud rooster, Ramón, Mexico’s symbol of na- and a strong, full-bodied taste. BULLDOG BRAULIO BULLDOG London Dry Gin was created and violet tones and its minimalistic design, Braulio was born in Bormio, Valtellina (north- The Riserva Speciale Millesimata is kept for a in 2007 thanks to businessman Anshuman also perfectly expresses the modern and ap- ern Italy) in 1875 from the meticulous research longer period (21 months) in the smallest barrels Vohra, who decided to create an innova- pealing spirit of BULLDOG. of pharmacist Francesco Peloni, a specialist in the Braulio cellars. Once the liquid has com- tive gin inspired by his travels around the Only two years after its launch in the United in medicinal aromatic herbs. Braulio, which is pleted the maturing process in the barrels, it is world. The 12 constituent ingredients come States, Bulldog also began to gain popular- made from an infusion of plants, roots and wild delicately filtered to better preserve the plant from eight different countries, including ju- ity in Europe. Since 2014, Campari Group Alpine herbs, according to a recipe that has components of the liqueur and further bring out niper from Italy, coriander from Mexico, lav- has distributed the brand via its own distri- been passed on from generation to generation the highly characteristic scents of the aromatic ender from France, Dragon Eye from China bution network, obtaining full ownership in and is still secret today, is matured in Slovenian plants. In 2018, to meet the increasing global and white poppy seeds from Turkey, and are 2017. Bulldog is today available in 95 coun- oak barrels for 15 months in cellars proliferating demand for Braulio, new cellars were built in perfectly blended following four distillation tries and has been classified by IWSR (In- under the houses of the old city. Only four of Bormio: over 1,650 sq.m. of additional space, of processes that give the produce a fresh, ternational Wine and Spirit Research) as the the many herbs used in producing Braulio am- which 1,200 sq.m. consists of maturing cellars, fruity taste. The bottle, with its dark black fourth-best premium gin in the world. aro are well-known: achillea moscata, absinthe, will make it possible to produce 166 new barrels, juniper and gentian. more than doubling production capacity. FRANGELICO CYNAR In its characteristic bottle, shaped in the form to make this liqueur; the process involves toast- Cynar is a bitter-sweet liqueur, created by An- and the unforgettable slogan ‘Contro il logorio of a monk with clasped hands, Frangelico is a ing and distilling, after which it is combined gelo dalle Molle, a Venetian entrepreneur and della vita moderna’ (‘Combating the strain of hazelnut liqueur from Piedmont, which traces with coffee, vanilla, cocoa and other secret ar- philanthropist, and was launched in Padua (It- modern life’). Since then, the brand, which was its origins back to the seventeenth century. Ac- omatic herbs. The Frangelico brand was born aly) in 1950. Its name comes from Cynar scoly- acquired by Campari Group in 1995, has grown cording to legend, it owes its name to a hermit in 1978, created by the Barbero family, becom- mus, the botanical name for ‘artichoke’, its par- and is now distributed internationally. Its three monk (Fra’ Angelico) who lived in the Langhe ing part of Campari Group’s brand portfolio in ticular and distinctive ingredient, infused with core markets are: Italy, Switzerland and Brazil. hills of Piedmont, the area famous for the Ton- 2010. Today it is marketed mainly in Germany, another 12 herbs and plants. It became popular Cynar 70 Proof, which was developed from the do Gentile hazelnut, the main ingredient used Spain and the United States. in Italy thanks to the advertising carried out same secret recipe as Cynar, has distinctive during the Carnival with actor Ernesto Calindri herbal notes marrying with hints of dried fruit. 32 33
GLENGRANT CINZANO Created in 1840 by brothers John and James restoration in 1993-1996, the gardens are today From their small shop in Turin, in 1757, master the city with thousands of Cinzano promo- Grant, GlenGrant is one of the best-selling open to the public and represent an extraor- distillers and brothers Giovanni Giacomo and tional cardboard disks. The strong connection single malt Scotch whiskies in the world. Its dinary example of late 19th-century Victorian Carlo Stefano Cinzano researched a new and with art also continued in the next century: in main markets include: Italy, where it enjoys a gardening style. GlenGrant, together with Old unique line of aromatised wine-based drinks the mid-1900s, Cinzano's advertising spread to position of leadership, France and Germany. Smuggler Scotch Whisky, has been part of (vermouths) and opened Casa Cinzano, the the cinema, radio and television. The Cinzano GlenGrant is a delicate but complex whisky Campari Group’s product portfolio since 2006. first small shop for the brand. It was their inno- TV commercials with Leonard Rossiter and produced with barley malt, extremely pure For the third year in a row, the GlenGrant vative work and an enterprising spirit that led Joan Collins in the 1970s, accompanied by Rita water from the Scottish Highlands, and yeast. 18-Year-Old was named ‘Scotch Whisky of the the Cinzano family, at the request of the Royal Pavone’s jingle (‘Cin cin Cinzoda/una voglia da The distillate is produced from tall, slender Year’ by Jim Murray’s Whisky Bible 2019. Court of Savoy, to expand the family business morir …’, Cheers cheers Cinzoda/to die for…’) stills and special purifiers that master distiller with the creation of the first sparkling wine in were some of the most successful. Since then, and trail-blazer James ‘The Major’ Grant intro- the mid-1800s. With an innovative advertising the term ‘cin cin’ has entered the Italian vocab- duced over a century ago and which are still strategy that attracted major artists, including ulary as a toast. used today. This innovative idea is what makes Adolf Hohenstein, Leonetto Cappiello, Nico Acquired by Campari Group in 1999, Cinzano GlenGrant stand out from any other whisky. Edel and Raymond Savignac, to work with the now has numerous brands distributed world- James Grant was only 25 when he decided to Company, and its ability to adopt new commu- wide, with core markets including Germany, Ita- launch a whisky that was not a blend but a nication techniques, ranging from posters and ly, Argentina and Russia. A line of products that single malt. The distinctive GlenGrant colour postcards to free tastings at the Turin Expo are enjoyed all over the world, encompassing develops over time during the maturing pro- 1884, and more latterly, radio and TV adver- the Cinzano Bianco and Rosso vermouths-one cess in oak barrels, creating a clear, fresh and tising, Cinzano became a well-known name of the ingredients most often used to enhance natural whisky with the unique taste of a single in Italy and abroad for both vermouths and famous cocktails such as the Negroni and the malt. The Glen Grant distillery in Rothes (Scot- sparkling wines. In 1911, the Cinzano family was Americano-and Extra Dry; as well as sparkling land) is also famous for its beautiful gardens the first to use an aeroplane for advertising. wines, an extensive line of high-quality prod- created by James Grant in 1886. After major The aeroplane flew above Milan, showering ucts that suit various tastes and occasions. FORTY CREEK RICCADONNA Forty Creek is a Canadian premium whisky with types of grain are matured separately for six Synonymous with Italian style, Riccadonna is a ically 1920s brand. The Riccadonna label bears a delicate and sophisticated taste. It is created to ten years and then combined. Subsequently, collection of sparkling wines born in the era the slogan ‘Italian style since 1921’, underlining from a blend of rye, barley and wheat, each of Forty Creek goes through a further maturing of glamour and elegance in 1920s Italy. Ricca- the elegant nature of the brand and its nearly which is distilled separately and left to mature phase of six months in sherry barrels, which donna’s story starts in Piedmont, Italy, in 1921, 100 years of success. The ‘Collezione Moda’ in American white oak barrels, selected indi- makes the whisky soft and velvety on the palate. when founders Clara and Ottavio Riccadonna includes five wines (Asti D.O.C.G., Prosecco vidually to bring out the best qualities of each. Forty Creek has won numerous awards in the started to produce high-quality vermouth and D.O.C., Moscato Rosé, Chardonnay Brut and This process allows each flavour to develop: last few years, with the latest achieved last De- sparkling wines. The brand was aquired by Ruby) and reflects the passing seasons with the fruity and spicy notes of rye, the full nut- cember, when the Forty Creek Unity special Campari Group in 2004. products that encompass the dry to the sweet ty after-taste of barley and the defining taste edition was named the no. 12 whisky in the Top Riccadonna’s new ‘Collezione Moda’ (‘Fashion and elegant, designed to fit any social occa- of wheat. The liquids obtained from the three 20 Whisky Advocate’s Buying Guide of 2018. Collection’), distributed from the end of 2018, sion. recalls the geometric patterns of Art Deco, Riccadonna is distributed worldwide, with core celebrating the style and vivacity of the typ- markets in France, Australia and South America. MONDORO Mondoro is an Italian sparkling wine that is taste and their distinctive floral and fruity distinctive because of its luminous perlage notes. Today the brand is particularly rooted and iconic emerald green glass bottle with in Russian culture. swirling patterns. All four Mondoro varieties – Asti D.O.C.G., Prosecco D.O.C., Brut and Rosé – reflect the highest standards of production, and stand out because of their fresh, elegant 34 35
OUR MASTER BLENDERS ITALIAN ICONS ESPOLÓN APPLETON ESTATE GLENGRANT GRAND MARNIER AVERNA BRUNO MALAVASI CIRILO OROPEZA JOY SPENCE DENNIS MALCOLM PATRICK RAGUENAUD PIERO FICI Herbalist and Master Blender of the Italian Cirilo Oropeza is the Master Distiller of Espolón For over 25 years, Joy Spence has combined Born in the vicinity of the GlenGrant distillery Patrick Raguenaud, Master Blender of Grand Master Blender of Averna, Piero Fici oversees iconic brands, Bruno Malavasi not only plays tequila. Along with his ten years’ experience and the art and science of mixing to create a in 1946, Dennis started working there, as an Marnier, was born in 1954 in Jarnac, a munic- each phase of the infusion process to ensure a key role in preserving the traditions and au- a talent for the art of distillation, Cirilo immedi- top-quality Jamaican rum: Appleton Estate. apprentice, over 50 years ago, following in the ipality in the La Charente departement in the that the end product is of the highest standard. thenticity of our products, but is also the de- ately showed a genuine passion for ‘his’ tequila. After graduating from the University of the footsteps of his father and his grandfather be- Cognac region in south-west France. The great care and attention given to the exe- signer and creator of original new aperitifs and With rigorous attention to detail, and well-known West Indies, Joy taught chemistry for a few fore him. In 2013, on his 50th anniversary at His family before him, going back several gen- cution of each phase ensures that the full-bod- liquors. Bruno Malavasi is also an innovator for his unconventional methods, Cirilo has real- years before moving to the UK to study for a the Glen Grant distillery, a limited edition of erations, had built a special and long-lasting ied taste of the amaro, with that special note of who, together with a team of skilful analysts, ised his life’s dream. His objective was simple: to master’s in analytical chemistry at the Univer- single malt Scotch whisky matured for 50 years relationship with their territory of origin and lemon, is obtained. botanists and blenders, creates new flavours create a tequila so good that he could proudly sity of Loughborough, where she graduated was created in honour of his commitment. with the world of cognac. The infusion of Averna has been carried out and discovers new ways in which herbs can share it with the rest of the world. In 1995, Cirilo with honours. In 2015, Dennis received a special award at Thanks to his outstanding experience, Pat- in the historic facility in Caltanissetta for 150 interact with each other, in response to new met a local entrepreneur who shared his am- Joy joined J.Wray&Nephew as Chief Chemist the International Wine and Spirits Competition rick took on a very important role, becoming years and continues today. The recipe remains trends and demands from consumers and bar- bition. This new partnership led to the creation in 1981. She was awarded the title of ‘Master for his exceptional contribution to the Scotch Master Blender of Grand Marnier in 2004, a secret closely guarded by its holder. For tenders. of Destiladora San Nicolas in 1998, followed by Blender’ in 1997 and was the first woman in whisky industry. A year later, Dennis was also responsible for overseeing the sourcing of in- many years, the facility, which was built in the A chemistry and pharmaceutical technology Espolón Tequila. the spirits industry to receive this recognition. awarded the honour of Office of the Order of gredients, the ageing and blending process of mid-nineteenth century, has opened its doors graduate, specialising in clinical chemistry and Immediately hailed as a superior tequila made In 2005, Joy was awarded the Order of Dis- the British Empire (OBE) for services to the lo- French cognac and the control of production to visitors to show them the passion and crafts- biochemistry, Bruno Malavasi started work- in the proud Mexican tradition but with modern tinction by the Jamaican government, an hon- cal community in Speyside (Rothes, Scotland). of the bitter-orange essence, the element that manship that have set the Averna amaro apart ing for Campari Group in 1995 as a technical techniques, Espolón is testimony to Cirilo’s pio- our conferred on citizens who have provided helps make Grand Marnier one of the world’s from the very beginning. inspector at the Group’s plants. In 2007, after neering spirit, his commitment to his art and his important services to the country. The role of unique brands. being awarded an Executive Master’s of Busi- promise never to give up on his dreams. Commander (CD) was bestowed on her in ness Administration (EMBA) from Bologna Uni- recognition for her contribution to the pro- versity, he was appointed product innovation motion of Jamaican rums around the world. In Nicknamed the ‘Buddha of Bourbon’ and ‘Mas- developing the business, and thus becoming manager in 2009, his first step in developing November 2018, Joy also received the National ter Distiller of the Master Distillers’ by his sector a gold standard for the entire bourbon indus- new products. Appointed Global Formula&Pro- Medal for Science and Technology and Inno- peers, James C. ‘Jimmy’ Russell has been distill- try. Jimmy has passed on his knowledge to his cess Director in 2011, thanks to his extensive vation from the Jamaican prime minister for ing Wild Turkey in Lawrenceburg (Kentucky) for youngest son, Eddie Russell, the third-genera- botanical knowledge, Bruno formally became her significant technological innovations and 60 years and is today the Master Distiller with tion Russell to work in the Wild Turkey Distillery. Herbalist&Master Blender. Since then, he has scientific contributions to the food, farming, the longest career in the world. He grew up five With 35 years’ experience, Eddie, together with been responsible for managing the aromatic manufacturing and tourism sectors in Jamaica. miles from the distillery and learned the tradi- Jimmy, is involved in the entire process from the herbs area, where he oversees the selection of ‘We have been able at Wray and Nephew to tions and techniques of hand-crafted bourbon distillation to the maturing of Wild Turkey Bour- suppliers, and the planning, purchase and for- use cutting technology along with exciting in- from his father and grandfather, becoming a bon, ensuring that every bottle conforms to mulation of herb-based blends. novations to create some of the finest brands Master Distiller in 1960. the highest quality standards. Following in his in the world. I will continue to spread the joy His successes have been celebrated by Kentucky father’s footsteps, Eddie was inducted into the of rum locally and, by extension, promote senator Mitch McConnell and are recorded in illustrious Kentucky Bourbon Hall of Fame in brand Jamaica’ Joy Spence. the United States Congressional Record. He is 2010. In 2014, to celebrate his father’s 60th an- also a lifetime honorary member of the Exec- niversary, Eddie created Wild Turkey Diamond utive Council of the Kentucky Distillers’ Associ- Anniversary, an exceptional blend of 13-16 year- WILD TURKEY ation, an honour bestowed on only five other old whiskeys in a limited edition. We also owe JIMMY & EDDIE RUSSEL people in the Association’s 134-year history. In the introduction of Wild Turkey 81 to Eddie. This 2018, Jimmy Russell celebrated his 64th year at premium bourbon is perfect for mixing in any the Wild Turkey Distillery, continuing to devote cocktail without losing the typical characteristics himself, body and soul and day after day, to of the original Wild Turkey Kentucky Bourbon. 36 37
THE GOVERNANCE MODEL4 Davide Campari-Milano S.p.A. (the ‘Company’) The Company’s corporate governance system is Board committees is listed on the Italian stock market (the FTSE based on the principles and application criteria MIB index). of the Code of Conduct for Listed Companies, The Board of Directors is divided into two committees: the Control and Risks Committee and adopted in November 2006, and observes the the Remuneration and Appointment Committee, which carry out an advisory role in relation The Company has a traditional administration provisions and the applicable regulations of the to internal control and the identification of the main business risks, and a proactive role in and control model, consisting of a management Company’s articles of association and the Code the appointment and remuneration of executive directors. body (the Board of Directors) and a control of Ethics. body (the Board of Statutory Auditors). Board of Directors Board of Statutory Auditors Appointed by the Ordinary Shareholders’ Meeting of 29 April 2016 and in office for the The current Board of Statutory Auditors, which comprises three Standing Auditors and three three-year period 2016-2018, the Board of Directors is the central body of the corporate Alternate Auditors, is in office for the three-year period 2016-2018. governance system and is granted broad strategic powers by the Company. It has 11 mem- bers, including four women. MEMBERS OF THE BOARD OF DIRECTORS AS AT 31 DECEMBER 2018 MEMBERS OF THE BOARD OF STATUTORY AUDITORS AS AT 31 DECEMBER 2018 CHAIRMAN Luca Garavoglia CHAIRMAN Pellegrino Libroia MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Bob Kunze-Concewitz STANDING AUDITOR Enrico Maria Colombo MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER Paolo Marchesini STANDING AUDITOR Chiara Lazzarini DIRECTOR (1) Eugenio Barcellona ALTERNATE AUDITOR Piera Tula DIRECTOR Stefano Saccardi ALTERNATE AUDITOR Giovanni Bandera INDEPENDENT DIRECTOR Giovanni Cavallini ALTERNATE AUDITOR Graziano Gallo INDEPENDENT DIRECTOR (1) Camilla Cionini-Visani INDEPENDENT DIRECTOR Karen Guerra INDEPENDENT DIRECTOR (1) Thomas Ingelfinger The Board of Statutory Auditors is responsible for the obligations established by the applica- INDEPENDENT DIRECTOR Catherine Gérardin Vautrin ble law, including ensuring that the law and the articles of association are complied with and INDEPENDENT DIRECTORE AnnaLisa Elia Loustau that the principles of proper administration are applied, and in particular, that the organisa- tional structure, internal control and risk management system and organisational, administra- tive and accounting procedures are adequate. It also ensures that the corporate governance rules set forth in the Code of Conduct are applied correctly. In carrying out its activities, the Board of Statutory Auditors coordinates and collaborates with the internal audit function and the legal function, and meets periodically with the Control and Risks Committee. (1) Member of the Control and Risks Committee and the Remuneration and Appointment Committee 38 39 4 For more information, please see the ‘Report on Corporate Governance and Ownership Structure’, which is available on this website www.camparigroup.com/en/governance/governance-system/governance-report
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