While sustainability has always been important to Chiesi, today it is part of our strategic plan. This means we are committed to improving patient quality of life, protecting the planet and its inhabitants, supporting our communities, promoting the development of our people and guaranteeing maximum transparency in the way we work. As part of this process, we have chosen to become a Benefit Corporation, an innovative legal status that allows us to serve a dual purpose: not only creating value for our shareholders but pursuing the collective good. Internally, we have launched “We Act - Actively Care for Tomorrow”, a sustainability programme that involves the whole Chiesi population in a coordinated effort.
Our B Corp certification was a truly global collective achievement in 2019. Since 2018, 28 affiliates have been involved in a process of self-assessment and improvement. Using standardised assessment criteria, we have been able to identify areas for potential development throughout the company and establish best practices to be extended to all our affiliates worldwide. A whole year was dedicated to defining actions for corporate and local improvements, involving dozens of people in country teams.
B Corps are companies that balance profit and purpose, meeting the highest standards of social and environmental performance, public transparency, and legal accountability. The B Corp movement includes over 2,700 companies in 64 countries, whose common goal is to use business as a force for good. To become a B Corp, a company is required to achieve a minimum score on the B Impact Assessment, which is a rigorous assessment of the company’s impact on its workers, customers, community and environment. B Corps are also required to publish a yearly Impact Report for transparency.
Since 2016 Italy ranks top worldwide and was the first country after the US to introduce Benefit Companies, a new legal business entity forming a solid foundation with which to align and protect the company’s mission, in addition to generating long-term shared value. Chiesi became a Benefit Company in 2018 in accordance with Italian law no. 208/2015, incorporating into its articles 4 specific purposes concerning its patients, the community, its employees, its suppliers and the environment where it operates, as well as a more general purpose of common good.
Benefit Companies represent one of the most advanced models in terms of positive social and environmental business impact. They are for-profit companies whose business purpose has a dual objective: creating value for both shareholders and stakeholders. Combined, these constitute a global movement of ‘Purpose Driven Businesses’, whose aim is to ensure that a more evolved economic paradigm becomes more widespread, in which the company is seen as a key player in regenerating society and the biosphere. The Benefit Company movement intends to promote healthy competition between all companies, as the way they work is assessed and evaluated according to the same benchmark: their positive impact on society and the planet, as well as their financial results.
Benefit Companies are also required to present an annual Impact Report indicating a series of objectives regarding the specific business purposes set down in their company articles. Click here for the Chiesi Farmaceutici S.p.A. Impact Report included within the 2019 Sustainability Report.