TRIESTE, Italy – illycaffè further strengthens its commitment to pursuing a sustainable business model, capable of integrating the interests of people and the environment, by adopting the status of “Benefit Corporation*”, and inserting this commitment into its own charter.
“Benefit Corporations” are defined as those which, while pursuing an economic activity, in addition to the objectives of dividing their profits, pursue one or more goals of common benefit. They operate responsibly, sustainably, and transparently towards people, communities, territories, and the environment; and with regards to cultural and social assets and activities, entities, associations, and other stakeholders.
The adoption of the status of “Benefit Corporation” is a step taken by the company to make illycaffè’s guiding principle of doing business even more explicit. illycaffè is a stakeholder company that aims to improve the lives of its stakeholders (who are directly or indirectly involved in the company’s daily activities) in the long term, through the creation of value for all the actors involved along the production chain, while respecting the environment.
“We have decided to include in the company’s charter the commitment to preserve the business model of the stakeholder company—says Andrea Illy, Chairman of illycaffè—in order to reaffirm our corporate philosophy, which is to be a social institution that pursues a quality of life for its stakeholders.”
“We want to contribute to the creation of a sustainable future by implementing organizational and strategic solutions that integrate the well-being of people and the environment—says Massimiliano Pogliani, CEO of illycaffè—using an approach of continuous improvement that has distinguished us for over 80 years.”
With the status of “Benefit Corporation”, illycaffè confirms the choice of continuing to grow by operating responsibly, transparently, and sustainably for the communities with which it interacts. It will promote a different way of doing business, based on a strategy geared towards a common good and capable of determining competitive advantages for the company, while integrating economic and profit objectives with social and environmental aspects to be pursued in the long term.
The company intends to focus on three areas of intervention incorporated in the charter: the first is that of the chain responsible for value and sustainable agriculture which is achieved through the analysis and improvement of impacts along the coffee supply chain, field research, and knowledge transfer, as well as support for integrated agriculture to preserve and improve the sustainable quality of coffee; the second is linked to the quality of life, which is pursued through the principles of economic, social, and environmental sustainability; and also by promoting global partnerships aimed at this goal; the third concerns the circular economy for the benefit of the planet which provides for the improvement of energy efficiency and the consumption of resources to progressively reduce emissions along the supply chain.
*”Benefit Corporations” were introduced into the Italian legal system, first in Europe, with Law 208/2015 (Stability Law) in article 1, paragraphs 376 to 384, and went into effect in 2016. www.societabenefit.net