Unanimous approval of the 2020 Financial Statements: significant revenue thanks to the income-generating performance of the diversified portfolio.
The General Council of Compagnia di San Paolo unanimously approved the 2020 Financial Statements.
The General Council then approved the use of € 25 million of the disbursement stabilisation fund to partially cover disbursements for the year, the allocation of € 4.2 million to the volunteering fund, determined in accordance with the new provisions introduced by the Third Sector Code, the appropriation of € 375,000 as an allocation for the National Fund for Joint Initiatives set up within A.C.R.I.
The financial statement data we present today are satisfactory: the resources disbursed in 2020 are consistent with those disbursed in previous years, in spite of the COVID-19 pandemic: this is the role of a large philanthropic foundation, agent of sustainable development and long-term investor like the Compagnia di San Paolo Foundation – said Francesco Profumo, President of the Foundation -. The Multiannual Planning Document sets the course to follow for the next four years and confirms the decision to act in accordance with the sustainable development goals of the UN’s 2030 Agenda, the new European Plan for 2021-2027, the EU’s Next Generation Plan and the National Recovery and Resilience Plan.
Our action will therefore be guided by this set of public policies, continued Profumo, as well as an assessment of the specific needs, peculiarities, strengths, weaknesses and signs of transformation we see in our area: the North West. Sustainability in an inclusive sense, green transition and digital transformation are systemic objectives and are not only the keywords adopted by the Foundation but also the objectives to be pursued in order to support our territories, which are now faced with challenges, transformations and possibilities for which we must prepare and especially prepare the new generations.”
“It is important to underline that the Foundation disbursed more resources in 2020 than it ever has in the last 10 years – added Alberto Anfossi, Secretary General of the Foundation -: alongside allocations from the profit and loss account, we used the Stabilization Fund to make disbursements in a planned and sustainable way and “released” a series of provisions from previous years, which, added together, greatly exceed the amount of 168.4 million euros.
Despite the particularly difficult context and the volatility of the markets, in 2020 the Foundation’s profit and loss account recorded significant income, albeit to a lesser extent than in previous years – continued Anfossi -. The non-distribution of dividends by Intesa Sanpaolo was offset by good income performance and the income distribution capacity of the diversified portfolio, which also guaranteed the necessary level of liquidity, as well as demonstrating an excellent solidity of assets, with net revenue of € 108 million”.
See the press release for details of the disbursements and composition of the portfolio.
The 2020 Financial Statements are available in the Financial Statements section of the website.