Eni gas e luce becomes a Benefit Corporation

• It is the first major Italian energy company to update its Articles of Association to this effect.
• The integration of Eni’s Italian renewable energy portfolio into Eni gas e luce has also been finalized today.

Eni gas e luce has updated its Articles of Association to “Società Benefit” (Benefit Corporation) status, becoming the first major Italian energy company to do so.
A Benefit Corporation represents an evolution of the concept of corporation, as it integrates into its corporate purpose, in addition to the profit objective, the aim of having a positive impact on society, communities and people, as well as on the environment. By becoming a Benefit Corporation, Eni gas e luce takes up a formal commitment to shareholders to balance their interests, the public’s and those of all stakeholders. Benefit Corporations are also required to draw up an annual impact report that has to be added to the financial statements and published on their website.
Benefit Corporation objectives will also be supported by the integration of Eni's renewable energy activities into Eni gas e luce. The integration of the Italian assets is being finalized today. Meanwhile, the two companies are working on the integration of the foreign assets.
"The updating of our Articles of Association to become a Benefit Corporation marks for us a  step forward in delivering on the commitments on which we focused over the last years. Eni gas e luce has always worked to offer products and services that go beyond the supply of gas and energy with the objective of helping people to make better use of energy. With the integration of the renewables business, Eni gas and luce acquires an increasingly central and cutting-edge role in the energy transition" said Alberto Chiarini, CEO of Eni gas and luce.

The updating of Eni gas e luce’s Articles of Association to Benefit Corporation is in line with the company’s mission, which aims to assist its customers in using energy better and more efficiently. It is also an important contribution to Eni’s broader commitment to create value through energy transition and contribute to the achievement of the UN Sustainable Development Goals (SDGs). 
By adopting the term “Società Benefit” (introduced in Italy by the law n. 208 of 2015), Eni gas e luce, a wholly-owned subsidiary of Eni, is committing to further pursuing the following specific aims of common interest in a responsible, sustainable and transparent way, with the aim of balancing the interests of its shareholders and society:

• Contributing to the creation and dissemination of a culture of sustainable energy use, enhancing the use of renewable energy sources and educating on conscious and efficient energy consumption, in order to actively contribute to the ongoing energy transition;
• Promoting, also in collaboration with other entities, the development and marketing of products, services and technologies capable of ensuring responsible use of energy, improving the quality of life.
• Safeguarding, in the relations with its employees and collaborators, diversity and inclusion as valuable resources, as well as creating favourable conditions for a welcoming and flexible work environment, supporting a balance between work and private life;
• Helping customers to make better use of energy and placing them at the centre of its activities, dealing fairly and transparently with them, offering quality products and services in line with their needs, in order to make society’s lifestyle and habits more sustainable.

The integration of Eni's renewable energy activities will provide important support to the Benefit Corporation objectives, contributing to the achievement of scope 3 emission reduction targets, a key part of Eni's strategy towards carbon neutrality by 2050.