To shape and prepare the future managerial class for business, innovation, management and human capital development challenges. In 2024, we completed the fifth edition of the Ferrari Corporate Executive MBA (EMBA), our master’s program designed to enhance the management skills of attendees, expose them to the most recent innovations, and convey the Ferrari leadership model. This master’s degree, which over the past five years has involved more than 180 people, offers a unique tailor-made program to create a significant group within the management class that will be able to grasp the challenges of the future, while at the same time preserving the tradition of Ferrari. The EMBA is designed for 30 managers of the Ferrari Group who, for about 12-15 months, participate in face-to-face and online lectures. The course includes innovation talks, leadership workshops and production plant site visits. In 2024, the EMBA was expanded beyond Italy, allowing managers to study in the U.S. and China and foster personal and professional growth through exposure to international business models and cultures.

The Human Rights Practice officially entered into force in 2021 and it applies to the entire Ferrari Group, pursuant to local legislation. It was approved by the Ferrari Leadership Team (FLT), the most senior level accountable for the implementation of the practice, who plays a key role in overseeing its adequacy. The Human Rights Practice is in line with significant third parties initiatives, including: the International Bill on Human Rights, the United Nations Guiding Principles on Business and Human Rights and the UN Global Compact Ten Principles, the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work and Conventions, the Organization for Economic Co-operation and Development (OECD) Guidelines for Multinational Companies, the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, and the Charter of Fundamental Rights of the European Union.

In addition, to ensure full effectiveness, the Compliance function periodically reviews the Human Rights Practice and monitors its implementation to ensure it remains at maximum efficiency. This includes considering factors such as emerging best practices, changes in the Group’s business activities or the applicable legal and regulatory framework, and any possible violations or criticality that has been identified. These monitoring activities are carried out in compliance with the standards and third-party initiatives mentioned above.

In 2024, relating to our workforce, the Company identified two cases of discrimination and/or harassment leading to disciplinary actions, no cases of severe human rights incidents and no complaints about violations of human rights emerged from National Contact Points for OECD Multinational Enterprises. In addition, there were no final judgements relating to non-respect of the human rights principle and there were no significant fines and/or non-monetary sanctions.

Moreover, in 2023, we adopted a dedicated Diversity and Inclusion Practice to encourage the diffusion of a corporate culture based on inclusion and mutual respect in the belief that diversity represents a source of creativity, enrichment and innovation, see “ESRS 2—General disclosures—Governance—Diversity Policy”.

In addition, according to the results of the Double materiality assessment, no operations are at significant risk of incident involving forced labor, compulsory labor, or child labor.

The Human Rights Practice is in line with significant third parties initiatives, including: the International Bill on Human Rights, the United Nations Guiding Principles on Business and Human Rights and the UN Global Compact Ten Principles, the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work and Conventions, the Organization for Economic Co-operation and Development (OECD) Guidelines for Multinational Companies, the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, and the Charter of Fundamental Rights of the European Union.

The Human Rights Practice is in line with significant third parties initiatives, including: the International Bill on Human Rights, the United Nations Guiding Principles on Business and Human Rights and the UN Global Compact Ten Principles, the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work and Conventions, the Organization for Economic Co-operation and Development (OECD) Guidelines for Multinational Companies, the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, and the Charter of Fundamental Rights of the European Union.

The Human Rights Practice is in line with significant third parties initiatives, including: the International Bill on Human Rights, the United Nations Guiding Principles on Business and Human Rights and the UN Global Compact Ten Principles, the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work and Conventions, the Organization for Economic Co-operation and Development (OECD) Guidelines for Multinational Companies, the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, and the Charter of Fundamental Rights of the European Union.

Since 2021, the “Formula Insieme” program is the main employee engagement activity, which aims to pursue the continuous development of Ferrari through a “plan, do, check, act” approach, starting from our employees’ opinions, gaining awareness of their points of view and identifying opportunities for continuous improvement. Every two years we carry out an internal performance survey of our employees on various topics related to the working environment, such as safety, change readiness, open culture and other areas linked to our relevant impacts. The following impacts have been considered in the Formula Insieme aspects: work-life balance, attention to mental health with positive impacts on employees’ physical and mental well-being, positive impacts on employees’ motivation and sense of belonging thanks to secure employment and working time, competitive remuneration, benefits, training opportunities and career development and work-related injuries. Risks and opportunities arising from impacts and dependencies on people in “own workforce” are related to Ferrari’s entire workforce. This survey is accessible to all employees, with responses collected to ensure the participation of those who might be more vulnerable or marginalized. The results of the online survey, conducted in 2023 and completed by more than 95 percent of our employees, were analyzed to identify potential areas for improvement and shared with employees to gather suggestions and proposals for action. The key findings from each department have been transformed into a specific action plan, led by a Human Resources representative who has operational responsibility for ensuring that this engagement happens and that the results inform the Company’s approach. No significant operational or capital expenditures have been allocated for this activity in 2024 or are planned for the future.