We aim to advance a just transition, able to secure workers’ rights and livelihoods when economies are shifting to low-carbon production. Internal data and the results of the survey conducted in 2023 did not show any impact on Ferrari own workforce faced from transition plans for reducing negative impacts on the environment and achieving greener and climate neutral operations. Nevertheless, the Green Sustainability Steering Committee has been tasked with managing the action plan to achieve Carbon Neutrality. All employees of the Group in Italy are subject to collective agreements (Contratto Collettivo Specifico di Lavoro (CCSL), Accordo Premio di Competitività Ferrari and a collective bargaining agreement for our managers, signed by the Italian trade union, Federmanager, on April 28, 2023). These collective agreements enforce a continuous dialog with workers’ representatives also with respect to human rights, allowing to highlight Ferrari employees’ perspective. Furthermore, our own workforce can raise their concerns or needs through the Ethics Helpline, available on our corporate website. The Whistleblowing procedure protects the whistleblower against retaliation. For further information on the adopted channel for raising concerns refers to the “GI—Business Conduct—Whistleblowing” paragraph.

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.