Ferrari
ESRS disclosure: ESRS S2 \ DR S2-1 \ Paragraph AR 12
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- Provide a detailed description of your organization's human rights policy commitments concerning value chain workers. Include information on the processes and mechanisms in place to ensure compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises. Focus specifically on material issues and outline your general approach to engaging with value chain workers.
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Question Id: S2-1_03
Ferrari encourages the adoption and sharing of sustainable practices among business partners, suppliers, and dealers. All suppliers must respect the Ferrari Code of Conduct, which includes a set of values recognized, adhered to, and promoted by the company. The Code of Conduct was updated in 2023 to include specific guidelines relating to the respect of human rights, environmental protection, ethical and integrity principles, with consideration also given to the value chain. The Human Rights practice sets out key principles such as the prohibition of child labor, compulsory labor and forced labor, trafficking and serfdom, attention to a healthy and safe working environment, rejection of any form of abuse, harassment and discrimination, zero tolerance concerning corruption and protection of the rights of local communities. The Practice is applicable to the entire Ferrari Group and addresses all workers who work for or on behalf of Ferrari, such as suppliers and business partners across its upstream and downstream value chain.
Report Date: 4Q2024Relevance: 65%
- Provide a detailed explanation of any significant changes to the policies adopted during the reporting year, specifically in relation to Disclosure Requirement S2-5. This should include the process for setting targets concerning the management of material negative impacts, the advancement of positive impacts, and the management of material risks and opportunities. Additionally, clarify whether and how the undertaking engaged directly with workers in the value chain, their legitimate representatives, or credible proxies with insight into their situation, as outlined in Disclosure Requirement S2-1. Include any new expectations for suppliers or new approaches to due diligence and remedy.
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Question Id: S2-1_10
Ferrari is in the process of structuring an ESG Due Diligence activity on its suppliers, however, it has not yet formalized a specific action plan to address the material impacts, risks, and opportunities on all workers in the value chain. The Drive Sustainability questionnaire and the Compliance Evaluation are preliminary activities for a more structured ESG Due Diligence activity aimed at preventing potential negative impacts on workers along the value chain. Before entering into any form of commercial collaboration with a supplier, Ferrari undertakes a thorough assessment through the Compliance Evaluation process, which allows the company to analyze the supplier from multiple angles, ensuring that it meets high ethical and legal standards.
Report Date: 4Q2024Relevance: 60%