Disclosing results to share objectives
Fondazione Cariplo devotes special attention to disclosing the financial performance of the assets it manages. This is done not only for the sake of transparency but also to orientate the organization towards pursuing shared objectives. The Foundation is, in fact, well aware that a good performance achieved through wise asset management immediately translates into increased grantmaking potential.
Since 1998, the Foundation has reported its performance in ways that evolved in sync with the changes in the Foundation itself. Early on, results were disclosed via a social report that, in 2005, was replaced by the Annual financial report. Then, in 2006, the Foundation decided to disclose its results through a Mission-based report because it is better suited to disclose the results of this type of organization. The Mission-based report is prepared based on the guidelines provided by ACRI (Association of Italian Savings Banks and Banking Foundations) and the government. Once approved by the Board of Directors, also the financial statements for the year are published.