Thanks to this path, the Group has defined its long-term Corporate Social Responsibility strategy and implemented tools and management systems to support the planning, monitoring and measuring of performances.

Building on its strong will to manage AC Milan's sustainability policies and projects in a coordinated and organic manner and to increasingly integrate sustainability within the entire value chain, in 2014 the Group defined an internal function dedicated to managing and monitoring all sustainability-related issues.

The CSR function, in fact, represents the point of reference for internal and external stakeholders both for the definition and development of environmental and social responsibility policies and activities.

The result of this process is the annual publication of the Sustainability Report which demonstrates the Group's desire to constantly improve its way of doing business and to create and maintain ever more direct and transparent relationships with our stakeholders.

The Sustainability Report provides a broad overview of all the policies, management practices and activities of the AC Milan Group, with a view to communicating, in a transparent manner, all the performances related to economic, social and environmental issues as well as the progress regarding the targets the Group has set for itself.

Now in its fifth consecutive edition, the Sustainability Report is the tool the AC Milan Group uses to communicate and report in detail the results achieved and the performance relating to sustainability issues.

This edition aims to highlight the ongoing commitment of the Group towards its most important stakeholders, such as the players, fans and the community, and the impacts along the whole value chain, both the positive ones, with the aim of enhancing the benefits created, and the negative ones in order to monitor and minimize them in the long run.

Materiality Analysis

The 2016/2017 Sustainability Report covers sustainability issues relevant to both the Group and its stakeholders, building on the results of the materiality analysis.

The materiality analysis was updated through an internal process that involved the AC Milan management team in an assessment survey on sustainability issues evaluated from the dual perspective of the Group and of its stakeholders.

In order to take into account the latter’s expectations, we plan to extend the scope of the analysis to external stakeholders.

As part of the materiality analysis, the list of stakeholders was updated with new categories: police forces, Key Opinion Formers (KOF), the Glorie del Milan, Lega Serie B and other football leagues (eg: Lega Pro).

The stakeholder “Portello and Zona 8 communities in Milan” was renamed “The city of Milan” with a view to emphasize the Group’s commitment and attention for the whole city of Milan.

Here below the list of the AC Milan Group stakeholders:

• Fans
• Shareholders
• FIGC-registered personnel and contractors
• First-team players
• Milan Glorie
• Commercial partners
• Sports institutions (FIFA, UEFA, FIGC, ECA)
• Community
• Media and Key Opinion Former (KOF)
• Soccer schools
• Lega Serie A
• Lega Serie B and other football Leagues
• Families of youth academy players
• Schools, universities and Research Centres
• Suppliers
• Pubblic Administration
• Police forces
• City of Milan

For each relevant issue set out in the Materiality Analysis, we identified the potential risks and opportunities related to the business, the impacts, both positive and negative, on both the external and internal stakeholders of the Group in a long-term perspective.

Below is the analysis of key AC Milan Group issues and their internal and external impact.