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08/03/2022 News

AGF88 Holding’s subsidiary Pettenon Cosmetics becomes a benefit corporation

11 June 2021
 
As part of a broader sustainability-oriented project by its parent group AGF88 Holding, Pettenon Cosmetics recently embarked on the process of becoming a benefit corporation. The aim is to take a responsible, sustainable and transparent approach to people, places, communities, the environment, cultural and social activities, bodies and associations, working towards the common good in one or more ways while also seeking to maximize and share profits.
 
With a notarial act on 11 June 2021, Pettenon Cosmetics S.p.A. officially became a benefit corporation, thus giving legal form to its commitment to operating sustainably and transparently.
 
With the support of Deloitte Legal, Pettenon Cosmetics has decided to espouse an innovative legal status that was introduced by Italy’s 2016 Stability Law. Consequently, the Articles of Association of Pettenon Cosmetics now state that it intends not only to carry out its regular business but also to promote the common good.
 
It is crucial for companies today to pay greater attention to the impact that their activities have on people and the planet. Pettenon Cosmetics has therefore decided to continue promoting a range of measures – such as research and innovation, protecting the environment, multiculturalism, gender equality, support for the world of work, and charity initiatives – in order to produce widespread benefits and highlight the positive impact of its business on its stakeholders.
 
“Operating responsibly and working towards the common good is one of the biggest challenges that must be faced on a global scale. My brother Federico and I have chosen to take a concrete, effective approach on the sustainability front just as we have always done in business terms,” stated Gianni Pegorin, the President of AGF88 Holding. “We are proud about becoming a benefit corporation because it provides official legal recognition of what we already are and the efforts that our family has made to take tangible measures and action over the years, as part of our ethical business vision. Following the transformation of Pettenon Cosmetics into a benefit corporation, in the future we want to move forward with this approach thanks to loyal, transparent ties with our partners and staff.”