GENERAL MEETING DRAFT - Bankier.pl

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Following the above-mentioned first amendment to Banca d’Italia Circular 262/2005 in Part F,
Consolidated Shareholders’ Equity, a new table has been established in Section 4 to detail the capital
adequacy of financial conglomerates subject to supplementary regulatory procedures.
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The UniCredit Group has made a priority of capital management and allocation (for both regulatory and
economic capital) on the basis of the risk assumed in order to expand the Group’s operations and create
value. These activities are part of the Group planning and monitoring process and comprise:
� planning and budgeting processes:
- proposals as to risk propensity and capitalisation objectives;
- analysis of risk associated with value drivers and allocation of capital to business areas and
units;
- assignment of risk-adjusted performance objectives;
- analysis of the impact on the Group’s value and the creation of value for shareholders;
- preparation and proposal of the financial plan and dividend policy;
� monitoring processes
- analysis of performance achieved at Group and business unit level and preparation of
management reports for internal and external use;
- analysis and monitoring of limits;
- analysis and performance monitoring of the capital ratios of the Group and individual
companies.
The Group has set itself the goal of generating income in excess of that necessary to remunerate risk
(cost of equity), and thus of creating value, so as to maximise the return for its shareholders in terms of
dividends and capital gains (total shareholder return). This is achieved by allocating capital to various
business areas and business units on the basis of specific risk profiles and by adopting a methodology
based on risk-adjusted performance measurement (RAPM), which will provide, in support of planning and
monitoring processes, a number of indicators that will combine and summarise the operating, financial
and risk variables to be considered.
Capital and its allocation are therefore extremely important for strategy, since capital is the object of the
return expected by investors on their investment in the Group, and also because it is a resource on which
there are external limitations imposed by regulatory provisions.
The definitions of capital used in the allocation process are as follows:
� Risk or employed capital: This is the equity component provided by shareholders (employed
capital) for which a return that is greater than or equal to expectations (cost of equity) must be
provided;
� Capital at risk: This is the portion of capital and reserves that is used (the budgeted amount or
allocated capital) or was used to cover (at period-end - absorbed capital) risks assumed to pursue
the objective of creating value.
Capital at risk is dependant on the propensity for risk and is based on the target capitalisation level which
is also determined in accordance with the Group’s credit rating.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
478