Independence of ESG Rating Activities

The ownership and governance structure of MC Advisory CSR S.r.l. Società Benefit is designed to safeguard the independence, integrity, and objectivity of its ESG rating activities. The Company identifies and manages potential conflicts arising from ownership relationships, commercial activities, services provided to financial intermediaries, relationships with rated entities, and the provision of services other than ratings.

Commercial considerations, client relationships, and compensation structures must not influence ESG rating methodologies, data collection, analytical assessments, or rating outcomes. Individuals involved in an actual or potential conflict of interest are subject to disclosure and reporting requirements at the appropriate levels and, where appropriate, to recusal measures, in accordance with the Company’s Conflict of Interest Policy.