CHAIRMAN’S LETTER

[G4-1]

Some years ago The New Yorker published this cartoon. There was a man behind a desk, the CEO of a company, and an employee sat in front of him, who had just suggested a new solution. “What you’re proposing is a really innovative approach,” explained the CEO to his employee, “but I don’t think we can take it into consideration, it hasn’t been done before!”

But innovation is just that: coming up with new solutions and breaking with established practices, whether for products, production processes or commercial strategies. It doesn’t make sense to do things in a certain way because they have always been done like that. In today’s world, a successful company is a company that does not shy away from calling its past into question.

This is how we reason. We are a company that wants to ask questions of itself and that has the capacity to do so because it is in our DNA and is part of our cultural background.

We live in a highly competitive context, on the frontier of innovation. We operate in a sector where, with regard to both consumer electronics and Internet services, not a day goes by without exciting innovations. We continue to call it a “phone,” but our smartphone now does things that did not even seem possible only five years ago. Telecom Italia is doing the same job it has always done: connecting people. But now it must do this in a radically different way to five years ago, and in another five years it will do so in a very different way to today.

Ours is not a leadership that can only base itself on the past: we are no longer the cautious directors of the monopoly.

Nowadays we fight in the competition race and we measure ourselves against our competitors every day, learning from each of them.

Given that we have always been in the business of connecting people and things, we have been able to see, perhaps before and more than others, the interdependences between economic, social, environmental and human sustainability in our work. It has caused us to develop a sensitivity for Social Corporate Responsibility, slightly different to that of other companies. First of all we recognize that achieving the interests of all our stakeholders supports the goal to create value in a synergic way. The term “shared value,” which guides our actions, stems from this very principle.

We know that to fully express our potential we must expand our gaze: consider the impact of the investments on the community, ask ourselves how the new technologies will influence the learning capacity of our children, and “include” as many people as possible in the great conversation of the digital era.

We are a big company, capable of great and significant investments. In new technologies, in broadband, in computer security, yes, but also in social, civic and cultural projects, areas that affect the daily lives of all of us from many points of view.

Our ambition is to construct a sustainable profit in the long term to benefit us all, and our commitment in adopting the principles of Global Compact – which aims to create an inclusive and sustainable economy capable of producing lasting benefits for people, the community and the market – is moving in this direction.

We are launching an ambitious simplification and smart working project, and we are seriously committed to ensuring respect for Human Rights, to the fight against corruption and to developing people’s potential inside and outside of our organization. We are convinced that the work conditions of our employees must allow them to truly give their best: for this reason we want them to be the best possible for everyone.

Telecom Italia is a deeply Italian company.

This is because the men and women that work for it are Italian, and because the expertise and know-how are Italian, but even more because the effects of what we do every day spill over into the Italian social and economic context in a significant way. Just as Italian are the creativity, passion, and desire for innovation that have always been expressed in Italy, from Leonardo and Guglielmo Marconi, Alfonso Bialetti and Federico Faggin. But we also like to think that we are a piece of Silicon Valley in Italy. Because at Telecom change is not episodic, it is not casual: change is the company philosophy.

The innovative drive of which we are the bearers is intrinsically linked to the evolution of the society we live in. The business of our Group is to create communication networks and services. It means allowing people and businesses to share and implement ideas and projects that no one would be able to achieve alone. This is the real essence of what we do: enabling each of us to communicate with others in order to feel part of something bigger.

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Giuseppe Recchi