Magic achieves the Legality Rating

Magic recently achieved the legality rating, a form of ethical rating for Italian companies which aims at promoting the adoption of legal, ethical, and transparent corporate behaviours. 

The legality rating, which is of significant interest for ESG (Environmental, Social, and Governance) – oriented companies, is set to play an increasingly important role and influence investors’ choices. It is a tool for appreciating a company’s commitment to ethical issues and, at the same time, is a compass to guide management in its corporate policy choices to comply with ESG values. Recent codifications of behavioural rules based on governance criteria, the so-called corporate governance codes, now include the concepts of sustainability and sustainable risk as key elements orienting the company’s management structure.

The legality rating is promoted and approved by the Italian Competition and Market Authority (AGCM), in conjunction with the Ministries of Justice and the Interior. It is a certification based on a series of company requirements, such as the absence of preventive and precautionary personal or patrimonial measures for managers and partners, the absence of sentences by the Authority and the European Commission for antitrust violations, and the absence of measures for non-compliance with laws on the protection of health and safety in the workplace and violations in terms of wages, contributions, insurance and taxes.

The legality rating, by law, guarantees a series of important advantages in relations with the Public Administration and Credit Institutions. It is an ESG Rating not only because it is based on a series of elements concerning Environmental, Social and Governance aspects, but also as an indicator of a company’s integrity and state of ‘good health’.

“We are very proud of this achievement,” explains Mara Galli, CEO of Magic, “it is a further step in the sustainability journey we have undertaken.”