MAG’s business model and corporate governance system took shape, first intuitively and were gradually structured, around the primary aim of creating long-lasting value. Over time, a sense of sustainability gradually, but determinately arose, as it is expressed in this report.
The sector in which MAG operates has outlined the relationship between governance and government and the interdependence of a company’s social aspects and its centrality to the implementation of industrial policies in unusual ways and with uncommon timing, as can be seen in the experience of Airbus Industries, which was set up as a non-company for the European integration project7 .
Within the scope of the more recent debate about the complex and frequently controversial nature8 , of corporate responsibility, an increasingly specific ontology has taken shape in the form of a system of values that combine running a business with its sustainability, from the differentiated and multi-faceted view of stakeholders.
In the past few decades, companies have become fertile ground for experimenting with economic theories that are, at times, contrasting9 but share the rising awareness of multi-dimensional company policies, which often prove to be ineffective when oriented only, or reductively, to generating profit.
The way in which companies are now seen as experimental – and privileged – entities is due to the fact that a company constitutes the core unit of advanced economies, which is to say that it is the most elementary structure of economic development, and because its old and new governance systems have proven to be crucial for the development of economic behavior, with a view to reconciling, after attaining coherence, business objectives with the principles of sustainability.
In recent times, sustainability principles have been applied to economic development, to the extent that they have been codified, and this has included many different rules, operating principles and process standards10 and various fields. It is into this historically dense context in which much experience has been gained that the series of concepts and values on which MAG has based its own business model and governance structure fall, seeking to integrate as much as possible all the legislative and internal rules, relationships, processes and company systems through which it exercises business control, clearly outlining the structure of responsibilities that guides the achievement of objectives.
From an operational standpoint, the pursuit of these objectives entails striving for excellence in business organisation, safeguarding the solidity of assets and the reliability of its essential processes and in the functional transparency and professional and ethical conduct.
In conjunction with an efficient business strategy, these elements constitute the system of values whereby MAG interprets and meets the expectations of its stakeholders.