Measuring cultural artistic value is the challenge to be met

A survey and a methodology. This is what is offered by the report edited by the European Art Assets Observatory of the University of Pavia born from the initiative promoted by the Institute for Transformative Innovation & Research (ITIR) directed by Stefano Denicolai in partnership with Deloitte Private, Arte Generali and Banca Generali. "CORPORATE CULTURAL & ART ASSETS FOR A SUSTAINABLE IMPACT", subtitled "Measuring Artistic-Cultural Value Linked to ESG Strategies", explores the role of Corporate Cultural and Artistic Assets (CCAAs) within corporate sustainability strategies, addressing both conceptual and operational dimensions.
Combining a desk analysis of European corporate practices on 300 leading European companies - selected from the top 50 by turnover 2024 in Italia, France, Germany, Spain, the Netherlands and Belgium - and 15 qualitative interviews, with the development of a dedicated measurement framework, the study proposes a structured and tailor-made response to a still largely unexplored field in ESG management. Because very often there is no method for measuring culture, which is functional to ESG strategies. "We are faced with an elusive and qualitative phenomenon, and we need to grasp all the nuances, which is why the framework identifies 141 parameters, open and inclusive," assures Stefano Denicolai, Professor of Innovation Management at the University of Pavia, "to build a practice. Upstream of an art strategy, what there is to measure is not the same for all companies and, depending on the different strategies, there may be 30 or 40 right criteria among those fundamental to the framework - such as governance and impact -, which should guide each 'corporate suit' along two lines, so that one can know one's positioning and whether one's cultural activity is fundamental and/or transformative".
The 141 parameters within four macro-areas of impact - Economic, Socio-cultural, Environmental and level of digitalisation - investigate in the cultural field Artistic/cultural promotion, Accessibility and inclusiveness, Animation of the creative/cultural supply chain, Animation of the local fabric, Wellbeing and organisational climate, Reputation and visibility of the organisation and, on the digital front, Maturity, Accessibility and Sustainability.

"The analysis confirms that culture and the arts represent a significant but underutilised resource for businesses. Although many organisations invest in cultural initiatives, few have adequate tools to fully understand, govern and communicate the value generated by such activities,' Di Stefano anticipates the conclusions of the analysis. 'The absence of shared metrics and frameworks has so far limited the strategic integration of culture into sustainability agendas, despite its clear relevance for social inclusion, quality governance and stakeholder engagement.

The analysis shows a corporate landscape in which artistic and cultural initiatives are widely present, but unevenly managed, poorly accounted for and rarely integrated into strategic narratives related to sustainability: only 36% of the companies analysed own, manage or actively interact with CCAAs. Italia represents a virtuous case, as 56% of companies own, manage or actively interact with CCAAs, the highest percentage among the countries surveyed, reflecting a long tradition of cultural patronage and strong links between corporate identity and artistic heritage. It is followed by France with 46%, more committed to contemporary art and corporate foundations, Germany with 40%, focusing on design and technological innovation, Spain 34%, the Netherlands 26% and Belgium 14%. Among the sectors choosing CCAAs as tools for identity building, stakeholder engagement and customer experience are financial and insurance companies at 32.4%, followed by automotive, energy and manufacturing, fashion, design and luxury and consumer goods, retail and technology. Corporate art collections (29.9%), cultural sponsorships (28.9%) and corporate foundations (23.3%) are the three most popular forms of CCAAs, followed by historical archives and heritage assets (4.7%), exhibition spaces and corporate museums (3.7%) and digital galleries or virtual collections (0.9%): an emerging trend linked to digital transformation.

When it comes to governance, only 25% entrust the management of CCAAs to external structures (such as foundations, trusts or independent cultural institutions), 75% manage it internally, through corporate communication, marketing, human resources (HR), sustainability or heritage departments. While in-house management offers greater alignment with brand identity and corporate strategy, it may suffer from limited transparency, reduced resources and a lack of specialist cultural expertise.

The visibility of CCAAs in formal communication and sustainability reporting is still limited. Only one in three (34%) of companies mention CCAAs in their sustainability reports. Among the companies providing information, 54% refer to ESRS standards, 43% to GRI guidelines, 35% to SDG targets and only 2 companies mention UNESCO frameworks. "This pattern shows that although cultural initiatives are widely present, they are rarely framed as part of ESG strategies, despite their potential contribution to social inclusion, cultural accessibility, heritage preservation and responsible governance."