Beyond borders, beyond the balance sheet: Finest’s journey toward ESG Rating

For more than thirty years, Finest S.p.A. has been a trusted partner for companies in Northeastern Italy seeking to expand into international markets. Today, together with Modefinance, the company has embarked on an ESG Rating journey that transforms sustainability from a simple compliance requirement into a certification of resilience. We interviewed Luca Di Benedetto, President of Finest S.p.A.

From cost-driven globalization to value chain integration: the evolution of sustainable internationalization for companies in Northeastern Italy

In this context, Finest S.p.A. continues to play a key institutional role. With nearly 700 foreign investment transactions and more than €480 million invested, the company has successfully evolved by integrating Environmental, Social, and Governance (ESG) principles into both its own DNA and that of its partner companies.

In this case study, we explore how Finest obtained Modefinance’s ESG Rating and why its commitment to sustainability represents a strategic advantage for the entire business ecosystem of Northeastern Italy.

Finest was founded in 1991, at a time when the world was undergoing profound change following the fall of the Berlin Wall. How has your mission evolved over the past 35 years?

“Finest was established with a forward-looking vision: to support the growth of companies from Friuli Venezia Giulia, Veneto, and Trentino-Alto Adige in the markets of Central and Eastern Europe and the Balkans,” explains Luca Di Benedetto. “Today, we operate in 44 countries, including the MED area (France, Spain, and North Africa), thanks to a subsequent expansion of our geographical scope. But it is not only the ‘where’ that has changed—it is also the ‘how’. While companies initially pursued internationalization strategies primarily aimed at reducing production costs, today they invest in foreign markets mainly to become part of, and often lead, complex value chains. They do so through different approaches: locating closer to the production facilities of major customers, manufacturing directly in target markets, acquiring suppliers, distributors, or competitors, or benefiting from greater access to raw materials.”

These strategies have become increasingly sophisticated and multifaceted, requiring larger and longer-term investments, as well as predictive analyses of often uncertain scenarios shaped by the state of permacrisis that has characterized recent years. This evolution has led Finest to provide increasingly comprehensive support: not only capital and structured finance solutions, but above all technical advisory services and thorough due diligence processes that can no longer overlook sustainability criteria.

This journey is no coincidence, but rather the result of a clear three-year strategy developed in response to evolving European regulatory frameworks (CSRD) and the guidelines of the Autonomous Region of Friuli Venezia Giulia. Finest has structured its roadmap around three key milestones:

• 2024 (Kick-off): Introduction of ESG assessments across the existing portfolio and all new investment evaluations
• 2025 (Consolidation): Achievement of a solicited ESG Rating for Finest S.p.A. through Modefinance
• 2026 (Reporting): Publication of the company’s first Sustainability Report.

“Today, sustainability is an integral part of our assessment process: we evaluate not only the financial performance of companies from the Triveneto region and their international expansion projects, but also their ability to manage environmental and social impacts, as well as the value they generate—not only for our Group, but for the entire Triveneto area and the host country,” emphasizes Di Benedetto.

An ESG Rating is not merely a symbolic assessment—it is the outcome of concrete actions. In line with the standards required of its partner companies, Finest has established an internal framework of rules built on the principles of maximum transparency, selecting Modefinance’s ESG Rating as an independent third-party verification tool to certify both its impact and objectivity.

Environmental (E): reducing the operational footprint

Although it operates in the financial services sector, Finest has significantly reduced its direct environmental impact through:

• Installation of an 18.28 kW photovoltaic system at its headquarters in Pordenone
• 100% renewable energy supply from certified sources
• A sustainable mobility policy that prioritizes public transportation and the full digitalization of business processes to eliminate paper waste.

Social (S): human capital and inclusion

One of the most significant indicators is the company’s workforce composition: 68% of employees are women, and 66.7% of management positions are held by female professionals. This commitment extends beyond gender equality to promote the financial inclusion of less structured SMEs.

Governance (G): transparency and integrity

With an updated Organizational, Management and Control Model (Legislative Decree 231/2001) and rigorous procedures to prevent conflicts of interest, Finest ensures the highest standards of governance.“Our governance is built on integrity and accountability, two essential pillars for a public financial institution,” comments Luca Di Benedetto.

Why did Finest choose Modefinance for this assessment?

Finest selected Modefinance because of its position as an independent and technologically advanced Rating Agency, capable of providing a rigorous assessment recognized by the financial market.

“We were looking for an evaluation that would serve as a thorough and transparent due diligence process,” says Di Benedetto. “The assessment also enabled us to analyze a representative sample of our portfolio. We found that many companies—particularly those in the food industry holding certifications such as ISO 9001, BRC, or IFS—already adopt a well-established governance approach, although this strength is often not formally documented or measured in a structured way.”

Finest achieved a strong ESG rating (S3+), demonstrating a tangible alignment with European best practices. This result delivers several direct benefits:

1. Transparency: Enhanced accountability toward shareholders, banking partners, and institutional stakeholders
2. Reputation: Positioning Finest as a benchmark among regional financial institutions
3. Competitive advantage for SMEs: Partner companies benefit from having an ESG-rated financial partner, an increasingly important factor in attracting international investors.

Many entrepreneurs view ESG as a bureaucratic burden. What is Finest’s message?

For Finest, sustainability is a strategic investment decision. A company that is aware of its ESG impacts is inherently more resilient, better organized, and less exposed to geopolitical and operational risks.

“Especially in today’s environment, the journey toward sustainability should not be perceived as a formal obligation, but rather as a form of internal innovation designed to ensure the long-term viability of businesses and investments,” concludes Luca Di Benedetto. “The changes we are experiencing require measurable outcomes. An ESG rating is not the destination—it is the compass that enables companies to navigate the market with awareness, transparency, and confidence

Founded in 1991, Finest S.p.A. is now a leading financial institution for economic cooperation and the internationalization of businesses in Northeastern Italy. With extensive expertise in providing operational and financial support for expansion into foreign markets—from Central and Eastern Europe, the Balkans, the Baltic region and the Caucasus to the MED area—the company stands out for its ability to support businesses from Friuli Venezia Giulia, Veneto, and Trentino-Alto Adige in complex investment projects, delivering specialized technical advisory services and tailor-made financial solutions for multinational growth.

Finest’s strength lies in its ability to combine financial expertise with the sense of responsibility expected of a public-interest institution, integrating ESG principles into a transparent, value-driven operating model. Through the implementation of a rigorous sustainability roadmap and the recent achievement of Modefinance’s ESG Rating, the company has further strengthened its role as a strategic partner, generating a positive impact on the regional economy and enhancing the resilience of its partner companies within today’s global value chains.

Driven by a forward-looking vision and a continuous commitment to promoting robust governance models, Finest continues to evolve as a leading institutional player, making a tangible contribution to the competitiveness of the Triveneto business ecosystem through an approach to internationalization that is conscious, sustainable, and future-oriented.