Autore – Francesco M. Stocco
These short notes want to give an answer to a question raised by Professor Calderini
whether or not Ryanair may be considered as an “impact/sustainable” company.
The ground of this question is the ability of airline to revitalize many European not strategic
I personally would also add the ability to create a deeper knowledge of Europe and common
sense of European citizenship.
The answer of Prof. Caldererini was in the sense that Ryanair may not be eligible as a social
impact corporation due to the lack of intentionality when pursing its industrial strategy and
particularly its social impact.
In fact, on the basis of the common adopted definition of “impact investing”, these are
“investments made with the intention to generate positive, measurable social and
environmental impact alongside a financial return” (GIIN. 2014) or investments that
provides finance to organizations addressing social and/or environmental needs with the
explicit expectation of a measurable social, as well as financial, return” (OECD).
My personal opinion is that intentionality should not be considered as an autonomous
requirement to define the impact investing market, as the measurability of the impact is
itself able to define the market.