Strategies and indicators

Given that transparency is one of our core values, we believe it is important to define the aspects relating to corporate governance without subjecting them to materiality analysis.

We believe that an organizational structure that guarantees a clear segregation between roles is fundamental to good company management.  This is why, besides publishing all our own data on the matter, we examine information on the governance of the companies in which we invest.

In particular, we look at the structure, composition and competences of the governing boards, their role in deciding and evaluating sustainability policies, the remuneration and performance evaluation system and the corporate social responsibility structure.

In this context we assess the capital flows generated by the business and how they are distributed among the various stakeholders, measuring the direct and indirect impacts.

As regards our own direct economic impact, in line with our deeply held views on the value of transparency, each year we publish in our Integrated Financial Statements a table showing the amounts distributed to all the subjects with whom we have relations (shareholders, employees, suppliers, the revenue agency and the collectivity).

As regards the impact of our suppliers, we use an accreditation system that favours those who are more attentive to social responsibility, undertaking to maintaining stable relations with them and respecting the terms of payment.

This refers to the impacts of companies on the environment in terms of resources consumed (energy, water and materials), as well as emissions and wastes generated.

We are a small services company with a limited direct impact on the ecosystem compared with other types of business. Nevertheless, our belief in the responsible use of resources means that we pay careful attention to all environmental issues. For this reason we give preference to renewable sources of energy, recycled materials and sustainable transport. We also measure our consumption of paper, electricity and heating fuel, reporting our CO₂ emissions annually in the Integrated Financial Statements.

Regarding indirect materiality, in the extra-financial analysis of the companies in which our funds invest, we propose an assessment of the environmental impact of facilities and products, giving a higher rating to firms that monitor and offset their consumption and adopt environmental criteria in their choice of suppliers. Similarly, in our engagement activities we favour the adoption of policies designed to reduce environmental impact.

The issues covered in this area concern, for example, the stability of labour agreements, fair pay, gender equality and adequate employee training.

For us, aspects connected to working practices are important directly, in that they are analyzed and reported in our Integrated Financial Statements, and indirectly, as fundamental to our engagement activities, and one of the most important criteria adopted in the extra-financial analysis. Indeed, we select the businesses in which our funds invest partly on the basis of the compliance of a company’s labour policy with the national legislation and international standards (such as those issued by the ILO, International Labour Office).

Respect for human rights is a significant factor in the extra-financial analysis with which we select the companies in which our funds invest: we examine the aspects connected to this area, favouring firms that adopt transparent practices and have internal and external controls on suppliers to prevent discrimination and exploitation.

Similarly, we exclude from the Investable Universe the securities of issuers that violate ILO (International Labour Office) conventions and which operate, directly or indirectly, in countries in which human rights are violated.

As regards our direct impact in this area, we work to prevent discrimination, respect difference and include awareness of human rights issues among the selection criteria for our suppliers.

This field covers the aspects regarding the effects of the company’s activities on society and local communities.

As regards our own direct impact on communities, we have undertaken to support microfinance and crowdfunding initiatives, while on relations with society and the operating and institutional environment, we illustrate how we comply with industry standards in our Organizational Model (Leg. Decree 231/01) as well as presenting a summary in the Integrated Financial Statements.

Regarding advocacy, we work with national and international networks and institutions to promote the principles of ethical finance. We do not make donations to political parties and the transparency of companies on this point is one of the components of our extra-financial analysis.

This refers to the direct impact of products on stakeholders and includes aspects like the health, security and privacy of clients and transparent labelling.

For our own products, we hold the transparency of our offering to be of intrinsic value. Besides being required by industry standards, we go further to provide clients with additional information such as a full list of the issuers in which their fund invests.

As regards our indirect impact, both in the selection of the issuers and in the activities of engagement we focus on the compliance of the business with all production process legislation.