2019 Engagement Report: dialogue with companies and voting in shareholders’ meetings

Engagement is a critical part of understanding and practising responsible investment. The aim of this activity is to lead companies towards more sustainable behaviour, encouraging them to make decisions that also take into account environmental, social and good governance (ESG) issues in their corporate policies.

These types of choices can also bring financial benefits, in terms of both performance and the risk-return profile of an equity portfolio.

Dialogue with companies and results achieved


Our engagement activity develops over the long term, through dialogue with companies over the entire year and participation in the shareholders’ meetings of companies in which the funds invest in order to exercise voting rights related to participation in the share capital.

Let’s look at the results of the engagement activity that we took forward with companies in 2018:


International companies with which we engaged in dialogue


Questions put on ESG issues


Votes on agenda items in shareholders’ meetings

In 2018, we engaged in dialogue with 125 international companies, putting more than 500 questions to management on issues of social and environmental responsibility and company policies. Dialogue was taken forward by means of written requests for information and organising conference calls, meetings and workshops with businesses.

We also took part in the shareholders’ meetings of 21 companies, voting on more than 150 agenda items. Voting in shareholders’ meetingsi.e. shareholder activism, took place through our direct participation in the shareholders’ meetings, in the case of Italian companies, and through electronic platforms for foreign firms.

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Strategic areas of engagement:

Cambiamento climatico
  • Climate changeenvironmental policies and emissions reporting, introduction of emissions reduction targets and projects working towards a low carbon economy, assessment of the hydrogeological risk of plant and installations
Diritti umani
  • Human rightsin relation to both decent work and respect along the supply chain
  • Taxation: development of a tax policy and transparency when publishing related data

Engagement and the association with the Sustainable Development Goals

For the second consecutive year, we chose to associate the issues discussed during dialogue with companies with the United Nations Sustainable Development Goals (SDGs), the action programme subscribed to by the governments of the 193 member countries of the United Nations to promote sustainable economic, social and environmental development, and cover a number of specific areas.

SDG 2 - Zero hunger

zero hunger goal

Food security, in particular the reduction of pesticides and antibiotics in the agri-food industry

To achieve this goal, we concentrated on the issue of food security, and specifically on access to and education on food, transparent labelling and aspects relating to the use of pesticides and antibiotics in the agri-food industry. We have begun a dialogue on this subject with consumer discretionary companies, particularly restaurant chains.

SDG 3 - Good health and well-being

Access to medicine, with a particular focus on medicine prices

Access to medicine and medicine prices directly involve pharmaceutical companies. In this context, we asked for the adoption of strategies when setting drug prices that take into account the public’s concerns about the level or rate of increase in the price of prescription-only drugs, in order to avoid increases that are excessive and unsustainable for users.

SDG 8 - Decent work and economic growth

decent work and economic growth goal

Protecting human rights along the supply chain and ensuring good governance

The independence of the board of directors, gender diversity at all levels, particularly senior management, and fair pay systems are important issues. We therefore encourage companies to verify that their suppliers also comply with the values of social and environmental responsibility, to avoid incidents of discrimination or exploitation such as child labour or forced labour.

SDG 10 - Reduced inequalities + SDG 16 - Peace, justice and strong institutions

reduced inequalities goal

peace, jystice and strong insitutions goal

Tax responsibility

We engaged in dialogue on this issue, particularly with companies in the health care and ICT sectors, which are deemed to be most at risk of developing aggressive tax policies owing to their involvement with intellectual property rights. The aim is to improve disclosure on taxes paid and to encourage the development of responsible strategies in this area.

SDG 13 - Climate action

climate action goal

Management of risks relating to climate change

In this context, we continued and strengthened our commitments in the environmental field, undertaking dialogue initiatives with companies aimed at strengthening reporting on positive impacts in terms of emissions reduction and energy efficiency, and, in general, on their actions to manage the risks associated with climate change. In addition to dialogue activity, we also took part in international campaigns with a specific focus on environmental aspects.

SDG 15 - Life on land

life on land goal

Prevention of deforestation

We have called on the companies with which we are engaged in dialogue to adopt strict due diligence in monitoring their supply chains for raw materials such as timber and palm oil. We also take part in international campaigns to confirm the importance of responsible procurement policy.

SDG 16 - Peace, justice and strong institutions

peace, justice and strong institutions

Protection of privacy

Protection of privacy and sensitive data, and cyber attacks in general, are also core issues for investors. The latest report of the World Economic Forum identifies information security as one of the top five global risks. We asked operators in the communication services sector to provide detailed information on the oversight of such risks, particularly in relation to protecting minors from possible abuse.

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