The Stewardship Report 2026 presents the results of dialogue with company management, active ownership exercised at the companies in which Etica’s funds invest, and advocacy activities involving governments, regulators and standard setters. The report covers the stewardship activities carried out during 2025.
The goal of stewardship is to preserve the value of investments
Etica’s stewardship activities have two objectives:
- in the medium term, to promote the integration of social and environmental sustainability into the strategies of the issuers in which the funds invest;
- in the long term, to generate financial benefits, such as lower volatility and higher growth potential of portfolio securities, while improving the management of social and environmental impacts.
The results of dialogue
We organised our activities into dialogue campaigns, also using milestones as indicators of the results achieved. The campaigns allow us to focus our activities on issuers that are most exposed to the material or salient risks identified and to monitor over time the progress achieved through dialogue.
In the context of the responsible development of artificial intelligence technologies, the collaborative dialogue supported by Etica within the Collective Impact Coalition for Ethical AI received two important awards: the PRI Award “Recognition for action: human rights” and the ICGN Excellence in Stewardship Award, in the “Organisation, team or collaboration” category.
We also took part in the Italian Sustainable Investment Forum’s working group on the just transition, contributing to the publication of a document for financial operators.
-
A biodiversity dialogue case study – Pirelli
Dialogue
During 2025, we maintained an ongoing dialogue with Pirelli on biodiversity and ecosystem management. In particular, we invited the company to present its approach to members of the Shareholders for Change network during the Summer Meeting organised by Etica in Milan.
During the meeting, we explored the company’s progress in aligning with the principles of the Taskforce on Nature-related Financial Disclosures (TNFD) and the activities it had launched to adopt a Science Based Target for Nature (SBTN).Result
The company has integrated sustainability into its business strategy, considering climate risk management and biodiversity-related risks as critical success factors and drivers of competitive advantage.
Of particular note is the application of Forest Stewardship Council (FSC) certification to the natural rubber used in its tyres, with the aim of reaching 100% FSC-certified natural rubber in Europe by 2026. In 2025, Pirelli was also among the first TNFD adopters.
The results of voting
We continued to participate in the activities of the Managers’ Committee, helping to promote the representation of minority shareholders on the governing bodies of Italian companies and protect our clients’ interests.
We supported 86 shareholder motions, focusing in particular on the balance of power within Boards of Directors, transparency in corporate communications and Board composition. We also continued to identify and vote on so-called anti-ESG motions.
-
A voting case study on anti-ESG motions – 11 US companies
Vote
In 2025, Etica once again analysed the presence of so-called anti-ESG motions on the agendas of listed companies’ shareholder meetings to assess whether to vote against them.
Anti-ESG motions are proposals submitted by shareholders that seek to limit, reduce or eliminate the integration of environmental, social and governance factors into corporate strategies, management policies or disclosure activities.Result
We identified 14 anti-ESG motions at 11 companies, and Etica voted against them. The overall percentage of votes against these motions consistently exceeded 90%.
The results of advocacy
In collaboration with the Stop Killer Robots coalition, we launched a campaign to promote the establishment of international regulation for autonomous weapons systems.
To this end, we contributed to the drafting of an Investor Statement that has received the support of 63 international investors and organisations. The Statement provides a tool for expressing investor expectations and calling for a clear regulatory framework for the development and use of autonomous weapons systems.
We also supported 26 initiatives promoted by the networks we work with and linked to our stewardship campaigns. These activities covered, among other topics, biodiversity, climate change, governance, shareholders’ rights and reporting.
-
An advocacy case study – ESG data and proxy advisory services provider
Participation in the public consultation on assessing the impact of weapons production on the Sustainable Development Goals
Advocacy
Etica took part in a public consultation launched by one of the leading providers of ESG data and proxy advisory services. The consultation concerned the possibility of updating the methodology used to calculate alignment with the Sustainable Development Goals (SDGs), with a particular focus on a possible easing of the criteria used to assess the negative impact of the defence sector on specific SDGs.
Result
Following the consultation, the provider decided to retain the stricter assessment approach already in place, without making any changes. More than 70% of participants, including Etica, opposed the proposed change.
Discover Etica’s Stewardship activities
This document constitutes a marketing communication prepared by Etica Sgr S.p.A. (“Etica”).
The economic and financial data, as well as the numerical and percentage figures or aggregate data referred to in the material contained in this communication, reflect market conditions and the information available at the time it was prepared and may therefore change as a result of developments in financial markets or changes in the information available. Etica is under no obligation to amend, supplement and/or update the data contained in this material.
Any information contained herein concerning past performance, forecasts or assumptions regarding future prospects should not be regarded as indicative of future performance. Likewise, any opinion, strategy or assessment contained herein, or that may be inferred from it, is provided solely for illustrative purposes and may not be interpreted as a solicitation, an investment recommendation or investment advice.
This communication does not take into account the individual circumstances of any person who may receive it, including the applicable tax regime, investment objectives, knowledge and experience in investment matters, risk tolerance and financial situation.
Investments in funds are subject to risks related to the underlying assets, which may affect the value of the relevant units. Etica Sgr provides no guarantee of returns and does not guarantee the repayment of the invested capital.
Etica makes no representation or warranty, and accepts no liability, as to the achievability, suitability, reasonableness or reliability of any forecast or assessment contained in, or inferred from, the material presented herein.
Investors should enter into an investment transaction only after fully understanding its overall characteristics and the degree of exposure to the related risks, through careful review of the KID and the prospectus of each fund. These documents, together with information on sustainability-related matters pursuant to Regulation (EU) 2019/2088, are available at www.eticasgr.com/documenti and from the fund distributors listed at www.eticasgr.com/clienti-privati/dove-sottoscrivere on the website www.eticasgr.com.
The recipients of this material assume full and absolute responsibility for the use of the information contained in this communication and for any investment decisions made on the basis thereof. The use of such information in support of investment decisions is not permitted and is entirely at the investor’s own risk. Accordingly, Etica disclaims all liability for any losses arising from the use of the information contained in this marketing communication.
