For the first time, on April 29, 2014, Etica Sgr voted at the shareholder general meeting of Brembo, an Italian manufacturer of high performance automotive brake systems designed for cars and motorcycles.
With the support of some socially responsible investors such as the American CREA and Boston Common Asset Management, Etica Sgr attended the general meeting to stress the management on some environmental, social and governance (ESG) issues.
Etica Sgr voted for all items in agenda, except for the proposal of increasing the directors remuneration for the next year. The general meeting also appointed the Directors and the internal statutory auditors of the Company for the next three years, using the “voto di lista” election system, in both cases Etica Sgr supported the slate submitted by a group of institutional investors members of Assogestioni. Etica Sgr, in his speech, appraised the management of the Company for the designation of a CSR Officer and solicited Brembo to move toward a deeper reporting of his sustainability, through the publishing of a sustainability report compliant with the Global Reporting Initiative (GRI) guidelines. Etica SGR also asked for a strong commitment of the Company in monitoring its supply chain, recommending to adhere to various Carbon Disclosure Project (CDP) initiative. Matteo Tiraboschi, Executive Vice President of the Company, during the general meeting, illustrated different initiative that Brembo has implemented to monitor its supply chain in Italy and abroad and to reuse water in its production cycle, especially for its Indian plant of Pune. Etica Sgr asked the Company to disclose the ratio between the total remuneration of the Chief Executive Officer and the one of the average worker and to introduce environmental and social indicators in the determination of the variable part of the executives’ remuneration.Engagement Italian companies