On August 1st, 2016, Etica Sgr attended and voted at Snam’s extraordinary meeting of shareholders.
Etica Sgr voted in favor of all agenda items.
Specifically, Etica Sgr voted in favor of the item on the extraordinary meeting’s agenda, which concerned the proposed plan to restructure Snam’s equity investment in Italgas SpA. Etica Sgr voted in favor of the motion because of the comprehensive information provided, and because this transaction is consistent with the strategic plan presented by Snam’s Board of Directors. In addition, Etica Sgr was pleased with the way the transaction was structured, as it will create two companies that are more specialized in their respective fields (it will also allow Snam to maintain an equity investment in ITG Holding, while allowing ITG Holding to have a set of resources to start its business, and current shareholders to have an equity investment in both companies).
Etica Sgr also voted in favor of the item on the ordinary meeting’s agenda, which concerned granting Snam the authorization to buy back its own shares. Although no detailed information was available regarding any industrial or strategic objectives behind this request, Etica Sgr voted in favor of the buy-back plan, based on the residual amount of capital that was requested to be bought back, and in light of the fact that Etica Sgr expressed its positive opinion of Snam’s Remuneration Policy during the last shareholders’ meeting on April 27th.Engagement Italian companies