For the tenth time, on May 7th, 2014, Etica Sgr voted at the shareholder general meeting of Indesit Company, an Italian household electrical appliances manufacturer.
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 against the authorization of the share repurchase program and against the remuneration report, while voted for all other items in agenda. Etica Sgr, in its speech, congratulated Indesit for his sustainability report, which for the second year is assessed with the highest level of detail (A+) of the Global Reporting Initiative (GRI) international guidelines. Etica Sgr asked the company to take part in different initiatives of the Carbon Disclosure Project (CDP) about Climate Change, supply chain monitoring and water management of its manufacturing processes. Etica also asked for updates on the corporate reorganization that the company is experiencing: we highlighted that a fair and permanent dialogue with all the stakeholders is mandatory for a responsible management of the situation. Regarding the remuneration policy Etica stressed some critical points of the economic indicators underlying the variable part of the compensation and asked to introduce social and environmental targets in their remuneration scheme, finally we also asked the ratio between the CEO total compensation and the average one of Indesit’s employee.
07 May 2014Engagement Italian companies