PIAGGIO | 2012

On April 13, 2012 Etica Sgr has participated for the second time to Piaggio shareholders meeting, held in Milan. It was voted in favor of all agenda items, although Etica Sgr wanted to emphasize a lack of transparency concerning the mechanisms underlying the stock option plans and the lack of remuneration linked to socio-environmental objectives.
Etica has also intervened complimenting the good level of social and environmental reporting achieved by the company, urging the management to go in a progressive manner toward a wider coverage of the indicators of the GRI (Global Reporting Initiative), for the Italian plants as well as the foreign ones.
About the human rights issue, Etica Sgr has suggested to Piaggio Group to increase the reporting of human rights policies, both for the Italian and foreign markets. It was appreciated the disclosure of supply chain policy about social responsibility and the presence of an ethical code. The President, Colaninno, wanted to clarify that the Group’s presence in countries such as China, India and Vietnam consists in the Group’s desire to develop these markets bringing jobs and economic growth. It wants to bring there the Western best practices, with Italian culture with the aim of adapting them to local conditions, showing respect for the regulations, considered the fundamental human and labor rights.
About the environmental issue, Etica Sgr wanted to underline the importance of sustainable use of the resource “water” in the production processes and asked information about the Group’s use of energy from renewable sources.
Etica Sgr has underlined the importance of the law 120 of 07/12/2011 (Amendments to the provisions in the Consolidated Financial Intermediation, referred to in Legislative Decree 24 February 1998, n. 58th, concerning equal access to the administrative and control of companies listed on regulated markets) relating to gender equality on the Board of listed companies that will come into force in next months, and expressed his displeasure about the absence of any woman in the list of candidates to the Board of Directors.
Finally, as expressed by other shareholders, Etica Sgr underlined that good corporate governance practices provide for the separation of the role of Chairman from that of CEO. In this regard, Dr.Colaninno, expressed the importance of being a company leader, never as in this period, a true entrepreneur should try to create jobs and provide a valuable guide for all corporate management . in fact, value, and the passion of the leader must be considered ethical, regardless of whether you can be both President and CEO.

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