Piaggio | 2013

For the third year Etica Sgr joined Piaggio‘s AGM, held in Milan on 15th April.

It was voted in favor of Annual Report and Remuneration Report and it was abstained from voting the Share Repurchase Program and Reissuance of Repurchased Shares (Etica wanted more details about the reasons) and it was voted against the point of extraordinary business “Cancellation of Repurchased Shares” (because of the link to the previous point and the net debt’s growth).

Together with some socially responsible investors such as The Cooperative Bank ( AUM 23 billion euros) and CREA Etica stressed some important ESG issues.

Etica underlined the growth of the payout ratio compared to 2011 despite of the decrease of the main financial indicators and the increase of net debt, it asked information about the labor conditions of some Italian workers (“aid and layoff contracts”) and the disclosure of strikes in foreign plants.  

Etica SGR stressed the importance to adopt detailed policies on human rights and labor respect, to suppliers mainly, and to join some international programs or guidelines about bribery and governance, given the strong presence of Piaggio in countries such as India, China, Indonesia and Vietnam.

Finally, Etica suggested to Piaggio to use renewable energy in manufacturing processes

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