Prysmian | 2014

For the fourth year Etica Sgr joined Prysmian’s AGM, held in Milan on 16th of April.
Together with some socially responsible investors such as the Boston Common Asset Management and CREA, Etica stressed some important ESG issue (Environmental, Social and Governance).
It has been voted in favor of the approval of the financial statements, the allocation of income and the election of a new Director. Etica Sgr voted against the approval of a new long term management incentive Plan (2014-2016), considering too high the excessive difference between the fixed and the variable component of the remuneration. Consequently, Etica Sgr abstain from the authorization of a share repurchase program, connect to the incentive Plan. Furthermore, Etica Sgr abstained also from the remuneration policy, considering that the fixed and variable components of the remuneration of both the CEO and Key Managers must be properly balanced according to the strategic objectives and the risks management policy and in accordance with the achievement of a sustainable outcome for the benefit of all stakeholders.
It’s been appreciated the effort made by Prysmian about a more detailed and transparent reporting on stakeholders relations, reaching the B+ level of the international standards of the Global Reporting Initiatives.
Regarding the Congo Conflict minerals initiatives sponsored by the PRI and supported by Etica Sgr, it’s been requested to increase its attention through the adoption of a system of traceability of minerals used in production processes, both internal and through suppliers.
Finally, from an environmental point of view, Etica Sgr underlined once again the importance of a proper use of water resources, spurring the company to a greater disclosure, even through joining the membership of the questionnaire “Water” proposed by the Carbon Disclosure Project.

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