For the second year, on April 15th, 2014, Etica Sgr voted at the shareholder general meeting of Snam, an Italian natural gas infrastructure company.
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 ESG (environmental, social and governance) issues.
Etica Sgr voted for all items in agenda, except for the proposal of the allocation of income, because the payout ratio has been considered not in line with the increasing level of debt and with the significant investment estimated in the Strategic Plan 2014-2017. Etica Sgr attended the general meeting and appreciated the attention demonstrated by Snam drafting a Sustainability Report (in line with the latest Global Reporting Initiative standard) and contributing to international initiative (as the Carbon Disclosure Project questionnaire). Finally, it is important to highlight that Snam includes ESG parameters defining the variable remuneration of its executives.Engagement Italian companies