For the third consecutive year Etica Sgr attended and voted at Terna Annual General Meeting held in Milan on 27th May 2014.
Etica Sgr voted in favor of all the items on the agenda of the ordinary and extraordinary meeting, with the exception of items related to the allocation of incomes and the approval of the remuneration report for which Etica Sgr voted against.
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 issues.
Etica Sgr expressed appreciation for the commitment of Terna in the reporting of all aspects of the business and in the preparation of a Sustainability Report that this year reaches the level A + of the international guidelines of the Global Reporting Initiative. To this end, Etica Sgr hoped that the Company will participate to the Supply Chain program promoted by the Carbon Disclosure Project (CDP).
Concerning items in agenda, Etica Sgr expressed his disagreement on the allocation of incomes in consideration of the increasing debt recorded in 2013 and of the challenging investment plan proposed.
In relation to the Remuneration Report of 2013, Etica Sgr pointed out the lower level of detail of the information provided compared to that of 2012, for example with regard to the target values of the indicators. Finally, Etica Sgr stressed the importance to introduce ESG indicators for the determination of variable compensation and requested the difference between the medium compensation of Terna’s employees and CEO’s one.Engagement Foreign companies Italian companies