{"id":43266,"date":"2022-08-25T12:57:58","date_gmt":"2022-08-25T10:57:58","guid":{"rendered":"https:\/\/www.eticasgr.com\/responsible-investment\/our-impact\/impact-report\/metodologia-impatto-2022"},"modified":"2022-11-22T17:55:42","modified_gmt":"2022-11-22T15:55:42","slug":"methodology-2022-impact-report","status":"publish","type":"page","link":"https:\/\/www.eticasgr.com\/en\/responsible-investment\/our-impact\/impact-report\/methodology-2022-impact-report","title":{"rendered":"Methodology of 2022 Impact Report"},"content":{"rendered":"\n

The following description refers to the methodology<\/strong> Etica Funds used to prepare the 2022 Impact Report, the document that measures the results of environmental, social and governance impact<\/strong>.<\/p>\n\n\n\n

Each year, Etica measures the impact of securities selection<\/strong><\/a> (in comparison to a reference market or benchmark[1]<\/sup>, as well as  engagement activities<\/strong><\/a>, carried out through dialogue with the corporate bodies of the companies in which the mutual funds managed by Etica invest.<\/p>\n\n\n\n

More information is available in the Impact Report<\/a>.<\/p>\n\n\n\n

Calculating the impact of selection

\n\n\n\n

The results presented in this document derive from an Etica Funds process of analysis, research and evaluation based on data provided by Bloomberg, ISS and the Science Based Targets Initiative. In this edition, the reference parameter for the analysis concerns the entire equity portfolio and also the corporate bond portfolio of Etica’s[1]<\/sup><\/a> Italian funds and the funds belonging to the Luxembourg Multilabel Sicav[2]<\/sup><\/a> launched by Etica for the international market and for institutional investors. The issuers under analysis are compared to the benchmark for the equity part of Etica’s Italian funds, i.e. the index in force up to 31 March 2022 MSCI World Net Total Return Index (in euro), as a market reference. The companies taken into account in the analysis for Etica Funds\u2019 investments and the benchmark refer to their composition as of 31 December 2021. This edition of the Impact Report also details the analysis data separately for the Valori Responsabili Line, the Etica Impatto Clima fund \u2014 belonging to the Futuri Responsabili Line \u2014 and the three Multilabel Sicav funds. Overall, over 570 ESG indicators were considered, which Etica Funds associated with the Sustainable Development Goals. Among these, only the indicators with a coverage threshold higher than 70% were identified and taken into consideration for the companies in the Etica Funds portfolio and those in the benchmark.  <\/p>\n\n\n\n

In this report, only a selection of the indicators analysed has been published, taking into consideration the areas with a high level of indirect materiality, as defined by the Etica Social Responsibility Policy, and those defined as strategic for dialogue with the companies, defined in the Etica Engagement Policy. Furthermore, the indicators reported for each area into which the report is divided have been associated with specific targets that refer to the United Nations Sustainable Development Goals. Many of the indicators selected refer to the subject areas identified for reporting the principal adverse impacts of investment decisions on sustainability factors, defined in Delegated Regulation (EU) 2022\/1288. <\/p>\n\n\n\n

Each impact indicator is calculated as a delta between\nthe percentage of companies that satisfy a specific criterion in Etica Funds\ninvestments (a) and the same percentage for the Benchmark (b), i.e.: delta =\n(a-b)\/b multiplied by 100.<\/p>\n\n\n\n

Example: Companies that have declared a consumption\ntarget for energy from renewable sources: <\/strong><\/p>\n\n\n\n

Etica Funds = 39.6%, Benchmark = 25.87%. The impact is\n+53.26%, i.e. (39.6-25.87)\/25.87 multiplied by 100.<\/strong><\/p>\n\n\n\n

Calculating \u201cThe impact of dialogue\u201d<\/a><\/p>\n\n\n\n

The data on dialogue were processed on the basis of\nthe data collected by Etica Funds and the assessments Etica Funds analysts assigned\nto the answers provided by the companies with which there was dialogue during\nthe year. The evaluation of the answers is based on a scale ranging from 0 to\n5, on an increasing scale. Scores are assigned based on the completeness of the\nresponse, the degree of detail provided and how proactive the company was. The\ndata relating to the response rates in the various dialogue areas are\ncalculated as the ratio between the questions asked by Etica Funds for each\narea and the responses received, to which it was possible to attribute an\nassessment. Unlike in previous years, the calculation in this document also\nincludes questions posed within collaborative dialogue initiatives with other\ninstitutional investors. <\/p>\n\n\n\n

Example: \u201cHas the company defined targets for lowering\ngreenhouse gas emissions approved by the Science-Based Targets Initiative?\u201d If\nthe company’s response is partially satisfactory according to Etica <\/strong>Funds assessments, this response is given a score\nof 3 (on a scale from 0 to 5). <\/strong><\/p>\n\n\n\n

\n\n\n\n

Notes<\/h2>\n\n\n\n

[1]<\/a> Funds belonging to\nthe lines Valori Responsabili and Futuri Responsabili (currently only the Etica\nImpatto Clima Fund).<\/p>\n\n\n\n

[2]<\/a> The three Luxembourg funds are\npart of Multilabel Sicav, a Luxembourg investment company established by Gam\n(Luxembourg), one of the leading companies in Europe specialised in providing\nprivate labelling services (branded products). GAM (Luxembourg) S.A. is the\nmanagement company and domestic agent of MULTILABEL SICAV, while Etica Sgr is\nthe investment manager and global distributor of the three funds. The funds,\nlaunched at the end of 2019, tend to replicate some of the consolidated\nstrategies of the Etica Sgr Italian product range. They are registered in\nLuxembourg, Switzerland, Spain and Italy (for Italy, limited to institutional customers).<\/p>\n\n\n

<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The following description refers to the methodology Etica Funds used to prepare the 2022 Impact Report, the document that measures the results of environmental, social and governance impact. Each year, Etica measures the impact of securities selection (in comparison to a reference market or benchmark[1], as well as  engagement activities, carried out through dialogue with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":20122,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yst_prominent_words":[1422,614,33996,26203,25713,1020,22432,34004,5000,5188,34003,26202,612,1208,15019,8666,6262,8678,1049,609],"class_list":["post-43266","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/pages\/43266"}],"collection":[{"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/comments?post=43266"}],"version-history":[{"count":3,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/pages\/43266\/revisions"}],"predecessor-version":[{"id":43276,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/pages\/43266\/revisions\/43276"}],"up":[{"embeddable":true,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/pages\/20122"}],"wp:attachment":[{"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/media?parent=43266"}],"wp:term":[{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/yst_prominent_words?post=43266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}