For the third year in a row, Etica Sgr voted at Brembo<\/u>\u2019s general shareholders\u2019 meeting, held on April 21st, 2016. Brembo is an Italian company that manufactures high-performance braking systems for cars and motorcycles.<\/p>\n
Etica Sgr voted in favor of all agenda items except for the Board\u2019s proposal to approve the Remuneration Report<\/strong>: in this case, Etica Sgr abstained. While Etica Sgr was pleased with the introduction of clawback provisions in the new Incentive Plan<\/strong> 2016-2018, it nonetheless pointed out how certain improvements that had been proposed the year before were still missing, such as social and environmental indicators<\/strong> in determining variable compensation for the Executive Deputy Chairman and the Managing Director. Etica Sgr also highlighted that other relevant indicators were missing, such as the target values of variable pay parameters, as well as the existing ratio of CEO pay to median employee pay.<\/p>\n Etica Sgr did not find any critical issues in the parent company\u2019s financial statements, the consolidated financial statements or the income statement, and thus voted in favor of their approval.<\/p>\n Etica Sgr voted in favor of the proposed distribution of net income<\/strong>, as the payout ratio (50.36%) demonstrates a good balance between internal growth objectives and paying out dividends to shareholders. This is also in line with Etica Sgr\u2019s Guidelines on Active Shareholder Engagement.<\/u><\/p>\n Additionally, Etica Sgr decided to vote in favor of authorizing Brembo to buy back its own shares<\/strong>, as the information in its possession was comprehensive enough to approve of the share repurchase.<\/p>\n During its address to the meeting, Etica Sgr complimented Brembo on the excellent results of 2015. It stated its approval of the Group\u2019s plan to expand internationally, as long as the \u201cMade in Italy\u201d label is honored, which will protect the company\u2019s production facilities and employees in Italy.<\/p>\n Etica Sgr also reaffirmed its strong interest in seeing Brembo\u2019s first Sustainability Report<\/strong> published, which will be available in 2017. This is in line with European Directive 95\/2014 on the disclosure of non-financial information.<\/p>\n Etica Sgr expressed its approval of Brembo\u2019s commitment to the CDP<\/u>\u2019s carbon footprint<\/strong>\u00a0and\u00a0water footprint<\/strong> disclosure program. The positive results achieved by Brembo are evidence of the company\u2019s serious dedication to the issues of climate change and the efficient management of environmental resources. At the same time, Etica Sgr expressed its desire to see a higher degree of disclosure that goes into more detail on all of Brembo\u2019s production facilities as well as its supply chain<\/strong>; it would also like to see disclosure of the percentage of energy from renewable sources<\/strong>.<\/p>\n Lastly, Etica Sgr highlighted the importance of adopting a specific human rights<\/strong> policy for all companies in the group, and that said policy should conform to OECD Guidelines and UN Guiding Principles on business and the protection of human rights. Knowing that this is an especially complex issue, Etica Sgr pointed out that, ethics aside, more and more investors are paying attention to how human rights issues are managed within a company; indeed, it is a way of evaluating a company\u2019s risk, and thus a decisive factor when it comes to choosing whether or not to invest.<\/p>\n","protected":false},"excerpt":{"rendered":" For the third year in a row, Etica Sgr voted at Brembo\u2019s general shareholders\u2019 meeting, held on April 21st, 2016. Brembo is an Italian company that manufactures high-performance braking systems for cars and motorcycles. Etica Sgr voted in favor of all agenda items except for the Board\u2019s proposal to approve the Remuneration Report: in this […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[594],"tags":[598],"yst_prominent_words":[5421,7569,9405,603,9592,9594,9590,9349,9355,9596,9593,9591,1021,605,9595,9359,9356,9363,9358],"class_list":["post-13805","post","type-post","status-publish","format-standard","hentry","category-vote-in-assembly","tag-italian-companies","temi-engagement-en"],"_links":{"self":[{"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/posts\/13805"}],"collection":[{"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/comments?post=13805"}],"version-history":[{"count":1,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/posts\/13805\/revisions"}],"predecessor-version":[{"id":21976,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/posts\/13805\/revisions\/21976"}],"wp:attachment":[{"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/media?parent=13805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/categories?post=13805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/tags?post=13805"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.eticasgr.com\/en\/wp-json\/wp\/v2\/yst_prominent_words?post=13805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}