Fostering change through responsible and social impact investing

We are one of the world’s most important institutional investors. Aware of the responsibility of our role, we have an investment strategy that also takes account of environmental, social and corporate governance (ESG) criteria, protecting our most sensitive asset: our reputation.

Responsible Investment
In 2015 the Responsible Investment Guideline document, which codifies the various responsible investment activities at Group level, was approved. In particular, we identify, assess and monitor the investments that are most exposed to social, environmental and corporate governance risks for all our portfolios where the investment risk is borne by us or shared with the investor. The Responsible Investment Guideline is therefore applied to € 303 billion of direct investments.
The management process aims to identify the risks associated with investing in companies involved in controversial activities (production of non-conventional weapons, violation of human rights, serious environmental damage, corruption), also using an external provider, and involves initial dialogue activities to discourage the behaviours observed, going as far as to exclude them from the portfolio in the event of inadequate responses.

A cross-functional committee, called Responsible Investment Committee, assesses issuing companies that are not aligned with the Group’s ESG criteria and supports the decisions of the Group Chief Investment Officer as regards possible exclusions from the Group’s investment activities.

At the end of 2015 the portfolio included a total of around € 16 million of investments that are not in line with the Responsible Investment Guideline and are currently being disposed of.