Engagement and dynamic share ownership are two effective components of the dialogue between investors and listed companies that have a sustainable and responsible finance strategy (SRI).

The action is concentrated on all three pillars of social security (mandatory, negotiated and voluntary).

The negotiating pillar is the one most interested in our action, professional, INDEPENDENT.

When we talk about engagement and active shareholding we refer to the dialogue, to the engagement that investors open with the listed companies in which they invest. It is said to be soft when the path, which usually begins with a request for information or clarification on a certain aspect or problem, develops and ends in a series of exchanges and meetings between investors and the management of the company related. That is when the requests expressed by the investors are accepted by the company, which collaborates and undertakes to follow you. It is said hard, when instead investors to try to satisfy their demands, are forced to try the more “hostile” way of presenting a resolution to the annual shareholders’ meeting of the company (AGM, annual general meeting). At that time, they seek the consent of voters to give more weight and visibility to their requests, exerting even more pressure on company.

This is, in my opinion, the final aspect of a whole series of actions that can be carried out by our team of Chartered Accountants with respect to the funds, that is, investors who hold significant and / or non-participations.

Our goal is to urge the creation of a permanent SRI table, where the issues on which to engage, the initiatives are organized, the results are measured.It is the right place where the active policies of pension funds are defined on sustainability issues “.Implement compliance policies with investors to:

monitor the performance and costs of the GPMs;·       coordinate appropriate governance policies (for example, the conflicts that arise within the occupational pension funds in the difficult relationship between the Assembly of Delegates and the Board of Directors);·       make the administrators of the funds negotiated aware of the new regulations;·       develop a correct social and financial compliance policy in SMEs that enhances the value of the company.Today, many fund managers have developed new methodologies that allow them to apply SRI approaches not only to corporate bonds but also to national and supranational government bonds.In fact, the number of research companies, that assign sustainability ratings to National Government, is increasing.Directive 2016/41 / EU known as directive (IORP II – institutions for occupational retirement provision II) or as EPAP II (corporate or occupational pension institutions II) and the legislative decree implementing the delegation contained in the law 25 October 2017, n. 163 (the European delegation law 2016-2017), already in force since January 2019, refer to pension funds with a “negotiating” matrix (contractual, categorical, professional and – in the absence of a different express indication – also open funds for the segment of “collective adhesion” operations).