ENPAP published 'I Principi di investimento sostenibile e responsabile dell'ENPAP' that explains its responsible investment policy:
"Integrated" approach ENPAP believes that its ESG policy must pervade the entire investment process, in all its phases. In particular: a) Selection of managers / financial instruments b) Monitoring of the ENPAP portfolio - verification of the "ESG rating" for all financial instruments for which this assessment metric is available c) Annual reporting to ENPAP "stakeholders" of "quality "Overall of their investments from the point of view of" social responsibility "and their" sustainability ". d) "Proactivity" ENPAP considers it essential to combine its action synergistically with that of other institutional investors and the most important international organizations specialized in the issue of "responsible" and "sustainable" investments, in order to encourage the dissemination and continuous improvement of these practices. To this end, ENPAP: a) will participate as a signatory in the "United Nations Principles for Responsible Investments (UNPRI)"; b) participate in the initiatives of qualified associations and multilateral bodies operating in the field of "sustainable" and "responsible" investments. )
Flexible and future-oriented approach ENPAP considers its principles of "sustainable" and "responsible" investments as a set of flexible and constantly evolving values, in accordance with the best practices recognized from time to time and in relation to future regulatory changes scientific and market, with particular reference to the initiatives of the European Commission ("Action Plan for Financing Sustainable Growth"). In this sense, this document will be subject to review, at least every three years, by the Board of Directors on the proposal of the Investment Commission.
ENPAP "SRI - Sustainable and Responsible Investment" consist of: "exclusion" criteria "inclusion" criteria The combined use of these criteria allows identification of the so-called "Investable universe", or the set of financial instruments that ENPAP can take into consideration in its investment process, without prejudice to the additional criteria provided for by general and internal regulations. 2.1 "Exclusion" criteria Using the "exclusion" criteria, ENPAP identifies a "list" of companies / production sectors / countries which it intends to exclude from its "investable universe". The reasons that led to the identification of these "criteria" are mainly of an "ethical" nature, that is, they respond to certain "principles and values" that ENPAP considers to be fundamental in its action as an institutional investor, "non-negotiable" not even from the perspective of a optimal risk / return profile.
Countries exclusion criteria: States (and companies that have their registered office) are excluded from the investable universe: a) which do not guarantee respect for civil rights (human rights and religious freedom); b) which do not guarantee respect for political freedoms (freedom of expression and association).
Companies exclusion criteria: The following are excluded from the investable universe: a) which do not guarantee compliance with the principles contained in the ILO (International Labor Organization) Convention on the protection of child labor; b) which do not guarantee respect for equality between men and women in work and in remuneration policies; c) whose turnover derives from carrying out an economic activity in the following fields: Development, production, storage and sale of: nuclear, biological and chemical weapons of mass destruction or parts of them; chemical, biological and radioactive material toxic agents; missiles capable of carrying weapons of mass destruction; fragmentation weapons and anti-personnel mines; Gambling Pornography d) who have been convicted of serious violations of the anti-money laundering and anti-terrorist financing legislation.
Inclusion criteria The evaluation of an issuer of a financial instrument according to "ESG criteria" has the purpose of providing a reliable judgment on the policies adopted by the issuer with respect to the following three main issues: a) Environmental («Environmental») Impact on climate change, energy sources used, environmental sustainability of the production carried out. b) Social («Social») Respect for human rights and workers' rights, workplace safety, fair pay policies, consumer protection policies. c) Corporate governance ("Governance") Structure of the management model, relations with employees and shareholders, relations with "stakeholders", adoption and concrete application of procedures (code of ethics, code for the management of conflicts of interest, etc.) aimed at avoiding negative behavior (corruption, scam, money laundering, false social communications, etc.). For investments represented by shares or stakes in share capital, debt securities or mutual funds / SICAV shares, only financial instruments that have an "ESG rating" deemed satisfactory, or at least equal to " BB "(according to the" MSCI ESG Ratings "metric) or at least equal to" Limited "(according to the" VIGEO EIRIS "valuation metric) or equivalent.