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ENPAP - Ente Naz. Prev. e Ass. Psicologi

PRI reporting framework 2020

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

10.2. Indicate why you do not engage and do not require external managers to engage.

Enpap is going to start an Engagement strategy in 2020. During 2019 the activity has been focused on the implementation of the ESG policy through the Asset managers. The engagement activity will be carried out via service providers.

Listed equity – voting

10.3. Indicate why you do not cast your votes

The shareholders activism will be implemented in the next few years.

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          Enpap is going to start an Engagement strategy in 2020. During 2019 the activity has been focused on the implementation of the ESG policy through the Asset managers. The engagement activity will be carried out via service providers.
        

Fixed income Corporate (financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          Enpap is going to start an Engagement strategy in 2020. During 2019 the activity has been focused on the implementation of the ESG policy through the Asset managers.  The engagement activity will be carried out via service providers.
        

Fixed income Corporate (non-financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          Enpap is going to start an Engagement strategy in 2020. During 2019 the activity has been focused on the implementation of the ESG policy through the Asset managers.  The engagement activity will be carried out via service providers.
        

OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Fixed income - SSA

Cash

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fund of hedge funds

Fund of hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Inclusive finance

Inclusive finance - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Cash

Cash - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (1)

Other (1) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.3b. If your organisation does not integrate ESG factors into investment decisions on your externally managed assets, explain why not.

Cash is not covered byh the ESG integration.

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

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.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Fixed Income

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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