ENPAP SRI Policy is based on the principle that ESG approach allows to improve the risk / return profile of the investment in the medium and long term.
This document will be subject to revision, at least every three years, by the Board of Directors on the proposal of the Investment Commission.
Criteria of "exclusion":
- Exclusion of countries
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).
- Exclusions of Companies
a) that do not guarantee compliance with the principles contained in the ILO (International Labor Organization) convention regarding the protection of child labor;
b) that do not guarantee equality between men and women in work and in remuneration policies;
c) whose turnover derives from the following controversial activities: Weapons (nuclear, biological and chemical, mass destruction weapons or parts of them; chemical, biological and radioactive toxic agents; missiles capable of carrying weapons of mass destruction; fragmentation weapons and anti-personnel mines), Gambling and Pornography;
d) who have been convicted of serious violations of the anti-money laundering and anti-terrorist financing legislation.
Criteria of "inclusions"
For investments represented by shares or shares in the 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 "valuation metric) or at least equal to" Limited "(according to the" VIGEO EIRIS "valuation metric) or equivalent.