In 2019 we hired a ESG consulting firm to review and formalise our ESG Policy and Management System.
The ESG analysis is integrated into our investment analysis based on the following actions:
• Potential adjustment in the discount rate according to the perception of the responsible analyst;
• Committee discussion and in-depth analysis of ESG topics considered critical;
• Limit on exposure to papers issued by a company with ASG performance in the last quartile;
• Requirement of a higher rate of return for the acquisition of papers from companies with lower performance.