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Assogestioni

Service Providers Framework 2018

You are in Active Ownership Services » Engagement

Engagement

AOS 04. Prioritizing engagement topics

04.1. Describe how you select priority engagement topics to raise with companies.

          Associate members communicate from time to time the engagement topics to raise with companies, also on the basis of the monitoring activity provided by the Association's Corporate Governance Team.
        

04.2. Describe how you define the objectives and milestones of the engagements and how you involve your clients in this process.

          The Association, mainly but not only through the activity of its Corporate Governance Committee, stimulates the debate and defines the objectives and milestones of engagement activities of the associate members (not clients).
        

04.3. Additional information [OPTIONAL]

          Please note that the Association does not carry out business activity (since its status of no-profit organization) and therefore does not have "clients".
        

AOS 05. Channels of engagement

05.1. Indicate what channels you use to engage. Tick all that apply and indicate the frequency with which you typically use the channels.

Engagement type

Frequency

Frequency

          By the presentation of slates of candidates for election within the board of directors and of statutory auditors of listed companies
        

Frequency

05.2. Describe your typical execution method.

          The presentation of candidates for election as independent minority members of boards of investee
companies, also through the Investment Managers’ Committee, represents a continuous and constructive
method of engaging with investee companies.
Discussions with competent members, including minority members, of the boards of investee companies,
may be a valid form of intervention and active communication, provided that it is carried out within an
organised and collective procedure that:
•	 ensures the compliance with the general principle of absence of mandate limits with the shareholders
who submitted or voted the candidacy;
•	 expressly requires the commitment of the aforementioned board members not to disclose sensitive
of confidential information when in those occasions;
•	 foresees a prompt informative notice to the investee company’s boards about the content and the
methods of the meetings.
        

05.3. Additional information [OPTIONAL]

          
        

AOS 06. Accessing the appropriate teams when engaging with companies

06.1. Indicate from the options below the employee at the companies you typically engage with.

Employee level

Frequency

Frequency

Frequency

06.2. Describe how you ensure the client’s rationale and engagement objectives are being communicated clearly to the company at the beginning and during the dialogue phase.

          The purpose and the content of the engagement are communicated to the company's board members in advance and at least at the beginning of the meetings. Please note that in the context of engagement activities, investee companies and their consultants are requested to ensure that any information that could compromise the ability to trade the shares of such companies is not communicated without prior consent.
        

06.3. Describe the escalation strategies you take (or suggest that your clients take) if the engaged companies are not responsive or become disengaged.

          If the companies’ boards do not react in a constructive manner, considering the possibility of also involving other institutional investors, the following strategies are taken into account (see Italian Stewardship Principle 3):
•	 taking action, also jointly, in regards to specific issues;
•	 releasing a public declaration before or during the annual General Meeting or an extraordinary
Shareholders' Meeting;
•	 presenting possible resolutions at Shareholders' Meetings;
•	 requesting a call of a General Meeting or the integration of the agenda of an already called
General Meeting to propose shareholders possible specific initiatives, such as, for example,
those aimed at introducing changes to the companies’ boards.
        

06.4. Additional information [OPTIONAL]

          
        

AOS 07. Monitoring engagements

07.1. Indicate how you monitor the progress of engagements.

07.2. Describe how you typically decide what recommendations for next steps to give to clients.

Recommendations for next step are provided on an ongoing basis

07.3. Additional information [OPTIONAL]

          Please note that the Association does not carry out business activity (since its status of no-profit organization) and therefore does not have "clients".
        

AOS 08. Defining and measuring success

08.1. Describe how you define success when evaluating/reviewing engagements on ESG factors.

          Assuming the holistic perspective of the Association, engagement is successful when it contributes to the enhancement of the corporate governance processes of listed companies with a view to creating value for all shareholders.
        

08.2. Describe how you measure success when evaluating/reviewing these engagements.

          Assuming the holistic perspective of the Association, engagement is successful when it contributes to the enhancement of the corporate governance processes of listed companies with a view to creating value for all shareholders.
        

08.3. Additional information [OPTIONAL]

          
        

AOS 09. Companies changing practices/behavior following engagement (Private)


AOS 10. Engaging with policy makers and industry bodies (Private)


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