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.
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
• 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.