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This is known as the politics of commitment and voting. Pension funds must include this in their documentation and explain to members how they intend to vote at meetings of the companies in which they invest in order to nudge them towards sustainable behaviour. The European directive imposes it Shareholder Rights IIbut pension funds are allowed to interpret (explain) reasons. So far, few Italians have adopted (obey) commitment policy. Hope there is background (As of the end of September 2021, the number of members was 98,533 and the assets were 1.3 billion), and school staff joined.
Eni rejects pay
As can be seen from the 2021 documents, in the last meeting season Espero chose three major Italian companies for its participation activities: Eni, Enel and Mediobanca. He attended three annual meetings, voted in favor of 24 resolutions and voted against the compensation paid by Eni in 2020. “Yes – confirms Francesco Moretti, general manager of Espero – we said no because the resolution did not comply with our voting policy”.
Espero, who relies on proxy consultant Frontis Governance, will continue his engagement policy in Italy this year as well. Next year he will also attend meetings of foreign companies.
Exceptions
Espero is one of the few exceptions among Italian pension funds obeyAnother fund that has adopted this approach is Cometa, a supplementary pension vehicle for metal workers, which recently decided to launch a public tender to select a proxy adviser.
It is noteworthy that FondoEnergia chose a policy of commitment and voting, declaring it “inspired by the guidelines established by Assofondipensione and Mefop”.
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