“The Italian market, including the asset management industry, has for years been strongly committed to improving the corporate governance culture and activity”. This is how Tommaso Corcos, Chairman of Assogestioni and Chief Executive Officer of Eurizon, spoke at the ICGN Annual Conference in Milan. “From the latest data in April – continued Corcos -, the assets managed by our industry in Italy exceed 2 billion euros, recording a growth of over 100% in 6 years. The value of the assets we manage is almost 50% of the country's financial wealth; 122% of the domestic gross domestic product in 2017 and 93% of the total Italian public debt. For years, Italy has boasted a corporate governance system considered among the most advanced in the world. Italy was among the first promoters of a Corporate Governance Code, adopted during the 90s, and created one of the best corporate board election systems: the List Voting system which operates in such a way that the interests of minority shareholders are adequately represented and at the same time empowers the board by making it independent for the benefit of investors' interests".
“The Italian Corporate Governance Code and the list voting system – Corcos continued – are the main pillars of our Corporate Governance system, together with Stewardship: in 2013 Assogestioni adopted the Italian Stewardship Principles implementing the Stewardship Code of EFAMA. The exercise of Stewardship is an important component of asset management activity, above all considering the role that asset managers play in the economic system. Certainly it is essential to deliver performance and an efficient allocation of invested capital, but I think we could also take a central position in promoting sustainable development of financial markets and the economy. This integrated approach should define the new identity and new direction of our industry”.
"Aware of our social responsibilities and the impact of our investment activity - closed the CEO of Eurizon -, in Eurizon for example we look for opportunities that allow us to support new innovative companies that make a positive difference in our society , delivering long-term results for our clients. As active and committed investors, we study business fundamentals and how they fit into overall corporate strategy. I think we should ask ourselves where we stand in the financial ecosystem by assessing the consequences of our actions or lack of action and considering the strong responsibility we bear towards our clients and society.
