In a period in which the sustainability risks slipping into the background in public debate and in the markets, Eurizon Capital Sgr, Intesa Sanpaolo's asset management company, confirms its commitment concrete in the responsible investments through a structured approach of StewardshipFor the company, solid governance, environmental awareness, and social responsibility aren't just values to communicate, but fundamental tools for creating long-term value, demonstrating that performance and sustainability can go hand in hand.
“The topic of transition is destined to become increasingly important for the asset management sector too, in light of both the major environmental and social challenges that our society and industries must face, and the constantly evolving market context,” he declares. Federica Calvetti, ESG Coordinator at Eurizon -. To seize these opportunities while ensuring a responsible approach to investments, it is essential, first of all, to clearly communicate expectations to investee companies and to equip themselves with objective, transparent evaluation tools based on realistic objectives."
I USEFULL of the first semester 2025 confirm this concrete approach: Eurizon has participated in over 1.200 meetings of listed companies, cast more than 16.400 votes, and conducted 459 dialogue activities with 327 companies, demonstrating that Stewardship translates into tangible and measurable actions, not just declared principles.
Sustainability Governance
Eurizon's ESG governance is based on a integrated operating model This involves various corporate functions, including the Investment Department, which operates through the Responsible Investments & Stewardship unit. This role involves managing meetings, votes, and engagement activities, ensuring that investment decisions are consistent with ESG principles.
The objective is twofold: to integrate environmental, social, and governance factors into the investment process to generate long-term sustainable value while simultaneously protecting clients' assets and strengthening trust in the financial markets.
Since 2004, Eurizon has participated in important international initiatives, including most recently in 2015 the Principles for Responsible Investment (PRI), the International Corporate Governance Network (ICGN) and since 2021 Eurizon has been an ordinary member of the Forum for Sustainable FinanceSince 2021, the ESG strategy has focused on four key priorities: climate change, biodiversity, human rights, and governance, areas where the company aims to have a concrete and measurable impact.
Voting and Governance: Transparency and ESG Consistency
The exercise of the right of vote This represents one of the cornerstones of Eurizon's business. Shareholders' resolutions follow structured guidelines, integrated into the investment process, with particular attention to the quality of governance of portfolio companies.
In the first half of 2025, Eurizon voted against or abstained from voting due to critical issues related to director independence, board composition, transparency of remuneration policies, and oversight of decarbonization strategies. At the same time, the company 94% of ESG proposals supported, while initiatives considered anti-ESG garnered less than 2% support on average.
In Italy, the commitment to governance also translates into participation in list voting, in coordination with Assogestioni, to guarantee the representation of minority shareholdersIn the first half of 2025, Eurizon filed lists of minority candidates in 33 companies, contributing to the election of 35 board members, with a female presence between 40% and 45% (considering Directors, Statutory Auditors, and Alternates), strengthening control and independence safeguards.
Engagement: constant dialogue for concrete results
Alongside the vote, Eurizon promotes a structured and continuous dialogue with the participating companies. The activity of commitment It allows you to address critical issues without immediately resorting to disinvestment, encouraging concrete changes in corporate strategies through discussion and collaboration.
In the first half of 2025, Eurizon conducted 459 engagement activities with 327 issuers, 45% of which address ESG issues. The meetings, both individual and collective, often preparatory to shareholders' meetings, are complemented by direct discussions with top management, aiming to engage the companies involved in a medium- to long-term relationship. The goal is to promote responsible and sustainable corporate governance, avoiding drastic measures when dialogue can yield concrete results.
From a geographical point of view, the engagement activity was mainly concentrated in Europe, Followed by North America, Asia e Latin americaThe main topics covered all ESG areas, from climate risk and Net Zero strategies to biodiversity preservation, from the circular economy to human rights and just transition, to corporate governance issues.
"Transparent and constructive dialogue with investee companies," Calvetti stated, "is a strategic element for accompanying their evolution in an increasingly competitive environment, fostering growth and adaptability. Engagement can contribute to strengthening governance, adopting rigorous human rights policies, and implementing decarbonization strategies, mitigating risks associated with corporate conduct."
"Since last year," Calvetti adds, "we have launched 'Open Door Engagement' initiatives, which consist of meetings with issuing companies included in the Eurizon portfolio, to foster direct and concrete dialogue on specific topics between professional clients and issuing companies."
Climate change and Net Zero plans
On the front climaticEurizon uses a proprietary model to evaluate its investee companies' transition plans, combining quantitative and qualitative criteria to ensure consistency and comparability, particularly in voting decisions on "Say on Climate" proposals. The goal is to distinguish between formal commitments and truly credible strategies.
Among the most significant cases, in the utilities sector, a European company has reduced thermal coal generation to 15% in 2024 and confirmed its elimination by 2026, reducing Scope 1 emissions by 58% and doubling installed capacity from renewable sources, with objectives validated by the Science Based Targets initiative (SBTi).
In parallel, Eurizon monitored the materials sector in Latin America as part of the collective initiative Nature Action 100, promoting the protection of biodiversity and the mitigation of deforestation, with progress in land management and the involvement of local communities.
Biodiversity, circular economy and human rights
The SGR's focus is not limited to climate. Stewardship activities include initiatives to improve transparency in asset management. packaging, the certification of recycled products and the definition of objectives reduction of plasticIn this context, Eurizon also promotes the TNFD framework (Taskforce on Nature-related Financial Disclosures), a tool that helps companies and investors identify, measure, and manage risks and opportunities related to natural capital and biodiversity.
On the plane social, Eurizon integrates issues such as Rights human, health e of your digital ecosystem. onwork, sustainable supply chains, diversity, equity, and inclusion, while also addressing the emerging risks associated with the use of digital technologies and artificial intelligence. The approach aims to translate sustainability into concrete operational practices, with measurable impacts over time.
SFDR 2.0: opportunities and critical issues
On the regulatory front, Eurizon is watching carefully to the evolution of SFDR 2.0, the proposed revision of the European Regulation on Sustainable Finance. "One of the most welcome innovations is the elimination of the requirement to disclose PAIs at the financial market participant level, which simplifies reporting without reducing the effectiveness of the information. We also appreciate the clarifications regarding sovereign exposures in Article 8 products, which are now useful for reaching the minimum 70% threshold in the ESG Basics category."
However, there remain some concerns, in particular for the introduction of exclusions minime in the Transition and ESG Basics categoriesThe exclusion of coal for companies with at least 1% of revenues related to these activities, Calvetti explains, "could limit investment flexibility more than expected, especially in the utilities sector." The harmonization of exclusions and the recognition of phase-in periods, considered essential for maintaining consistency between strategies and disclosures, are welcomed.
Regarding the mapping of the existing range into the new categories, Eurizon remains cautious: "It is still too early to provide a definitive classification, which will depend on the final legislative details and implementation guidelines, even if the direction is clear."
A sustainability practiced, not declared
Overall, Eurizon's operations in the first half of 2025 reflect operational sustainability, based on voting, dialogue, and ongoing monitoring. "Developing dialogue between investee companies and shareholders is strategically important in light of an increasingly complex and dynamic market environment," Calvetti adds. "Open and ongoing communication fosters transparency, strengthens trust, and aligns corporate strategies with the expectations of the financial world, thus helping to develop effective business plans that take all stakeholders into account and adapt to market needs."
