SFC CRITICISES ENI’S PLAN ON RENEWABLES

On 10 May 2018, Fondazione Finanza Etica (FFE), on behalf of SfC, attended the AGM of the Italian oil giant Eni. FFE voted with the French investors Ecofi Investissements and Meeschaert Asset Management, founding members of SfC, which hold approximately 150,000 Eni shares in total.

In its interventions, and in the 60 questions sent before the meeting in collaboration with the NGOs Re: Common and Global Witness, SfC criticised, in particular, the group’s investments in Congo-Brazzaville, Nigeria and Basilicata (Southern Italy) as well as its strategy on renewable energies, launched in 2016.

«That strategy is absolutely inadequate. After two years, the company still does not provide any information on its progress», continued Baranes. FFE, Ecofi Investissements and Meeschaert Asset Management voted against the remuneration plan and expressed doubts on the pay out ratio (85.4%): «especially in this delicate transition period, the company should reinvest a much higher portion of its profits».