Our main engagement issues
Our first goal is to organise collaborative participation in European companies’ Annual General Meetings (AGMs) as well as coordinated voting or submission of questions to their boards and managements related to issues such as:
- workers’ rights and human rights
- fiscal practices and tax justice
- CO2 emissions and climate change
Besides the participation in AGM2, the dialogue with companies and policymakers through the submission of letters or the coordination of meetings and calls is also of utmost importance.
AGM Season 2018
|Companies||Sector||Lead||AGM Intervention||Engagement issues|
|Acea*||Multi-utility||FFE||2018/04/20||Lacking investments in water supply network|
|Carrefour SA||Consumer Staples||Etica SGR||Meeting with Company||Management of reorganisations, Sustainable food|
|Daimler||Automotive||Ecofi Investissements||Meeting with Company||Cobalt supplying methods|
|DZ Bank||Banks||BKC||Meeting with Company||Divestment from coal industry and climate change strategy|
|Enel||Electricity||FFE/Ecofi Investissements||2018/05/24||Energy production from coal|
|Engie||Electric utility||Meeschaert Asset Management||2018/05/18||Tax avoidance|
|Eni||Oil&Gas||FFE/Ecofi Investissement/Meeschaert Asset Management||2018/05/10||Insufficient plan on renewable energies|
|Telefonaktiebolaget LM Ericsson||IT||Etica SGR||Meeting with Company||Management for reorganisations, emissions management (mitigation), Sustainable cities|
|Generali||Insurance||FFE/Meeschaert Asset Management||2018/04/19||Incomplete divestment from coal; excessive remuneration|
|Inditex/Zara||Clothing||Fiare||Letters to company||Tax avoidance, environmental pollution|
|Leonardo*||Defence||FFE||2018/05/15||Dismantling of civil production|
|Renault||Automotive||Ecofi Investissements||Meeting with company||Cobalt supplying methods, Dieselgate|
|Rheinmetall*||Defence||FFE/BKC||2018/05/09||Export of bombs to Saudi Arabia|
|Total||Oil&Gas||Ecofi Investissements||Meeting with Company||Relations with local communities, exploration in Arctic region|
|European Commission||Sustainable Finance||BKC||Joint-letter with 40 financial instituzions/NGO||More attention to sustainable finance in regulation of financial markets|
* Critical shareholding was adopted only with Acea, Leonardo and Rheinmetall. All other companies have been engaged trough shareholder activism.
** All engagement projects are still ongoing
What engagement means to us
It means active ownership through engagement as bond- and shareholders.
Owing shares or bonds in a company enables investors to raise environmental, social and corporate governance issues with corporate management.
SfC does this by voting and making interventions at companies’ AGMs, co-filing shareholders proposals (also called resolutions), sending letters to companies and organising meetings with their management.
SfC members adopt two different styles of engagement:
with companies that, normally, are already part of an investing universe selected according to ESG criteria
with companies that are targeted by NGO’s campaigns or are allegedly involved in serious environmental or social controversies. This approach is often implemented in cooperation with NGO’s.