/ What we do

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:

Shareholder Activism

with companies that, normally, are already part of an investing universe selected according to ESG criteria

Critical Shareholding

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.