The exercising of our voting rights in the general meetings in which we participate enables us to support or promote proposals for the dissemination of best practices in the area of governance, business ethics, social cohesion and environmental protection. We want to encourage the managers of the companies in which we invest to consider these issues in their activities.
Supported by an internal team dedicated to the proxy voting activities, we express our negative opinion when we are not satisfied with the management of the company in terms of the fair treatment of shareholders’ rights, anti-takeover mechanisms, sustainability in the composition of the board, transparency and the quality of financial disclosures.
In 2016 our presence in general meetings more than doubled compared with 2015, demonstrating the Group’s desire to play an active role in supporting the best sustainability practices.
Considering the general meetings attended by the Generali Group in 2016, it emerged that 13% of the resolutions voted on regarded issues included in our materiality matrix. In terms of the other resolutions, 76.8% regard governance issues and 10.2% other matters.
We voted on resolutions on the following materiality matrix issues:
- responsible remuneration and incentives to express our dissatisfaction over a misalignment with best practices, a lack of correspondence between variable remuneration and long-term economic and financial performances, non-explicit and non-quantifiable quantitative goals, and a lack of social and environmental performance objectives
- responsible business management to encourage businesses to report their donations to political parties, European funds and lobbying activities
- climate change and natural disasters to promote the drafting of reports on climate change, the inclusion of candidates with experience in the environmental sphere among the company management, and the denuclearisation of specific areas
- diversity, inclusion and equal opportunities to promote the drafting of a report on equal opportunities, transparency regarding the protection of human rights and the salary gap between men and women, and the election of women to managerial roles in the company
- engagement and development of communities to support proposals regarding respect for local communities and indigenous populations
- demographic and social change to guarantee the broad protection of human rights and promote transparency in the use of antibiotics along the food supply chain
- employee engagement and promotion of a common culture to promote company training plans
- responsible investments and underwriting to introduce responsible screening criteria when selecting countries in which to operate and invest.
We have also launched a more structured dialogue with the companies in which we invest with initiatives that include formal letters, conference calls and activities shared with other investors. These mainly concerned the remuneration policies and the election of the Board members of the issuing companies.
698 general meetings* in which Generali voted
9,352 resolutions voted on
19% negative opinions expressed
€ 10 bln AUM value of our investments in the companies in whic
Social, environmental and corporate governance aspects
Resolutions voted on issues included in the materiality matrix
* The aggregated data refer to the assets owned by the Generali Group and those managed by Generali Investments, the Group’s main asset manager.