A few weeks ago, Previtenda blog launched a sort of Manifesto with the aim to reset Sri finance in Italy, highlighting the need to step back in order to be able to take a bigger step forward later.
Previtenda blog is managed by Walter Bottoni, a guy – I’m proud and glad to call him a friend – with a deep, long-standing experience in sustainable and responsible finance and a genuine, unstoppable, contagious passion for it.
Just consider that Walter years ago played a leading role in shaping the Complementary Pension Fund for employees of Banca Monte dei Paschi di Siena, in the sense of its Sri strategy: in 2011 the fund was mentioned as a best practice in the first-ever Eurosif’s “Corporate Pension Funds & Sustainable Investment Study” (p. 14).
The Manifesto consists of ten items. Of course it is tailored to the Italian context, but some of those items could be of interest also in other European countries where Sri has spreaded over the last decades. Maybe in the U.S., too.
Below you can find the four items I’m referring to:
- The launch of a Sri-Securities Commission would be desirable, in order to establish a new set of corporate governance rules through which an Esg label to securities deserving it could be assigned.
- There’s the need to encourage the building up of an academy network that could play as a sort of Sri advisor, if needed also by defining the parameters of a single Esg rating model.
- The exclusion or simply the selling of a security due to the violation of Esg requirements (e.g. when corruption events occur) has to be publicized on a single collection and communication (online) platform, also through a divestment index to be shown next to the stock market index.
- Carbon footprint measurement and disclosure in corporate reporting has to become mandatory for any listed company. And possibly for any institutional investor, too. All the stakeholders must be provided with information on this issue.
A public launch event of the Manifesto might be organized soon, maybe inviting some members of the Italian Parliament, mainly among the ones who at the beginning of the current legislature joined the Parliamentary Intergroup on Sustainable Finance.
Mondosri will pay close attention to the next advancements of the initiative. For now, all the best to “Sri reset” Manifesto.