Active Ownership

By leveraging our active ownership capabilities, we aim to seize the best investment opportunities to build more resilient portfolios with better risk-adjusted returns on long-term investments for our clients.

Our approach

Our main objective is to promote sustainability practices and good governance within our investee companies. This is done by way of active engagement and participation at general meetings and through cultivating a trusted relationship with the companies we invest in.

Generali Asset management acts on two levels:

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VOTING ACTIVITY

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ENGAGEMENT WITH COMPANIES

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Livio Gentilucci

Head of Active Ownership

2024 overview

Voting activity

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370

SHAREHOLDERS MEETINGS

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5,328

RESOLUTIONS VOTED

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12

COUNTRIES COVERED

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5%

NEGATIVE OPINIONS

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François Humbert

Lead Engagement Manager

Engagement with companies

29
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ENGAGEMENTS

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9

SUCCESSFUL ENGAGEMENTS

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1

ENGAGEMENTS WITH ADDITIONALITY

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Governance 24%

Environment 49%

Social 27%

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Direct 53%

Collaborative 47%

Enel: a successful case study

In June 2023, a group of investors, members of the Italian Sustainable Investment Forum (ItaSIF – Forum per la Finanza Sostenibile*) and a select group of Climate Action 100+** investor signatories, developed three expectations for Enel.

  • Disclose the coal phase out strategy (high level principles);

  • Disclose a road map that defines milestones plant by plant;

  • Disclose the context and constraints applying to coal plants in Italy and Spain.

As a result of the engagement with this group of investors led by Generali AM and Kairos Partners, Enel has published a dedicated coal section in its 2023 Sustainability Report, including:

  • The reiteration to phase out coal by 2027;

  • The previous trajectory of coal capacity since 2015;

  • A detailed roadmap for each of the remaining coal plants;

  • A detailed process which ENEL follows to close a plant.

All parties acknowledged the progress Enel has made in disclosing its Net Zero strategy in general, including a deep dive into its plan to phase out coal generation.

Learn more

 

*The Italian Sustainable Investment Forum (ItaSIF) is a multi-stakeholder, non-profit association founded in 2001. Members are not only financial operators, but also civil society organizations involved in the environmental and social impact of finance. ItaSIF has more than 170 members among asset managers, banks, insurance companies, pension funds, NGOs, and other organizations.

**Climate Action 100+ is an investor-led initiative, which aims to ensure the world’s largest corporate greenhouse gas emitters take action on climate change.

Reports*

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GenAM Active Ownership Report 2024

GIAM Engagement & Voting 2023 Highlights

GenAM Active Ownership Report 2024 | Annex I

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GenAM Active Ownership Report 2024 | Annex II

GenAM Engagement Policy

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GenAM Quarterly Proxy Voting records 2025

* Kindly note that on 1 January 2024, Generali Investments Partners S.p.A. Società di gestione del risparmio ("GIP") has been merged by incorporation into Generali Insurance Asset Management S.p.A. Società di gestione del risparmio ("GIAM"), changing its name to Generali Asset Management S.p.A. Società di gestione del risparmio ("GenAM"). The above disclosed documents thus refer to the sum of the two entities at the reference date, until such time as the new documents of Generali Insurance Asset Menagement S.p.A. Società di gestione del riparmio renamed as Generali Asset Management S.p.A. Società di gestione del risparmio will be provided.

The latest views, research and investment insights from the experts of our ecosystem



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© Generali Investments, all rights reserved. This website is provided by Generali Investments and is considered as a marketing communication and financial promotion related to the products and services of the following companies belonging to the Generali group: Generali Investments Partners S.p.A. Società di gestione del risparmio, Generali Insurance Asset Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. and Generali Investments Holding S.p.A. (hereinafter jointly, Generali Investments). Moreover, the website may contain marketing communication and financial promotion of products and services of companies part of the multi-boutique platform coordinated by Generali Investments Partners S.p.A. Società di gestione del risparmio, and in particular of Infranity, Sycomore Asset Management, Aperture Investors LLC., Plenisfer Investments SGR, Lumyna Investments, Sosteneo Infrastructure Partners SGR, Axis Retail Partners S.p.A. and Generali Real Estate S.p.A. Società di Gestione del Risparmio