Transparency institutional investors

EU legislators took action on various aspects relating to the governance of European companies through Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 (known as the “Shareholder Rights Directive 2” or “SHRD2 Directive”), transposed into Italian law with legislative decree 49 of 10 May 2019. The main goal is “to encourage long-term shareholder engagement and to enhance transparency between companies and investors”.

More specifically, a new section was introduced into legislative decree 58 of 24 February (the “Consolidated Law on Finance”) concerning the transparency obligations, inter alia, of institutional investors, containing provisions aimed at encouraging greater engagement by the investors in listed investee companies.

To the extent applicable herein, the new law requires institutional investors, including UnipolSai Assicurazioni S.p.A., to:

  • adopt and inform the public of the policy of engagement that describes how they “integrate shareholder engagement in their investment strategy”. Additionally, in accordance with the “comply or explain” principle, institutional investors may choose not to adopt that policy, explaining to the public why it made that choice (article 124-quinquies, paragraphs 1, 2 and 3 of the Consolidated Law on Finance); 
  • inform the public how the main elements of their equity investment strategy are consistent with the profile and duration of their liabilities and how they contribute to the medium to long-term performance of their assets (article 124-sexies, paragraph 1 of the Consolidated Law on Finance).

In compliance with the above-mentioned regulatory requirements, please refer to the document published in this section.

Last updated:Feb 15 2024