Code of Conduct for Investments - Ethical Standards
Agenzia Europea di Investimenti (hereinafter called Agency) is a pure public company which bases its principles on the fact that profits must arise out of proper company management, founded on fair and transparent competition based on the entrepreneurial abilities and the stringent respect of laws and international treaties, and not on improper use of natural resources, labour force, production and marketing tools.
During the last year the Code of Conduct for Investments, which is a legal document, became effective and was adopted by the Agency and its subsidiaries. The document respects the general Ethical Principle as well as the Universal Declaration of Human Rights of the United Nations.
With this document the Agency recognises the supremacy of the United Nations (UN) and also, on the subjects of economic development, employees? rights and European law, the supremacy of the International Labour Organisation (ILO), the Organisation for Economic Co-operation and Development (OECD) and the European Union (EU). These indicate, in the first instance, the Parameters needed to interpret the Ethical Standards by which issuers who are interested in the Agency?s investments must abide.Preferential Ethical Standards for assessing listed companies are as follows:
I. they must not be a monopoly or be part of a monopolistic cartel;
II. they must have capital, divided into shares, which is not bound by rules and pacts and can be freely acquired or transferred;
III. they must have a widespread ownership without majority shareholders or, alternatively, a controlling shareholder without potentially conflicting interests to those of the company;
IV. they must have all their board members and management team independent of the ownership of the company and subject to a Code of Conduct supervised by an in-house control body which ensures transparent activities and limits conflicts of interests;
V. they must have a procedure aimed at verifying that their direct investments and the investments made on behalf of third parties comply with international standards which are recognised to be the most up to date from a social and environmental point of view, that is to say that they pay attention ? with adequate in-house codes of behaviour ? to the processes followed for the procurement of raw materials, production and distribution of goods and services, and which are based on the utmost integrity and which respect the Universal Declaration of Human Rights approved by the United Nations on 10th December 1948 and the main international rules which supplement and specify such Declaration.
The Agency also invests in financial instruments issued by States, International Organisations or Institutions and favours investments in Nations governed by regimes of proven people?s democracy which respect the highest requirements in terms of:
a) human rights;
b) environmental legislation and policy;
c) relations with developing countries;
d) sustainability of economic structures;
e) level of formal and substantive democracy and security policy.
The respect of the Code of Conduct for Investments is insured by the Ethical Committee, a independent and self-regulated body of the Agency.
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