ENAV is the only ANSP company in the world to be listed on the stock exchange: what did institutional investors see in ENAV which led them to invest in the company?

ENAV’s path towards listing represented a virtuous combination of economic and non-financial opportunities: in investing in the Company, investors were able to appreciate the solidity of its balance sheet resulting from a well-regulated business together with a transparent and well-arranged corporate governance structure. Nowadays in particular, we are experiencing that the market does not only focus on the profitability of a share but, above all, with reference to the investors with a long-term strategy, it also requires compliance with good governance standards which can guarantee that the investee company will be resilient in conditions of crisis. These features have been part of ENAV since the first day it was listed, with a Board of Directors which is well-balanced between executive and non-executive roles, a representative participation of minority shareholders and a significant level of independent directors. Finally, the Company promptly adopted the recommendations of the Corporate Governance Code, creating a sustainability committee whose purposeful activity has given an additional impulse to the operative efficiency process aimed at a more sustainable management of its business, and it has also improved the development and training of human resources within the company and in the supply chain.

After three years from listing, what is the general assessment of ENAV’s performance by institutional investors?

A look at the trend of the share over time can provide a decidedly positive assessment, since it has gained 45% in value in just over two years from the date of first listing and all this comes from a business where 98% of revenues are derived from its regulated activity. Another sign of the market’s appreciation can be found in the minutes of the Shareholders’ Meetings, which highlight a growing participation of investors at meetings and also their significant support for the Company's proposals: the last Shareholders’ Meeting recorded a growth of 5% in the quorum compared to the first meeting as a listed company in 2017 and support for the proposals of the Board of not less than 95%. These are elements which mark the market’s constant and growing interest in the share and an appreciation of the proposals put forward by the issuer.

How much does the company depend on people? In the world of financial investments, is the human factor a measurable value which can be invested in?

Human resources is a sensitive and highly-topical issue for investors as regards leadership, on the one hand, and employees, on the other. In the first case, investors require governance and an “enlightened” Board, and the voting powers become the tool used to guide the company in the right direction, in the name of value protection and respect for the shareholders. In the second case, the ability of the management to make the most of its human resources is assessed, i.e. the ability initially to critically and autonomously select the resources and subsequently to invest in training activities and skills requalification. The human factor, in its various policies against corruption, remuneration levels, human rights and gender diversity, is measurable thanks to the support offered by technology which is capable of measuring and processing a multitude of data and non-financial information which may result in benefits in terms of reputation or may provide prior notice of a potential risk. This kind of interest is furthermore confirmed in the meetings with the issuers, where the reports provided within the non-financial statements are frequently discussed among shareholders and shareholder companies, with particular reference to equal treatment and training and career development. Moreover, this kind of report is widely available among the reports and presentations published by ENAV.

How important is the issue of sustainability to investors? Are there actually concrete cases where significant investment funds have disinvested from some sectors or companies for issues of this nature?

The topic of sustainability is relevant to investors and the rise in debates 1 and collective initiatives 2 aimed at raising awareness, promoting, and providing information about issues related to sustainable finance and climate change prove this. Investors force the companies they invest in to take concrete actions in accordance with the objectives established by international agreements: a case in question is that of Barclays and some of its shareholders who, guided by Shareaction 3 , urged the bank to gradually eliminate lending to fossil fuel companies 4 , presenting a resolution which will be voted on during the next Shareholders’ Meeting in May 2020. Or like Norway 5 and the largest sovereign fund in the world in terms of managed amounts, which has decided to reduce, albeit partially, the share held in companies related to hydrocarbons. Lastly, Octopus Investments 6 which manages funds for renewable energies, recently interviewed over 100 pension funds, insurers, sovereign funds and funds which collectively manage $ 5.9 billion, and it discovered that some of the interviewees are likely to move 15% of their portfolio in the next 10 years (equal to $ 920 billion) away from sectors such as those involving coal, oil and gas.

https://finanzasostenibile.it/forum-finanza-sostenibile-eng/ ;

http://www.eurosif.org/

https://www.fsb-tcfd.org/

  http://www.climateaction100.org/

https://shareaction.org/banks/ ;

https://www.fnlondon.com/articles/shareholders-demand-barclays-stop-fossil-fuel-lending-20200108

https://www.fnlondon.com/articles/investors-say-they-will-pull-almost-1tn-from-fossil-fuels-in-the-next-decade-20191014?mod=article_inline ;

https://www.theguardian.com/environment/2019/oct/09/revealed-20-firms-third-carbon-emissions

https://350.org/norwegian-government-proposes-7-5billion-divestment-from-oil-and-gas/

https://octopusinvestments.com/