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Ethical finance, how to transform the supplementary social security in sustainable development, and create equity between generations
the ROME - The huge financial resources managed by the funds of complementary pension funds in Italy could be a terrific tool to support the development of the real economy, and to supply a durable inter-generational agreement. But today this is not the case: of 100 euro, managed by the supplementary pension, only 24 remain in our territory and only 3 go to finance enterprises and productive activities. This approach is stifling what was supposed to be the virtuous circuit, through which supplementary pension schemes may encourage investment, and with them the productive development of the Country, creating jobs was also a producer of savings and new investments. And’ what emerges from a study of the Ethical Bank and published on the Sbilanciamoci! and on Values.it and that will be presented during a conference in Rome on the 28th of February, at the Centro Astalli, Via degli Astalli 17, at 10.30 am.

how Many are there and where are the money of pension funds. ll savings private pension in Italy is more than 250 billion euro and covers around 10 million subjects among members and already retired. Looking at how we invest the resources managed by the supplementary pension schemes, it is observed that:
- investments in public debt securities, amounted to 41.7% of the total (21.4% securities of the Italian State);
- in the securities of private debt is invested 17.1%;
- shares and other equities should be 16.4%;
- in units in investment FUNDS 13.8% (UCIS are investment funds and related instruments).

Low weight of investment in the Italian Economy . By adding the equity exposure in its various forms, the support of pension funds, complementary Italian companies weighs for 40.5% of the resources managed. Overall, the Italian economy of these resources comes 27.7% (36.7 billion on 132,5 of manageable total), 77% of which is invested in government securities. Excluding real estate investments, and the management of the liquidity, they found that the whole of the pension funds, complementary managed in our Country, come to the Italian companies € 3.7 billion, equal to only 2.8% of the potential. Of these, 89% is invested in the securities of companies listed and only 400 million euros goes to the unlisted firms in italy (0.3% of the total).

looking for impact and consistency. “do Not underestimate the support of the public debt, - explains the director of the Ethical Bank, Alessandro Messina - that allows you to finance essential services for the community. But, considering that a good portion of it serves “only” to finance the payment of the interest on the stock is already in place, it reinforces the impression that you are not taking the potential redistributive, in financial terms, that there is in the game when it comes to supplementary pension. And there is more - adds messina - the supplementary pension, if it were your own, the criteria of ethical finance, may foster the ecological reconversion, to accelerate the transition to an economy that is carbon-free, support businesses, and more attentive to human rights and social and environmental impact of the entire production chain”.

The meaning of sustainable investment. The annual report of the Forum for Sustainable Finance explains that “Sustainable Investment Manager means an investment strategy geared to medium-to-long period that, in the evaluation of companies and institutions, complements the financial analysis with environmental, social and governance (ESG), in order to create value for the investor and for society as a whole.” Edition 2019 the report, it is evident that the weight of the pension assets managed according to the criteria of responsible finance is stationary with an average of 23%. In a nutshell, less than 1 euro in every 10 spent by the pension funds is used to guide or encourage a process of conversion (social, environmental, organizational) of the world of production or to sustain the excellence.

"Remove with one hand and give with the other". “The profound crisis of our system of production, " explains Messina - as well as the structural inability to transform in jobs while substantial financial flows, the tragic conditions of the environment today require an extra effort, definitely a priority. The pension funds, the long view should make their main aspect, they would have everything to gain in the interpretation of dubbed such a strategy is to direct the resources of the workers, that are entrusted to them with the goal of ensuring a pension in the future, such investment remunerative, but also a positive impact on society and the environment. This is to avoid removing (to the same members, or their children) with one hand, what with another it will give you in terms of mere income social security (only members),”

All the lost opportunities every day. “Each day that passes continues, Messina - we lose valuable opportunities for the community. These effects are tangible and numerically important: according to the report of impact in 2019 by Etica sgr, we do not select investments with rigorous ESG criteria means to give up to an additional multiplier of new jobs generated amounting to 2,42 (+142% those created in the businesses the ESG compared to the benchmark) and a factor for greater reduction of CO2 emissions equal to 1.7 (+69% in the basket ESG).

Are possible choices, feasible immediately. "The open pension Fund, promoted by the Ethical Bank already does," concludes Messina - the perspective of the ethical finance can become the fourth pillar which is lacking today in the supplementary pension funds of Italian, to give value to the inter-generational agreement implied that there is, in every social security system, also private. To create the conditions in which, thanks to the positive engagement of financial resources on a production system healthy, create new jobs and all and all, may reasonably be expected, a day, a true pension”.

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