The value of assets in which the sub fund invest may be materially impacted by the occurrence of environmental, social or governance events. Sustainability risks can either represent a risk of their own or have an impact on other risks and may contribute significantly on risks, such as market risks, operational risks, liquidity risks or counterparty risks.
Assessment of sustainability risks, as part of the risk process, can be complex and based on limited ESG data. Even when identified, there can be no certainty that the assessment and identification of sustainability risks will produce relevant conclusions and influence the return of the sub fund.
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Mediolanum Group considers sustainability as an integral part of its culture and one of the fundamental elements of its business model. As part of Mediolanum Group, Mediolanum International Funds Ltd. believes that incorporating sustainability into its business will result in long-term added value and contribute to the realisation of our Vision and Values.
Our Vision is in line with the Action Plan defined by the European Commission to strengthen the role of finance in the creation of an efficient economy that also achieves environmental and social objectives.
Sustainability represents a strategic choice for which the companies of the Mediolanum Group share the fundamental guidelines and have developed an approach to responsible investments that combines economic and profitability objectives with environmental, social, and governance (ESG) factors in the analysis and management of investment solutions.
MIFL defines responsible investment as integrating sustainability considerations—such as environmental and governance factors, sustainability risk, and active ownership—into investment decisions. This includes engaging and voting related to our investee companies to drive positive change
Our investment process focuses on assessing each investment’s ability to create, sustain, and protect value. We follow a Responsible Investment Policy centered on ESG integration and active ownership, aiming to enhance performance and manage both financial and non-financial risks. MIFL supports all 17 UN Sustainable Development Goals (SDGs), with a prioritisation of four: SDGs 5, 7, 12, and 13.
We work with asset managers and investee companies, seeking to drive long-term improvements. To track our impact, we monitor six Principal Adverse Impact (PAI) indicators linked to these SDGs:
- PAI 13 - Board gender diversity (SDG 5)
- PAI 1 - GHG emissions (SDG 13)
- PAI 2 - Carbon footprint (SDG 13)
- PAI 3 - GHG intensity (SDG 13)
- PAI 5 - Share of non-renewable energy production and consumption (SDGs 7 and 13)
- PAI 9 - Hazardous waste ratio (SDGs 12 and 13).
We engage through mandate managers or directly via our Single Securities Teams to improve these indicators over time. This process is detailed in our Responsible Investment Policy.
We also aim to mitigate negative sustainability impacts by considering PAIs in our investment decisions, covering areas such as environmental, social, employee, human rights, and anti-corruption concerns. Further details are available in our Responsible Investment Policy and Entity Level Disclosure Statement.
Mediolanum Group has implemented an exclusion policy applicable to all Group entities and Group assets. This exclusion policy aligns with legislation -LEGGE 9 Dicembre 2021 -n. 220- passed by the Italian parliament and which came into effect on 1 January 2023.
The aim of the exclusion policy is to prohibit investments in companies involved in the financing, production, use, sale, distribution, import, export or transfer of anti-personnel mines, cluster munitions and submunitions. Implementing this policy represents the group’s ongoing commitment to invest responsibly, to align with evolving regulatory and legislative obligations and to focus on sustainability at all levels across the Mediolanum Group.
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