Fattori ESG e previdenza complementare: problema di metodo e di merito, prima ancora che di obbligo?

The essay questions the absence in domestic legislative discipline not only of a method by which the supplementary pension form, in the face of the adoption of a responsible investment strategy, should adopt in creating value for the member and for the community as a whole, but also of merit, that is to say of an analytical content of individual ESG factors. It examines the recent innovations approved at the Euro-Unification that have not only raised the level of attention on these issues but have also introduced a classifying and defining approach that will allow from now on, although with reference only to the environmental factor, a univocal reading of the data and measurements of ESG factors. Finally, it proposes some reflections on the possibility of providing pension funds with a financial, sustainable and responsible portfolio constraint, in compliance with the logic of proportionality and indicates some solution, already regulated in our system, on which they could rely immediately, waiting for the current (and complex) regulatory framework to be consolidated and settled.

Il saggio si interroga sull’assenza nella disciplina legislativa italiana tanto di un metodo su cui la forma pensionistica complementare, a fronte dell’adozione di una strategia di investimento responsabile, dovrebbe fondare le proprie scelte di portafoglio nel creare valore per l’iscritto/assicurato e per la comunità nel suo complesso, quanto del merito, vale a dire di una analitica descrizione dei singoli parametri ESG.