IMPact’s approach to sustainable finance

The exclusion of controversial activities

IMPact’s investment approach vis-à-vis sustainable finance is based on the exclusion of specific controversial activities, in line with market standards. Specifically, the investible universe for WORLD IMPACT SICAV’s sub-funds and IMPact SIM’s discretionary wealth management services excludes issuers involved in the following controversial activities:

Issuers involved in the manufacture or sale with revenues from such activities equal to or greater than 5% of total revenues.

  • Civilian firearms
  • Military weapons
  • Gambling
  • Tobacco
  • Alcohol

Issuers involved in the development, manufacture, use, distribution, storage or transportation of, or trade in, controversial weapons.

  • Controversial weapons

Monitoring and management of the Exclusion Policy

  1. The exclusion policy proposed by the Sustainability Committee has been formally approved by IMPact SIM’s Board of Directors.
  2. Vigeo Eiris regularly conducts the screening of controversial activities, covering approximately 5 000 issuers, accounting for more than 95% of market capitalisation of listed securities.
  3. The Sustainability Department regularly updates and prepares the exclusion list by applying the exclusion criteria approved by the Board.
  4. The Middle Office and Trading Desk Departments implement the exclusion list on their respective front office systems.
  5. Compliance with the exclusion criteria is monitored on a weekly basis by the Risk Management team, which then directly reports to the Investment Committee and the Board of Directors.

Sustainability Committee

With sustainable finance rapidly on its way to becoming the mainstream paradigm on financial markets, IMPact deems it necessary to discuss internally, on a regular basis, all possible options for developing its approach towards sustainable finance, in accordance with the latest national and international trends. For this reason, IMPact has set up the Sustainability Committee in an advisory capacity, operating at the Board level.

The main tasks of IMPact’s Sustainability Committee:

  • to provide regular recommendations on IMPact’s strategic positioning in the field of sustainable finance;
  • to supervise the correct implementation of the Exclusion Policy approved by the Board;
  • to analyse structural trends and innovative investment products in the fields of sustainable finance at the global level.

Members of the Sustainability Committee

Alessandra Viscovi

Alessandra is the President of the Sustainability Committee.

She has been the Managing Director of ETICA SGR, a pioneer Milan-based asset management company exclusively focused on sustainable finance, for over 10 years, supervising, among others, the development of the proprietary ESG risk assessment framework.

She has also held the position of President of the Milan-based Forum for Sustainable Finance. In 2016 she received the international Award “Women Sustainability”, which is dedicated to female professionals who have distinguished themselves in the field of sustainable finance. Currently, she is the scientific coordinator and professor in the Master’s programme “Finance: Instruments, Markets and Sustainability” of the Università Cattolica di Milano and she collaborates with the Education Area of the Alta Scuola Impresa e Società (ALTIS). Over the course of her career, she contributed both as author and editor to the following publications in the field of sustainable finance:

  • Manuale di Finanza sostenibile e responsabile per consulenti e risparmiatori (2018);
  • Finanza sostenibile per investitori cattolici (2020).

Gherardo Spinola

Gherardo is the Chief Investment Officer and member of IMPact’s Sustainability Committee.

Since 1991, he has worked as investment manager, adopting an investment management style capable of combining fundamental analysis with the exclusion of specific controversial activities, with a particular attention to corporate involvement in tobacco, gambling and weapons.

IMPact’s Exclusion Policy has been inspired by Gherardo’s approach to sustainable finance, formalising the exclusion criteria that Gherardo has applied in his investment management approach for over 20 years.During his experience in the Azimut Group, Gherardo also contributed to launching and then managing Azimut’s Sustainable Equity Trend fund.
Gherardo has been regularly invited as guest speaker to deliver lectures in master’s programmes focused on sustainable finance.

Dario Mangilli

Dario is the Head of Sustainability and member of IMPact’s Sustainability Committee.

Dario has worked in Paris as Policy Analyst at the Organisation for Economic Cooperation and Development (OECD) in the Trade and Agriculture Directorate. During his experience at the OECD, he contributed to drafting reports on global value chains for environmental goods and services and on trade and investment policies encouraging the large-scale deployment of clean technologies. He has also contributed to writing the chapters on Italy, Spain, Chile and Colombia of the 2018 OECD’s Inventory of Estimated Budgetary Support and Tax Expenditures for Fossil Fuels.

Once returned to Milan, he has worked as Business Development Analyst for a strategy advisory firm specialised in venture philanthropy and impact investing.

Before joining IMPact’s team, Dario worked as Sustainability Risk Analyst for the ESG rating agency Vigeo Eiris, specialising on ESG risks of listed issuers for the infrastructure and real estate sectors.
Dario is also one of the authors of the chapter on corporate philanthropy of the book Filantropia – Attori, Caratteristiche e Prospettive in Italia (2019).