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Solutions for people who do not have access to personal loans

Personal microcredit

The mortgage loan for banned bank owner

This type of loan created in 2005 as a result of the social cohesion plan is dedicated exclusively to debtors who still have the possibility of repayment but who do not have access to conventional bank loans for various reasons.

The social microcredit is for the excluded of the banking circuit, in other words those that the traditional bank has rejected.

If a person can no longer make credit for lack of income, fixed employment, or even bank bans, microcredit is perhaps the ultimate backup solution.

It is organized by financial institutions accepted by the Social Cohesion Fund, voluntary associations such as the Red Cross, Restos du Cœur, Secours Catholique, but also social workers and other networks belonging to Caisse des Dépôts.

A great help

 Whether you have a personal project in mind, whether you are looking to reintegrate into society or want to access or keep your home or job, personal microcredit will be a great help.

However, it is not intended to fill an overdraft or under the repurchase of credit, nor to satisfy the needs related to consumption.

It must be the purchase of a basic good such as a household appliance or a boiler that no longer works, health costs such as dental care, glasses or other. Personal training, driving license and vehicle purchase can be financed by this loan

Family events generate fees and the personal microcredit is able to take care of them, including legal fees during divorce proceedings or funeral expenses. The specialized body can lend an amount of between 300 euros and 3,000 euros and can even go up to 5,000 euros in certain exceptional situations.

The repayment period depends on the financial capacity and the project and can range from 6 months to 36 months, or even more depending on the particular case. It is essential that the debt ratio does not exceed 4%. The consumer does not bear any fees or insurance, let alone penalties in the event that he reimburses in advance.

The CAF loan of honor

The Family Allowance Fund assists people in need through social benefits, but it also has the possibility of granting the loan of honor for the unemployed in temporary financial difficulties. Whatever the reason for your claim, you must receive family benefits and have at least one dependent child or a current pregnancy.

It is important to build a solid case by accurately justifying the project you want to implement as well as your resources and needs to qualify for the loan of honor. The lower the family quotient and the higher the number of children, the more likely that CAF will give you a sum of money.

On the other hand, you must prove that you have the necessary budget to repay to the deadlines fixed by the Family Allowance Fund according to your financial capacity. To help you get this loan, you can contact a social worker to start the application.

Conditions to fulfill

If the conditions of attribution are fulfilled, it will constitute the file which will be examined by the Commission of financial aid of the Board of Directors of the Family Allowance Fund.

It is really the difficulty of the current situation of the recipient who is analyzed, and hence will result, or not, the payment of a loan at zero rate that will be refunded. The maximum amount of the loan of honor is fixed at 1 830 euros and it can be increased to 3 500 euros in exceptional cases.

The refund is made by deductions on family benefits, at most in 36 monthly installments of a minimum amount of 30 euros. Finally, in the case of large receivables, the loan is granted only if it allows the entire debt to be cleared.

The loan of furniture equipment from the CAF

loan of furniture equipment

The Family Allowance Fund grants a loan to families who build in a new home and who can not afford to furnish it or equip it with household appliances and essential equipment such as the refrigerator, the oven, the hob, a table and chairs or a bed.

Households that are already installed can also use CAF’s loan of furniture equipment if it turns out that the equipment is no longer working. This credit allows you to finance furniture in several installments through small monthly installments adapted to your budget.

This help from the Family Allowance Fund is reserved for people in precarious situations who can not buy essential goods for the well-being of their family. The priority rule is to collect the family benefit from the CAF and not to exceed 750 euros of family quotient before applying for a loan to buy furniture.

No automatic assignment

The loan of furniture is never automatically allocated and you must file a social assistance file with the Family Allowance Fund in your area. Your application will then be reviewed by a credit commission which will require you to provide an estimate.

The sum granted by the CAF will then be paid directly to the merchant and differs according to the nature of the equipment. Indeed, the loan will of course not be the same for the purchase of a bed as to change a washing machine.

The recipient is thus forced to conduct a small market study to avoid paying too much for the article because the CAF does not authorize credit for equipment that exceeds the ceiling. In addition, the beneficiary is obliged to pay at least 20% of the price of the item when it is purchased in advance from the supplier.

It is then that the loan holder transmits the invoice to the Family Allowance Fund which will reimburse the merchant once the supporting documents have been received.

On the other hand, you have two months to send them to your welfare center. You can not accumulate furniture purchase loans but you are allowed to file another application six months after repaying the first loan in full. The loan can go up to twenty monthly payments with a minimum reimbursement equivalent to 16 euros.

Financial aid from Pôle Emploi

The unemployed who are registered or not at the Banque de France can benefit from the financial support of Pôle Emploi. For that, you obviously have to be on the list of jobseekers.

The aim is to find work again, by helping the unemployed to find a solution to the financial obstacles that the job search can represent. It is thus possible to pass the driving license thanks to Pôle Emploi. Indeed, the organization wants you to get a job and without a vehicle, it is unlikely that your situation is getting better.

Pôle Emploi then grants a credit of up to € 1,200 if it has been registered for more than six months with its services and receives the Active Solidarity Income or the Return to Minimum Employment Allowance.

In case you live in a geographical area with poor public transport can be a reason for help, as soon as it is noticed by your advisor. If your request is accepted, Pôle Emploi will pay the financial aid directly to the driving school.

Pôle Emploi can also help you with transport or moving assistance so that you can find a job. This type of loan makes it possible to overcome the financial difficulties and to stop depriving oneself of taking public transport because of the lack of available budget.

It also allows you to move closer to a department or city where the job offer is more consistent.

Loan between individuals for tenant banking forbidden

Loan between individuals for tenant banking forbidden

Just look for a lender who pays off your debts and accept that you repay him little by little. The interest rate can only be advantageous since it is negotiated between you within the limits of the rate of usury set by the Banque de France each quarter and taking into account your repayment capacity.

You must establish written proof that lists all the conditions of the loan. This includes the total amount, the repayment term, the cost of the monthly installments, the interest rate, the agreement and the signature of each party. You can draw up the contract under private seal or do it in front of a notary for more precaution.

In any case, it is better to make two copies for each one. In case of conflict, each protagonist can assert his rights with the support of material evidence.

The mortgage loan for banned bank owner

The mortgage is a right taken by a creditor on a new or old building, in order to guarantee a debt. The forbidden bank owner always keeps possession of his property.

It can use the rechargeable mortgage that allows it to reuse an existing mortgage and partially refunded to secure a new credit. The mortgage life is another financial solution for a bank forbidden owner who could not be granted a traditional personal loan.

This is a loan secured on real estate, refundable upon death or the owner’s move. The loan is paid in the form of an annuity or capital, while the debt will not exceed the value of the property on the day of repayment.

These measures make it possible to open up borrowing capacities for banking prohibitions with real estate assets but little income. The credit is not only calculated on the income and therefore the debt ratio of the borrower, but also on the value of the property put in guarantee.

Crowdfunding, The Ban Starts ” We Give Strength to Common Goods”

Crowdfunding: we give strength to the common goods . This is the theme of the 2017 tender for crowdfunding projects launched by the Banca Etica Group.
With the announcement we intend to support initiatives of the Third Sector, of female entrepreneurship 1 or of youth entrepreneurship 2 times for the valorization of assets (buildings, premises, land and infrastructures, public or private for public purposes) for the start or enlargement or the management of reuse, reconversion or redevelopment projects for social, cultural and environmental protection purposes .


What guarantees the selection of the Crowdfunding call

  • Access and exclusive presence on the Rete Etica Network in Produzioni dal Basso for the duration of the collection scheduled from 6 November to 22 December 2017 .
  • Visibility and promotion on the Bank’s website and through newsletters and other communications for the entire duration of the call (at most 90 days except for extensions decided by the Organizers).
  • A training meeting dedicated to designers in videoconference mode, to accompany publication and maintenance activities in the project platform.
  • A contribution from the Fund for Crowdfunding by Etica Sgr to all the projects that will reach at least 75% of the budget, integrating the total amount of the collection up to 100%. The contribution in absolute value can not in any case exceed 7,500 euros , remaining subordinate to the overall capacity of the Fund defined for the specific call and will be paid to those entitled, only at the total deadline of the call as scheduled. The projects, which will autonomously reach full collection with the public, will benefit from favorable conditions on the products and services of the bank .
  • A further period of stay in the Network Banca Etica , after the announcement and for another month , if the budget is not reached, but the project proves to have collected at least 50% of the budget collection : this opportunity will not give the right to the next contribution part of the Fund up to 25% of the remaining budget.

Phases and timing of the Crowdfunding announcement

  1. From September 25th to October 22nd 2017 on the page, applications for crowdfunding projects consistent with the requirements and with the subject matter of the call can be sent .
  2. Within the month of October the internal commission will select up to a maximum of 15 projects . Following this, Banca Etica will communicate by e-mail the result of the evaluation to all the participants and the operational indications for the final phase.
  3. The finalist projects will be able to raise funds in the Banca Etica network on the Produzioni dal Basso (PdB) platform from 6 November to 22 December 2017 .



The theme of the announcement

Planning will be taken into consideration for the development of activities or services for the benefit of the community within spaces managed directly by the proposing subject. The real estate must be fully available to the proponent The interventions for the enhancement of the assets will be in a preferential, but not exclusive, real estate in which there is already a redevelopment project for social purposes through public evidence (eg assets confiscated from the Mafia and specifically assigned or other public tenders, eg the management of Anas canton houses) or local and private calls (such as, for example, redevelopment projects of the Railways, assignment initiatives by ecclesiastical bodies or local institutions and administrations) . Assignments (on free loan, from free multi-year concessions or enhancement, other methods of assignment to term) must already be effective at the time of application, as documented by the property or self-certification by the proposer.

Those already involved in the project presented will be privileged , the initiatives that involve assets already available to the public or that integrate services already in operation.

Interventions for the acquisition of assets and resources as well as investments for restructuring, re-use or redevelopment will also be allowed.

Therefore , investments, either tangible or intangible, that do not have a direct relation or purpose instrumental to the realization of the intervention will be excluded .

For all applications it is required that the estimated budget (total cost of the campaign and all related charges) ensures full expected operation and its sustainability over time.

To whom it is addressed

Third sector organizations, cooperatives and companies with female and youth entrepreneurial requirements are invited to participate. The winning organizations are already established at the time of the call for tenders (also in start-ups or in the spin-off phase of established organizations) and are members of the bank or otherwise commit themselves to becoming one; from the operational point of view, the opening of the current collection account at the Bank will be a binding technical condition.

Project selection criteria

Third sector organizations, cooperatives and companies with female and youth entrepreneurial requirements are invited to participate. The winning organizations are already established at the time of the call for tenders (also in start-ups or in the spin-off phase of established organizations) and are members of the bank or otherwise commit themselves to becoming one; from the operational point of view it will be in fact a binding technical condition to open the current collection account at the BancaI projects will be selected by an internal commission to Banca Etica, which will carry out its assessment by comparing the different applications according to the following criteria:

  • relevance to the announcement;
  • overall quality and originality of the project;
  • quality of the communication plan and ability to activate promotion networks and a community of interest to the specific project;
  • the economic sustainability of the project as represented in the budget also with respect to the objectives of the collection and the development prospects starting from the project idea;
  • the overall expected social and environmental impact, expressed through quantitative and / or qualitative indicators, with respect to the objectives envisaged by the project;
  • previous crowdfunding experiences in partnership or for other projects;
  • overall consistency with the values ​​and objectives of Banca Etica, as summarized in Article 5 of the Bylaws (cr. Banca Etica: who we are ).

Application documentation

They are foreseen as mandatory attachments , in the Format of the application which must be complete and correct in its main information:

  • the Project in synthetic form but complete (up to 2 standard folders) with description of the proponent that highlights their experiences with respect to the activity in question (eg references and network of partnerships activated, previous crowdfunding experiences, skills or competences in the construction of network or management of online communities and activities in social media, etc.);
  • the Budget or economic-financial plan for forecasting and managing project expenses (including campaign costs or activities related to crowdfunding, any rewards, service costs, etc.);
  • the Communication Plan or explanatory document on the support action for the planned fundraising, creation and management of the support community, reward-reward system studied in this regard and every element that helps in the promotion of the initiative;
  • the Document or self-certification attesting the availability of the asset by the proposing subject.

Savings, A Tool For Sustainable Development For The Future

Savings , a useful tool for the social and civil development of the country . This is the thought of 80% of Italians who, despite the context of uncertainty, continue to save money to be able to look to the future with tranquility and wisdom .

These are some of the considerations that emerge from the survey on Italians and the savings of Acri-Ipsos presented on the occasion of the 94th World Savings Day . Specific theme of this Day, which falls every year on October 31, is the ” Ethics of saving and development “.

Data from the survey on Italians and Savings

The results of the survey confirm that the tension to save, or the desire to save , is very strong and concerns 86% of Italians. 39% of households say they have actually managed to save money (+ 2% compared to 2017) and, as reported by Istat, there is also an increase in household gross savings (+ 18% compared to the same period of 2017). When Italians think of savings, the references are above all positive (82%), linked to the idea of tranquility (39%), protection (21%) or wisdom (19%). Saving for Italians is an attitude of life linked to daily life , which translates into a continuous attention that starts from small things and reaches the biggest, rather than a constant renunciation or a run-up to the discount.

A saving that consciously looks to the future

Increasing the share of Italians who attribute to savings a value that goes beyond the private sphere and are increasingly those who, when they save, perceive to do – in addition to their own interests – also those of the country: they were a quarter in 2017 (24% ), about a third now (32%). And that’s not all. For 51% of Italians, a fundamental aspect of saving is linked to the education of young generations to a conscious and balanced life , to get them used to planning and thinking about the nearest future or after retirement. The savings, in fact, is also very linked to the idea of ​​the future and the thought of what will happen: Italians save above all to protect themselves from future risks and to be ready for tomorrow, good or bad.

The role of companies for a more sustainable development model

The survey also deepens the world of companies as protagonists of the production world and possibly the object of investing savers. According to 79% of Italians, these must be attentive to the consequences of their activity on the environment and on the social fabric , urging a sustainable and responsible attitude . 68% of the world’s population believes that the companies that will be successful are those that will not only provide good products or services, but that will make a positive contribution to society . The survey shows that companies, to be considered sustainable, should combat all new forms of slavery , especially juveniles (80%), refuse any attempt at corruption (77%) and avoid running any risk to the consumer (75% ).

Invest today for a more sustainable future

Sustainability and responsibility are the key words that inspire the range of Etica Sgr mutual funds . A range of products that offers investors the opportunity to invest in the most virtuous countries from a social and environmental point of view and in companies that pay more attention to sustainability and collective well-being . In addition, with a view to stimulating companies to adopt increasingly sustainable and responsible behavior, Etica Sgr constantly talks with the top management of companies in which they invest their funds and intervenes in the shareholders’ meetings with a particular focus on the issues related to the Sustainable Development of the United Nations.

The Results of the Impact Report

Impact report: the new way to see the investment

Impact report by Etica Sgr: a novelty made in Etica Sgr. What is it?

Let’s start with a photograph of the world of savings: socially responsible finance is no longer a niche issue, today it is mainstream and   meets the sensitivity of an ever-wider audience .

This is because today’s investors are no longer just content with their returns but are expecting more from their investment. For example, know what their savings are and if their choices have a socio-environmental impact.

Responsibility and performance are therefore two interrelated factors for an ever increasing number of investors, also because the idea that investments chosen with a rigorous social, environmental and good governance method are able to produce good long-term performance are now accepted. a lower risk .

The impact of the investment

Why is it important today to be aware of your investment choices ? They are now known to all the risks that threaten the planet and the legal and reputational consequences that would result from insufficient attention to the problem, in addition to the consequent financial damage .

Not to mention that the social and governance aspects have the same importance as the environmental aspects in determining the impact of a company and its possible exposure to business risks / opportunities.

At Etica Sgr we are convinced that investing according to environmental, social and governance criteria and being able to measure the effects and achievements achieved with respect to the market represent an important integration of value . To respond to this need and to have maximum transparency towards our customers, the Impact Report was born (find out immediately ).


Etica Sgr publishes the first impact report

Etica Sgr has decided to be an active part in this action program, reinforcing the sustainability analysis .

Such as? Through the calculation of the impact of their equity investments, to grasp the link with the real economy. With this in mind, Etica Sgr has published the first Impact Report (find out now ), which measures the environmental, social and governance sustainability of the companies in which the Ethical Equity fund invests in relation to the market (as reference ETF iShares Msci ACWI , fund benchmark proxy).

The results

The Impact Report takes into consideration a set of indicators consistent with the Sustainable Development Goals (SDGs) of the UN agenda, bringing out excellent results.

The results of the Impact Report: the companies in which Etica Azionario invests have a positive impact higher than the reference market, which amounts to:

  • 43% more in the environmental field,
  • 28% in the social sphere,
  • 21% in terms of governance .

This is an important milestone, but at the same time an important starting point for strengthening the effectiveness of our company selection process.

Sustainable investments reduce the risk

Responsibility for investments is an opportunity . Just think about the reduction of waste and waste ,   the development of environmental quality management systems , the implementation of policies on equal opportunities .

All these issues have now become real competitive factors of investment and are increasingly integrated into risk management.

How much is the impact investment market worth?

The impact investment market is gaining more and more momentum globally. According to Eurosif, it is the fastest growing category in SRI strategies and worth € 98 billion in Europe, up by 385% compared to € 20 billion in 2013 [1] .

According to the Global Impact Investing Network , the 208 largest global institutions (Fund managers and Foundations) that contributed to the realization of the last survey in 2017, manage 114 billion of assets in impact investments [2] .

The United Nations: 17 Goals for sustainable development

Finance today plays a decisive role in promoting sustainable development, a crucial goal of the UN 2030 Agenda. The 2030 Agenda is an action program signed by the governments of 193 UN member states that sets 17 common goals for international development .


Investing responsibly would speed up sustainable development. This is demonstrated by the study ” Better business, better world ” of the Business and Sustainable Development Commission according to which setting sustainable development objectives at the center of global economic strategy would mean creating new business opportunities by 2030 for a value of 12 thousand billion dollars.

Etica Sgr engagement, voting and dialogue with companies

What is engagement in the world of investment? By the term engagement we refer to the activity of dialogue between investors and businesses and the exercise of voting rights in relation to our equity investments.

The aim of engagement is to establish a continuous and constructive dialogue over time on the questions of sustainability and social responsibility.

Engagement activities in 2017

Let us look in detail at how Etica Sgr engagement developed in 2017.

Voting: shareholder activism

voto 270x300

In 2017 Etica Sgr directed its shareholder activism at 17 firms, of which 11 Italian, 3 Japanese and 3 American. Etica Sgr is committed to physically attending the shareholders’ meetings of all Italian companies in which its funds invest. This is a vital aspect of building an increasingly fruitful dialogue with the boards of directors.

Particular attention was given to the sphere of governance in relation to the following issues:

  • Gender diversity in terms of the number of women on boards of directors;
  • Remuneration policy;
  • Independence of the members of the Board of Directors;
  • Policy on dividends;
  • Purchase of own shares.

Dialogue with the companies


Etica Sgr’s dialogue activities set out to influence and drive businesses towards best practices and sustainable behaviours.

This is why activism is not limited to the companies in which the funds invest or which make up the Investable Universe.

Dialogue can go beyond this to involve other firms, especially together with international networks of responsible investors with whom Etica Sgr collaborates. The strategic areas of dialogue that Etica Sgr has identified are:

      • Climate change.
      • Human rights in the supply chain.
      • Tax optimization.

Why does Etica Sgr believe in engagement?

Etica Sgr has always been committed to furthering sustainable and responsible investment and views engagement as an indispensable and strategic part of its work. Engagement is not limited to the shareholders’ meetings at which we exercise our voting rights, but is built by continual dialogue throughout the year. We use precise targets to measure progress over time, through a patient process of pointing out to firms the opportunities, even in business terms, of increasingly responsible behaviour, adapting corporate practices to ongoing environmental and social change.


Our efforts are aimed primarily at urging them to think about and act on environmental, social, governance issues, and for this reason we try to take the path towards improvement together with our corporate interlocutors. This is especially important today, when governments, companies and the public are called to do more to achieve sustainable development.

The importance of this area for Etica Sgr was confirmed by the creation in 2018 of the Corporate Engagement and Network Manager to oversee the work on sustainability carried out by Etica Sgr either independently or together with the national and international networks to which it belongs.

Etica Sgr, engagement and SDGs: united we are stronger

At 2017 shareholders’ meetings Etica Sgr chose for the first time to associate the issues addressed in our engagement activity with the United Nations Sustainable Development Goals to try and stimulate dialogue with firms on the broader, globally shared question of sustainable development.

These Goals commit the governments of the 193 Member States of the United Nations to promote sustainable development around the planet, touching issues such as health, education, gender equality, combating famine and poverty and environmental safeguards.


What are the main issues tackled by Etica Sgr?

To learn more, click on the following items.

Corporate governance

The question of corporate governance covers issues such as the independence of the Board of Directors, the separation of the Chairman of the Board and the Chief Executive Officer/Managing Director, the gender diversity of the board and remuneration systems.

These issues are central to Etica Sgr’s analyses because a well governed company is more likely to achieve strong financial results in the long-term.

GOAL 5: Gender equality

Achieve gender equality and emancipate all women and girls. The principal barrier to change is the persisting gender gap, seen in the fact that women are often still under represented in managerial positions or paid less for doing the same job.

GOAL 8: Decent work and economic growth

Incentivise lasting, inclusive and sustainable economic growth, full and productive employment and decent jobs for everyone.
Regarding Sustainable Development Goal number 8, Etica Sgr has been actively involved in the governance issues relating to corporate remuneration.

GOAL 12: Responsible consumption and production

Ensure sustainable consumption and production patterns. One of the aims of Sustainable Development Goal number 12 is to encourage businesses, in particular large multinationals, to include information on sustainability in its annual statements.

Commitment to tackling climate change

Etica Sgr has long taken an active interest in climate change, excluding from its investments those industries with a particular impact in terms of gas emissions such as petroleum or mining, preferring to invest in environmentally friendly companies. Etica Sgr’s engagement activity reinforces and amplifies its efforts as a sustainable and responsible investor, encouraging the companies in which it invests to adopt more efficient strategies in line with the Sustainable Development Goals linked to climate change.

GOAL 6: Clean water and sanitation

Ensure that sustainable water management and hygiene/sanitation systems are available to everyone. The United Nations is calling for a more responsible use of water resources. The goal is to achieve adequate and fair access to hygiene and sanitation for everyone, reduce pollution and protect and restore water-related ecosystems.

GOAL 13: Climate Action

Promote action to combat climate change at every level. Climate change is a global challenge that knows no bounds. Greenhouse gas emissions caused by human activity are currently at their highest levels in history. Against this background Etica Sgr is committed to driving companies towards a low carbon economy, pressing for emissions reporting and reduced consumption, and the development of renewable energies.

GOAL 15: Life on land

Protect, restore and encourage sustainable use of the ecosystem and forest management, combat desertification, arrest land degradation, and halt biodiversity loss. The United Nations believes that it is important to mobilize sizeable financial resources to preserve biodiversity and ecosystems. Etica Sgr is therefore urging companies to adopt responsible wood procurement policies, reduce deforestation by suppliers of palm oil and policies that are friendly to wild animals.

Human rights in the supply chain

The question of human rights is of vital importance, especially in countries with slack legislation, where many businesses often operate through their suppliers. Etica Sgr has always focused attention on respect for human rights in the selection and monitoring of the supply chains of the businesses in which it invests. Engagement activism tries to raise awareness among company boards of the values of social and environmental responsibility also with respect to their suppliers. It is important to incentivise the monitoring of internal processes through for example supply chain audits to prevent episodes of discrimination or exploitation like child or forced labour.

GOAL 8: Decent work and economic growth

Incentivise lasting, inclusive and sustainable economic growth, full and productive employment and decent jobs for everyone. For Etica Sgr a sustainable supply chain is both necessary and at the same time extremely rewarding. Etica Sgr occupies the front line in campaigns against human rights violations, drawing firms’ attention to their supply chain policies and recruitment practices to protect respect for the environment and human rights along the whole chain.

GOAL 16: Peace, justice and strong institutions

Promote peaceful and more inclusive societies for sustainable development; offer access to justice for all and create efficient, responsible and inclusive bodies at every level. The United Nations is calling for governments to reduce illicit flows of finance and weapons and step up measures to combat all forms of organized crime by 2030. It is vital that national institutions are strengthened, even through international cooperation, to enable them to prevent violence and combat terrorism and crime.

Tax optimization

Investors are increasingly taking an interest in the conduct of the companies in which they invest. As a consequence, companies have a strategic interest in reconciling economic growth with a fair distribution of resources, managing their tax affairs transparently and in accordance with the law, adequately rewarding all stakeholders, and fully disclosing all their activities.

GOAL 10: Reduced inequality

Reduce inequality within and among countries. Reducing national and international inequality is probably one of the world’s most challenging goals, because the poorest countries have few means available to improve their situation. Sustainable Development Goal 10 draws attention to this issue measured by various indicators including the social, economic and political inclusion of citizens. Reducing inequality is also especially important in that, beyond a certain threshold, it is damaging to economic growth

Balance 2014: A Record Net Profit of 1.8 Million

Balance 2014: A Record Net Profit of 1.8 Million

Etica Sgr closes the 2014 Balance project with record net profits of 1.8 million euros (+173%)

A dividend of 2.5 euros per share is proposed. The assets of the funds at the end of the year amount to 1.3 billion euros

  • Gross profit amounts to 2.8 million euros (+136% compared to 2013), active commissions to 13.7 million (+79%) and the intermediation margin is 5.8 million (+67%).
  • The management committee of Etica Sgr proposes to the shareholders the distribution of a dividend of 1.1 million euros, equal to 2.5 euros per share.
  • The net fundraising of the Valores Responsables funds in 2014 closes to +466 million euros. The managed assets amount to 1.3 million euros (+70%).
  • The number of clients (active positions) exceeds the figure of 68,000 (+77%). Etica Sgr is confirmed as the first operator in the sector of ethical funds, with a market share of 42% (Assogestioni data as of December 31, 2014).
  • Active shareholder: interventions in the boards of 27 companies (ten of them Italian) present in the portfolio of the funds.
  • The guarantee fund for microcredit in Italy amounts to 1.3 million euros for 2015.

The Board of Directors of Etica Sgr, the asset management company of the Banca Popolare Etica group, approved the 2014 Balance sheet project, which registered net profits of 1.8 million euros (+173% compared to 2013). The active commissions amount to 13.7 million euros (+ 79%), while the intermediation margin amounts to 5.8 million euros (+67%). The gross benefits amount to some 2.8 million euros (+ 136%). For the third consecutive year it is proposed to distribute a part of the benefits to the partners: the proposed dividend is 1.1 million euros, equal to 2.5 euros per share (last year it was 1 euro per share). The 2014 Balance Project and the distribution of benefits will be presented to the Shareholders’ Meeting, which will be held on April 29, 2015, for approval.

« 2014 closed with very positive results for Etica Sgr. The assets managed by the Valores Responsables funds reached 1.3 billion on behalf of more than 68,000 customers. A historic milestone for Ethical Finance, which confirms once again that there is a growing interest on the part of Italian savers in finance attentive to the social and environmental consequences, ” says Ugo Biggeri , president of Etica Sgr. ” The results show how a careful composition of the investment portfolio carried out by selecting the companies and the states that have the best results in terms of social, environmental and government attention, determines good results and considerable interest on the part of investors. We are also very satisfied with the social and economic impact we are developing through active shareholding and microcredit. “

« Only in 2014 the company has already focused on the objectives of capturing the three-year plan», adds Alessandra Viscovi , general director of Etica Sgr. « These give us strength to continue our work of promoting Ethical Finance with even more enthusiasm, settling in the Italian market as a leader in the sector. In particular, we are studying new products and services that we will be launching during the year in order to further boost the development of responsible finance. “

Active shareholder in 2014

In 2014, the active shareholder activity continued to grow: Etica Sgr voted at the shareholders’ meetings of 27 companies, ten of them Italian. ” We have intervened specifically on environmental issues such as global warming, environmental monitoring of the supply chain, the use of environmental parameters in the calculation of management remuneration, the use of water and sustainable food,” says Leonardo Becchetti , president of the Ethics Committee. ” In addition, issues related to human rights and social and environmental reports have been addressed.”

The patrimony and the clients grow

In 2014, the net collection of the Valores Responsables funds was 446 million euros , while the managed assets grew to 1.3 billion euros (+70%) . There was also a significant increase in the number of clients (active positions), which at the end of the year exceeded 68,000 (+77%). The PAC instrument was a great success, and thanks to different campaigns supported by some investment agents, it was chosen during the year by more than 18,900 savers, with the total number of PACs active at the end of the year exceeding 34,000 According to the latest findings of Assogestioni (as of December 31, 2014), Etica Sgr is the first operator in Italy in the field of ethical common funds, with a market share of 42%.

Acquisition of Etica Sgr vs open funds market in Italy.

Data as of 12/31/2014. Source: Etica Sgr processing based on data from Assogestioni.

Support for microcredit in Italy

The good evolution of the 2014 uptake has made it possible to increase aid to the real economy and to small entrepreneurs in Italy, increasing the assets of the guarantee fund for microcredit projects by almost 1.3 million euros . This fund, managed by Banca Etica and fed by the optional contribution of the subscribers of the funds Responsible Securities (0.1% of the invested capital), allowed last year to grant 45 new financing, 45% of which gave rise to initiatives enterprising

Integrated Balance Also for 2014, for the fifth consecutive year, Etica Sgr decided to write the Integrated Balance, which links the civil part with the main economic results of the company and the sustainability report carried out according to the guidelines of the “GRI – Global Reporting Initiative ” (version GRI- G4).

Engagement of Etica Sgr, Voting and Dialogue with Companies

Engagement of Etica Sgr, Voting and Dialogue with Companies

Engagement of Etica Sgr, voting and dialogue with companies

What is engagement in the investment world? The term engagement refers to the activities of dialogue between investors and companies and the exercise of voting rights connected to the shareholding.

The objective of the engagement activity is to establish an ongoing dialogue over time and constructive on issues of sustainability and social responsibility .

The engagement activity of 2017

Let’s see specifically how Etica Sgr’s engagement activity was developed in 2017.

Voting activity: active ownership

voto 270x300 In 2017 the active shareholding of Etica Sgr was aimed at 17 companies , of which 11 Italian, 3 Japanese and 3 American. Etica Sgr undertakes to physically attend the Board of shareholders of the Italian companies in which the funds are invested. A certain fact is not negligible, to make the comparison more and more profitable by involving the Board members in the dialogue.

In particular, specific attention was given to the scope of governance in relation to the following topics:

  • management of gender diversity , in relation to the presence of women in the Boards of Directors;
  • remuneration policies ;
  • independence of the members of the Board of Directors ;
  • dividend policies;
  • purchase of treasury shares .

Activities of dialogue with companies


The dialogue activity for Etica Sgr aims to influence and push companies towards sustainable good practices and behaviors .

For this reason, this activity is not limited to the companies in which the funds invest or are part of the Investible Universe.

In fact, the activity can go further and involves other realities, especially if it is carried out with international networks of responsible investors with whom Etica Sgr collaborates. With regard to dialogue activities, the strategic areas identified by
Ethics Sgr are:

      • Climate change.
      • Human rights along the supply chain.
      • Tax optimization.

Why does Etica Sgr believe in engagement?

Etica Sgr, which has always been committed to sustainable and responsible investments , considers engagement to be an essential and strategic element of its business. The engagement activity is not limited to the single shareholders’ meeting in which the right to vote is exercised, but develops during the year in a continuous dialogue. The objectives of which to monitor progress over time through a patient journey are precise, the aim is to highlight companies the opportunities, also in terms of business, to assume increasingly responsible conduct , with a view to adapting the company’s business to environmental and social changes taking place.


Our action is aimed above all at soliciting reflection and action on aspects related to the environment, to the social, to governance and for this reason we undertake paths for improvement with company interlocutors. Above all in a context such as the current one, where governments, companies and citizens are called to do more to achieve sustainable development.

The importance of the engagement activity for Etica Sgr is confirmed by the fact that, in 2018, the figure of Corporate engagement and network manager was set up, which deals with managing the engagement activity on sustainability issues realized by Etica Sgr independently or within the national and international networks to which it belongs.

Ethics Sgr, engagement and SDGs: unity is strength

The shareholders season 2017 Etica SGR has chosen to associate, for the first time, the issues addressed in the activity of engagement with companies to Sustainable Development Goals (Sustainable Development Goals – SDGs) of the United Nations, with the aim of stimulating the dialogue with companies in a broader, global and shared perspective: that of sustainable development .

These Goals commit the governments of the 193 member countries of the United Nations to promote sustainable development of the planet, touching on issues such as health, education, gender equality, the fight against hunger and poverty and environmental protection.


What are the main areas tackled by Etica Sgr?

Find out more by clicking the following items.

Corporate governance

The subject of corporate governance is linked to elements such as the independence of the Board of Directors, the separation between the Chairman of the Board of Directors and the Managing Director / General Manager, the gender diversity in the Board of Directors and the remuneration systems.

This issue plays an important role in the analysis of Etica Sgr, because a well-run company has a better chance of giving good economic results in the long term.

OBJECTIVE 5: Gender equality

 Reaching gender equality and empowering all women and girls. The main obstacle to change is the persistence of a gender gap, often highlighted by the fact that women are still under represented in managerial positions and / or remunerated less at the same position.

OBJECTIVE 8: Digitious work and economic growth

 Encouraging lasting, inclusive and sustainable economic growth
full and productive employment and decent work for all. As part of the eighth Sustainable Development Goal, Etica Sgr dealt with governance issues relating to corporate remuneration policies.

OBJECTIVE 12: Consumption and responsible production

 Guarantee sustainable production and consumption models. One of the Goals of the Sustainable Development Goal “Consumption and Production Responsible” encourages companies, especially large multinational companies, to integrate sustainability information into their annual reports.

The commitment to face climate change

Etica Sgr has always been active in terms of climate change, a commitment that is realized by excluding investments from sectors that have a particularly impact in terms of climate-changing gas emissions, such as the oil or mining sector, and choosing the most virtuous companies from the point of environmental sight . With the engagement activity Etica Sgr strengthens and amplifies the commitments undertaken as a sustainable and responsible investor, encouraging companies in which it invests in developing strategies that are increasingly efficient and consistent with the Sustainable Development Goals linked to climate change.

OBJECTIVE 6: Clean water and hygiene

 Ensure the availability and sustainable management of water and sanitation facilities to all. The United Nations push towards greater
responsibility in the use of water resources. We must achieve adequate and fair access to sanitation for all, reduce pollution and protect and restore water-related ecosystems.

OBJECTIVE 13: Acting for the climate

 Promote actions, at all levels, to combat climate change . Climate change is a global challenge that has no boundaries. Greenhouse gas emissions from human activities are currently at their highest level in history. In this context, Etica Sgr is committed to guiding companies towards a low carbon economy, urging the reporting of emissions and the reduction of consumption, favoring the development of renewable energy.

OBJECTIVE 15: Life on earth

 Protecting, restoring and promoting sustainable use of the Earth’s ecosystem, sustainably managing forests, combating desertification, stopping and reversing land degradation and halting the loss of biological diversity . The United Nations considers it important to mobilize and substantially increase the financial resources to conserve biodiversity and ecosystems. Etica Sgr therefore urges companies to adopt responsible procurement policies for timber, reducing deforestation caused by palm oil suppliers and policies to respect animals.

Human rights along the supply chain

The issue of human rights is of crucial importance, especially in those countries characterized by low-stringency legislation, where many companies operate through their suppliers. Etica Sgr has always been careful to respect human rights in the selection and monitoring processes of the supply chains of companies in which its funds invest. The engagement action is aimed at soliciting the Boards of the companies on the values ​​of social and environmental responsibility also towards their suppliers. It is important to encourage the reporting of internal processes, such as supply chain audits, to avoid incidents of discrimination or exploitation such as child or forced labor.

OBJECTIVE 8: Decent work and economic growth

 Encouraging economic and lasting, inclusive and sustainable growth, full and productive employment and decent work for all . For Etica Sgr a sustainable supply chain is necessary and at the same time highly rewarding. At the forefront of campaigns against the violation of human rights, Etica Sgr draws the attention of companies on the policies for supply chain management and workforce procurement practices, so that respect for the environment and human rights is protected throughout the supply chain.

OBJECTIVE 16: Peace, justice and strong institutions

 Promoting peaceful and more inclusive societies for sustainable development ; offer access to justice for all and create efficient, responsible and inclusive bodies at all levels . The United Nations requires the planet to reduce illicit financial and arms flows by 2030 and combat all forms of organized crime. It is important for national institutions to strengthen themselves, including through international cooperation, to prevent violence and combat terrorism and crime.

Tax optimization

Investors are increasingly turning their attention and interest into the business conduct of the companies in which they invest. Consequently, for a company it is strategic to reconcile economic growth with a correct distribution of resources, adopt transparent tax management and in line with current legislation, appropriately remunerate all stakeholders, report in an integrated manner its business activity. .

OBJECTIVE 10: Reduce inequalities

Reduce inequality within and between nations . Reducing national and international inequalities is perhaps one of the most challenging objectives. In fact, few resources are available for the poorest countries to improve their situation. The Sustainable Development Goal 10 draws attention to this aspect monitored through specific indicators, including social, economic and political inclusion of citizens. Reducing inequality is also and above all a necessity because, beyond a certain threshold, inequality also damages economic growth.


SRI Week, The Master Event on Responsible Finance Returns

SRI Week, The Master Event on Responsible Finance Returns

SRI week, the master event on responsible finance returns

SRI week, soon we start again! The most important initiative in Italy on the theme of sustainable finance has reached its sixth edition. We are talking about the SRI Week (from English Sustainable and Responsible Investment which stands for sustainable and responsible investment). The event is promoted and coordinated by the Forum for Sustainable Finance (FFS) , the multi-stakeholder organization that promotes the integration of environmental, social and governance criteria into investment policies and processes. The organization also collaborates with the Members or other subjects who share the Forum’s mission. Sustainable Finance Forum

The event will take place from 8 to 17 November . It will be a succession of meetings and conferences, all with free admission, which will take place between Milan and Rome . High-profile national and international speakers will present important studies and research focused on sustainable finance.

The themes of the SRI Week

The opening day will take place in Rome at the Chamber of Deputies with the presentation of research on responsible retail investors in Italy. The focus will be on socio-environmental aspects in investment choices.

The main themes of the SRI week events will be the impact investing , the role of sustainable finance in local development , the risks and returns of sustainable investments and the evolution of diversity & inclusion in the Italian scenario.

Within the SRI Week is the SRI Show , the first Italian trade fair dedicated to sustainable finance products open to investors and consultants. The event will take place on November 14th in Milan within the elegant setting of the Stelline Congress Center.

The edition will close again in Rome at the COVIP headquarters with an event dedicated to the social security sector. On this occasion a survey will be presented on the sustainable investment policies of the main Italian social security plans .

Ethics Sgr at the SRI Week

Also this year Etica Sgr will be present at the Salone SRI on November 14th with its own stand and will preside over the event which will be held on November 15th at BASE Milano. On this occasion the Impact Investing manual will be presented, created by the Forum for Sustainable Finance in collaboration with the Social Impact Agenda for Italy. The publication is the result of a working group of which Etica Sgr is part, alongside financial operators and third sector organizations.

As a responsible investor, we strongly believe that finance should contribute to generating a positive social and environmental impact. Microfinance and crowdfunding (literally bottom-up funding) are important examples of financing the real economy to generate positive impact in society.

Indeed, the impact investing strategy is experiencing significant growth in Italy and Europe. This was also confirmed by the data from the last Eurosif study ” European SRI Study 2016 “.

Finance, but not only

In recent years we have seen important progress in sustainable finance in Europe and in Italy: in fact, the masses managed according to the ESG criteria are growing and the importance given by the various financial subjects to the issues of sustainability is growing. Moreover, this evolution is reflected in the associative base of the Forum, ever more numerous, motivated and proactive.

Bicciato, Secretary General of the Forum underlined .

There will also be a specific focus on Europe with the presentation of the High-Level Expert Group on Sustainable Finance . This is a study carried out by the European Commission with the aim of developing a common strategy on the development of sustainable finance. The conference is the Italian stage of the Roadshow that Eurosif – the association that promotes sustainable finance in Europe, which the Forum is part of – is organizing in the main European financial centers.

Sustainability is not only finance, but also culture, then theater, music, interactivity and workshops for children. After the SRI week, on Sunday 19 November at Palazzo Mezzanotte, interesting cultural events will take place to bring the general public closer to the young and to sustainability. Go to the complete program .

Sustainable Development, An Economic Model with 24 Million Jobs

Sustainable Development, An Economic Model with 24 Million Jobs

Sustainable development, 24 million new jobs by 2030

Sustainable development is also worthwhile in purely economic terms: 24 million new jobs by 2030 . This is the estimate of the last report published by the International Labor Organization (ILO), entitled ” Greening with jobs. World employment social outlook 2018 “, in which the impact in terms of employment of the ecological transition is calculated to implement the Paris Climate Agreement.

In the budget of this transition, it is estimated that as many as 6 million jobs could disappear , all concentrated in sectors related to fossil fuels and mining .

The balance would therefore be active for 18 million jobs . To these could be added another 6 million by investing in a circular economy .

Sustainable development and … employment

Employers who lose fossil fuels , concentrated in some geographic areas, could be the main ones to lose jobs.

Sustainable development in Europe would lead to a positive job balance (around 12 million more jobs), the same in the Americas (3 million) and the Asia-Pacific area (14 million). In the Middle East and in Africa the values ​​would be negative for 300 thousand and 350 thousand. This is due to the massive presence of structures and companies engaged in the fossil fuels and mining sectors.

Employment by region in 2030 (percentage difference)

Occupazione per regione nel 2030 e1527695320297

Benefits for much of the world economy

At a global level “most sectors of the economy will benefit from net job creation “, the UN explains: out of the 163 economic sectors analyzed by the report, only 14 could be subject to job losses of over 10,000 jobs. work.

Only oil extraction and refineries will see their workers decrease by more than a million units. On the contrary, in the energy production sector, the losses of 400 thousand places (mainly in the exploitation of fossil fuels) would be largely offset by the reaction of 2.5 million new seats guaranteed by renewables.

Employment by sector (percentage difference) 

Occupazione per settore nel 2030

The circular economy , recycling activities, separate collection, repair and reuse services could also provide new impetus . Although judged to be more difficult to quantify, the growth of organic farming would also guarantee an important number of new jobs.

Prepare for the green transition

The path towards sustainable development will certainly not be “automatic” or painless. So much so that the UN “invites countries to take urgent action to train workers in the skills necessary for the transition to a greener economy and to ensure social protection that facilitates the transition to new jobs”. “Above all, low or middle income countries – the report reads – still need to adopt and finance strategies that guarantee a transition towards a sustainable and inclusive economy, both from an environmental and a social point of view”.

Sviluppo sostenibile

Ethics Sgr and sustainable development

Etica Sgr has always promoted the transition to a sustainable economy and it does so by engaging on various fronts. Such as?

  • It offers a simple and transparent range of funds , compliant with the European Code for the Transparency of Sustainable and Responsible Investments of Eurosif and certified for the system for the Quality Management System of the analysis and research process.
  • It carries out engagement activities, through which Etica Sgr dialogues with companies to encourage top management to undertake increasingly responsible conduct.
  • Form and infoma with EticAcademy , the online training academy of Etica Sgr, a reference point for the banks and placement agents of the funds of Etica Sgr.

For us, financial education is one of the fundamental elements for the transition towards a model of sustainable development.


Pollutant Emissions, Investors Ask for More Transparency From the Fossil Sector

Pollutant Emissions, Investors Ask for More Transparency From the Fossil Sector

Polluting emissions, investors demand more transparency from the fossil sector

“To achieve the goals set by the Paris Climate Agreement, companies in the fossil fuel sector must be more transparent and take responsibility for their polluting emissions “. Thus the open letter sent to the Financial Times by 60 financial companies begins.

These are companies that together manage more than 10.4 trillion dollars , long-term investors of the oil & gas sector.

More costs for the sectors that emit polluting emissions

“We are strongly aware of the importance of a transition to a low polluting future ” – the letter reads – “for the sustainability of the global economy and the prosperity of our customers”.

It is also also a question of costs: the new regulations in many countries of the world are aimed at keeping the global temperature rise below 2 degrees and meeting the objectives set by the Paris Agreement . This means that in future there will always be greater costs for the sectors that emit polluting emissions and will therefore be subject to an increase in investment risks .

Reduce polluting emissions, a necessity

The CDP (formerly the Carbon Disclosure Project) estimates that the oil & gas sector is responsible for 50% of global pollutant emissions . And, they write in the open letter, “for 90% these emissions derive from the use of the products of companies in this sector”. Consequently, “reducing the polluting impact of our products would be, for these companies, the most effective strategy for moving to a world with low polluting emissions”.

The 60 big investors also ask governments to pursue a regulation that supports investments in low impact technologies .

“We will continue our vigilance and dialogue with companies in the fossil fuel sector, to better understand how the investments we choose on behalf of our customers are in line with a sustainable future . We investors are taking over our responsibility to support the Paris Agreement “- the open letter closes -” it is time for companies to do the same “.

The EU Parliament also calls for a fossil free future

A request for disinvestment from the fossil fuel sector also came from the European Parliament , which approved a resolution on sustainable finance .

The provision highlights fifty points, emphasizing the importance of a stable and ambitious regulatory and supervisory framework for mobilizing private capital towards sustainability .
And, among the various points, he also asks to put in action actions to “decarbonise” the most prestola finance . “Since by the middle of the century we have eliminated fossil fuels from our economy” – said Molly Scott Cato, the British MEP rapporteur of the resolution – “we must also eliminate the activities that depend on them from our financial system”.

Reducing the impact on the environment: we believe in it to the end

At Etica Sgr we care about the transition to a low carbon future . For this reason we join – already in 2015 – at the Montréal Carbon Pledge , an initiative promoted by the PRI aimed at institutional investors all over the world, which includes the commitment to measure, reduce and report the carbon footprint . of their equity investments.

From the last study carried out on the Ethical Equity Fund, it emerged that the companies in the portfolio are active in reducing their polluting emissions. In fact, 81% of companies have undertaken initiatives to reduce environmental impact through, for example, the development of low carbon products and production processes that are more energy efficient.