Fondo Pensione Nazionale: Best Pension Fund Governance Italy 2021

Fondo Pensione Nazionale BCC (FPN) is an Italian second-pillar pension fund that’s raising the bar for responsible investing. Unlike most second-pillar peers, FPN has invested in a broad spectrum of alternative asset classes, including 13 new alternative investment funds in 2020 focused on private equity, private debt and infrastructure. Real estate and photovoltaic solar assets feature in that mix. FPN became the first Italian pension fund to publish a sustainability report in 2019. It released a follow-up edition the next year. FPN engages with investees to promote the establishment, monitoring and reporting of ESG strategies. It has made significant contributions in the green investments field, exercising its influence to inspire others. FPN now manages 97 percent of assets in line with an ESG policy, and a dedicated ESG team oversees more than half of FPN assets. It aims to increase sustainability coverage for the scheme’s assets to 100 percent with a full-time ESG department to monitor and mediate. The pension fund began its sustainability journey ahead of any regulatory mandates, following instead its own internal compass and international best practices. FPN general manager Sergio Carfizzi was recently named an ESG forerunner at Pension & Investments’ 2021 WorldPensionSummit in The Hague. FPN was also honoured there the preceding year, in the category of innovative investments. The CFI.co judging panel adds another accolade to the list, presenting repeat programme winner Fondo Pensione Nazionale with the 2021 award for Best Pension Fund Governance (Italy).