Banca Etica is an Italian cooperative bank that operates exclusively in the field of sustainable and alternative finance.[i] It manages savings from private customers, companies, organisations and institutions and finances projects that pursue both social and economic goals.[ii] Banca Etica has more than 30,000 private and nearly 6,000 organisations who are shareholders of the bank.[iii] In 2015 Banca Etica managed a share capital of more than €54 million and handled over €1 billion in savings.[iv]
Article 5 of Banca Etica’s founding charter states: “Any and all Financial relations with the economic activities that, even in an indirect manner, inhibit the human development and contribute to fundamental human rights violations are excluded.”[v] Banca Etica’s financing policy excludes entire industries including the arms sector.[vi] This means that Banca Etica does not finance nuclear weapon producers or companies that are involved in nuclear weapons in any other way.[vii]
In addition, asset manager Etica Sgr, which is part of Banca Etica, excludes investments in companies that develop, produce, maintain or trade nuclear weapons or delivery systems that are specifically designed for these weapons.[viii] Etica Sgr’s external asset managers are also held to a policy that excludes nuclear, chemical and biological weapon producers from all funds.[ix] Etica Sgr and its external asset managers only operate actively managed funds.[x]
Instead of an exclusion list, Banca Etica makes use of an inclusion list of companies that ensure that their activities have a beneficial social and environmental impact.[xi] The list is not publicly available.
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I saw on www.dontbankonthebomb.com that you have a comprehensive policy prohibiting investments in nuclear weapons producing companies.
Financial institutions like yours are helping to build the stigma around these inhumane weapons, something that is urgently needed. Nuclear weapons are the only weapon of mass destruction that’s not explicitly outlawed through an international treaty- and thanks to your policy we can show how important and necessary it is that all of society act urgently to prohibit and eliminate nuclear weapons once and for all.
Thank you for your help in creating a nuclear weapons free world.
With kind regards,
[i] Banca Etica, “History”, website Banca Etica (http://www.bancaetica.it/inglese/history), viewed 22 September 2016.
[ii] Banca Etica, “Idea and principles”, website Banca Etica (http://www.bancaetica.it/idea-and-principles), viewed 22 September 2016.
[iii] Banca Etica, “Statistical Information”, website Banca Etica (http://www.bancaetica.it/statistical-information), viewed 22 September 2016.
[iv]Banca Etica, “Statistical Information”, website Banca Etica (http://www.bancaetica.it/statistical-information), viewed 22 September 2016.
[v] Banca Etica, “Statuto”, 19 May 2012, p.2, available at http://www.bancaetica.it/sites/bancaetica.it/files/sites/bancaetica.it/files/documenti/statuto.pdf, viewed 22 September 2016.
[vii] Banca Etica, written response to Profundo dated 29 April 2014.
[viii] Etica Sgr, “Securities selection”, website Etica Sgr (https://www.eticasgr.it/en/il-nostro-investimento-responsabile/selezione-dei-titoli/), viewed 22 September 2016; Banca Etica, written response to Profundo dated 10 June 2014.
[ix] Banca Etica, written response to Profundo dated 18 June 2014.
[x] Banca Etica, written response to Profundo dated 26 June 2014.
[xi] Banca Etica, written response to Profundo dated 10 June 2014.