Banca Etica is an Italian cooperative bank that operates exclusively in the field of sustainable and alternative finance.[1] It manages savings from private customers, companies, organisations and institutions and finances projects that pursue both social and economic goals.[2] Banca Etica has more than 34,000 private and over 6,500 organisations who are shareholders of the bank.[3] As of October 2017, Banca Etica is managing a share capital of more than €63,5 million and handled over €1,3 billion in savings.[4]
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.”[5] Banca Etica’s financing policy excludes entire industries including the arms sector.[6] This means that Banca Etica does not finance nuclear weapon producers or companies that are involved in nuclear weapons in any other way.[7]
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.[8] Etica Sgr’s external asset managers are also held to a policy that excludes nuclear, chemical and biological weapon producers from all funds.[9] Etica Sgr and its external asset managers only operate actively managed funds.[10]
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.[11] The full list of loans given by the bank is publicly available.[12]
The Fondazione Finanza Etica (Cultural Foundation of Banca Etica), is part of the Italian network for disarmament (Rete Italiana Disarmo) and actively involved in issues exploring the links between arms and finance.[13]
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[1] Banca Etica, “History”, website Banca Etica (http://www.bancaetica.it/inglese/history), viewed 23 January 2018.
[2] Banca Etica, “Idea and principles”, website Banca Etica (http://www.bancaetica.it/idea-and-principles), viewed 23 January 2018.
[3] Banca Etica, “Statistical Information”, website Banca Etica (http://www.bancaetica.it/statistical-information), viewed 23 January 2018.
[4]Banca Etica, “Statistical Information”, website Banca Etica (http://www.bancaetica.it/statistical-information), viewed 23 January 2018.
[5] 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 January 2018.
[6] Banca Etica, “Politica del Credito”, website Banca Etica (http://www.bancaetica.it/politica-del-credito), viewed January 2018.
[7] Banca Etica, written response to Profundo dated 29 April 2014.
[8] Etica Sgr, “Securities selection”, website Etica Sgr (https://www.eticasgr.it/en/il-nostro-investimento-responsabile/selezione-dei-titoli/), viewed 3 August 2017; Etica Sgr, “ESG evaluation criteria (listed companies), October 2015, available at: https://www.eticasgr.it/en/il-nostro-investimento-responsabile/selezione-dei-titoli/#, viewed 23 January 2018.
[9] Banca Etica, written response to Profundo dated 18 June 2014.
[10] Banca Etica, written response to Profundo dated 26 June 2014.
[11] Banca Etica, written response to Profundo dated 10 June 2014.
[12] Banca Etica, “Con i miei soldi”, website Banca Etica (http://www.bancaetica.it/finanziamenti), viewed 23 January 2018.
[13] Banca Etica, written response to PAX dated 2 November 2017.
Last modified 6 July 2018