Investimenti sostenibili nei fondi pensione italiani : illusione o buone pratiche di sviluppo?

Responsible investments represent one of the key topics within the broader research stream on sustainable development. In this context, the aim of this paper is to investigate how Italian pension funds consider ESG factors within their investment policy documents. The paper adopts a mixed method approach, analyzing ESG factor disclosure and performance in the investment policy documents of 72 Italian pension funds, both openended and contractual. The findings reveal differing approaches among the funds with respect to the observed factors. Openended pension funds tend to be more sensitive to responsible investment issues compared to contractual pension funds. Moreover, only in a few cases, funds choose specific names on ESG and sustainability factors to assign to individual investment subfunds. The originality of this work can be observed from both a theoretical and practical standpoint. Integrating ESG criteria into corporate strategy can generate competitive advantages through differentiation and material

risk management, as well as deliver greater benefits to key stakeholders of these entities: pension beneficiaries, regulators, employers, and voluntary members. From a practical perspective, the evidence provided by this study may support regulators and industry practitioners in enhancing the quality of disclosure and reporting practices of Italian pension funds regarding ESG considerations. [Publisher's text]