Fondi pensione e investimenti sostenibili. Trasparenza, regole di gestione e speciali limiti nel commercio di armi

This paper analyses recent regulatory developments in the area of sustainable investments, i.e. consistent with respect to so-called ESG factors, particularly with regard to supplementary pensions. In the first part of the paper, an overview of the complex European and national regulatory stratification is offered. The adoption of socio-environmental criteria is merely an option for institutional investors, it being understood that these variables must in any case be included in the prudential assessment of risks inherent in financial markets. There is a high degree of detail on the information transparency obligations that must also be fulfilled by private pension funds in this regard. In the second part of the paper, the prohibition introduced by Law No. 220/2021 on the financing of companies involved in the trade of anti-personnel mines and cluster munitions is examined. This prohibition came into force in 2025, following instructions issued by the supervisory authorities applies to all Italian institutional investors. It imposes a delicate investigation and advisory activity on the individual stocks and bonds in the portfolio of each pension fund, as well as on the securities whose purchase is planned. The Italian law has set out a balancing of values whereby the prospects of a financial return on retirement savings are balanced against the public interest in discouraging the trade in such nefarious devices. In conclusion, it appears that, for the proper implementation of this law and, more generally, for the effective implementation of investment policies based on eco-social criteria, it is essential to strengthen the formal and informal dialogue between the portfolio manager and the directional bodies of each pension fund.