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Governance fit for purpose Long-term value creation Alignment in vision and practice
Continuously held since: 2023 Holding as at end 2025: 0.01 percent1
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Enel is one of the world's largest private renewable energy operators, with a global portfolio of over 1,300 projects. Our investment case is built on its central role in the energy transition, scale, and commitment to decarbonisation. With effective management of operational risk, Enel's leadership in renewables positions it to benefit from the accelerating shift away from fossil fuels, while its integrated business model and geographic diversification provide resilience and growth opportunities.
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| Engagement type | First engaged on the topic | Status | |
|---|---|---|---|
| Encourage Enel to identify the drivers of fatalities and strengthen controls, with its goal of zero fatalities | Influencing | 2024 | Ongoing |
| Explore how Enel is adapting health and safety practices and workforce resilience as physical climate risks increase | Assessing | 2025 | Ongoing |
| Assess Enel's approach in response to the Osage Nation litigation, including how it mitigated human rights risks across the project pipeline | Assessing | 2025 | Ongoing |
We engaged with the European Federation of Public Service Unions (EPSU) to benchmark credible health and safety standards and assess Enel's approach. At the AGM, we opposed the remuneration policy, as the revised metric would not, in our view, offer a more effective or transparent means of assessing health and safety performance. We broadened our engagement to cover workforce safety amid climate risks and to draw on lessons from the Osage Nation ruling, including how Enel will manage future community- and permitting-related risks.
Effective management of social issues is central to Enel's social licence to operate and long-term value creation. Fatalities and high-consequence incidents carry significant human and reputational costs; strong workforce health and safety performance is a core social issue for Enel, underpinning trust with employees, communities and other stakeholders. As climate risks intensify, the ability of safety practices to adapt becomes increasingly material, shaping current and future operational performance and resilience. Effective community engagement and respect for human rights, including those of Indigenous peoples, help mitigate conflict, reduce delays and limit value leakage.
a core social issue for Enel, underpinning trust with employees, communities and other stakeholders. As climate risks intensify, the ability of safety practices to adapt becomes increasingly material, shaping current and future operational performance and resilience. Effective community engagement and respect for human rights, including those of Indigenous peoples, help mitigate conflict, reduce delays and limit value leakage.
While the remuneration policy was approved, we reinforced the importance of maintaining a clear link between incentives and fatalities and safety outcomes. Enel outlined initial measures to manage heat and air-quality risks for workers, which we will assess as they scale globally. The company also described enhanced community engagement and risk identification following the Osage project, the effectiveness of which we will continue to monitor.
1 We also had a bond holding over the same period, before selling in November 2025. As such, this was a collaborative engagement coordinated across our equity and bond investment strategies.