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Our monitoring indicates that fatalities continue to rise relative to the last time we raised concerns with the company in 2021.

Osage Nation ruling relating to permitting/mineral rights.

In a sector where high-voltage, field and contractor work inevitably creates safety challenges, Enel's framing of health and safety as a core value, backed by disclosed injury-frequency indicators and reduction targets, is encouraging. We will continue to press for alignment between its zero-fatalities ambition, operational controls, and executive incentives. Before the next AGM, we plan to engage with the board on health and safety and on how employee feedback is incorporated into this, as well as into remuneration design.

We review Enel's public response to the Osage Nation Ruling. Our research highlights additional projects with potential Indigenous rights sensitivities.

We vote against the renewed remuneration policy at the AGM due to concerns about weakening the link between health and safety and executive incentives.

We consult the EPSU on sector standards and peer benchmarking.

We meet with investor relations (IR), reiterating our support for Enel's zero-fatalities ambition and share the rationale for our AGM vote. From our engagement with the EPSU, we encourage Enel to embed workforce input into policy design to strengthen compliance and outcomes.

Enel shares early climate-related safety measures, linked to heat/air pollution.

We follow up on outstanding questions regarding project management and human rights, and request board engagement on health and safety.

We receive a response from IR addressing our outstanding questions, which we find satisfactory.

Enel is in the early stages of adapting workforce protections as physical climate risks evolve. We will monitor implementation across regions, with a focus on contractor standards and evidence of consistent practice.

The Osage case underscores the need for robust community engagement and respect for Indigenous rights across Enel's project pipeline operations. To support long-term value, we will track how lessons learned are embedded into policy and project planning, and test effectiveness by monitoring execution at sites with elevated social or permitting risk.