ince 1999 (year of its listing) Enel is listed on the “Mercato Telematico Azionario” organized and managed by “Borsa Italiana SpA” and has the highest number of shareholders of any Italian company. Enel’s shareholders include the most important international investment funds, insurance companies, pension funds and ethical funds, also thanks to the implementation by Enel and the Group of the best international practices on transparency and corporate governance.

Ownership structure as of December 31, 2017Geographical allocation of institutional investors as of December 31, 2017

In addition, the Enel Group includes 13 listed companies whose shares are listed on the Argentine, Brazilian, Chilean, Peruvian, Russian, Spanish and United States Stock Exchanges. Socially responsible investment funds continued to grow again in 2017. Enel’s share capital includes 160 Socially Responsible Investors (150 in 2016), who hold about 8.6% of total shares outstanding (8.0% in 2016), equal to 11.3% of the free float (10.5% in 2016).

Socially responsible investment funds continued to grow again in 2017. Enel’s share capital includes 160 Socially Responsible Investors (150 in 2016), who hold about 8.6% of total shares outstanding (8.0% in 2016), equal to 11.3% of the free float (10.5% in 2016).

Enel and the financial market

Enel e il mercato finanziarioEnel deems it in line with its own specific interest – as well as with its duty towards the market – to ensure an ongoing and profitable relationship, based on mutual understanding of their respective roles, with its shareholders in general, as well as with institutional investors, in order to increase the relevant level of understanding about the activities carried out by the Company and the Group; in this context, Enel maintains a fair and transparent dialogue with its investors, in accordance with national and European regulations on market abuse and in line with international best practices. During recent years, this engagement activity has gone along with the increasing participation of institutional investors in the Shareholders’ Meetings. In particular, since its listing, Enel deemed it appropriate to establish corporate units dedicated to the dialogue with institutional investors, as well as with its shareholders in general. The Company therefore created the Investor Relations unit, which is currently within the Administration, Finance and Control Function, and an area within the Corporate Affairs unit, which is itself part of the Legal and Corporate Affairs Function. Furthermore, economic/financial, environmental, social and governance information can be found on the Company’s website (www.enel.com, “Investors” section), as well as updated data and documents of particular interest, making a multidisciplinary and integrated vision possible.

Approximately 950 meetings were held with investors in 2017, of which more than 5% were dedicated to specific indepth discussions on ESG (Environmental, Social and Governance) issues, and 85 requests were received from retail shareholders. 20 roadshows were organized, one of which was specifically aimed at ESG investors. Enel also participated in the first Italian Sustainability Day, organized by Borsa Italiana, during which 17 listed companies and 30 portfolio managers met to discuss issues such as investments and sustainable financing activities, analyses, reporting issues and the disclosure of non-financial variables. Two years ago, a specific unit was set up within the Investor Relations unit. In collaboration with the Sustainability unit, this new unit is responsible for managing relations with the financial market on ESG issues.

For three years now, after the Group Strategic Plan is presented, a perception study is conducted, which allows the market’s perception of the Group’s strategy, its execution, the management, the effectiveness of financial and non-financial disclosure, and the measurement of the relevance of ESG issues to institutional investors to be monitored. The study conducted in 2017 highlighted the following areas as being of greatest relevance and interest: group simplification and active portfolio management, operational efficiency, digitalization and its real impact on the Group, industrial growth, the sustainability of renewable returns, the new e-Solutions Business Line and its ability to create value, the retail business (with a focus on the growth of the sector’s competition in Italy), and the dividend policy. It should be emphasized that ESG issues are increasingly part of the evaluation elements included by institutional investors in their investment choices. The topics of greatest interest include value creation, good governance, the reduction of CO2 emissions, and risk analysis and opportunities arising from climate change in general.