About ESG.IAMA

    Finance challenge

    The world of finance is in confusion.
    Most funds on the market claim to be “sustainable,” and ESG ratings are discordant. Credibility cannot be separated from the ESG Identity of the entities, thus the Asset Manager itself, which must be consistent with the funds’ offerings.

    Scientific challenge

    Assessing the ESG Identity of an Asset Manager is a horizon that has never been explored.
    It is necessary to know every aspect of it, from governance, board and policy, to investment processes, engagement, voting, and finally to the offering. To do this, it is necessary to assess the Asset Manager as a company.

    Political challenge

    The ambition of Asset Managers is not only to integrate ESG internally, but also to be proactive toward the “polis”:
    To enhance their responsibility as a πολιτικός subject, as a citizen of the polis, by staying true to their principles and transforming them into a strategic asset. ESG Identity is the key to fulfilling this role.

    ESG.IAMA

    What is it?

    In 2022, ET.Group developed the scientific project ESG.IAMA (ESG Identity Asset Manager Assessment). The first international quantitative assessment solution designed to measure the ESG Identity of Asset Managers.

    ESG Identity

    It is the set of distinctive elements of an entity, starting with its governance and ending with the ESG consistency and coherence of its offering to the market, through the ways in which the entity thinks (its ESG corporate culture) and engages on the sustainable front (its ESG purpose).

    How does it work?

    The ranking of the ESG Identity is assigned through the processing of the scores obtained by the Asset Managers on about more than 500 KPIs in the ESG.IAMA questionnaire. The methodology is based on the study of best practices and regulations, as well as research and know-how developed by ET.Group in the 10 years of work on the ESG Identity Corporate Index (ESG.ICI). The ESG.IAMA questionnaire methodology is further developed with independent input from the ESG.IAMA Scientific Committee.

    Why the need for ESG.IAMA?

    The issue of sustainability is shifting from the product to Asset Managers as companies. ESG Identity is emerging as a crucial variable to enable the system to identify Asset Managers that are truly ESG and consistent with their offerings. This makes it possible to distinguish critically among the tide of “sustainable” products that has filled the market and to protect against possible risks due to reputational and credibility crises of the Asset Managers to whom capital has been entrusted.

    Methodology

    The assessment consists of a grid of closed-ended questions whose evaluation is based on a predetermined ex ante score that is applied in a standard way to all companies: the final score is given by the summation of the scores obtained on the individual questions, for a theoretical maximum of 100 points. The questionnaire consists of five sections for the Ordinary Area, divided in turn into nineteen specific survey subsections, and five sections for the Extra-ordinary Area.

    Experience

    ESG.ICI

    Eleven years of experience with ESG.ICI (ESG Identity Corporate Index – formerly IGI), the first international quantitative index of the level of ESG integration in corporate identity. Implemented by ET.Group, the project is based on a corporate assessment that aims to assess aspects of governance, corporate culture, risk safeguards, business ethics, and the company’s relationship with the relevant community. ESG.ICI 2024 covers 55% of the companies in the FTSE MIB. And it covers 45% of the top 100 listed companies on the Italian Stock Exchange.

    SRI Awards

    Six years of experience with the SRI Awards, given to Asset Managers on a quantitative basis by applying an evaluation matrix developed by ET.Group and structured on three macro areas: ESG rating; risk and return performance; and Asset Manager governance.

    Compliance

    • Bankitalia thematic investigation
    • ESAs ESG guidelines and consultations
    • EU SFDR Regulation
    • EU Shareholder Rights Directive II
    • EU Taxonomy Regulation
    • EU Whistleblowing Directive
    • FCA SDR and investment labels consultation paper
    • IA’s Stewardship Working Group
    • ICGN GISD Alliance Model Mandate
    • IIGCC Net Zero Voting Guidance
    • IOSCO Good Sustainable Finance Practices
    • UNPRI Due Diligence questionnaire
    • Other existing assessments
    • OECD Guidelines for Multinational Enterprises on Responsible Business Conduct
    • SBTi

    Structure

    The 2026 edition of ESG.IAMA analyzes 6 aspects of the Asset Manager:
    1. Its governance mechanisms and processes with the aim of identifying the cornerstones of its ESG Identity
    2. Its investment mechanisms and processes with the aim of determining whether ESG integration is a cornerstone of its business activity
    3. Its stewardship processes with the aim of determining whether sustainability is a key component of how it engages with its assets
    4. How sustainability translates from the Asset Manager’s governance into its product offering
    5. Its level of ESG commitment by examining its proactivity in going beyond the minimum regulatory requirements
    Extra 1. Its alignment with Asset Owners in the context of ESG commitments and stewardship responsibilities