Santiago Principles Self-Assessment

CDP Equity SpA

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  • Pillar 1: Legal
  • Pillar 2: Institutional
  • Pillar 3: Investment
Principle 1

1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s).

1.1. The legal framework for the SWF should ensure legal soundness of the SWF and its transactions.

1.2. The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed.

The legal framework of CDP Equity SpA (“CDPE”) is mainly represented by:

  • Art. 5 paragraph 8-bis of Law Decree September 30, 2003, n. 269 (introduced by Art. 7 paragraph 1 of Law Decree March 31, 2011, n. 34);
  • Ministerial Decree July 2, 2014;
  • CDPE Articles of Association, available on CDPE website ( - document in Italian).

The above regulation provides for the corporate purpose and the investment criteria of CDPE. In particular, the Ministerial Decrees dated 3 May 2011 and 2 July 2014 define the companies of “significant national interest” in which CDPE can invest.

CDPE major shareholder is Cassa depositi e prestiti SpA (“CDP”), which is controlled by the Italian Ministry for the Economy and Finance. CDPE is wholly owned by CDP Group.

The above legal relationships are publicly disclosed on

CDPE website ( ).

Principle 6

6. The governance framework for the SWF should be sound and establish a clear and effective division of roles and responsibilities in order to facilitate accountability and operational independence in the management of the SWF to pursue its objectives.

CDPE is a joint-stock company, which corporate rules are regulated by the Italian Civil Code.

CDPE corporate governance framework is also defined by its Articles of Association, that set a clear and effective separation of roles and responsibilities.

Furthermore, CDPE has structured a series of procedures representing its corporate regulatory system, in line with the best market practice for companies operating in the investment sector.

The different functions of each governing body are publicly disclosed on CDPE website (

Principle 18

18. The SWF’s investment policy should be clear and consistent with its defined objectives, risk tolerance, and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio management principles.

18.1. The investment policy should guide the SWF’s financial risk exposures and the possible use of leverage.

18.2. The investment policy should address the extent to which internal and/or external investment managers are used, the range of their activities and authority, and the process by which they are selected and their performance monitored.

18.3. A description of the investment policy of the SWF should be publicly disclosed.

CDPE’s mission, investment policy and the selection process for the investments are clearly defined and publicly disclosed in its Articles of Association and also detailed on CDPE’s website (;

Within the framework of its investment initiatives, CDPE seeks to distinguish itself as a long-term active minority investor with governance rights focused on growth capital in financially sound companies.

CDPE acts as a conservative investor, operating with conservative leverage of its target companies, focusing on the growth of organic business and not on financial engineering.

CDPE operates transparently in selecting and approving investments.