As every September, it is time for the review of the Dow Jones sustainability index, one of the most important ethical indices. These are the indices that monitor the performance of large listed companies that meet ESG (environmental, social and governance) criteria. And it is a moment of bitter surprises for Italian firms: Eni, Unicredit and StMicroelectronics are removed from both the global index and the one dedicated to Europe.

Who's in and who's out

Taking these three high-profile exclusions into account, Italy's representation is growing ever thinner. Only Intesa Sanpaolo, Telecom Italia and Atlantia remain in both the "World" and the "Europe" indices. Only in the former do we find Leonardo-Finmeccanica, and only in the latter Enel, Snam and Terna. Fiat Chrysler Automobiles and Cnh Industrial also remain, though they are now considered British rather than Italian.

The new entries are numerous, but all foreign. Joining the global basket are, for example, the Iberian credit institution Bankia, the supermarket chain Carrefour, the oil company Total, Finland's Nokia, the German utility E.ON and its Spanish counterpart Iberdrola.

What is the Dow Jones sustainability index

The Dow Jones Sustainability World Index is one of the most renowned sustainability indices. Founded in 1999, it is managed by S&P Dow Jones Indices and RobecoSAM; its British counterpart is the Ftse4good. The Dow Jones Sustainability Index starts from a basket of 2,500 large companies from around the world and selects those that meet certain criteria in terms of environmental protection, labour and governance. It is the companies themselves that voluntarily provide the information on their performance, responding to a questionnaire that is then scrutinised with the help of a consultancy firm. The annual review takes place in September, but there is a further verification process every four months. Over the years, the procedure has attracted various criticisms: large companies, in fact, are often precisely those capable of equipping themselves with an efficient CSR department able to provide the right answers.