Inversión Socialmente Responsable

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Transcripción de la presentación:

Inversión Socialmente Responsable Daniel Arenas Institut d’Innovació Social ESADE Observatorio 2008 Inversión Socialmente Responsable One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Evolució del mercat retail la ISR a Espanya La ISR en el món: tendències Evolució del mercat institucional: els fons de pensions d’ocupació One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Evolució del mercat retail: la ISR a Espanya One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Evolució del mercat retail: la ISR a Espanya One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Evolució del mercat retail: patrimoni Els fons gestionats i comercialitzats a Espanya Descenso 16,66% One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH. Impacte de la crisi financera

Evolució del mercat retail: patrimoni Els fons gestionats per gestores europees Milers € Patrimoni global: casi s’ha duplicat One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Evolució del mercat retail: partíceps Els fons gestionats i comercialitzats a Espanya: partíceps Descens anual del 14,3% Si exclum BBVA Extra 5 II Garantizado, FI: 12.970 partceps One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

10% del patrimoni invertit en els mercats La ISR als Estats Units 2,7 bilions $ One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH. 10% del patrimoni invertit en els mercats

La ISR a Europa: Eurosif 17,5% del total d’actius gestionats en fons d’inversió a Europa 2.665 bilions € One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

La ISR a Europa: mercat One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

La ISR a Europa: mercat retail vs. mercat institucional One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

La ISR a Europa: inversors institucionals One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

La ISR i els fons de pensió d’ocupació One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Estratègies d’adopció de la ISR: gestió de la cartera Estrategia reduïda: Incorporació de criteris ISR en la política del fons en un percentatge reduït de la gestió del patrimonio. Inversió en fons i valores ISR externs Activisme accionarial: Engagement i exercici del dret al vot en les juntes d’accionistes Estrategia d’integració: Integració de criteris ISR en la gestió del 100% de la cartera Gestió del risc i sostenibilitat Engagement Activisme accionarial One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Fons de pensió d’ocupació: estratègies ISR Aproximació al total mercat institucional: 12.842 milions € (2008) Estratègia reduïda ETE: 81 mil € La Caixa Caja Madrid Oncepension Diputación General de Aragón Ayuntamiento de Almería Caixa Galicia TMB Acumuladores Tudor Activisme accionarial: AGE: 340 mil € Barklays Bank: 105 mil € Bridgestone Hispania: 84 mil € Caixa Galicia: 430 mil € Caja G. A. Granada: 197 mil € Caja Jaén: 7 mil € Caja Madrid: 690 mil € Centrales nucleares Trillo-Almaraz: 42 mil € Puertos del Estado: 28 mil € ETE: 4.061 mil € Plan asociado CCOO: 11 mil € TOTAL: 5.995 mil € Estratègia d’integració BBVA 2.522 mil € La Caixa - en procés 3.911 mil € SCH – en procés 33,6 mil € CajaSol – en procés 300 mil € TOTAL: 6.766 mil € One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Estructura d’actors Institucions reguladores Nacions Unides Agencies rating Analistes & Recerca Entitat gestora Fons de pensió d’ocupació Departament de RSE Promotor del fons Comissió de control One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH. ONGs Gestors ISR Sindicats

Estudi de cas: Fons de pensió ETE Estrategia d’integració Patrimoni: 4.426 mill € Partíceps: 30.459 Beneficiaris: 3.783 31/12/2007 ISR: 1,83% patrimoni Total: 81.223 milers € One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Estudio de caso: Fondo de pensiones ETE Estrategia de integración ISR: 1,83% patrimoni 81.223 milers € One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Estudi de cas: fons de pensió BBVA Patrimoni: 2.522 mill € 30/6/2008 Partíceps: 36.632 Beneficiaris: 599 31/12/2007 One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

La ISR I els fons de pensió d’ocupació One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Institucions de gestió de fons de pensió d’ocupació One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Institucions de gestió de fons de pensió d’ocupació Gestión de Previsión y Pensiones BBVA: 1ª gestora en España que se adhiere a los PRI Patrimonio: 5.505 mill € (31/12/2007) Caser Seguros: Activismo accionarial Reglamento de planes y fondos de pensiones (2007): ejercicio de los derechos políticos Fondo de pensiones de empleo: Cajasol One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.

Conclusions: estudi de casos Factors determinants: Confluència de voluntats entre els actors: comissió de control, gestors d’inversió i promotor Important paper de la iniciativa de la comissió de control Resposta de la gestora d’inversions Professionalització dels gestors: estratègies d’integració de la ISR en la gestió de la cartera One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH. Paper impulsor del promotor, a través Departament de RSE Paper impulsor dels sindicats Relació positiva entre rendibilitat i la ISR

Institut d’Innovació Social ESADE Universitat Ramon Llull Daniel Arenas Institut d’Innovació Social ESADE Universitat Ramon Llull daniel.arenas@esade.edu One definition accepted by everyone. · Triple bottom line · Voluntary – why is this a question of debate · Fair deal with STKH · Dialogue - Green Book of the European Commission STKH notion is essential. That is why now we are going to present the theory of STKH.