Inversión Socialmente Responsable

Presentación del tema: "Inversión Socialmente Responsable"— Transcripción de la presentación:

1 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.

2 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.

3 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.

4 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.

5 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

6 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.

7 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: 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.

8 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

9 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.

10 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.

11 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.

12 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.

13 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.

14 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.

15 Fons de pensió d’ocupació: estratègies ISR
Aproximació al total mercat institucional: 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: mil € Plan asociado CCOO: 11 mil € TOTAL: 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: 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.

16 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

17 Estudi de cas: Fons de pensió ETE Estrategia d’integració
Patrimoni: mill € Partíceps: Beneficiaris: 3.783 31/12/2007 ISR: 1,83% patrimoni Total: 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.

18 Estudio de caso: Fondo de pensiones ETE Estrategia de integración
ISR: 1,83% patrimoni 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.

19 Estudi de cas: fons de pensió BBVA
Patrimoni: mill € 30/6/2008 Partíceps: 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.

20 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.

21 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.

22 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: 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.

23 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

24 Institut d’Innovació Social ESADE Universitat Ramon Llull
Daniel Arenas Institut d’Innovació Social ESADE Universitat Ramon Llull 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.