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Del Observatorio De La 2A Edición 2a Edición del Observatorio de la INVERSIÓN SOCIALMENTE RESPONSABLE Club de Excelencia en Sostenibilidad 2a Edición del Observatorio de la Inversión Socialmente Responsable Georgeson Fundada en 1935 en Nueva York, es la compañía más antigua y con mayor reconocimiento a nivel internacional en servicios de comunicación e información a los accionistas. Con más de 75 años de experiencia, las compañías confían en Georgeson sus Juntas de Accionistas, consultoría de Gobierno Corporativo y sus Fusiones y Adquisiciones más que en cualquier otro. En 2015 fue número 1 manejando más del doble de Juntas de Accionistas que su competidor más directo. Georgeson es un colaborador crítico en el éxito de sus clientes, actuando en una variedad de roles como adquisiciones hostiles y amistosas o proxy fights. El portafolio de servicios de la compañía incluye Proxy Solicitation; servicios de Global Information Agent; servicios de Identificación (ID) & Análisis; consultoría en Gobierno Corporativo y Responsabilidad Social Corporativa; campañas para Inversores Minoritarios y reestructuración de deuda, entre otros. Forma parte del grupo Computershare, fundado en 1978 y cotizando en la Bolsa de Valores de Australia desde 1994. Computershare emplea a más de 15.000 personas en todo el mun- do, presta servicios en más de 20 países a más de 16.000 clientes. Georgeson tiene oficinas ejecutivas en Nueva York, Londres, Roma, Toronto, París, Munich, Sydney, Hong Kong, Tokio y Madrid, que cubre España, Portugal y América Latina. Todas ellas con equipos experimentados, con profesionales con más de 20 años de experiencia en dere- cho, gobierno corporativo, ESG y proxy solicitation; trabajando en estrecha colaboración con los clientes día a día para hacer frente a los retos a los que se enfrentan en los mercados de capitales. Stefano Marini. CEO, Corporate Advisory South Europe & Latin America [email protected] Carlos Sáez Gallego. Head of Business Development for Spain & Latin America (Coordinación) [email protected] Eva Martí Serra. Corporate Governance Manager [email protected] Giulia A. Matteo Sézille. Head of Execution Spain [email protected] Georgeson en Madrid. Zurbarán, 18 - 5ª pl. Madrid 28010 | T: +34 91 701 21 70 www.georgeson.com Georgeson agradece a Paola Gutierrez su colaboración en la elaboración de este estudio, y por su remarcable trayectoria durante estos años en la compañía. 2 2a Edición del Observatorio de la Inversión Socialmente Responsable Club de Excelencia Club de Excelencia en Sostenibilidad en Sostenibilidad El Club de Excelencia en Sostenibilidad es una asociación empresarial compuesta por un gru- po de veinte grandes compañías que apuestan por el crecimiento sostenible desde el punto de vista económico, social y medioambiental, constituyendo el foro de referencia en España en la divulgación y promoción de prácticas responsables. Estas empresas son: ABB España Mahou San Miguel Adecco España Iberdrola AENA ISS Facility Services BASF Española MONDRAGON BSH Electrodomésticos España Orange España CEMEX España Red Eléctrica de España Endesa Renault FCC Renfe Grupo Antolín SEAT Lafarge Holcim Vodafone España Juan Alfaro de la Torre. Secretario General [email protected] Isabel Castillo Espinós. Responsable de Proyectos (Coordinación) [email protected] Charo Fernández Bermúdez. Responsable de Operaciones [email protected] Raquel García Montilla. Responsable del Dpto.Económico-Fiscal-Laboral [email protected] Club de Excelencia en Sostenibilidad Serrano, 93 7-A. 28006 Madrid | Teléfono: 91 782 08 58 www.clubsostenibilidad.org | www.responsabilidadimas.org 3 2a Edición del Observatorio de la Inversión Socialmente Responsable Funds People Funds People es la comunidad de referencia de los profesionales de la inversión colectiva en España, Italia, Latinoamérica y Portugal. Dirigida a profesionales de la gestión y distribución de fondos; inversores institucionales y bancas privadas. Con información diaria a través de www.fundspeople.com y con el mejor análisis una vez al mes en la revista Funds People. Gonzalo Fernández Guadaño. Director [email protected] David Anglés Pereda. Marketing & Business Development [email protected] María Folqué. Directora de Análisis [email protected] Funds People Velázquez, 126 4to-Izq. | 28006 Madrid Teléfono: 91 755 35 58 www.fundspeople.com 4 2a Edición del Observatorio de la Inversión Socialmente Responsable Consejo Asesor Para la elaboración de este estudio, se ha constituido un Consejo Asesor de composición mixta público - privada integrado por partners empresariales socios del Club de Excelencia en Sostenibilidad (Aena, Endesa, FCC, Grupo Antolín, Iberdrola y Red Eléctrica de España) y por miembros de la administración pública y otros destacados expertos en la materia (Comisión Nacional del Mercado de Valores, Mirova y Pictet). La misión del Consejo ha sido asesorar en la elaboración, preparación y difusión de los resul- tados. Para ello, se llevaron a cabo comunicaciones durante el transcurso de la iniciativa, para conocer de primera mano los objetivos y avances del estudio, así como para tener la visión de los expertos sobre los resultados obtenidos y emitir recomendaciones. AENA IBERDROLA Cristina Juliani. Jefe del Departamento de Carlota López. Investors Relations Responsabilidad Corporativa. Dirección de Mónica Oviedo. Responsable de Gestión de la Comunicación y Relaciones Institucionales Sostenibilidad CNMV RED ELÉCTRICA DE ESPAÑA José Sanz. Subdirector del Departamento de Irene Gómez. Jefa del Dpto. de Relación con Informes Financieros y Corporativos Inversores Eva Rodicio. Jefa del Departamento de ENDESA Responsabilidad Corporativa y Calidad Isabel Permuy. Subdirectora de Relación con Isabel García-Morato González. Relación con Inversores Inversores Ángel Fraile. Director de Responsabilidad Social Corporativa NATIXIS GLOBAL ASSET MANAGEMENT Javier Bolaños. Responsable de Desarrollo Sophie del Campo. General manager Iberia. Sostenible Head of Latin America & US Offshore Christopher Wigley. Senior Portfolio Manager, FCC Responsible for Green Bonds Investment, MIROVA Javier López- Galiacho. Director de Responsabi- (Grupo Natixis Global Asset Management) lidad Corporativa PICTET GRUPO ANTOLIN Gonzalo Rengifo. Managing Director Regional Emma Antolín. Directora de Responsabilidad Head Iberia & Latin America Corporativa Reservados todos los derechos. Ni la totalidad ni parte de este documento puede reproducirse o transmitirse por ningún procedimiento electrónico o mecánico, incluyendo fotocopia, grabación magnética o cualquier almacenamiento de infor- mación y sistema de recuperación, sin la previa autorización de los autores. 5 2a Edición del Observatorio de la Inversión Socialmente Responsable Contenido 1. Presentación del estudio ............................................................................. 8 2. El engagement con inversores ISR en las empresas del Ibex35 .............. 12 3. El auge del mercado de los bonos verdes .................................................. 38 Caso Práctico: Iberdrola ...............................................................................58 Caso Práctico: Mirova ....................................................................................63 4. Fondos socialmente responsables en Europa y España ........................... 71 Caso Práctico: La Bolsa Social .....................................................................79 5. Conclusiones del estudio ............................................................................. 83 6. Recomendaciones ........................................................................................ 85 6 PRESENTACIÓN DEL ESTUDIO 7 2a Edición del Observatorio de la Inversión Socialmente Responsable 1. PRESENTACIÓN DEL ESTUDIO En esta segunda edición del Observatorio de la Inversión Socialmente Responsable ela- borado por Georgeson, el Club de Excelencia en Sostenibilidad y la Revista Funds People, hemos querido analizar tres aspectos que desde nuestro punto de vista van a marcar el panorama de la inversión socialmente responsable en los próximos años: y Cómo se están aproximando las empresas del IBEX 35 a los inversores institucio- nales para explicarles sus prácticas en el ámbito medioambiental, social y ético. y El mercado de los bonos verdes y las razones de su crecimiento durante los últi- mos años. y Evolución de los fondos socialmente responsables en España y Europa y sus estra- tegias de inversión. El número de inversores institucionales firmantes de los Principios de Inversión Socialmente Responsable creció en el 2014 un 19%(1), alcanzando la cifra de más de 1.300 inversores(2) representando más de 45 trillones de $ de activos bajo su gestión(3). De acuerdo a los últimos datos de la Global Sustainable Investment Alliance, el 30% del total de los activos gestionados a nivel mundial siguen criterios extra financieros. Detrás del crecimiento de la inversión socialmente responsable experimentado durante los últimos años se encuen- tran importantes aspectos interrelacionados que motivan que los inversores instituciona- les incorporen factores extra financieros en sus procesos y estrategias de inversión. Una de las principales palancas es la creciente evidencia de la importancia que estos factores tienen para el desempeño financiero de las empresas. Los inversores examinan dichos factores con el fin de tener una perspectiva más precisa del perfil de riesgo y retorno de la inversión. Dentro de la
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