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GET-2

Global ESG Think-Tank

Finance and Law Engaging our Society

An initiative by the Fide Foundation

Overcoming the main ESG investing challenges

Oxford/23 Congress Final Report

This comprehensive report delves into the intricacies of Environmental, Social, and Governance (ESG) investing, shedding light on the challenges and opportunities within the investment landscape.

Read now!
Oxford/23 Details

Multi-Stakeholder Group to look for pragmatic solutions to cope with ESG challenges

Multi-Stakeholder Group.

Welcome Experts from:

  • Supranational Institutions.
  • National regulators.
  • Mutual Fund Associations.
  • Asset Owners.
  • Asset Managers.
  • Banks.
  • Stock Exchanges.
  • International Consultants.
  • Legal Firms.

Oxford/23 Congress

Overcoming the main ESG investing challenges

An initiative by the Fide’s GET-2 ESG Think-Tank

11th, 12th and 13th of September 2023
Check out the program!

Introduction

In collaboration with GAM, M&G, Columbia Threadneedle, and Pictet, the Fide Foundation has organized a program and event in September 2023 in Oxford to present a unique document that will include five papers on the topics of the seven challenges tackled in 2022.

Challenge 1: Balkanisation across global ESG taxonomy by regions and institutions

Regional Balkanization.

  • Euro vs UK vs US vs LATAM taxonomies. West vs East taxonomy? Would global taxonomy be the least common multiple on a regional level?
  • Different taxonomies in the same country across the market leaders.
  • Balkanization in the taxonomy across different business units in the same company.

Opportunistic Balkanization.

Political, geopolitical and sociality drivers the most influential ones for ESG Opportunities/Risks future developments?

  • Does Russian invasion into Ukraine justify a change taxonomy: Is armament ESG compliance for defensive purposes? What about nuclear energy and gas here in after?
  • Opportunistic Sector Bias: Would be apply the same taxonomy changes in energy sectors if China would do something as Russia?
  • Opportunistic Country Bias: Will negative filters applied to Russia the same as to other world leader if China or US would do something similar?

Lawyers and regulator engaging with corporates and asset owners.

Confirmed Speakers:

  • Eva Gutiérrez, Lead Financial Economist in the Latin American and Caribbean Region of the World Bank.
  • Helena Viñes, Commissioner of the Spanish Financial Markets Authority, Rapporteur of the EU Platform on Sustainable Finance, CNMV.

 

Moderator: Stephanie Maier, Global Head of Sustainable and Impact Investment, GAM Investments

Challenge 2: ESG key metrics and Ratings

  • Which are the key ESG metrics? Suggestions for the top 10 metrics which anyone should miss?
  • Should be the investment community a forced buyer from the ESG Information Providers? Is it not an oligopoly? Which metrics could be fully available from financial statements or public corporate data.
  • Solutions to cope with data dispersion across providers.
  • Measuring Sociality risks: taxation, inequality, water access… . Connectivity between political decisions, corporate delegation and market implementation.
  • “ESG Impulse”. First and Second derivative of ESG indicators. CO2 level vs CO2 2Y ago vs CO2 2YFoward
  • ESG metrics / ESG Goals linked with macro or market growth indicators. ESG “Future Performance Linked” Concep. Key metrics for accountability and/or engagements. Best Dashboards / Carbonization frameworks.
  • Relative Metrics plus Credible Peers.
  • Net zero transitional benchmarks
  • Special Indicator for Impact Investing. (1) Breath (size) vs Depth (influence) = Impact.  (2) Intentionality vs Additionality. (3) Impact investing metrics should be positive and negative. (4) It’s about managing objectives and not about managing risks.
  • Exploring AI and big data algorithms to demonstrate the value of backward-looking metrics.

Confirmed Speakers:

  • Ana Rivero, Global Sustainable Investments Director for Santander Group’s Wealth Management & Insurance Division.
  • Eric Boremans, Head of Environmental, Social & Governance, Pictet Asset Management

 

Moderator:  María Mazo, Former Technical Coordinator of GET2

Challenge 3: To quantify the cost of transition from fossil fuels to a clean energy economy. Does it make sense scenarios to define ESG Targets?

Are we modelling the impact of mass migration or drastic changes in the White House when we define ESG Targets?  It’s key to quantify the cost of change like with the speed to make the change by new tech. Specially under the New World Economic Order post Ukraine invasion.

  • Green inflation. Social Cost
  • Lower forward GDP growth or recessions
  • Forward market performance implications.
  • Fiscal deficit sensitivities.
  • Corporate Incentives: “big potential losers” control the energy distribution.

Confirmed Speakers:

  • Mark Chaichian, Managing Partner, Buckthorn Partners.
  • Miguel Muñoz Rodríguez, Head of Climate Policies and Alliances, Iberdrola.
  • Michael Rae, Global Energy & Chemicals Analyst at M&G Investments.

 

Moderator: Jaime Martínez Gómez, Global Head of Asset Allocation. BBVA Asset Management.

Challenge 4: ESG elephants in the room: Indicators for Sovereigns & Social Bonds

  • Sovereigns are parked. How long? Potential Solutions. ESG Qualitative Indicators to Geopolitical Risks: (military manoeuvres triggering u/w? Indicators senstive to polítical risks.
  • Are ESG Ratings and ESG Consulting services lagging indicators?  Learning from EM Sovereign ESG Special Case. Solutions.

Confirmed Speakers:

  • Mike Biggs, Macro Strategist and Investment Manager, GAM Investments. (EM Sovereigns Bonds).
  • Benjamin Kelly, Director, ESG & Impact Investments, Fixed Income, Columbia Threadneedle Investments(Social Bonds).
  • Ana Guardia, Head of Capital Markets, ICO

 

Moderator: Pedro Jacome, Director responsible for building and strengthening relationships in Latin America at GAM

Challenge 5: New trends in ESG regulations. enhancements required

Regulation is key to redirecting capital.

  • Level 1 was great to link SGDs to SFDR-Paris/COP2015 but key changes for Level 2 are required to avoid misunderstandings with art 8 suitability. Art 9 is 100% SFDR but Art 8 is a big uncertainty.
  • EET would be enough?
  • Taxonomy for Social bonds to become Art 9
  • Scope 3. CO2 measures based on different business models.

Confirmed Speakers:

  • Marie-Laure Schaufelberger, Head of Group ESG & Stewardship at Pictet Group.
  • Andrea González, Deputy Director General at SpainSIF.
  • Gonzalo Yebes Gómez, Portfolio Management Expert, European Central Bank.
  • Carolina Fernández González, Inverco.
  • Carlos Montalvo Rebuelta, Partner, PwC.

 

Moderator: Mike Clark, Founder Director of Ario Advisory

Challenge 6: Challenges for ESG commitment across End-Investors

  • Are clients really aware of what ESG investing means? Do they know pros and cons? An honest client education is needed.
  • The ESG Alphabet Soup Risk. A new slang widening the gap between experts and retail investors.
  • Lack of end client engagement after a decade of low inflation and bull markets. Which would be the change in client perception after 3 years of bear market and/or a period of stagflation.

Confirmed Speakers:

  • Carlos Garay Gómez-Arroyo, Head of ESG investments at Sabadell Urquijo Gestión.
  • Gonzalo Meseguer, General Manager at Santalucia.
  • Guillermo Hermida, Head of ESG at La Caixa.

 

Moderator: Javier Estrada, Senior Advisor in financial institutions and FFOO.

Challenge 7: Best practices to avoid Greenwashing

  • Engagement should be closed to the voting process but we need to be aware that voting in 40.000 resolutions in a short period of time triggers some challenges. Voting for benchmarks?
  • Credible Transition Plans. Action Plans.
  • Clear minimum disclosure requirements.
  • Unintentional greenwashing: imagine someone defending investing in weapons for defensive purposes.one year ago. To protect transparency.
  • Negative effects from overreaction against greenwashing. “Sell first and ask” later mode.

Confirmed Speakers:

  • Marc-Olivier Buffle, Head of Client Portfolio Managers & Research -Thematic Equities at Pictet Asset Management.
  • Nuno Brito e Cunha, Head of ESG & Sustainable Finance, Eight Associates.
  • Benjamin Kelly,Director, ESG & Impact Investments, Fixed Income, ColumbiaThreadneedle Investments(Social Bonds).
  • Maria José Gómez Yubero, Head of Resolution, Benchmarks and Financial Stability Issues at the National Securities Market Commission, CNMV.
  • Nick Spencer, Founder, Gordian Advice.

 

Moderator: Mike Clark, Founder Director of Ario Advisory

Working Groups

From the seven challenges tackled last year, five Working Groups have been organized to cover all seven topics from the GET-2 Global ESG Think Tank. The main objective is, starting on April 2023, to prepare five short documents, one for each of the Working Groups, and present them at the event in Oxford which will take place from September 11th -13th at Jesus College. Each of the five Working Groups will be led by different professionals from the four investment funds and members of Fide who have worked closely with the WGs and all are experts in the different topics being covered.

Working Group 1: Fragmentation across global ESG taxonomy by regions and institutions. New trends in ESG regulations. enhancements required

Challenge 1 + Challenge 5

Leaders:

  • María José Gómez Yubero, Head of Resolution, Benchmarks and Financial Stability Issues at the National Securities Market Commission, CNMV. Academic Advisor of the Fide Foundation.
  • Eva M. Gutiérrez, Lead Financial Economist in the Latin American and Caribbean Region of the World Bank. Member of Fide’s International Academic Council.

Watch the intro

Working Group 2: ESG key metrics and Ratings + Best practices to avoid Greenwashing

Challenge 2 + Challenge 7

Leaders:

  • Eric Borremans, Head of Environmental, Social & Governance, Pictet Asset Management
  • Daniela Mohr, Investment Analyst at AFP Cuprum

Watch the intro

Working Group 3: To quantify the cost of transition from fossil fuels to a clean energy economy in terms of inflation, GDP or market performance expectation changes. Greenflation.

Challenge 3

Leaders:

  • Ignacio Rodríguez Añino, CDO Americas and Head of Global Banks and Investment Solutions GFIG, M&G Investments,
  • Michael Rae, Fund Manager, M&G Investments, and
  • Hardip Tawana, Head of Investment Marketing, M&G Investments

Watch the intro

Working Group 4: ESG elephants in the room: Indicators for Sovereigns in emerging markets & Social Bonds

Challenge 4

Leader:

  • Benjamin Kelly, Director of ESG and Impact Investing, Columbia Threadneedle Investments EMEA APAC

Watch the intro

Working Group 5: Challenges for ESG commitment across End-Investors.

Challenge 6

Leader:

  • Juan Ramón Caridad, Country head of GAM.

Watch the intro

Meet our team

Contact us

If you have any questions about the work carried out by our GET2 think-tank or wish to know more about the congress and register, please get in touch with us.

A member of our team will respond to your query as soon as possible.

Thank you!

Contacto

Rellene el formulario y alguien de nuestro equipo se pondrá en contacto con usted brevemente.

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