What is Socially Responsible Investment (ESG)

Socially Responsible Investment (ESG) is an investment discipline that goes beyond strictly financial concerns when making investment decisions to also consider environmental, social, and good governance criteria.

The ESG criteria cover the following aspects:

 

The environmental factor (E)

To make decisions based on how the activities of companies affect the environment.

The social factor (S)

To consider the impact that the activities carried out by the company have on the community, for example, in terms of diversity, human rights or health care.

And the government factor (G)

That studies the impact of the shareholders themselves and the administration and is based on issues such as the structure of the boards of directors, the rights of the shareholders or transparency, among others.

nuestro enfoque ESG desde diferentes prismas

ESG approach in our investment process (Investments)

Historically, as long-term investors, at Cobas AM we have invested in companies that serve consumers in the best possible way. As part of that process, we have always been involved with many of the companies in which we invest. That is why, apart from our conversations on corporate governance (G), we include, where relevant, social (S) and environmental (E) concerns in our conversations with management teams.

To make that approach more explicit than in the past, in 2019 we engaged a leading third-party information provider to address specific ESG concerns at the individual company level. ESG issues create both opportunities and risks and are therefore important factors to consider when evaluating investment opportunities.

We believe in the importance of these aspects for the long-term economic development of companies, and they are relevant throughout our research process. Despite this, our ESG approach to portfolio building is one of integration and not exclusion. In other words, we incorporate risks as one more variable when selecting our investments.

While our ESG approach will certainly evolve, so far it provides us with the opportunity to broaden and deepen our understanding of companies and sectors and makes our long-term commitment to the management teams of the companies in which we invest more relevant.

One step further as an investment team, has been the signing in January 2021 of the Principles for Responsible Investment (PRI), an internationally recognized initiative promoted by the United Nations to promote responsible investment practices. In this way, the manager becomes part of a community of more than 3,000 voluntary signatories worldwide who collaboratively contribute to a more sustainable global financial system.

Enfoque ESG como Institución de inversión colectiva (Sociedad Gestora, SGIIC)

En el año 2019, Cobas AM fue la primera gestora española de fondos de inversión en sumarse a la comunidad B Corp. Se trata de un movimiento que reconoce a las mejores empresas para el mundo y sus buenas prácticas en toda la cadena de valor. Son un modelo de empresas que cumplen con los más altos estándares de desempeño social y ambiental, transparencia pública y responsabilidad empresarial para equilibrar el beneficio con el propósito. Por ello, la comunidad B Corp trabaja para reducir la desigualdad y la pobreza, cuidar el medio ambiente, fortalecer las comunidades y crear empleos de alta calidad con dignidad y propósito. En Cobas AM utilizamos nuestros beneficios y crecimiento para lograr un fin mayor: generar un impacto positivo para nuestros empleados, las comunidades y el medio ambiente.

Una de las iniciativas más importantes que llevamos a cabo en términos de impacto social, es que el 15% de los ingresos de Cobas AM y Cobas SGFP se destinan a inversión de impacto (GSI), educación (Value School) y ‘venture philanthropy’ (Open Value Foundation).

Además, promovemos actuaciones alineadas con estos estándares. Entre ellas:

– Hemos implantado un modelo de horario flexible para facilitar la conciliación familiar.
– Somos una empresa comprometida con el medio ambiente. Por ello, reciclamos nuestros deshechos de papel, aparatos electrónicos, baterías, residuos orgánicos, plásticos y vidrios.
– Aplicamos una política retributiva con medición ESG e igualdad de género.

ESG approach as a business group Santa Comba

Santa Comba (the family holding company that owns Cobas AM) has a significant bias towards the values and philosophy of impact investing, PRI and ODS, with generosity being one of our basic pillars. Proof of this are the multiple initiatives that we have adopted within the different companies of the group with these seals and international commitments previously mentioned that ratify it. All our projects share a common and transversal axis: the philosophy of investment in value. Santa Comba vertebrates, coordinates and unifies them, multiplying the value of each one of them:

– Cobas Asset Management.
– Value School.
– Global Social Impact Investments.
– Open Value Foundation.

For more information about the different projects, you can access www.santacombagestion.com