The OECD Project on Institutional Investors and Long-Term Investment brings together the world’s largest pension funds, insurance companies and sovereign wealth funds to promote long-term investment (LTI) such as infrastructure, addressing both potential regulatory obstacles and market failures. For more information on the project as well as upcoming research and events, please visit: www.oecd.org/finance/lti
OECD: Institutional Investors and LTI Future Research and Events (PDF) Paris 17 April 2014
OECD: Project letter to LTI Club (PDF) Paris 18 April 2014
'Conscious of the fundamental need to promote and finance long-term quality investment in the real economy in order to produce sustainable, resource efficient and innovative growth and employment helping the recovery from the current crisis and ensuring the well-being of future generations'
The 2013 meeting was the first ELTI General Assembly (GA) and took place in the presence of almost all ELTI Members. Beyond internal procedures regarding internal rules, budget and guidelines for future membership, the meeting focussed on the Action Plan for 2014. President Werner Hoyer (EIB) closed the meeting expressing thanks to Mr Macka, chairman of the board of CMZRB, for offering to host the next annual General Assembly in the Czech Republic.
The meeting was opened by Philippe Maystadt, special advisor to Michel Barnier, the EU Commissioner for Internal Market and Services, with a presentation on the accounting environment 'Should IFRS standards be more European?'. Nadia Calviño (DG MARKT) was replaced by Mr. Didier Millerot (DG MARKT) who followed up on the European Commission's Long-Term Investment Green Paper.
Internal presentations of new WG members ensued before discussions reopened on the EFRAG Research Paper 'The role of the business model in financial reporting' in preparation for ELTI's WG response, involving an exchange of views, work allocation, and a calendar proposal. Other concluding topics included a study to be ordered by the Commission aiming to take stock and assess the effects of using international financial reporting standards (IFRSs) in the EU. Those results are expected by September 2014.
The Environmental, Social and Governance (ESG) afternoon seminar of 20th June 2014 focused on financial assessment of non-financial information, i.e. extra-financial reporting following amendments to the ‘EU accounting directive’ 2013/34/EU. A presentation by François Passant, Executive Director of Eurosif on ‘Why is the non-financial reporting important for responsible investors?’ addressed the EU accounting directive’s content and the implications of the recent amendments, followed by the Novethic CEO Anne-Catherine Husson-Traoré presenting the Novethic viewpoint on ESG and finally Marc Schublin Director of Strategy and Stakeholder Relations (EIB) presented the EIB point of view on ESG in the context of Corporate Social Responsibility (CSR) within EIB.
The floor was left to open to ESG best practice discussions and exchanges between ELTI members, then a discussion moderated by François Passant & Dominique de Crayencour on the opportunity and content of an ELTI joint contribution to the consultation launched by the European Commission on the achievements, shortcomings and future challenges of the Commission’s activities on Corporate Social Responsibility (CSR).
The Innovative Financial Instruments Working Group (WG) met in Paris on 20th June 2014 for an update on the innovative financial instruments in the 2014-2020 multiannual financial framework and the role of national financial institutions. Mathieu Bertrand (DG MOVE) made a presentation on the Connecting Europe Facility and its Financial Instruments and Giorgio Casoni (DG ECFIN) provided his point of view regarding its implementation.
Discussions followed with Adrian Zambrano from Structured finance and European Infrastructure (EIB) making a presentation on ‘Long-Term Investor Club Infrastructure & Project Bonds WG’ later supported by Cormac Murphy, Head of Infrastructure Division (EIB) making a presentation on the Pan European Debt Infrastructure Fund – PEDIF.
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