• The GPP and BBVA Fondo de Empleo were
the first two institutions to adhere to the United
Nations Principles for Responsible Investment
(PRI) (www.unpri.org).
• The FTSE4Good IBEX – the first sustainability
index in Spain – was established. BBVA is a
leader among the 27 companies comprising the
index. In order to be accepted into this index,
a company must pass an exhaustive analysis
carried out by the ERIS sustainability agency,
working in collaboration with the Fundación
Ecología y Desarrollo (ECODES).
• BBVA launched Acción FTSE4Good IBEX ET,
the first ETF (exchange traded fund) that makes
it possible to invest in socially responsible
companies included in the FTSE4Good IBEX.
This fund reached a volume of €1.6m in 2008,
with 77 investors. For more information, please
see: www.bbvafondos.com
• BBVA promoted the creation of SpainSIF, a
platform aimed at raising the level of SRI
development in Spain to that of other countries,
where SRI is more advanced.
Sustainability analysis processes at BBVA
are currently focused on equity assets, using
the ratings system and reports prepared by the
Innovest (www.innovestgroup.com) rating
agency. Companies receiving the lowest
sustainability ratings are analyzed in depth.
Should their risk rating be considered quite high,
they are excluded from the portfolios. The
profiles of the companies comprising the BBVA
funds are generally well over the average for
their respective sectors, especially those in
European portfolios.
In 2008 this process was applied to 20 % of
the equity assets and pension funds managed by
BBVA. Similarly, 25% of the mutual and pension
funds managed by the company also applied SRI
criteria to their equity investments.
In the specific case of the BBVA Bolsa
Desarrollo Sostenible (BBVA Sustainable
Development Stock Market) fund, sustainability
ratings were used in overweighting the different
companies. The bank also used as a benchmark an
index that includes only those companies showing
the highest performance in these areas (FTSE
4Good Global 100). Meanwhile, the basket of
securities that were to comprise the BBVA Extra 5
II Garantizado guaranteed equity fund was selected
according to SRI – and profitability – criteria, one
of them being their inclusion in the FTSE 4Good
global indexes at the time the fund was launched.
BBVA’s commitment to SRI also led it to
sponsor ESADE’s 2008 SRI Observatory, which
included a specific report on corporate pension
plans in Spain.
In other areas, the Corporación Andina de
Fomento (CAF) invested $5m in BBVA Codespa
Microfinanzas (Hedge Fund) in 2008, towards the
aim of generating greater opportunities for
microfinance institutions in Latin America. BBVA
entered into active dialogue with the 24 companies
included in the fund (3.9% of all companies in SRI
portfolios) concerning sustainability issues.
BBVA also continued marketing the following
solidarity mutual funds:
– BBVA Bolsa biofarma: with 3,670 investors
and a volume of €14.91m in 2008. The fund
manager donates €15,000 a year to the
Spanish Foundation for Applied Medical
Research (FIMA).
– BBVA Solidaridad: with 508 investors and
a volume of €15.49m. A yearly donation of
0.55% of managed equity is distributed among
the associated not-for-profit organisations
chosen by the investors; this donation ran to
€123,909 in 2008.
At the present time, BBVA has no formal
policies of intent regarding social or
environmental issues, beyond those of
upholding the corporate principles and pledges
it has assumed for its operations in this matter.
Finally, BBVA Asset Management earned the
GIPS (Global Investment Performance Standards)
certification for mutual funds, which implies the
Socially Reponsible Investment (SRI)
(Percentage)
SRI funds over
total managed
funds
SRI funds over
other customer
funds
2008 (1)
(1) In 2008, the increase in SRI funds is due to the management of BBVA's staff
retirement plan according to sustainability criteria.
Scope: BBVA Group.
2007 2006
2.74 1.38 1.57
2.17 0.53 0.65
RESPONSIBLE PRODUCTS AND SERVICES
Corporate Responsibility Report 2008
37
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