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Socially responsible investment
Caja Madrid's goal in this area is to convince savers that they can invest for the good of society, through the actions of companies and organisations operating to socially responsible standards, and at the same time earn an interesting return.
To this end, it has built up a portfolio of socially responsible investment products and funds investing in companies with a positive impact on environmental conservation:
PRO UNICEF Solidarity Benefit Fund
belonging to the “Ethical/Ecological/Social Responsibility" category of Spanish collective investment association Inverco, with 0.5% of management fees donated to UNICEF. Occupational pension funds
the investment policy statement of the Caja Madrid Group staff pension fund includes a series of ethical considerations, like excluding from the portfolio any assets of companies exploiting child labour, harming the environment or otherwise in breach of fundamental human rights. The fund’s Control Committee has the power to occasionally add other exclusion criteria to the list.EIRIS
an IT application to guide occupational pension plans wishing to invest in a socially responsible manner. The system is already operative in the Madrid City Council pension plan, and was extended in 2007 to the pension plans of the Spanish Parliament and Fondoandalsur (contributed to by the Municipal Councils of Jerez de la Frontera, Trebujena, Chiclana de la Frontera and Vélez Málaga). The Control Committee of these last plans organised a conference titled “Socially Responsible Investment by Pension plans. What is it About?” in Jerez de la Frontera.
| Pension plan |
Assets (thousand euros)* |
Members* |
| Caja Madrid employees |
746,998 |
17,796 |
| Madrid City Council |
18,650 |
28,999 |
| Andalsur |
14,409 |
2,397 |
| Spanish Parliament |
3,167 |
1,334 |
The following ethical funds were designed in 2007:
- Caja Madrid Recursos Naturales: Investing in companies that operate in renewable energies and the water industry.
- Caja Madrid Oro Azul: Investing in the world's top ten water companies.
| Ethical fund |
Assets (euros)* |
Members* |
| Pro UNICEF fund |
4,467,649 |
450 |
| Caja Madrid Recursos Naturales |
8,417,486 |
763 |
| Caja Madrid Oro Azul |
37,707,363 |
2,588 |
* Data as at 31/12/2007