In July 2023, Global SWF, an entity specialised in the processing and dissemination of information related to public investors like sovereign wealth funds and pension funds, published the results of its Governance, Sustainability, and Resilience (GSR) Scoreboard, which annually assess the strength of said institutions in terms of governance, sustainability, and resilience. In this pursuit, Global SWF focuses on publicly available information.
ONE OF THE ENTITIES WITH THE BEST PERFORMANCE AND RETURNS
The results of the 2023 GSR Scoreboard show COFIDES' solid position among the best-performing public investors worldwide. Out of a total of more than 200 assessed entities from the five continents, COFIDES ranks fifth, obtaining a total score of 96% and the highest score in both good governance and sustainability practices. In addition, it is the European institution with the best score, together with the sovereign wealth fund of Ireland.
If we were to look at the ranking of only sovereign wealth funds, COFIDES would come in fourth worldwide. Likewise, the company is among those that have most improved compared to the previous year, with COFIDES having increased its score by sixteen percentage points.
The company's outstanding results are not limited to its solid procedures and good practices; they are also evident in its financial performance. Specifically, of all the institutions evaluated, COFIDES ranks third in terms of the annual return obtained in 2022, in this case as a result of its successful management of the Fund for Foreign Investment (FIEX), which the company manages by governmental mandate to support the internationalisation of Spanish companies.
For the COFIDES Director-General, Miguel Tiana, “these results are very positive because they reaffirm the importance that the company gives to good governance, sustainability, and to continue advancing in the adoption of best practices. At the same time, the data shows COFIDES' ability to manage public resources solvently”.
The GSR Scoreboard is an assessment tool that was first introduced by Global SWF in 2020 to jointly address issues such as transparency and accountability, impact and responsible investment, as well as legitimacy and long-term survival. A few years later, the system is now embraced as a key metric among sovereign wealth and pension funds globally.
ABOUT COFIDES
COFIDES is a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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