Los criterios socialmente responsables en la inversión de los fondos de pensiones de empleo y otras entidades de previsión social

Abstract

This paper analyses «socially responsible» criteria in the context of pension funds and other welfare schemes. Socially responsible investments consider not only the normal economic and financial criteria but also others relating to corporate social responsibility, such as respect for the environment, human rights, social rights, the rights of different interest groups, and in general standards of good corporate governance.

The main social responsibility or these welfare schemes is to obtain sufficient returns on the investment of their assets to meet their pension commitments. Like all other investments, socially responsible investments must meet certain objectives in terms of returns, diversification and risk control. We take as given that such investments can meet these requirements, and consider the active role that welfare institutions can play in encouraging and developing socially responsible investment.