Let's Talk EU

CFA Institute recently released a new global survey on inducements, which focuses on the issue of the mis-selling of financial products, and the implications of the retail commissions practice. In this episode, Josina Kamerling discusses the findings of the survey, and highlights similarities and differences in every region.

Josina Kamerling has a discussion with Pauline van der Meer Mohr, Chair of the Supervisory Board of ASM International NV, and non-executive director on the Boards of AholdDelhaize, Nationale Nederlanden and Viatris Inc., about the future role for company boards on sustainability, and the way organisations should engage with shareholders.

Josina Kamerling and Rhodri Preece, Senior Head, Research, CFA Institute, discuss the findings of the 2022 CFA Institute Investor Trust Survey and talk about how retail and institutional investors are interacting with the factors impacting trust today.

The Taxonomy Regulation establishes an EU-wide classification framework to provide businesses and investors with a common language to identify environmentally sustainable economic activities. Companies will be required to disclose their impact in the environment and increase transparency in how they mitigate it. On this episode, Josina Kamerling interviews Sirpa Pietikäinen, Member of the European Parliament and former Minister of the Environment in Finland and a strong advocate for the transition to Sustainable Finance. What are the challenges to implement the regulation, and can the Taxonomy remain a neutral scientific method that benefits both companies and retail investors?

Josina introduces us to the recent developments in corporate governance and reporting to protect retail investors, and the need for a holistic approach in the recent CSRD proposal, the EU legislation that aims to widen the NFRD's scope and ESG disclosure requirements. She welcomes Olivier Boutellis-Taft, CEO of Accountancy Europe to the show and poses him the question: what is the role of auditors and company boards in the face of global shortages of natural resources, and other key sustainability risks? Investors, more than ever, are looking for succinct and transparent reporting of companies' environmental impact and risks. 

CFA Institute and BETTER FINANCE address the recent boom of SPACs in a joint research report that brings a pragmatic view of the issues facing European retail investors and investment professionals that are considering a move into this rapidly evolving (and for many, unfamiliar) territory. Roberto Silvestri, Josina Kamerling and Edoardo Carlucci discuss the possible role of SPACs in the context of the Capital Markets Union (CMU) in the EU, and the main regulatory issues concerning transparency and information disclosure, investor protection, and supervision.

The investment industry is facing a cultural shift as diversity, equity, and inclusion (DEI) become crucial elements in attracting and retaining talent, whoever it comes from. Josina introduces Sarah Maynard, Global Head, External Diversity, Equity, & Inclusion at CFA Institute. She recognizes that an organization with an inclusive culture results in better investor outcomes, and is a better place to work. To lead the industry in this direction, CFA Institute has developed a voluntary code to guide DEI, beginning in the United States and Canada.

As the EU looks to advance its Capital Market Union and Single Market plans, one key issue stands on its way: reducing differences between national laws and providing European institutions with a single set of rules to follow – the Single Rulebook. Josina Kamerling talks us through the concept of supervisory convergence and recent developments around the theme as she poses the question: is the EU trying to become a fortress or open its doors for dialogue?

Josina Kamerling, Susan Spinner, CFA, CEO of CFA Society Germany, and Martina Bahl, CFA, CFA Society Germany's Advocacy member, discuss the findings of the joint CFA Institute and CFA Society Germany report “Stakeholder capitalism in Action - Spotlight on Germany's Works Councils”, which looks at how stakeholder capitalism is applied in Germany through the concept of employee co-determination.

Josina Kamerling discusses the Pan-European Personal Pension Product (PEPP) regulation, with Hans Van Meerten, professor of European Pension Law at Utrecht University. Effective January 1 2022, 240 million savers in the EU will get better pension choices. This episode covers the background of the legislation and discusses how EU pension reform, most notably in the Netherlands, signals a profound rethinking of the subject.

Josina Kamerling, co-president of the Prize Jury discusses with her co-president Prof. Paul Dembinski about this edition's laureates, what themes are emerging and what needs to change in the financial industry for sustainability to function. Following the high-level commitments at COP26, how can we walk the talk?

Josina Kamerling introduces us to Simon Rawson from ShareAction, an UK-based charity that advocates for responsible investment. They discuss the impact of Covid-19 on stakeholder engagement in firms, and specifically the role of Annual General Meetings (AGMs) in shaping business conduct.

Josina Kamerling and Rhodri Preece, CFA, Senior Head of Industry Research at CFA Institute talk about the findings of the CFA Institute ‘Future of Work in Investment Management' survey, which gives us a glimpse of the evolution of work post-pandemic. They also discuss how regulators are coping with the new virtual work environment and the risks it brings from the perspectives of location policy, tax implications, operational risk, supervision of business conduct, among others.

Josina Kamerling walks us through the findings of the CFA Institute survey report ‘COVID-19, One Year Later: Capital Markets Entering Uncharted Waters', which captured the thoughts of thousands of our members on the impact of the pandemic on global financial markets, and discusses the EU regulatory response to the crisis.

The pandemic is likely to change the role of company boards and the way people look at companies. The fourth edition of the CFA Institute investor trust study reveals consumers and employees want to have the power to influence companies. They also believe that CEOs must lead on societal issues such as the pandemic impact on the economy and job automation. Hear from Leena Linnainmaa, Secretary General at Directors' Institute Finland, Chair of the European Confederation of Directors Associations (ecoDa) and expert on corporate governance, company law, securities markets law and women in leadership issues.

Recently, CFA Institute published the new report “Corporate Governance and ESG disclosure in the EU”, which looks at how ESG developments and corporate governance policies may merge into new regulatory frameworks aimed at strengthening the link between companies and the wider society, including shareholders and other stakeholders. Hear from experts on the current obstacles to corporate accountability and protection of shareholder rights, and the effects of ESG integration in EU companies' business models.

A discussion with Luca Grassadonia, CFA Society Italy, on the European Commission initiative on Sustainable Corporate Governance and the CFA Institute report “Corporate Governance and ESG Disclosure in the EU”.

A discussion with Alexandra de Hoop Scheffer, director of research and the director of the Paris office of the German Marshall Fund of the United States, on the transatlantic relationship in the context of a global repositioning of influences.

Josina Kamerling provides an analysis of the EU policy developments and practices on Corporate Governance and ESG disclosure in the EU, and provides some action points for European policymakers, companies and investors.

A conversation with Jim Allen, head of Americas capital markets policy at CFA Institute. Looking back at the relationship between EU and US on financial services over the past years.

A conversation with Jim Allen, head of Americas capital markets policy at CFA Institute. Looking back at the relationship between EU and US on financial services over the past years.

An analysis of the revised EU Capital Market Union (CMU) action plan with Thomas Wieser, Chair of the EU high-level forum on CMU

A discussion with Kazim Razvi Director of Financial Reporting the podcast looks at some of the global issues of non-financial reporting and the changes proposed at the EU level. With a particular focus on the problems facing SMEs in the context of enabling their access to investors and markets.

A conversation with Mary Leung head of Advocacy in APAC for CFA institute. Comparing and contrasting the treatment of inducements across key markets in APAC and with relevance for the EU context where consideration is being given whether to ban or not inducements.

Josina speaks with Rainer Riess, Director General of the Federation of European Securities Exchanges (FESE), to discuss the recommendations of the European IPO Task Force report, which will be published on 2 March 2020. The European Task Force, which is composed of corporate representatives and independent experts from the financial sector, was established with the aim of suggesting solutions to address the current issues in the IPO market in Europe. Josina and Rainer are members of the Task Force while CFA Institute and FESE are among the co-organisers.

In this episode, we hear from Axel Kleinlein, president at Better Finance. He discusses the next steps in finding a solution to sustainable investing, which centers on finding a taxonomy.

In this episode, we hear Gary Baker, managing director at CFA Institute, discuss the confusion caused by greenwashing in sustainable investments. He also explains how to avoid falling down the rabbit hole when it comes to the challenges of defining ESG and sustainability.  

In this episode, we hear from Jeroen Bos, CFA, head of specialized equity and responsible investing at NN Investment Partners. He discusses why ESG integration is in line with fiduciary duty and the importance of transparency in avoiding greenwashing.

In this episode, we hear from Guillaume Prache, managing director at Better Finance. He discusses his main takeaways from the conference and why failing is not an option when it comes to sustainable investing.

In this episode, we hear Henrik Husman, president of Nasdaq Helsinki, discuss the challenges individual investors face in sustainable investing and the reporting guide that Husman and his team have created to ensure that retail investors get the best possible information about their investments.

In this episode, we hear Jonas Fernandez, a member of the European Parliament, discuss what the goals for the new commission will be. Despite the challenges and many unanswered questions, he believes that this conference is a good starting point for the next five years.

In this episode, we hear from Josina Kamerling, head of capital markets, EMEA, at CFA Institute. She discusses the recent Task Force Report by CFA Institute and Better Finance and what sustainable value for money means.

In this episode, we hear from Olivier Boutellis-Taft from Accountancy Europe. He discusses the importance of systemic change versus cosmetic changes. He stresses that the timeline we have in which to take action is shrinking, so we need to emphasize systemic changes to accomplish our goals.

In her first podcast of 2020, Josina Kamerling and Guillaume Prache, Managing Director of Better Finance discuss a hot topic, sustainable value for money, based on a survey taken with CFA Institute and Better Finance. They address the gap between what financial professionals believe they should provide in order to deliver sustainable value for money and what retail investors expect and what is being done to create an alignment of those priorities. They delve into the impacts that duty of care, ESG investing, MiFID II, Key Information Documents (KIDs), among others factors have on sustainable value.

Josina speaks with Mary Leung, Head of Advocacy APAC, CFA Institute and Jim Allen, Head of Capital Markets Policy, Americas, CFA Institute about how the regions differ in their interpretations of EU regulations such as MiFID II and its impact on investment research. While global firms tend to see MiFID II rules as “best practice” the difference in regulatory regimes is stark among the EU, Americas and Asia-Pacific (where there is no pan-APAC regulator).

Josina speaks with Mary Leung, Head of Advocacy APAC, CFA Institute and Jim Allen, Head of Capital Markets Policy, Americas, CFA Institute about how the regions differ in their interpretations of EU regulations such as PRIIPS and UCITS. Particular attention is paid to the importance of fiduciary responsibility as we enter an era of global product sovereignty.

The European Commission, which is the executive branch of the European Union welcomes incoming president elect Ursula von der Leyen.  Formerly minister of defense for Germany, von der Leyen and her team of commissioners are bringing new energy to the Commission.  In this podcast, Josina Kamerling, head of regulatory outreach for CFA Institute for the Europe, Africa and the Middle East explores their ambitious agenda.  She said it includes generating more awareness among people about what the EU is doing for them, consummating the work of the prior commission — from banking to Brexit and a host of items in between — a European green deal, wage fairness, and the integration of environmental, social and governance standard into the finance industry, among other items.  Karmerling also delves into the agenda items of three commissioners on von der Leyen's team in this comprehensive podcast.  

For years the EU, The European Parliament, and most recently, the capital markets union have wrestled with the notion of sustainable finance and how to strengthen the long term connection between society and the financial services business. With the emergence of environmental, social, and governance (ESG) standards, this connection is strengthening in equities but less so in bonds. So-called Green Bonds pose a number of challenges including taxonomy, liability regimes and disclosures. In the podcast, Josina Kamerling, head of regulatory outreach for CFA Institute for Europe explores the state of the discussion on Green Bonds and what developments investors and policy makers might expect in the coming months and years.

In this episode, Josina Kamerling, head of regulatory outreach for CFA Institute for Europe, Africa, and the Middle East, explains how CFA Institute fits into overall EU policy development. She takes listeners through the labyrinth of recent initiatives concerning capital flows, governance, securitization, supervision, and taxation, among other issues, to make the case for stronger centralization and harmonization of financial-market supervision in Europe.

What will happen on the fateful dates of May 23-26, the period set down for elections throughout the EU member states? Though it's not always easy to see, the European Union has been built on consensus. Achieving consensus has never been easy or pretty, but it's the bedrock of the EU. And in an era of rapid change—Brexit, new political parties, new regional alliances, and changing U.S. policies—it's also the driving force behind what appears to be politically intractable gridlock. But according to Josina Kamerling, head of regulatory outreach for CFA Institute for Europe, Africa, and the Middle East, consensus will be the savior, not the undoing of the EU. In this episode, she explains why there's too much at stake for Europe's leaders not to come to the table once again to solve their myriad political and economic challenges.

In this episode, Josina Kamerling, head of regulatory outreach for CFA Institute for Europe, Africa, and the Middle East, takes listeners through a range of issues facing EU markets, from blockchain technologies to deposit guarantees to sustainability standards, among others. She posits that success rests not with the decisions that are reached per se, but rather through the strength of the union that is formed to address these manifold challenges. Further, this future union will play a critical role in creating a European voice that is heard, and respected, on the world's stage.