This conference call addressed what investors need to know about the detrimental effects of protein production on forests in Brazil. Deforestation is a major environmental concern that poses operational, financial, and reputational risks to investors. Two-thirds of tropical deforestation over the last decade can be attributed to the production of a handful of globally-traded soft commodities, especially livestock farming products. The production of these... read more

This discussion will focus on one of the most central yet overlooked areas of public finance: the importance of a public sector balance sheet in managing public wealth. The October 2018 edition of the Fiscal Monitor, one of the IMF’s flagship publications, argues that public wealth can best be managed through a public sector balance sheet (PSBS) that provides a comprehensive picture of all of the assets and liabilities that a government owns and owes, and broadens the scope of... read more

Environmental, social, and governance (ESG) investing has gone mainstream. This event convenes a panel of buy-side and sell-side analysts to address the contribution of ESG factors to investment performance in emerging markets. The discussion will address questions including: What is the value of ESG data in emerging markets investing? What are some successful ESG integration strategies? What factors correlate most highly with investment performance? How are investors taking advantage of... read more

Did you know that Guatemala and the Dominican Republic rank higher than India, Turkey, and Namibia in terms of budget transparency? And that Brazil’s budget is more transparent than South Korea’s? The International Budget Partnership (IBP) publishes the Open Budget Survey every two years.  Ranking 115 countries across six continents, the survey is the largest comparative, independent assessment of budget transparency, oversight and participation. The Open Budget Index (... read more

Political uncertainty in Brazil has cast doubt on the possibility of further corporate governance reforms at the regulatory level. However, over the last five years, Brazilians have taken many steps toward improving corporate governance standards and professionalizing board structures. The discussion will address the state of corporate governance in Brazil as well as the challenges associated with reform. From the recent launch of Brazil's Stewardship Code to Vale's path-breaking election of... read more

Investors rely on government fiscal data to assess creditworthiness. Yet many governments do not produce basic or complete fiscal data. The event will focus on fiscal openness and budget transparency in emerging markets. The discussion will address questions such as: (1) How are governments performing on fiscal openness and budget transparency and why does it matter?  (2) How do closed fiscal policies and budgets contribute to systemic risks and open ones reduce risks? (3) Which fiscal... read more

Oil, gas, and mining agreements signed between governments and companies have traditionally been classified, but norms and regulations are shifting towards increased transparency. Around 40 governments have officially published these contracts, and organizations like the International Monetary Fund, the International Finance Corporation, and the European Bank for Reconstruction and Development are actively encouraging the practice of disclosure. We brought investors together to discuss why this... read more

On October 16, 2017, the Alliance hosted a discussion with Mr. Rajeeva Bandaranaike, the CEO of the Colombo Stock Exchange, on corporate governance issues in Sri Lanka. As the Exchange’s listing rules play a crucial role in shaping corporate governance practices, the event presented an opportunity for investors to understand and address challenges to promoting good governance and operational transparency. The occasion also allowed for dialogue between investors and the leadership of the... read more

Discussion with Lorena Rivero, Ministry of Finance and Public Credit, Mexico Kathrin Frauscher, Open Contracting Partnership (OCP)   Inefficiency and corruption in public procurement represent a massive fiscal burden for emerging markets. Out of the $9.5 trillion spent each year on government procurement (15% of the global GDP), the UN estimates that corruption and fraud may amount to 20-25%. Mexico has been at the forefront of addressing this problem through an... read more

In recent years, environmental, social, and governance (ESG) investing has grown in popularity in virtually all asset classes. Despite the robust performance of many ESG indexes since the global financial crisis, investors still express skepticism about alpha potential or ascribe the observed benefits to more traditional factors. This is especially true among emerging market (EM) investors where ESG is poorly understood. This event aimed to educate emerging market investors as to the current... read more