Disclaimer
Confermo di essere un cliente professionale
Le informazioni e le opinioni contenute in questa sezione del Sito cui sta accedendo sono destinate esclusivamente a Clienti Professionali come definiti dal Regolamento Consob n. 16190 del 29 ottobre 2007 (articolo 26 e Allegato 3) e dalla Direttiva CE n. 2004/39 (Allegato II), e sono concepite ad uso esclusivo di tali categorie di soggetti. Ne è vietata la divulgazione, anche solo parziale.
Al fine di accedere a tale sezione riservata, si prega di confermare di essere un Cliente Professionale, declinando Robeco qualsivoglia responsabilità in caso di accesso effettuato da una persona che non sia un cliente professionale.
In ogni caso, le informazioni e le opinioni ivi contenute non costituiscono un'offerta o una sollecitazione all'investimento e non costituiscono una raccomandazione o consiglio, anche di carattere fiscale, o un'offerta, finalizzate all'investimento, e non devono in alcun caso essere interpretate come tali.
Prima di ogni investimento, per una descrizione dettagliata delle caratteristiche, dei rischi e degli oneri connessi, si raccomanda di esaminare il Prospetto, i KIIDs delle classi autorizzate per la commercializzazione in Italia, la relazione annuale o semestrale e lo Statuto, disponibili sul presente Sito o presso i collocatori.
L’investimento in prodotti finanziari è soggetto a fluttuazioni, con conseguente variazione al rialzo o al ribasso dei prezzi, ed è possibile che non si riesca a recuperare l'importo originariamente investito.
Sustainable Investing
Corruption definition
Corruption is defined as behavior by individuals that aims to secure a monetary advantage in business or politics through illegal dealings. It typically covers bribery – illegal payments made to secure a contract or service – along with falsifying documents to enhance the value of a product. The word itself derives from the Roman Latin past participle of corrumpere, meaning ‘to mar, bribe or destroy’.
Investopedia defines it as “dishonest behavior by those in positions of power, such as managers or government officials. Corruption can include giving or accepting bribes or inappropriate gifts, double-dealing, under-the-table transactions, manipulating elections, diverting funds, laundering money and defrauding investors.”1
Transparency International, which works to expose corruption among governments, companies and wealthy or powerful people, defines corruption as “the abuse of entrusted power for private gain”.2 This can involve cronyism, where someone’s friends are given valuable contracts outside the normal market tendering process, and nepotism, where a relative is appointed to a position of power even though they are unqualified or unsuitable for the role.
Creating returns that benefit the world we live in
Country Sustainability Ranking
Levels of corruption in countries accounts for 10% of the weighting in the Robeco Country Sustainability Ranking, making it one of the most significant things that analysts look for when assessing how sustainable a nation is. This information is then used as part of the governance factor in ESG when deciding whether to buy that country’s sovereign bonds.
The two sources for it are the Corruption Perception Index, which has been published by Transparency International since 1995, and the Control of Corruption (CoC) Index, which is one of the six Worldwide Governance Indicators that have been published by the World Bank since 1996. The CoC “reflects perceptions of the extent to which public power is exercised for private gain, including both petty and grand forms of corruption, as well as ‘capture’ of the state by elites and private interests”.3
Some financial crime broadly falls under the banner of corruption, though money laundering and insider dealing are seen as specific crimes in their own right. Ponzi schemes in which profits are paid to investors using the income from newer investors instead of an underlying asset is similarly viewed as financial fraud. The biggest pure source of corruption remains bribery, which has often proved commonplace in emerging markets that lack regulation or a properly functioning judicial system.
See also:
Many companies including Robeco put limits on the value of gifts that employees can receive as presents or hospitality to avoid charges of undue influence.
Footnotes
1https://www.investopedia.com/terms/c/corruption.asp
2https://www.transparency.org/en/what-is-corruption
3https://info.worldbank.org/governance/wgi/Home/Reports
