Press releases

CMVM Annual Conference 2018

"Sustainable Finance: The Road Ahead"



The Portuguese Securities and Markets Commission (CMVM) is focused on actively participating and promoting the debate on how to promote sustainable economies and societies. Among other initiatives, this priority has translated into our participation in the Portuguese Social Investment Taskforce, in the promotion of a public consultation of Portuguese market players regarding sustainable investment that will start this year, and the conference “Sustainable Finance: the road ahead”.

At the conference, we looked at the contribution that the financial side of our economies can offer to promote better environmental, social and governance standards. These topics are at the top of the international agenda, including in Europe, but have yet to earn merit in the Portuguese public sphere. We aim to offer an important contribution to the European and national debate.

Herein, we will be updating information on the conference, namely on the programme, its panels and speakers.


Centro Cultural de Belém

rd november 2018


(discussion sessions in english)

8:30- Registration

9:00 - Opening remarks: Gabriela Figueiredo Dias (speech), Chair of the CMVM Management Board 

9:15 -
Keynote speaker:  Mário Centeno (speech), Portuguese Finance Minister

9:45-11:15 -
Roundtable: "What is sustainable in finance?"

This panel looked at what should be valued as relevant in environmental, social and governance factors (ESG) and why. Among other topics, the panel addressed questions such as whether climate is getting more attention than other ESG factors, and what are the main measurement challenges and how can they be included in models and valuations.

  • Colin Mayer, Peter Moore Professor of Management Studies, Said Business School, University of Oxford
  • Filipe Santos, Chair of Social Entrepreneurship at Católica – Lisbon School of Business & Economics
  • José de Matos, Consultant to the Board, Banco de Portugal
  • Peter Kernan, Managing Director, S&P Global
  • Tânia Duarte, Co-founder and Head of Operations at Conduct, Culture, People Research Foundation
  • Ugo Bassi, Director, FISMA, European Commission
    • Moderator: Rui Peres Jorge, Communication Office, CMVM

11:15-11:30 -   2017 José Luís Sapateiro Award Ceremony​

11:30-12:00 - Coffee break


12:00-13:10 - Roundtable: "Investing in sustainability. What's in it for me?"

This panel looked at what sustainable investment may offer citizens, as well as the different market players. It addressed questions such as whether investors may expect safer investments or higher returns from ESG asset; is there value for shareholders, and if so, does it come at a cost in the short term; are asset managers able to enrich their portfolios through ESG strategies and still meet their fiduciary duties; and, more broadly, what benefits may citizens expect from sustainable investment and what should they be demanding.  

  • António Miguel, Managing Director, Maze; Laboratório de Investimento Social
  • Jorge Moreira da Silva, Director, OECD Development Co-operation Directorate
  • Margarida Couto, President, GRACE - Grupo de Reflexão e Apoio à Cidadania Empresarial
  • Paul Tang, Member of the European Parliament, Socialist & Democrats
  • Will Martindale, Head of Policy, UNPRI – Principles for Responsible Investment
    • Moderator: Filipe Santos, Chair of Social Entrepreneurship at Católica – Lisbon School of Business & Economics

13:10-14:30 - Lunch

14:40-15:10 - Keynote Speaker: Dirk Schoenmaker (presentation), Senior fellow, Bruegel; Professor of Banking and Finance, Erasmus University

15:10-16:30 - Roundtable: "Looking for responsible investors for long term relationships"

The third panel discussed challenges for issuers of ESG-compliant assets, namely green bonds, including the best way to assure one is ESG compliant, and how to benefit from them; are there real diversification opportunities in this market?; what do we know about the pool of investors that are attracted to ESG assets; or, in market terms, how do climate-related assets compare to social and governance related ones?

  • André Figueiredo, Partner, PLMJ
  • António Correia, Partner, PricewaterhouseCoopers
  • Cristina Casalinho, CEO, Portuguese Treasury and Debt Management Agency
  • João Wengorovius Meneses, General Secretary, BCSD - Conselho Empresarial para o Desenvolvimento Sustentável
  • Nandini Sukumar, CEO, World Federation of Exchanges
  • Paulo Rodrigues da Silva, CEO, Euronext Portugal
    • Moderator: Rita Oliveira Pinto, Regulatory Policy and International Affairs Department, CMVM

16:30-17:00 -Coffee break

17:00-18:00 -
Roundtable: "Sustainability: To regulate or not to regulate?"

This policy panel looked at how active regulators should be in addressing ESG concerns, both at national and European levels. Recent policy proposals, namely from the European Commission, were discussed, as well as alternative policies that could be envisaged by regulators.

  • Steven Maijoor, Chair, ESMA
  • Gabriel Bernardino, Chair, EIOPA
  • Gabriela Figueiredo Dias, Chair, CMVM
    • Moderator: Ugo Bassi, Director, FISMA, European Commission