Rating the Raters: Evaluating how ESG Rating Agencies Integrate Sustainability Principles

Environmental, social, and governance (ESG) rating agencies, acting as relevant financial market actors, should take a stand on working towards achieving a more sustainable development. In this context, the objective of this paper is, on the one hand, to understand how criteria used by ESG rating agencies in their assessment processes have evolved over the last ten years and, on the other hand, to analyze whether ESG rating agencies are contributing to fostering sustainable development by the inclusion of sustainability principles into their assessment processes and practices according to the ESG criteria. This research is based on a comparative descriptive analysis of the public information provided by the most representative ESG rating and information provider agencies in the financial market in two periods: 2008 and 2018. The findings show that ESG rating agencies have integrated new criteria into their assessment models to measure corporate performance more accurately and robustly in order to respond to new global challenges. However, a deep analysis of the criteria also shows that ESG rating agencies do not fully integrate sustainability principles into the corporate sustainability assessment process

Sustainability rating agencies as a driver of socially responsible investment

El conjunto de actores de los mercados financieros a nivel mundial están demandando de forma creciente que la información financiera de las empresas se vea integrada con información de carácter ambiental, social y de gobierno corporativo. Las agencias de calificación de la sostenibilidad surgen en los mercados como oferentes de dicha información, desarrollado sus propias herramientas de medición y evaluación de los criterios financieros, ambientales y de gobernanza (FASG). El objetivo de este artículo es poner de manifiesto la función impulsora y modeladora que están realizando estas agencias en el análisis de la sostenibilidad corporativa, sus metodologías de evaluación y los criterios que utilizan, constatando que están potenciando el desarrollo de la inversión socialmente responsable (o inversión sostenible, o inversión con criterios ASG), y de las finanzas sostenibles, tanto por ofertar bases de datos de criterios FASG, como por la elaboración de índices bursátiles de sostenibilidad que sirven de benchmarking para los fondos de inversión con criterios de sostenibilidad. Sin embargo, por ahora, este impulso no está impactando en la innovación hacia modelos de negocios sostenibles.The financial market actors worldwide are increasingly demanding that the financial information of companies should be integrated with information of an environmental, social and corporate governance nature. The sustainability rating agencies emerge in the markets as providers of such information, developing their own tools for measuring and evaluating the financial, environmental and governance criteria (FESG). The objective of this paper is to highlight the function that these sustainability agencies are fulfilling, their evaluation methodologies and the criteria they use, confirming that they are promoting the development of socially responsible investment (or sustainable investment, or ESG investment). Both for their offer of databases of FESG criteria, and for the elaboration of sustainable indexes that serve as benchmarking for investment funds with sustainability criteria. However, they are not influencing innovation towards sustainable business models

Sustainable supply chain management in a global context: a consistency analysis in the textile industry between environmental management practices at company level and sectoral and global environmental challenges.

In a global context, it is crucial to measure and report the corporate sustainability impacts taking into account what is happening along the whole supply chains. The objective of this study is to analyze whether environmental measurement and reporting practices, currently developed by companies under a global supply chain context, are aligned with global environmental challenges and the environmental hotspots at the sectoral level. To tackle this objective, this study has been focused on the textile sector, due to the relevance of its environmental impacts. A research was conducted based on the analysis of global environmental challenges: 1) at company level, on the measurement and reporting of specific environmental indicators connected with the impact categories of the European Organization Environmental Footprint (OEF); and 2) on the analysis of textile industry environmental hotspots, through the technical tool SimaPro that allows their quantification and identification along the life cycle phases using different scenarios. The results show a consistency between global environmental challenges and company environmental disclosure; however, a disconnection between the specific environmental indicators reported by textile companies and the main hotspots of the sector are observed. This implies that companies could be managing environmental issues related to global environmental concerns but ignoring those critical environmental issues truly relevant from a technical point of view, according to the nature of their activity. The paper argues that is not only necessary to consider the corporate awareness regarding global environmental challenges, but also to address the real environmental hotspots at the sectoral level. This paper represents a contribution in the discussion about what sustainability management implies along the supply chains, emphasizing the need to advance in a consistent and science-based integration of global environmental challenges, environmental hotspots at the sectoral level and environmental management practices at company level. The results obtained help global chain actors and other organizations to address this challenge

Materiality Analysis for CSR Reporting in Spanish SMEs

Most corporate social responsibility (CSR) standards have not been designed to be implemented in small and medium sized enterprises (SMEs). Given that 99% of Spanish companies are SMEs, this study aims to propose a selection of basic CSR material issues that, because of their usefulness and significance, should be adapted to Spanish SMEs and their stakeholders. This study provides a CSR model for SMEs that includes the most important social, environmental, and corporate governance issues. This model, which is based on expert knowledge, is useful for integrating sustainability in the management of SMEs and enhancing the management of stakeholders

Matemática de las operaciones financieras

Departamento de Finanzas y Contabilidad. Asignatura de Matemática de las Operaciones Financiera. Códigos de las asignaturas: FC1003, EC1003, AE1003, DA020

Nano positioning system reveals the course of upstream and nontemplate DNA within the RNA polymerase II elongation complex

Crystallographic studies of the RNA polymerase II (Pol II) elongation complex (EC) revealed the locations of downstream DNA and the DNA-RNA hybrid, but not the course of the nontemplate DNA strand in the transcription bubble and the upstream DNA duplex. Here we used single-molecule Fluorescence Resonance Energy Transfer (smFRET) experiments to locate nontemplate and upstream DNA with our recently developed Nano Positioning System (NPS). In the resulting complete model of the Pol II EC, separation of the nontemplate from the template strand at position +2 involves interaction with fork loop 2. The nontemplate strand passes loop β10-β11 on the Pol II lobe, and then turns to the other side of the cleft above the rudder. The upstream DNA duplex exits at an approximately right angle from the incoming downstream DNA, and emanates from the cleft between the protrusion and clamp. Comparison with published data suggests that the architecture of the complete EC is conserved from bacteria to eukaryotes and that upstream DNA is relocated during the initiation–elongation transition

Genomic diagnosis implementation in a pediatric hospital: Preliminary results

The access to new technologies, like Next Generation Sequencing (NGS) and microarray, has allowed the development of effective high-performance diagnosis algorithms for genetic pediatric diseases. The aim of this work was to establish standardized procedures for genomic diagnosis of genetic pediatric diseases in a pediatric hospital. Patients with presumptive diagnoses of genetic diseases (intellectual disability, metabolic, hematological or immune diseases or delay of growth and puberty) were included. DNA from peripheral blood was obtained from the patients and their parents. Genomic diagnosis procedures were performed by NGS (Clinical exome, TruSight One, NextSeq 500 Illumina) and microarray studies (8x60K Platform, Agilent). NGS results were analyzed by own designed bioinformatic pipelines, and B platform (Bitgenia) was used to prioritize variants. All variants found (sequence changes or Copy Number Variations) were classified according to American College of Medical Genetics and Genomics recommendations. This study was approved by the hospital ethical review board. Diagnostic flowchart was implemented according to designed operative protocols. Patients referred by specialized pediatricians were evaluated by the interdisciplinary team to agree on the best diagnostic pathway. From March 2018 to August 2019, 200 probands were included (86 with delay of growth and puberty, 12 hematologic, 4 immunologic and 55 metabolic disorders and 43 with intellectual disability). Among the 36 cases studied by microarray, 5 pathogenic variants (13.9 %), and 3 variants of uncertain significance were found. In 24 of the 60 patients (40 %) studied by NGS, genic variants related to patient?s phenotype were found. Conclusion: Interdisciplinary team work has enabled the successful implementation of these new genomic diagnosis techniques in the hospital. Diagnosis efficiency achieved agrees with international standards.Fil: Scaglia, Paula Alejandra. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Esnaola Azcoiti, María. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Casali, Bárbara María de Los Angeles M. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Valinotto, Laura Elena. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez". Laboratorio de Virología; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Rosenbrock, Solange. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Villegas, Florencia. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez"; ArgentinaFil: Arguelles, Celeste. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez"; ArgentinaFil: Berenstein, Ariel José. Gobierno de la Ciudad de Buenos Aires. Instituto Multidisciplinario de Investigaciones en Patologías Pediátricas. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto Multidisciplinario de Investigaciones en Patologías Pediátricas; ArgentinaFil: Izquierdo, Agustín. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Sanguineti, Nora María. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Braslavsky, Debora Giselle. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Szlago, Marina. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez"; ArgentinaFil: Fernandez, Maria del Carmen. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez"; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Armando, Romina Gabriela. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez"; ArgentinaFil: Brunello, Franco Gino. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Química Biológica de la Facultad de Ciencias Exactas y Naturales. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Química Biológica de la Facultad de Ciencias Exactas y Naturales; ArgentinaFil: Sanso, Gabriela. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Bergadá, Ignacio. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Arberas, Claudia Liliana. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez"; ArgentinaFil: Marti, Marcelo Adrian. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Química Biológica de la Facultad de Ciencias Exactas y Naturales. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Química Biológica de la Facultad de Ciencias Exactas y Naturales; ArgentinaFil: Ropelato, Maria Gabriela. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaFil: Rey, Rodolfo Alberto. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Gobierno de la Ciudad de Buenos Aires. Centro de Investigaciones Endocrinológicas "Dr. César Bergada". Fundación de Endocrinología Infantil. Centro de Investigaciones Endocrinológicas "Dr. César Bergada"; ArgentinaLXIV Reunión Anual de la Sociedad Argentina de Investigación Clínica; LI Reunión Anual de la Asociación Argentina de Farmacología Experimental; XXI Reunión Anual de la Sociedad Argentina de Biología; XXXI Reunión Anual de la Sociedad Argentina de Protozoología; IX Reunión Anual de la Asociación Argentina de Nanomedicinas y VI Reunión Científica Regional de la Asociación Argentina de Ciencia y Tecnología de Animales de LaboratorioMar del PlataArgentinaSociedad Argentina de Investigación ClínicaSociedad Argentina de ProtozoologíaAsociación Argentina de NanomedicinasAsociación Argentina de Farmacología ExperimentalSociedad Argentina de BiologíaAsociación Argentina de Ciencia y Tecnología de Animales de Laboratori

Integrating multiple ESG investors' preferences into sustainable investment: A fuzzy multicriteria methological approach

The integration of environmental, social and governance (ESG) criteria into the evaluation process of assets is a theme that is widely accepted among socially responsible investors. In this process, however, the integration of investors’ preferences has not been adequately developed. The challenge is to integrate the preferences of heterogeneous investors—not only conventional investors but also investors who are particularly sensitive to sustainability issues (socially responsible investors)—considering that socially responsible investors are not necessarily homogeneous. This paper attempts to address this challenge by developing a methodological approach based on an application of fuzzy multicriteria decision-making methods (MCDM) to integrate ESG investors’ preferences, as jointly considered. Because investors’ preferences may vary depending on which material aspects are considered within a sector, this study has been tested using clothing-sector data. Results confirm the usefulness of the methodological approach proposed for a proper generation of a ‘commercial solution’ that integrates the preferences of various investors and simultaneously is consistent with individually defined preferences