scholarly journals Operational evidences on the engagement duty of Italian institutional investors

2019 ◽  
Vol 1 (1) ◽  
pp. 8-16 ◽  
Author(s):  
Francesco Drigo
Keyword(s):  
European Union ◽  
Institutional Investors ◽  
Stock Exchange ◽  
Pension Funds ◽  
Insurance Companies ◽  
The European Union ◽  
Local Engagement ◽  
Asset Managers ◽  
Collective Engagement

Directive 2017/828 is the main legislative text of reference of the European Union (“EU”) in relation to the engagement duty of institutional investors (insurance companies, pension funds and asset managers) towards investee companies. This paper is intended to provide an overview of the engagement activities of Italian institutional investors and to outline possible developments with respect to local engagement practices. In general, evidence has shown a lack of activism by pension funds and domestic insurance companies, as well as the adoption of a selective/opportunistic approach by asset managers, mainly through collective engagement. Further, the Italian stock exchange showed a certain degree of proactivity in promoting the dialogue between issuer companies and investors. In this scenario, it may be worthy to investigate the opportunity for pension funds and insurance companies to exercise engagement activities in collective form as well.

scholarly journals The Europe 2020 project bond initiative: an alternative to finance infrastructure in Europe

2015 ◽  
Vol 24 (1) ◽  
pp. 229-252 ◽  
Author(s):  
José Manuel VASSALLO ◽  
Thais RANGEL ◽  
María de los Ángeles BAEZA ◽  
Paola Carolina BUENO
Keyword(s):  
European Union ◽  
Institutional Investors ◽  
Commercial Banks ◽  
Large Scale ◽  
Public Consultation ◽  
Insurance Companies ◽  
The European Union ◽  
Credit Enhancement ◽  
Europe 2020 ◽  
Economic And Financial Crisis

The economic and financial crisis that struck Europe over the last few years has imposed much stricter capital and liquidity requirements for commercial banks thereby reducing their ability to provide funding to infrastructure projects. To circumvent this problem the European Union has promoted the Europe 2020 Project Bond Initiative (PBI) aimed at using European funds for credit enhancement to increase the appetite of institutional investors – such as pension funds and insurance companies – to boost large-scale infrastructure financing. In this paper we describe the specific constraints and attractiveness of the PBI within Europe using the SWOT methodology to analyse the information coming from both pilot case studies and the responses that institutional investors and other stakeholders provided to the EC public consultation about the PBI. On the basis of this information we found that even though the initiative may contribute to facilitate infrastructure financing in Europe, there are still some challenges to be addressed for its right implementation.

Aspects Regarding the Structure of the Financial Audit Market in the European Union from Fees Perspective

2021 ◽  
Vol 19 (164) ◽  
pp. 724-742
Author(s):  
Ovidiu Constantin Bunget ◽  
Alin-Constantin Dumitrescu ◽  
Rodica Gabriela Blidisel ◽  
Oana Alina Bogdan ◽  
Valentin Burca ◽  
...  
Keyword(s):  
European Union ◽  
Financial Reporting ◽  
Stock Exchange ◽  
The European Union ◽  
Data Set ◽  
Audit Market ◽  
Audit Firms ◽  
Financial Audit ◽  
The One ◽  
Non Audit Services

The audit market, developed out of the need to strengthen the credibility and the quality of financial reporting, has led since the 1980s to a concentration around large audit firms, the dominance effect being marked on the one hand by the auditor’s increasing reputation and notoriety, and on the other hand by the client’s association with a reputed auditor, which contributes to improving the company’s image on the market. In this context, a major issue is represented by the level of the fees charged, as they represent key elements that may affect the auditor’s independence. Moreover, a sensitive aspect is the relationship between the fee charged for financial audit services and the one for non-audit services and the compensation practices between them. The European Commission wants to facilitate competition in an overly concentrated market and also provide the opportunity for small and medium-sized audit firms to become active players in the large corporate audit market through joint audit, in which at least one of the audit firms is not part of the Big4 group. The mandatory audit firm rotation and the limitation on the non-audit services provided are the main aspects of the recent audit reform that directly influences the fee level. The main purpose of this study is to analyse whether there is a pattern of audit costs at the community level. In this context, this paper aims to assess the uniformity of audit costs, namely to determine the structure of the audit market in the European Union. The research involves data set comparison methods, by analysing a sample of 2,896 firms listed on the stock exchange in 35 different states over the period 2013-2021.

scholarly journals CO2 Emission trade in the European Union and Hungary

2007 ◽  
pp. 198-203
Author(s):  
Nikolett Szőllősi ◽  
Csaba Juhász ◽  
János Tamás
Keyword(s):  
European Union ◽  
Environmental Policy ◽  
Environmental Economic ◽  
Electronic Commerce ◽  
Co2 Emission ◽  
Stock Exchange ◽  
The European Union ◽  
Economic Methods ◽  
Different Types ◽  
Emission Of Greenhouse Gases

The environmental policy of the European Union focuses on decreasing emission of greenhouse gases. However there is no knowledge about the effect and the operation of the environmental economic methods which could efficiently influence this process. Therefore, practical emission trade was investigated. Recently, the commerce of AUEs started to change in Hungary, as well. Most transactions are made by a broker. Electronic commerce, which can be made with or without a broker, is spreading. The benefit of this form is that it is simple and cheap, in spite of the entrance fee of the stock exchange. This study could help to utilize carbon quotas in different types of commerce.

scholarly journals COMPARATIVE ANALYSIS OF INSURANCE IN UKRAINE

2020 ◽  
Vol 1 (4(106)) ◽  
pp. 102-109
Author(s):  
І. В. Ліченко
Keyword(s):  
European Union ◽  
Comparative Analysis ◽  
Consumer Demand ◽  
System Development ◽  
Well Being ◽  
State Regulation ◽  
Insurance Market ◽  
Insurance Companies ◽  
The European Union ◽  
Insurance System

The relevance of the article is that bringing Ukrainian legislation in line with the insurance legislation of the European Union is one of the priority areas in the economy of Ukraine. The process of adaptation is a complex process given the large volume of regulations. The analysis of the comparative insurance process is the initial stage for determining the methods for implementing the norms of international cooperation at the domestic level. Insurance during the crisis (covid-19) and other negative political and economic events, the decline in the material well-being of the population has created a problem of significant reduction in consumer demand for insurance services. The problem of supporting consumer demand and the competitiveness of insurance companies is especially relevant today. The article provides a comparative comparative analysis of Ukrainian insurance legislation, the purpose of which is to identify regulatory relationships based on a comparison of national legislation and international regulations of one or different historical periods. It is concluded that significant differences in the parameters and proportions of the domestic market in accordance with the standards of the European insurance market indicate that on the path to European integration our country faces complex long-term challenges for the development of the domestic insurance system. In the EU there are unified methods and forms of state regulation of insurance activities, which are established by the relevant directives of the European Union on insurance. In this regard, the strategic perspective of Ukraine's insurance system development should be based on European standards, in particular, it is necessary to improve the work of the regulator, the legal framework, life insurance and health insurance, accident compensation limits, etc. Therefore, in order to create a proper basis for further development of the insurance market, increase its reliability, the regulatory framework should be based on clear, understandable and modern principles that will ensure proper performance of the functions assigned to them by insurers.

scholarly journals A draft Economic Democracy Directive for the European Union

2019 ◽  
Author(s):  
Ewan McGaughey
Keyword(s):  
European Union ◽  
Life Insurance ◽  
Trade Unions ◽  
Pension Plans ◽  
The European Union ◽  
Economic Democracy ◽  
Pay Gap ◽  
Fair Wages ◽  
The City ◽  
Asset Managers

The chasm between our political democracy and our economic absolutism is the single most important issue of our time. Today, in the European Union, a tiny group of asset managers and banks control most of the votes in the economy. They control shares in corporations, which control our workplaces, our pay, our security in retirement and our environment.These asset managers and banks oppose trade unions and fair wages. They support escalating pay for billionaire CEOs. They oppose action to stop discrimination at work and the gender pay gap. They oppose meaningful action to end climate damage. They are tearing our society and our planet apart.The voting power asset managers and banks control comes from other people’s money. It doesn’t belong to them. It belongs to us. It comes from Europeans saving for retirement, in pension plans, in life insurance, or mutual funds. But the share of workers’ capital in the stock market has been shrinking since the 1980s. Inequality has skyrocketed as workplace democracy and collective bargaining have been attacked. This has meant a declining share of income for labour, and growing share for the City, Frankfurt, La Défense or Milan.This is why we need a new Economic Democracy Plan for Europe. This paper contains a draft Economic Democracy Directive for the European Union that would democratise the economy, through votes at work, in capital, in public services, and secure public control of enterprises that drive climate damage.

scholarly journals The Impact of Political Events - “Name Issue” on an Emerging Macedonian Stock Market

2011 ◽  
Vol 1 (2) ◽  
pp. 203 ◽  
Author(s):  
Julijana Angelovska
Keyword(s):  
European Union ◽  
Structural Changes ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Candidate Country ◽  
The European Union ◽  
Political Events ◽  
Before And After ◽  
The Status ◽  
The Impact

The objective of the research is to investigate the impact of political events – “name issue” on the Macedonian Stock Exchange (MSE). Structural changes in volatility of Macedonian capital market seems to be more a consequence of political changes, especially from the perspective of international politics and the association of the country into NATO and the European Union. The research analyzes the response of capital markets to political events. Such an event is the summit in Bucharest as the day D (03/04/2008) which certainly had an impact because of prolonged unresolved problem of the name imposed by Greece. Visa liberalization and the day of solving the status of candidate country for accession to the European Union will be discussed too. An event methodology is employed, and the results suggest that the market respond to all political events connected “name issue”. The results also indicate that there is no difference between the means of abnormal returns before and after the event. Sensitivity of the Macedonian investor related to any information connected to the word "name" is enormous. The Macedonian investor belief is that if “name” issue would be solved, regardless of possible negative real economic flows stock exchange will increase. The paper provides information regarding the effects of solving this name issue on Macedonian investor, and his expectation on this issue. But even if it is solved, the global economic crises and difficult economic situation in Macedonia especially this situation will be temporary and due to low liquidity, foreigners may use local optimism to sell their shares.

scholarly journals Financial situation of insurance sector for example, a Stock – Exchange Company PZU

2014 ◽  
Vol 15 (1) ◽  
pp. 55-67 ◽  
Author(s):  
Paweł Trippner
Keyword(s):  
Economic Development ◽  
Financial Markets ◽  
Financial Institutions ◽  
Stock Exchange ◽  
Financial System ◽  
Insurance Companies ◽  
The European Union ◽  
Financial Systems ◽  
Insurance Sector ◽  
Financial Condition

Abstract The insurance system is a very important element of the financial system of a country. As institutions of public trust, insurance companies play a crucial role in the process of transforming savings into investments, which directly affects the country’s economic development. Maintaining the insurance sector in a good financial condition guarantees stability of the financial system and economic development of Poland. The article aims to present the essence of operations of insurance companies as financial institutions, present their role in the economy, and describe various methods of appraising their financial condition. In order to fulfil the above goals, a research hypothesis is put forward stating that the financial condition of the insurance sector in Poland deteriorated in the analysed period as a result of an adverse impact of turbulence in financial markets and problems in financial systems in the European Union countries.

scholarly journals Cash Benefits for Sickness and Maternity in Selected States of the European Union and Austerity Measures

2015 ◽  
Vol 3 (1) ◽  
pp. 185
Author(s):  
Zuzana Horváthová ◽  
Josef Abrhám ◽  
Iva Chvátalová
Keyword(s):  
European Union ◽  
Data Analysis ◽  
Financial Crisis ◽  
Social Insurance ◽  
Demographic Data ◽  
Final Evaluation ◽  
Insurance Companies ◽  
The European Union ◽  
Cash Benefits ◽  
Social Area

The paper introduces the results of the research focused on cash benefits for sickness and maternity in selected Member States of the European Union during the financial crisis and concerns the economic and demographic data. The aim was to determine whether and to what extent the expected austerity measures touched the monitored social area. For the paper we studied the situation from 2009 to 2014, especially in relation to employees and employers. Regarding the methods of the research, the authors gathered the data obtained from the relevant legal, statistical and other printed documents as well as the documents from the website of the European Union, relevant national ministries, social insurance companies, sickness funds and similar institutions. They undertook a legal, economic and demographic data analysis and consequently its comparisons as well as the final evaluation.

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