Interviews

UMB5063

“Loyalty Shares May Make A Takeover Bid More Difficult And A Company Less Attractive”

Mari Pinardo | “Loyalty shares, which confer additional voting rights to investors who have held shares for two years, strengthen the position of majority shareholders and produce a gap between their economic commitment and their voting power. They can make a takeover bid more difficult, reduce liquidity and the value of a company less attractive,” says Maria Rotondo, co-director of the IE executive sustainability program.


ken fisher

“Political paralysis can be beneficial for the markets”

Pablo Pardo (Washington) | Ken Fisher is a curious multi-millionaire, who talks in plain language and loves the media. At 69, he is retired from the day-to-day management of his fund, Fisher Investments, which holds more than 100 billion dollars in management, and seems to be enjoying himself as a columnist in, among other media, the dailies Financial Times and USA Today and the weekly Forbes, where he sets out his ideas about markets in a plain language easily understood by everyone. And he does not hesitate to runs against the current when, for example, he says “I am not a fan of philanthropy”, although, it also has to be pointed out that he has donated millions to protect woods in the US, especially the redwoods, a species of sequoia which reach more than 100m high and are one of the largest trees in the world.


Safe assets

“If we want a euro with more weight and a normal perception of risk, we need safe assets”

Ana Fuentes | After various decades in the private and public sector, Josina Kammerling, responsible for regulation at the CFA Institute, knows in detail the ins and outs of the financial market and its rules. She can therefore indicate its pros and cons. And do so in fluent English, Dutch, French or Italian … And also in perfect Spanish learnt as a girl in Burgos, where she moved when she was two: “My father opened the Heineken factory there” she recalls with a smile.


Spain lacks activist investors

Carlos Sáez Gallego: “Spain is a country which has not seen activist shareholders”

Fernando G. Urbaneja | Carlos Sáez Gallego presides over the oldest of the three global proxy solicitors in Spain (1935), those entrusted with securing votes in support of the Board´s proposal in the shareholders´ general assembly. There “we recommend Spanish listed companies to international standards of corporate governance … 47% of their shares lie in international portfolios. That, which is good, sign of confidence, means more pressure to comply with those standards”.


"Trump is the best thing that has happened to Europe"

“Trump Is The Best Thing That Has Happened To Europe”

Lidia Conde (Fráncfort) | Daniel Dettling is professor, editor and president of the Future Institute of Berlin Zukunftspolitik, one of the most prestigious European think tanks in Euro trends and futures thinking. Advises parties, ministries and companies. In his last book, “An agenda for the Neorepublic”, he focuses on the configuration of a just future.


Ngaire Woods: "We are moving towards a globalisation sustained by empires"

Ngaire Woods: “We Are Moving Towards A Globalisation Sustained By Empires”

Pablo Pardo (Washington) | Dean of the Blatavnik School of Government, Ngaire Woods is one of the people closest to Robert Keohane, of Princeton University, one of the most influential international relations theorists in the world. Woods, whose doctoral thesis was on European monetary union, has specialised in global governance and the role of multilateral institutions, two questions which have been the centre of debate following the victory of Donald Trump and Brexit.


Angel Ubide tc

Ángel Ubide: “The US taxpayer made money from the bank rescue. But no-one knows it”

Pablo Pardo (Washington) | Ángel Ubide, who was advisor to Spanish PM Pedro Sánchez between 2015 and 2016, has an enormous experience in financial markets. He has worked in the IMF, Goldman Sachs and three of the largest and best known hedge funds on Wall Street, Tudor, DE Shaw and now Citadel, where he is director of fixed income studies. He has also been a senior fellow of the Peterson Institute for International Economics, the most important think-tank specialising in economics in the US.

 

 


zulueta

“The most urgent problem in Spain is unemployment: you need to get it down to 5%”

Fernando G. Urbaneja | Chairman of the Círculo de Empresarios (Business Round Table in Spain ), John de Zulueta is an experienced member of the Board of Directors of various international firms. From his managerial post as President of the Sanitas Group (BUPA Group), he turned the company into the leader of its market. He is also Vice-President of the Innovation Bankinter Foundation and was member of the Advisory Council of 3i Europe. He spoke to us about how to fix Spain’s labour market (unemployment rate is 14.7%, according to April 25th data), where there are currently “135,000 technological jobs vacant which cannot find the people to fill them.”

 


karel van hulle 2

“We need accounting experts with the courage of including intangible assets in balance sheets”

Julia Pastor | Board member at the Bermuda Monetary Authority, Professor Karel van Hulle considers that the current accounting standards, which changed last year, “is not good because since it does not recognize the change we are seeing in society whereby people want to have more future-oriented value in the balance sheet.” This is the second part of our conversation.


Prof. Karel Van Hulle

“An auditor should not only look only at what happened in the past”

Julia Pastor | Accounting expert Karel Van Hulle (+30 years of experience at the European Commission) believes that financial states of the companies should focus more on important issues for society. “Firms today are different than the ones we had in the past… they don’t have assets in their balance sheets since all their value is non-tangible.”