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Telefónica as a responsible investor

Socially responsible investment is the basis of modern management. In this context, Telefónica depends on Fonditel for its pension plans.

Fonditel Pensiones manages the pension plans of Telefónica employees. Its investment policy is governed by responsible investment criteria and a commitment to the environment, society and good governance. These are what are technically known as ESG criteria.

Socially Responsible Investment (SRI) is the cornerstone of modern management. It is based on the theory of shared value, in which one seeks to maximise one's own profits, but only by means of investments and activity which also benefit society.

In order to apply these principles properly, Fonditel has made a commitment to human resources and specialised materials. Furthermore, it has a specific methodology for the use of due diligence in the analysis of investments from the SRI perspective, and a specific best practice indicator or benchmark. Socially responsible investment policy is subject to the approval and voting of board members and is validated by Transparency/PRI reports.

Furthermore, in 2014, Telefónica España's Employee funds, Pension fund and Fonditel B, were assessed by an independent external consultant specialised in ESG criteria. This expert has undertaken to supervise the consistency of Telefónica's investment policy. To this end, in its analysis, the consultant has utilised external tools and specialised ratings. Among the entities consulted are leading specialists in the market, such as Sustainalytics and MSCI.

The commitment to responsible investment is not only based on investment policy. Fonditel also actively participates in national and international forums which promote this practice. Some key examples of these are  the following: 

  • Participation in Telefónica Employee Pension Plan Conference​.
  • Participation in 2014 SRI Week​.
  • Participation in Eurosif 2014 European SRI Study Survey.
  • SPAINSIF. Fonditel is one of the founding members of the Spanish Socially Responsible Investment Forum (SPAINSIF).