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With an eye on adding to the sectors furthest from the capital market and from a gender perspective, the vice president of the National Securities Commission (CNV), Mónica Erpen, today opened the World Investor Week (SMI ), an annual appointment held by more than 70 countries that runs until Friday.
The “World Investor Week” (“World Investor Week” – WIW) is a campaign promoted by International Organization of Securities Commissions (IOSCO) -an international body recognized as the world regulator of the securities sector-, whose mandate is financial education and the protection of retail investors.
Erpen participated in a panel together with the Undersecretary of Equality Policies of the Ministry of Women, Gender and Diversity, Pilar Escalante; and the national directors of Economy, Equality and Gender, Mercedes D’Alessandro, and of Financial Inclusion, Ariel Geandet.
“On the agenda there are two urgent titles: inclusion of the entire sector of the population that is going through the tremendous consequences of this unprecedented crisis, and a gender perspective. We think in a virtuous circle, educate to be inclusive and do it with a gender perspective ”, said Erpen when explaining the central axes of the activity.
When talking about these two issues, “the inequalities that today any statistics reveal without any shame are implicit,” he added, and, consequently, it means “talking about very deep transformations that have their pillar in education, in each layer of the society”.
Erpen said that the CNV is responsible for “education from financial inclusion and narrowing the gender gap” and for this “we are working on a rich, challenging, very intense agenda, driven by generational change.”
Within the interference of the CNV in the value chain of an investment, he specified that they are analyzing “from there how access to financing for sectors that are not included is specified.” Along these lines, he highlighted the recent approval of the CNV of a “social label” of the Tres de Febrero University (UNTREF), since it puts on the agenda an opening in the view “of how this financing spills a social impact on all those social sectors ”.
He also announced that in 2021 a training will be launched for the entire public sector, in conjunction with the Central Bank and MECON on the dissemination of financial tools: from the simplest -such as opening a savings bank- to investment in bonds and stocks. . What is unprecedented is that an introductory module was incorporated into the content of the training program to make gender issues visible. “Talk about which are the inhibitors that generate the gaps in access to financing and the possibilities of saving and investing,” he synthesized.
“Promoting what does not exist implies a fundamental cultural transformation. CNV intends to disseminate and educate to promote that more companies and enterprises obtain funds. On the investor side, we want to promote the figure of the socially responsible investor. An investor who not only looks at the return on investment but how it can generate positive changes at an environmental and social level, especially in this dramatic pandemic scenario and what it will leave to solve during the coming years. The change must be transversal, cultural, with the greatest possible participation of all the actors. It is an invitation to be part of a reconstruction of the social and economic fabric that imposes a challenging agenda, ”Erpen emphasized.
Geandet, for his part, highlighted “the qualitative leap” in having understood in the presiding body “that there is no issue that we address without gender issues and everything related to structurally vulnerable income sectors” in the daily task.
He explained the strategy underway to advance in incorporating the non-formal worker who is not banked, in financial inclusion training, next year, in secondary schools and in a diploma -together with some universities- aimed at the mass population and another with some training to generate credit mechanisms.
D’Alessandro, meanwhile, highlighted the social character of investment “as a way of channeling funds” from those who can save towards those who need to buy consumer goods or a house or finance a project, and that in the post-pandemic scenario , with families and companies in debt, “it will play a fundamental role”, since the investments channeled towards these destinations allow “building the present and the future”.
When mentioning the loss of jobs in Argentina and the rest of Latin America in this context, the director of Financial Inclusion pointed out the “challenge ahead for women who are going to have problems reintegrating into the labor market.” Today there are “historical floors like 40 years ago” and there is a “responsibility of the State for how we accompany” this problem, he stressed.
Escalante referred to the “feminization of poverty and the masculinization of wealth” to refer to the data that reveal the gaps: 29% lower wages for women than for men, 8% of SMEs have a woman in its board of directors, only 11% of the directors released from 252 listed companies are women ”.
“We need to think of financing, education and promotion tools that go against all these structural gaps,” he concluded.
The closing, by Mónica Erpen, raised the need to improve statistics throughout the capital market value chain and announced that it is working with Indec and the MMGyD to expand the available data. Of these 252 companies surveyed, 50% have at least one woman on their board, of 2,082 directors only 252 are women, and only 12 hold the position of Presidents. In terms of intermediation, the CNV Registry of Suitability has 11,900 registrants, of which 39% are women. A first approximation to the base of investors of Caja de Valores shows that 39% are women. The idea for next year is to carry out a voluntary survey of issuers, intermediaries and regulated entities in order to deepen the information that helps to design public policies for promotion and inclusion.