AMFiD: an influential role

2024 02 26 Laure CANAS DA SILVA

The Monegasque Association for Sustainable Finance (AMFiD), created at the initiative of the Minister of Finance and Economy, Jean Castellini, and the Monegasque Association for Financial activities (AMAF), was launched in September 2023.

The founding members of AMFiD, namely Laure Canas da Silva (EFG Bank Monaco), Franck Biancheri (Penta Advisory Monaco), Eric Tournier (CMB Monaco), Stéphanie Agrefilo (Société Générale Monaco) and Jérémy Genin (Monaco Asset Management), brought together the actors of the Monegasque financial sector engaged in the development of sustainable culture in the Principality.

The primary objective, bringing together ESG correspondents, was achieved thanks to the collaboration of AMAF, which had identified ESG coordinators from banks and management companies.

Laure Canas da Silva, President of AMFiD, and Head of Conduct Risk and Regulatory at EFG Bank (Monaco), restated that the role of the association is to promote Environmental, Social and Governance criteria in Monaco. It is with this objective in mind that the founding members presented, firstly, the actions carried out since 2022 and, secondly, a programme setting out the future steps involving all ESG correspondents of the Monegasque financial centre and who will have a role to play within AMFiD, if they so wish. The second priority announced by AMFiD at its creation was to raise awareness among professionals.
In order to enhance the expertise of employees of Monegasque financial institutions and the financial centre’s reputation for excellence, on 2 May 2014, the Prince’s Government, at the initiative of AMAF, introduced a mandatory professional certification scheme. Discussions with AMAF members, AMFiD members and IUM professors led to the approval of a four-hour module dedicated to ESG criteria as part of this professional certification. The training component will be supplemented through new initiatives deriving from the work planned for 2024 and made possible through a dedicated website.

It was the wish of AMFiD members right from the creation of the association, to highlight the importance of promoting virtuous investments in terms of environmental, social and governance criteria. This promotion resulted in the participation of AMFiD members in the Conference on Equality at work organised by the International Hydrographic Organisation (IHO) in March 2023. During this conference, the President also reaffirmed the importance of the Social criterion of the ESG and its impact on many of the United Nation’s Sustainable Development Goals (SDGs).
AMFiD was also represented at the Fund Forum in June 2023, alongside AMAF. This event hosted about 1,400 participants in Monaco.

Beyond its attractiveness, AMFiD plays an influential role: the presence, participation and good cohesion of AMFiD members at such events help to promote the culture of sustainable finance both in the Monegasque financial centre and internationally. Other conferences are planned, both in Monaco and abroad, in collaboration with counterpart associations.

Lastly, AMFiD members had also wished to brainstorm on standards for sustainable finance in Monaco. It is in this context that the members were received by the Minister of Finance and Economy, Jean Castellini, whose initiative and support in this area will be vital to move forward.

Discussions with the Commission de Contrôle des Activités Financières (Financial Activities Supervisory Commission) also shone light on the competitive, reputational and financial risks associated with Sustainable Finance. These risks can arise from confusion about the numerous ESG labels and their uses, as well as the significant negative consequences of greenwashing.

In order to step up its ambitions, AMFiD has established the 2024 programme: it includes several activities focusing on legal and regulatory themes, investments and communications, events. AMFiD has also initiated work on the design of a questionnaire for financial institutions. This will be used to carry out a mapping and to conduct discussions on standards and reporting on ESG criteria by financial institutions in the Principality.

To achieve these objectives, AMFiD members rely on the membership of ESG correspondents from financial institutions. As members of AMFiD, the ESG correspondents will be part of a network of quality professionals and will thus be able to actively participate in the work and contribute to the dissemination of the culture of Sustainable Finance in Monaco and abroad.