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106 Hes, T.; Srnec, K.; Drašarová, M. Information System; MIV - Microfinance Investment Vehicle; SRI - Socially Responsible Investment. 1. INTRODUCTION The capital flows originating in developed countries provide key link between local needs and international capital sources. 29% of the total of microfinance funding today is channeled internationally. The total investment to microfinance is expected to triplicate from USD 6.6 bn in 2008 to USD 20 bn by 2015. (Harris, 2009) SRI market, opening to microfinance, is today an enormous market, encompassing almost a tenth of all professionally managed assets, reaching €7.5 trillion in 2009. 3 Ever more investors are conscious of impact of their investments and seek double bottom line. 4 So far, among ESG 5 issues, the environment and governance have attracted most attention, while the importance of the social issues lacked behind. Microfinance is therefore a logical target of SRI. While mere 0.02% of the total of European SRI flows in 2009 were channelled to microfinance, Eurosif 6 concludes that microfinance will be of significant interest to SRI investors in the near future. Figure 1. Growth of MIV assets (Microrate, 2010) 3 CGAP MIV Surveys 2006 – 2008 4 Combination of financial return and social impact 5 Environment, Social, Governance 6 The European Sustainable Investment Forum
Proposal for Strategies to Build Missing Foundations of the Current … 107 Albeit the role of microfinance as SRI asset is marginal for SRI market, it is crucial for the future of microfinance. SRI is already the largest source of international microfinance funding, (47% in 2005) (Eurosif, 2010). Yet despite the importance of SRI for microfinance, the sector is unprepared for the expectations of the SRI investors, who are 92% institutional and who will demand accountability (Eurosif, 2010). Deep differences reign between the corporate presentations and the reality in the field. Growing numbers of practitioners are relying on practices considered unethical in mature financial markets, such as untrue information, usurious interest rates in particular, as well as lack of adequate customer protection, opening the door to exploitation of the poor (Park, C.K., 2007). Figure 2. Investment Forecast (DB, 2007) In consequence, the global media focusing on few salient cases, antagonistically oversimplify the industry as a profit-making financial predation, while at the same time denoting microfinance as the most promising tool to combat poverty. Abysmal differences can be found not only in terminology used by MFIs, but also in nomenclature applied by MIVs and rating agencies. In order to establish microfinance as a social development promoting industry, the sector evolution needs to be guided from above, through a set of standards and criterias, defining expectations and setting the bar for acceptable lending policies, excluding profiteering MFIs. Microfinance funders, government agencies, and technical assistance providers, must in a concerted
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ISSN 1582-5949 http://www.upet.ro/a
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Annals of the University of Petroş
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Concerns on Labour Power Selection
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Regional Development - Past, Presen
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Forms of Tax Evasion in Romania. An
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4. CONCLUSIONS Forms of Tax Evasion
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Mitigation of the Crisis Effects in
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Guiding Marks Regarding the Reasoni
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3. CASE STUDY Decisions in Negotiat
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Decisions in Negotiations Using Exp
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The Impact of Micro Finance Institu
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Specific Aspects of the Technical R
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Youngsters - Disadvantaged Group on
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Internal Controls in Ensuring Good
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Social-Economic Aspects Regarding t
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Human Capital and Higher Education
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The Role of the Internal Audit in t
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The Utility of the Barter Agreement
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Restructuring and Reform in the Jiu
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Sovereign Risk Assessment under Eco
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The Evolution of Marketing Methods
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The Race to the Bottom and Its Impa
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The Race to the Bottom and Its Impa
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Types of Decisions Based on Multi-C
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A Review of Financial Regulations t
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