BBVA Asset Management, through its pension fund manager Gestión de Previsión de Pensiones, E.G.F.P., S.A., was the  first fund manager in Spain to adhere to the United Nations Principles for Responsible Investment  initiative in 2008. At the time, there were only 187 signatories worldwide. Today, there are more than two thousand.

The fact that BBVA Asset Management chose to adhere to these principles and has been  a member of the Spanish Forum for Responsible Investment (Spainsif) since it was founded  helps explain how the SRI Policy we apply to all the employment investment vehicles we manage has been developed.  

Over the years,  our model has been adapted to suit an increasingly global and diversified management system  and to comply with changes in regulations and new circumstances in the area of sustainability. This model aims to identify the main non-financial risks and provide our advisers with added value when making investment decisions.


We take into account  non-financial criteria  (environmental, social and governance criteria) when managing employee pension portfolios by using an SRI model that combines three different strategies:  Inclusion  of ESG criteria,  Exclusion  (Operating Standards in the Area of Defense) and a  policy in respect of voting  and engagement.

 This SRI model is adapted to each of the assets  included in portfolios, taking into account the manner of investment (direct management or via third-party funds), geographical area, asset category (equities, fixed-income or alternative investment) and management style (passive or active management).

In recent years, it has become particularly important to  extend the SRI model to suit the investment funds of the other fund managers  included in employee pension portfolios. We maintain a permanent dialogue with the selected international fund managers ( Quality Funds ) about specific SRI issues via our analysis unit. This commences when initial due diligence is performed and continues thereafter with the selection and monitoring of the funds in which we invest.


Over time, we have  dedicated more internal resources  to the activities associated with the implementation of our SRI policy. The demands of the model have also increased. We now have personnel to perform these tasks in our Investment, Risk, Legal Services, Products, Digital Transformation, Quality Funds, Business Management, Pensions and Responsible Business departments, among others.


In addition to these internal resources, we also use some of the world's top  independent and specialist service providers . We use Sustainalytics to define our exclusion policy, MSCI ESG Research in order to integrate ESG criteria and Institutional Shareholder Services (ISS) to implement our voting policy.


Supervisory Committees, shareholders, payees and any other interested party can find out more about our SRI Policy via one of the many channels available:

  •  The Investment Policy Statement , in accordance with the requirements of Article 69.5 of the Regulations governing Pension Plans and Funds.
  • The Pension Fund  annual management report .
  • The  regular information  issued by the Supervisory Committees to monitor how the Fund is managed and the  physical meetings  arranged with said committees.
  • Different  events  on Socially Responsible Investment organized by us or third parties such as unions, other fund managers, consultants, universities, Spainsif, UN-PRI, etc.
  • The  UN-PRI 's annual  monitoring report , which is published on its public website at (
  • The  BBVA Asset Management website , by accessing the Collective Pension Scheme section (