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Cristina Tebar Less is interviewed. The OECD is the source of the Guidelines for Multinational Enterprises. What are these principles and what is their significance? The Guidelines are an instrument of the OECD in terms of responsible business conduct: they are the reference base the work on these issues within the Organization and in member countries. They do not treat investment only to the extent that they exceed the one about the destination of the funds invested by investors. These recommendations are part of a more general perspective, which is to give companies recommendations and tools for them to behave responsibly. Adapted from the source document.

John Kay is interviewed. In 2012, you wrote a report for the UK government, who asked you to explain the inclusion by asset managers and investors, the competitiveness of companies and savings long term. What, in your view, the shortcomings of short-termist approaches? The intrinsic problem of asset management is that the performance horizon - that is to say the time we give ourselves to judge the results of the leaders - is now much smaller than the horizon revelation of the value - that is to say the time necessary to properly assess the impact of various events that punctuate the life of companies on their performance. Inevitable consequence asset managers are more concerned anticipate fluctuating assessments of their peers - these evaluations have an immediate impact on the value of a company - that maximize the value created by the structures in which they invest. This approach focuses the relations between business leaders and investors in the process of shareholder remuneration, which is often disconnected from the real productive capacity. Adapted from the source document.

Launched by the UN in April 2006, the Principles for Responsible Investment (Principles for Responsible Investment, PRI) propose an ambitious course of action for institutional investors. This initiative invites them to take into account the environmental, social and governance (ESG) issues in their investment approaches and practices in their shareholders. In mid-2014, PRI signatories gathered 1,250, which manage a total of over 45,000 billion in assets. They constitute the largest investment community in the world dedicated to ESG issues and aim to ensure the stability of the markets through collective action. Let us return to the first step of this program, before seeing what it is today and to consider the prospects that open up to him. Adapted from the source document.

What now is the role of responsible investors and how these responsible investors should they invest? That is the problem developed in this thematic issue of the International Policy Review through contributions and testimonies of economists, experts and stakeholders in responsible finance. In a context of economic uncertainty and rising requirements related to sustainable development, it is recognized that the development of a strategic approach to Corporate Social Responsibility (CSR) is a factor of business competitiveness in the long term: it can better anticipate the needs of society, to optimize the production process by reducing consumption of resources, to better anticipate risks and better manage human resources. Pascal Lagarde, Director of the Public Investment Bank Strategy (Bpifrance), express the issues and action Bpifrance to respond. Similarly, the OECD has developed Principles applied to multinational companies, in order to encourage the inclusion of these criteria CSR by companies, as presented Cristina Tebar Less. This CSR strategy, if it is protective or create value over the long term for companies, can and should be taken up by institutional investors, themselves anxious to promote responsible strategies. Institutional investors, therefore, a crucial role to play. Through the orientation of their capital, they can promote good consideration issues of Environmental, Social and Governance (ESG) by the companies in which they invest, and thus encourage more sustainable growth, as demonstrated by Michel Aglietta in his introductory article. Adapted from the source document.

Applied to Cambodia, the notion of the prebendary state refers to the capacity of political elites to organize the internal market on the basis of concessions reserved for those in their immediate circle and contracts signed with foreign investors entailing the exchange of financial gifts for legal deregulation and the privatization of violence. In the domain of industrial policy, this authoritarian form of patrimonial domination is embodied by special economic zones. These zones underscore the agreements reached between public actors and private investors, the Tayloristic organization of labor within firms and the absence of professional relations. As a result, these zones are very weakly linked to regional development flows in the Mekong Basin, suggesting that the Cambodian case be seen as a degraded instance of 'developmentalism'. Adapted from the source document.

Nombreux sont les travaux qui montrent que les employés et les firmes du pays d'accueil bénéficient des innovations techniques et organisationnelles des investisseurs étrangers. Or, ces innovations constituent un avantage concurrentiel que l'investisseur va essayer de préserver en limitant ce transfert de connaissances par des mesures de protection de son savoir-faire. Dès lors, on peut se demander si le transfert est réel et dans quelle mesure il profite aux employés ? Pour répondre à cette question, nous avons procédé à une étude de cas de quatre entreprises étrangères installées en Pologne dans la région de Lodz.

In a regional context marked by the continuing shock waves from the Arab Spring and the rising risk of terrorism in the Sahel, the Kingdom of Morocco stands as a pillar of stability. The country largely escaped the impact of both the global economic crisis and the revolutionary tsunami that swept across Arab nations. It remains a pivotal player for the balance of North Africa, the Mediterranean basin and Africa in general. Sustained growth - which remains at around 4% per annum - and a robust economy continue to attract foreign investors, who recognize the stability of the country's institutions, bolstered by the multiple reforms initiated by King Mohammed VI in March 2011. Foremost among these were the broadening of the powers of the prime minister, a healthy devolution of authority at the regional level, increased spending on education and literacy, plus expanded rights for women and recognition of the Berber cultural identity. In short, there is little doubt that Morocco is on the right path. Adapted from the source document.

Interview with Laurent Deborde, responsible for managing the assets of the Savings Fund Management, Caisse des Depots. The object of the Caisse des Depots is defined by the Monetary and Financial Code: it is 'a long-term investor serving the public interest and economic development'. Caisse des Depots invests long-term, mainly on French territory, as a minority shareholder alongside private investors. It realizes two types of investments: - Investments of general interest, which relate mainly to the development of regions and SMEs; - The long-term financial investments (stocks, bonds, real estate, private equity, infrastructure) that enable it to fund its general interest tasks. For this, it relies in particular on the resource are deposits of certain regulated professions, especially notaries. Moreover, the Caisse des Depots manages public mandates. It is in particular responsible for the protection of people's savings. Specifically, it manages a large part of the French regulated savings (Livret A, sustainable development passbook savings account and Popular), in a specific balance sheet, separate from the own account of the CDC. The savings fund is the instrument that allows the transformation of people's savings into very long-term loans at preferential rates for the public interest priorities set by the state (social housing, urban policy...). Adapted from the source document.