ICO, a new member of ICMA's Social Bond and Green Bond Principles Advisory Council
It is the only Spanish entity and only European National Promotional Bank that is a member of the Advisory Council
The Instituto de Crédito Oficial (ICO) has been appointed as the new member of the International Capital Market Association's (ICMA) Advisory Council of the Green Bond Principles and Social Bond Principles Executive Committee.
ICO is the only Spanish entity and the only European National Promotional Bank that is a member of this Advisory Council.
This appointment is a recognition of the Institute's role as one of the benchmark issuers in the sector of sustainable bonds on the European market. To date, ICO has issued bonds valuing 3,050 million euros, of which approximately one third was issued in the past twelve months. The Institute has also been an active member of the Working Group that drafted the "Social Bond Principles" guide.
ICMA represents a large part of the institutions that operate in the capital market, including global investment banks, regional banks, asset managers, central banks, law firms, rating firms and other professional advisers.
The Advisory Council's role is to advise the ICMA's GBP/SBP Executive Committee, increase its knowledge of the market and reinforce its members' commitment. Its main jobs include to advise the Executive Committee on the approval of standards that can be applied to a bond for it to be considered "green", "social" or "sustainable" by the investment community.
87 nominations for membership of the Advisory Council have been submitted, which is composed of 40 members. The members voluntarily request to take part and are selected for a period of one year, renewable annually. Of the 87 applications received, 18 members and 22 observers were selected to form the ICMA's Advisory Council for Green Bond Principles and Social Bond Principles.