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FINANCIËLESTUDIEVERENIGINGAmsterdam
17th FSA CONFERENCE
Financing the FutureA shift to sustainable value
Date 9 April 2013 Venue The Concertgebouw Amsterdam
www.FSACONFERENCE.Nl
FINANCIËLE STUDIEVERENIGING Amsterdam Colophon
Preface 4
About the FSA 5
Conference 2013 5 Clarification 6
Advisory Council 8 History 10
Editor
Financiële Studievereniging Amsterdam
(Financial Study association Amsterdam)
This brochure is part of the promotion material of the FSA Conference.
FinAnCiële
STudievereniging
Amsterdam
roetersstraat 11, room e 2.11
1018 WB Amsterdam
T: +31(0)20 525 54 34
F: +31(0)20 525 59 16
www.fsa.nl
© 2013 FSA
Although at the time of publishing, the most care has been pursued, the author(s), editor(s) and
publishers do not guarantee the absence of possible (printing) errors and other inaccuracies and they
will not accept liability for this. All rights reserved. nothing from this publishing may be reproduced,
stored in an automated fact file, or made public, in any way, electronically, mechanically, by photocopies,
recordings, or in any other manner, without written authorization from the editor.
2 | Conference
Preface 4
About the FSA 5
Conference 2013 5 Clarification 6
Advisory Council 8 History 10
Table of contents
Conference | 3
We are proud to present the brochure of the 17th Conference of the Financial Study association
Amsterdam (FSA). Thanks to inspiring orators, high attendance of motivated students and an excellent
location, this conference builds on a series of very successful editions. Having a different contemporary
subject each year, the FSA Conference guarantees interesting and exciting lectures and discussions.
The 2013 Conference will focus on the role the financial sector can play in financing the transition towards
a sustainable economy and society. Since more and more organizations are engaged with sustainability,
we think this is the moment to start a debate about the possibilities of financial institutions to facilitate
the creation of sustainable value. The role and motives of the government, pension funds, banks and
businesses will be discussed. Moreover, the netherlands will be put into an international context.
The purpose of the FSA Conference is to offer students the possibility of contemplating and discussing
these important issues with world-renowned financial experts. Over the past years, the media have
been very interested in the FSA Conference and has given it a great deal of coverage. This not only
includes national news outlets such as rTl Z, nrC Handelsblad and Het Financieele dagblad, but
international media such as Bloomberg, reuters and AP as well.
With this brochure we wish to introduce to you the theme of this conference and hope to excite you
about the possibilities of participating in this highly interesting day. We have no doubt your considerable
expertise and experience regarding the financial sector will be an invaluable contribution to our upcoming
conference. We hereby cordially invite you to take part in the 17th FSA Conference.
if you have any questions or remarks, please feel free to contact us.
Yours sincerely,
Maud Timmermans (Chairman)
Conference Committee:
Sophie Borra, Marnix Contant, Amber Harms & Mathew Kleine Punte
FINANCIËLE STUDIEVERENIGING Amsterdam
4 | Conference
Preface
The Financial Study association Amsterdam (FSA) is the study
association for financially-oriented students, and has more than
3000 members. The FSA is linked with the economic faculties of the
university of Amsterdam (uvA) and the vu university Amsterdam
(vu).
The FSA functions as a medium between the students and business
by organizing several national and international projects during the
academic year. Our projects are related to one or more of our four
pillars: Accountancy, Banking, Consultancy and investments. The FSA
also organizes other general projects which do not concern a specific
pillar. Our project portfolio consists of 14 projects and every project is
executed by a committee.
The FSA releases a semi-scientific FSA Magazine four times a year.
The FSA Magazine consists of articles about actual topics on a
financial-economic domain, written by business professionals and
scientists. Our magazine also contains a lot of information about FSA
activities, experiences of alumni and business courses offerings.
For more information, please visit: www.fsa.nl
About the FSA
Conference 2013dateThe 17th FSA Conference takes place on Tuesday 9 April 2013.
venueThe Concertgebouw Amsterdam.
Audience like every year, the conference will attract students who have an
affinity with the financial world. Based on the ten previous editions,
we expect to welcome at least 350 visitors. Additionally, professors
and business professionals will be present.
languageenglish
ProgramThe general outline of the 2013 Conference (subject to possible
revision) will be:
09:00 - 09:30 reception
09:30 - 10:00 introduction
10:00 - 11:20 Block 1
11:20 - 11:40 Coffee Break
11:40 - 13:00 Block 2
13:00 - 14:00 lunch
14:00 - 15:20 Block 3
15:20 - 15:40 Coffee Break
15:40 - 17:00 Block 4
17:00 drinks
each block consists of 1 hour and 20 minutes and will be a combination
of orations and panel discussions.
Financing the Future‘A shift to sustainable value’
Conference | 5
Over the last few years, the financial community has been mainly concerned with short-term crisis
management. However, several organizations realized they had to extend their view to the long-term
by including environmental and social factors in investment decisions. robeco and PggM are two
examples of financial organizations that have been engaged in sustainable investing. An eminent
example for the real economy is the dutch Sustainable growth Coalition, which is formed by CeO’s
of dutch multinationals such as unilever and Akzonobel. Their joint concern is generating financial
and economic growth while delivering environmental and social return. Another example is the green
investment Corporation, which has to become a public-private institution with the aim of stimulating
the financing of green infrastructure projects. These are only some of the many initiatives, which
show that environment and social concerns are moving to the foreground of investment strategies. do
these organizations engage in sustainability because it delivers additional return or do they have other
motives?
We think this is the moment at which a debate should take place about the financing of sustainable
value, that is meeting the needs of the present generation without compromising the ability of future
generations to meet their needs. At the centre of this discussion is the question what role the financial
sector can play in financing the transition towards a sustainable economy and society.
Since we all benefit from a greener and more social world, why would individual institutions pay the bill?
The former may be an argument for the government to step in. The government can change legislation
in order to stimulate the funding of sustainable investment projects. However, sustainable investments
are often long-term, while the government has only a four-year horizon. For this reason, it remains the
question whether the government is better able to guide the transition towards a sustainable economy
than the free market.
ClarificationFINANCIËLE STUDIEVERENIGING Amsterdam
6 | Conference
Clarification
Pension funds, on the other hand, have long-term liabilities, which may
make them appropriate vehicles to invest in sustainability. However,
as many pension funds experience difficulty in maintaining the funding
ratio, their main concern may be achieving the highest investment
return. But is it the case that the one excludes the other? What are
the possibilities of pension funds to aim at return while incorporating
environmental and social factors in their decisions? Moreover, can one
argue that pension funds need to invest in sustainability since they
have a social responsibility?
What about banks? Can banks promote the transition towards a
sustainable economy by providing funding? Currently, mainly niche
players, such as Triodos Bank and ASn Bank, offer lending and
investment opportunities for sustainable sectors. Should larger banks
also engage in this? And if so, how should that be arranged? For
example, can a green investment Corporation play a role in this or can
risk weights be altered to include also environmental and social risks?
dutch corporations perform well within the dow Jones Sustainability
index. unilever, Philips, AirFrance-KlM and Akzonobel are even sector
leaders with respect to sustainability. Why is it that so many businesses
are concerned with environmental and social responsibility? Since
corporations are no charity institutions, return has to come in one form
or another. The question comes up whether sustainable investments
form a business on their own or whether they are purely made with
an eye on Pubic relations Management? Furthermore, since many
multinationals are performing well within the sustainability index, it is
interesting to figure out whether being engaged in sustainability is only
achievable for large corporations or whether it can also be profitable
for smaller corporations.
Finally, the netherlands can be placed within an international context.
Although corporations are doing well, some argue that the netherlands
lags behind with respect to public initiatives. For example, public
institutions which are concerned with financing sustainable investment
have already been established in germany (KwF), France (Caissedes
dépôts), Spain (iCO) and england (green investment Bank). Why is
it that such a public institution has not yet been established in the
netherlands? does the government think that environmental and
social concerns are no urgent matters? it is interesting to discuss how
the netherlands compares to our surrounding countries and what we
can learn from them.
FSA Conference 2013
The FSA Conference 2013 will focus on the role the financial sector
can play in financing the transition towards a sustainable economy
and society. The role and motives of the government, pension funds,
banks and businesses will be discussed. Moreover, the netherlands
will be put into an international context.
Conference | 7
Advisory council
FINANCIËLE STUDIEVERENIGING Amsterdam
The advisory council has an important
place within the Financial Study association
Amsterdam. This group of prominent lecturers
and professors of vu university, the university
of Amsterdam and the duisenberg School of
Finance supports the FSA with her projects.
Moreover, the board frequently publishes in our
academic magazine, FSA Magazine.
The advisory council is often consulted for
important FSA projects such as the Conference
and the research Project. The advisory Council
is composed in such a way that it can advise all
focus areas of the FSA.
Prof. dr. A.W.A. BootArnoud Boot is Professor of Corporate Finance
and Financial Markets at the university of
Amsterdam and co-director of the Amsterdam
Center for law & economics (ACle). He is
chairman of the Bank Council of the dutch
Central Bank (dnB), member of the Scientific
Council for government Policy (Wrr); the
dutch Social economic Council (Ser) and the
Advisory Scientific Committee of the european
Systemic risk Board (eSrB) in Frankfurt.
He is also research Fellow at the Centre for
economic Policy research (CePr) in london
and at the davidson institute of the university
of Michigan. Prior to his current positions, he
was on the faculty of the J.l. Kellogg graduate
School of Management at northwestern
university in Chicago, and during 2000-2001
he was a partner in the Finance and Strategy
Practice at McKinsey & Co. in 2008 he was
President of the european Finance Association
(eFA). Arnoud Boot is member of the royal
netherlands Academy of Arts and Sciences
(KnAW) and Chairman of the royal netherlands
economic Association.
Prof. dr. A. lucasAndré lucas has several functions at the
moment. He is professor financial markets and
institutions at the vu university of Amsterdam.
Besides that he is director of graduate Studies
in Finance at the Tinbergen institute and
Programme director for the education program
risk Management at the duisenberg School
of Finance. Professor lucas specializes in the
area of financial risk management and he has
published about his expertise in international
scientific magazines. His research is focused
on models of market and credit risk. The
areas of asset pricing, financial econometrics
and portfolio management also belong to his
interests.
Prof. dr. d. Schoenmaker Prof. dr. d. Schoenmaker is dean of the
duisenberg school of finance. He is an expert
in the areas of central banking, financial
supervision and stability, and european
financial integration. Before his appointment
at the duisenberg school in 2009, he served
at the Ministry of Finance and the Ministry
of economic Affairs in the netherlands. dirk
Schoenmaker was a member of the european
Banking Committee as well as the Financial
8 | Conference
Advisory council Services Committee of the european union.
dirk Schoenmaker is a professor of Finance,
Banking and insurance at the vu university
Amsterdam since 2004. He studied business
economics and law at erasmus university
rotterdam and earned his Phd in economics at
the london School of economics. He received
the Barclays global investors Award for best
paper at the european Finance Association
Meetings in 2001.
Prof. dr. S.J.g. van WijnbergenSweder van Wijnbergen is professor economics
at the Faculty of economics and Bussiness
at the university of Amsterdam. in 1997
Hans Wijers brought him in to the Ministry of
economic Affairs, where he worked as secretary
general until 1999. Professor van Wijnbergen
studied Physics at utrecht university and
econometrics at erasmus university. He
obtained his doctorate in economics at MiT in
the uS. Between 1980 and 1992 professor van
Wijnbergen worked at the World Bank, in the
second half of this period as chief economist.
His research is focused on international
economics, finance, balance of payments and
financial crises.
Prof. dr. ir. H.A. rijkenHerbert rijken is attached to the vu university
as professor Corporate Finance at the
Faculty of economic Sciences and Business
Administration. He studied Applied Physics at
the Tu delft and Business Administration at
the university nyenrode. He has obtained his
doctorate at the faculty of Applied Physics of
the Tu eindhoven. His education and research
activities are mainly focused on corporate
finance, in particular credit risk and corporate
governance.
Prof. dr. T.l.C.M. grootTom groot is professor of Management
Accounting at the Faculty of economic Sciences
and Business
Administration at vu university. He is also
head of the Accounting department and
director of the Amsterdam research Center
in Accounting (ArCA) and honorary member
of the Association of Financial Controllers. He
regularly publishes in national and international
magazines about performance measurement
and judgment, management control and
financial management in commercial firms as
well as non-profit organizations.
Prof. dr. l.H. Hoogduinlex Hoogduin is professor of Monetary
economics and Financial institutions at the
Faculty of economics and Bussiness at the
university of Amsterdam. He studied general
economics at the university of groningen. in
1991 he obtained his doctorate in economic
Sciences. His research is mainly focused on the
effects of uncertainty and limited knowledge
on economic decisions. The communication
between participants in the economic process
is a point of particular interest.
until recently professor Hoogduin was director
of de nederlandse Bank (dnB). He was
responsible for economic Policy and researsch,
Statistics and information, Money Transfer,
Financial Stability and Financial Markets. Prior
to this he was Chief economist of robeco,
responsible for development and execution of
the macroeconomic vision of robeco.
Conference | 9
FINANCIËLE STUDIEVERENIGING Amsterdam
History
Conference 2012 ‘europe in distress’
OratorsKlaas Knot President of dnB
Stijn Claessens Assistant director at the research department of the iMF
Sarah Carlson vice president-Senior Analyst Moody’s investors Service
Maarten verwey vice-director general economic and Financial affairs (eCFin) in the
european Commission
Arnoud Boot Professor Corporate Finance and Financial Markets At university of
Amsterdam
lex Hoogduin Professor of Monetary economics and Financial institutions at
university of Amsterdam
Sweder van Wijnbergen Professor economics at university of Amsterdam
edward Fishwick Co- Head risk & Quantitative Analysis group director Blackrock
Theodor Kockelkoren Management Board AFM
William Connelly Board of directors ing and CeO Commercial Banking
eloy lindeijer Board of directors PggM and Chief investment Management
Allard Bruinshoofd Head international Macroeconomic research rabobank
Fred Bos Head risk Management director risk Management
The day was hosted by Herman Mulder (Former ABn AMrO, WorldConnectors)
Conference 2011 ‘Shifting financial powers’
OratorsJan Kees de Jager Minister of Finance
Ad Scheepbouwer CeO KPn
douglas Shaw COO eMeA Blackrock
lex Hoogduin director dnB
Jan de ruiter Country executive rBS
Florencio lopez de Silanes Professor in Finance and law edHeC Business School and dSF
Wim Boonstra Chief economist rabobank nederland
Yasushi Shiina Member Financial Stability Board
Herman Mulder World Connectors
Jeroen van Hessen Chief of Specialised Finance & Treasury at niBC
Jan Marten de vries Partner de Brauw Blackstone Westbroek
Sweder van Wijnbergen Professor in economics uvA
* The current positions of the orators who spoke on previous editions of the conference might have changed.
10 | Conference
History
dirk Schoenmaker dean dSF
Jan Maarten Slagter Chairman veB (dutch association of shareholders)
Angelique Pieterse Senior investment Manager PggM investments
Arnoud Boot Professor Corporate Finance and Financial Markets uvA
Conference 2010 ‘The Perfect System’
OratorsJan Maarten Slagter CeO veB
Coen Teulings CeO CPB
Alwin Oerlemans director Client Solutions APg
Mia de Kuijper dean dSF
Herman Mulder Former Head group risk at ABn AMrO
Klaas Knot Secretary-general Ministry of Finance
Koos Timmermans CrO ing group
Hans Hoogervorst Chairman AFM
dirk Scheringa Former CeO & founder dSB Bank
Conference 2009 ‘The Financial System under review’
OratorsMathijs Bouman Presenter rTl Z
enrico Perotti Professor duisenberg School of Finance
Jan Kees de Jager State Secretary of Finance
dr. nout Wellink President dnB
Onno ruding Member of the eu Commission Crisis Analysis; Former Minister of Finance;
Former vice-chairman Citigroup
vitor gaspar Head Bureau european Policy Advisors
Andrew Haldane Head Systematic risk Assessment Bank of england
Sjoerd van Keulen CeO SnS reaal
Jan Kalff Former Chairman of the Board of directors ABn AMrO
Hans Hoogervorst Chairman AFM
Allard Bruinshoofd Senior economist rabobank
rogier raas Partner Stibbe
Karien van gennip director european and international Affairs ing
dick Sluimers CeO APg
dolf van den Brink Professor uvA; former Board of directors ABn AMrO
* The current positions of the orators who spoke on previous editions of the conference might have changed.* The current positions of the orators who spoke on previous editions of the conference might have changed.
Conference | 11
vrij universiteit Amsterdamde Boelelaan 1105Kamer 4A.301081 Hv Amsterdam
universiteit van Amsterdamroetersstraat 11Kamer e2.111018 WB Amsterdam
FSA - Financiële Studievereniging AmsterdamT: +31 (0) 20 - 525 5434F: +31 (0) 20 - 525 5916e: [email protected]
www.FSACONFERENCE.Nl
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