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Bolsa de Valores de Lima

Name Bolsa de Valores de Lima (BVL)
Country Peru
Number of listed companies 261
Domestic market capitalization 95014 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

ESG reporting required as a listing rule Yes

  • Resolution SMV N. 033-2015-SMV/01 passed 15 November 2015 requires issuers to present a corporate sustainability report and a report on good corporate governance as an annex to its annual report. The format for these reports can be found on the Market Regulator’s website, as well as on the BVL website.
Has written guidance on ESG reporting Yes

  • The BVL worked with the PIR, which it is a founding associate of, to publish in 2017 a user guide for filling in the corporate sustainability report required by the market regulator (SMV).

Offers ESG related training Yes

Market covered by sustainability-related index Yes

  • BVL created the Good Corporate Index (IBGC) in 2008.
  • On 16 Feb 2017 the MILA exchanges (which includes BVL) announced an agreement with S&P Dow Jones Indices, the IFC, and RobecoSAM to develop a new ESG index for the region.

Has sustainability bond listing segment Yes

  • The Lima Stock Exchange uses a “V” for Green Bonds and “S” for social Bonds at the beginning of the Ticker in order to differentiate the nature of the bond.
  • Guide for listing green bonds published by the BVL found here in Spanish.
  • 2018 Green Bond Reviews:
    • https://www.bvl.com.pe/BonosVerdesReporte.pdf
    • https://www.bvl.com.pe/BonosVerdesReporte_Vigeo.pdf

Has SME listing platform Yes

Additional information
  • For the second time in history a woman is President of the Board Directors of the Lima Stock Exchange. In March 2019, the General Meeting of shareholders named to Claudia Cooper Fort as President of the Board Directors of BVL.
  • The BVL is a founding associate of the Asociación para la Promoción de la Inversión Responsable y Sostenible (PIR), a network supporter of the UN Principles of Responsible Investment (PRI). Through the PIR, the BVL promotes investment policy and practices that incorporate ESG information.
  • The BVL has had its carbon footprint calculation certified by A2G Sostenibilidad y Cambio Climático. See the certificate here.
  • The BVL works with EY to produce a yearly report on Good Corporate Governance in Peru, based on a yearly survey The Voice of the Market (La Voz del Mercado). See the 2016 report here. The report educates the market on good corporate governance. Past reports: 20152014.
  • Gender equality initiatives: For the third consecutive year, the BVL participated in the SSE’s “Ring the Bell for Gender Equality” in 2018, in support of SDG 5 – Gender Equality.
  • In 2017, the BVL, the American Embassy and the Woman Corporate Directors developed a leadership workshop called “Breaking the Glass Ceiling – BTGC Peru” aimed at CEO’s, women VPs and senior managers of companies listed on the BVL, with the aim of training them in leadership and awareness in their working environment to implement policies aimed at closing the gender gap and publicly disseminate them to achieve a multiplier effect.
  • In 2017, the BVL Group participated in the OWIT Day 2017 BTGC Peru sharing program and the current situation of the gender gap in the market.
  • In 2017, the BVL Group participated in the 1st meeting of “Women in the Profession Leadership 3.60 WIP” that seeks to promote visibility and leadership of the lawyers, through the creation of a professional network. This event was published in an article in G Management on leadership and how to overcome the barriers.
  • In 2017, the BVL in alliance with SP & Robeco Sam launched the ESG Sustainability Index MILA Regional, where companies that make up the index must disclose whether or not they comply with policies gender equality.
  • In 2018, the BVL launched Allied Group Ranking Par (a free and confidential platform) that allows companies to measure gender equality. A long – term goal is that more companies listed on the BVL can measure the gender gap, awareness and implement improvements in their organizations on this issue.

Organizational model of stock exchange
  • Listed company for profit.

Regulatory bodies

Regulatory model
Limited Exchange Self-Regulatory Organization (SRO) Model

  • The Superintendencia de Mercado de Valores (SMV) has ultimate authority over securities market regulations. However, the Bolsa de Valores Lima has the authority to regulate the trading and transactions carried out through centralized trading mechanisms under their responsibility, as well as the activity of intermediation agents in such mechanisms. The BVL has supervision power, which entails supervising compliance with the market’s regulations and self-regulation rules by the intermediaries.

About the stock exchange
Location: Lima, Peru

  • About BVL (Spanish).
  • At present, the BVL has 97.32% of the shares of CAVALI S.A. I.C.L.V.
  • https://www.cavali.com.pe/acerca-de-cavali/empresa/estructura-accionaria.html.

Stock Exchange Database Criteria

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.

Field

Criteria Considered

Conducts business in Country or Market in which the stock exchange operates
Number of listed companies (Date updated) Updated either by the stock exchange directly or using WFE data
Domestic market capitalization  Updated either by the stock exchange directly or using WFE data
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include: 

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.