Lilian Meneses, who holds a Master in Economics and Business Administration from FEP, has just been distinguished with the Ethics and ESG in Finance Award of the CFA Society Portugal, intended for the best master’s dissertation in this area in Portugal.

The dissertation “The impact of ESG practices on the cost of debt: evidence for the USA, Europe and Brazil”, supervised by FEP’s Professor Carlos Alves, investigated how ESG practices affect the cost of borrowed capital of companies, highlighting the importance of companies investing in ESG practices to reduce their financing costs and improve their reputation.

“I am delighted to receive the news that I have been selected as the grand prize winner of the 2nd edition of the “CFA Society Portugal Ethics and ESG in Finance Award. I would like to thank the jury for recognising my work, the CFA Society Portugal, FEP and especially my supervisor Professor Carlos Alves for supporting and inspiring me in this very rewarding work,” said Lilian Meneses.

This initiative promoted by CFA Portugal aims to reinforce the importance of ethics in the financial sector and trust in the behaviour of financial intermediaries in Portugal.

“Lilian Meneses’ dissertation studies the relationship between the cost of debt and ESG ratings, in different geographical areas, evidencing that these performance indicators can have a significant impact on investors’ financial decisions and cannot be ignored by companies. It is, therefore, a work with scientific and social merit” highlights Professor Carlos Alves.

The jury of this award was chaired by Rui Pinto, member of the Bank of Portugal, and composed by Adérito Oliveira, Director of Sustainability & Business Development in BPI, Ana Gomes, Senior Investment Consultant in Banco Best, Filipa Saldanha, Director of Sustainability in Crédito Agrícola and by Suvi Saari, Product Manager, ESG, Fundamental Equities, in CESGA.

The award ceremony will take place on May 31, during the annual “Charter Award Dinner” event, to be held in Lisbon.

It should be noted that this is the second consecutive year that FEP conquers the first prize in this initiative of CFA Portugal. In 2022 Liliana Cardoso, with a Bachelor in Management and a Master in Finance from FEP, was distinguished for her dissertation “ESG performance and cost of equity – the role of materiality”, supervised by FEP’s Professor Cláudia Ribeiro.