On Thursday, 8 April 2004, Bovespa, the Brazilian Stock Exchange in Sao Paulo, became the first stock exchange worldwide to join the Global Compact. In a letter to UN Secretary-General Kofi Annan, Bovespa President Raymundo Magliano Filho, stressed his organization’s support of the Global Compact’s nine principles and also expressed his backing for the introduction of a tenth principle on corruption. Bovespa’s joining brings the number of Brazilian Global Compact participants to 87 (as of 12 April 2004).
The stock exchange’s commitment to the Global Compact is an expression of its ongoing efforts in engineering innovative solutions to engage financial markets in support of poverty reduction. In 2003, Bovespa launched the Social Stock Exchange, a fundraising initiative designed to bring together non-profit organizations in need of funding with social investors willing to support their projects and programs. Operating much like a regular stock market, the Social Stock Exchange lists social organizations and allows investors to buy shares of these organizations. So far, 33 NGOs have participated.