The European Investment Bank sees many women working among its leadership roles.
One such leader is EIB Vice President Gelsomina Vigliotti who explains that even though the European Investment Bank’s mission is bigger than just making money, profit can be a good measure of our investment success. Here Gelsomina explains why profit matters.
Purposefully delivering on a mission
"To be entrusted with resources, both by public entities and markets, an institution needs a relevant mission and must be able to deliver on it. This is purpose," shares Gelsomina.
"How does profit fit in this picture? Does profit play a role in the activity of an institution such as the EIB Group, which, by statute, is not primarily seeking to make a profit? I believe the answer is yes, profit is still essential."
Gelsomina explains that profit is what allowed the EIB Group to build its capital over the years, making the Bank an instrument for the growth of the European Union, without being a burden on the taxpayers.
There is one more reason, specific to the EIB Group, why it seeks profit in its investments, says Gelsomina. "We always act as co-financers in our investment, and we never finance 100% of a project’s costs. This is because we want to act as investment catalysers. But our additionality would be worth nothing if we invested in projects that are not profitable, because the market would still not believe in them. Fiduciary duty, purpose, and profit are the three pillars on which a successful financial institution is founded. Each of these elements is worth nothing if the other two are missing."
Wide-ranging job capabilities
Gelsomina's areas of oversight include financing of small to medium-sized enterprises (SMEs) and mid-caps, equity and equity-type products, EIB-EIF cooperation, counterpart monitoring and restructuring, new products and special transactions, micro-finance, financing operations in Italy, Malta, Egypt, Israel, Jordan, Lebanon, Libya, Palestine and Syria.
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Disclosure: Where Women Work researches and publishes insightful evidence about how its paid member organizations support women's equality.