The financialization of agriculture: The participation of the Canada pension plan in Glencore
Supporting Agencies
- Universidad Nacional Autónoma de México
- proyecto PAPIIT IN300717
Abstract
The financialization of the agri–food system, accelerated as a result of the crisis of 2007-08, has led to the diversification and strengthening of so-called financial agents. These include institutional investors, who group entities such as pension funds (private and public). Among the investment strategies of these have acquired relevance in the agro-food sector, both in the different stages of value chains (sourcing, production, processing, marketing), and farmland. The objective of this article is to analyze the recent participation of the public pension fund of Canada (CPPIB), the eighth worldwide, in the agricultural division of one of the five leading global food companies: Glencore.Downloads
References
BERG, ERIC N. (1983): “Marc Rich indicted in vast tax evasión case”, The New York Times, 20 de septiembre.
BCIMC (British Columbia Investment Management Corporation) (2016): Annual Report 2015–16. En: https://www.bcimc.com/Default.asp. Consulta: 26 de febrero de 2017.
BURCH, D. y LAWRENCE, G. (2013): “Financialization in agri–food supply chains: private equity and the transformation of the retail sector”, Agriculture and Human Values 30: 247–258.
BUXTON, A., CAMPANELE, M. y COTULA, L. (2012): “Farms and funds: investment funds in the global land rush”. En: http://pubs.iied.org/pdfs/17121IIED.pdf. Consulta: 1 de marzo de 2017.
CLAPP, JENIFFER (2013): “Financialization, Distance and Global Food Politics”. En: https://www.iss.nl/fileadmin/ASSETS/iss/Research_and_projects/Research_networks/ICAS/24_Claeys_2013-1.pdf. Consulta: 3 de marzo de 2017.
CLAPP, JENIFFER (2015): “ABCD and beyond: From grain merchants to agricultural value chain managers”, Canadian Food Studies 2 (2): 126–135.
CPPIB (Canada Pension Plan Investment Board) (2016): 2016 Annual Report. En: http://viewer.zmags.com/publication/cd02813c#/cd02813c/1. Consulta: 10 de marzo de 2017.
DREYFUS LOUIS COMPANY (2016): At a glance. En: http://ldcom.com/global/en/. Consulta: l6 de septiembre de 2016.
EPSTEIN, GERALD A. (2005): Introduction: financialization and the world economy, en Epstein G. (ed.), Financialization and the world economy. Edward Elgar Publishing Limited: Cheltenham, UK, pp. 3–16.
FAO (Organización para la Agricultura y la Alimentación) (2013): “Emerging investment trends in primary agriculture, a review of equity funds and other foreign-led investments in the CEE and CIS región”. En: http://www.fao.org/3/a-i3474e.pdf. Consulta: 1 de marzo de 2017.
FORTUNE (2017): The Fortune Global 500. En: http://fortune.com/global500/. Consulta: 12 de febrero de 2017.
GARZÓN, ALBERTO (2009): “Qué es la financiarización?”. En: http://agarzon.net/¿qué-es-la-financiarización/. Consulta: 24 de enero de 2017.
GLENCORE (2013): 2013 Annual Report. En: http://www.glencore.com/. Consulta: 24 de febrero de 2017.
GLENCORE (2014a): 2014 Annual Report. En: http://www.glencore.com/. Consulta: 24 de febrero de 2017.
GLENCORE (2014b): Investor Day Presentation. En: http://www.glencore.com/. Consulta: 24 de febrero de 2017.
GLENCORE (2015): 2015 Annual Report. En: http://www.glencore.com/. Consulta: 12 de noviembre de 2016.
GLENCORE (2016a): 2015 Annual Strategic Report. En: http://www.glencore.com/assets/investors/doc/reports_and_results/2015/. Consulta: 18 de febrero de 2017.
GLENCORE (2016b): 2016 Global Metals, Mining & Steel Conference. En: http://www.glencore.com/assets/media/doc/speeches_and_presentations/2016/2016 Global-Metals-Mining-Steel-Conference.pdf. Consulta: 9 de marzo de 2017.
GLENCORE (2017): About Us. En: http://www.glencore.com/about-us. Consulta: 20 de febrero de 2017.
GLENCORE AGRICULTURE (2017a): At a glance. En: www.glencoreagriculture.com. Consulta: 20 de febrero de 2017.
GLENCORE AGRICULTURE (2017b): Where we operate. En: www.glencoreagriculture.com. Consulta: 20 de febrero de 2017.
GRAIN (2011): “Pension funds: key players in the global farmland grab”. En: https://www.grain.org/article/entries/. Consulta: 28 de febrero de 2017.
GRAIN (2016): “The global farmland grab in 2016. How big, how bad?”. En: https://www.grain.org/article/. Consulta: 28 de febrero de 2017.
INVESTOPEDIA (2017): “These investors are dominating Private Equity”. En: http://www.institutionalinvestor.com/article/3545092/investors-sovereign-wealth-funds/. Consulta: 4 de marzo de 2017.
ISAKSON, S. RYAN (2014): “Food and finance: the financial transformation of agro–food supply chains”, The Journal of Peasant Studies 41 (5): 749–775.
LARDER, N., SIPPEL, S.R., y LAWRENCE, G. (2015): “Finance Capital, Food Security Narratives and Australian Agricultural Land”, Journal of Agrarian Change 15 (4): 592–603.
LAWRENCE G., SIPPEL, S. y BURCH, D. (2015): “The financialization of food and farming”, en Robinson, G. y Carson, D.A. (eds.), Handbook on the Globalisation of Agriculture. Edward Elgar Publishing Limited: Cheltenham, UK, pp. 309–327.
LYNDON, ASSER (2016): Gerente Comercial de Granos de Glencore. Entrevista directa, 12 de febrero de 2016.
MARTIN, S. y CLAPP, S. (2015): “Finance for agriculture or agriculture for finance?”, Journal of Agrarian Change 15: 549–559.
MAXWELL LOCKE & RITTE (2016): “Pension funds investing more often in agriculture”. En: http://www.mlrpc.com. Consulta: 28 de febrero de 2017.
NAIR, D., BLAS, J y CAMPBELL, M. (2016): “Glencore Sells Agri Stake to Canadian Fund for $625 Million”, Bloomberg, 8 de junio.
PENSION&INVESTMENTS (2017): “The largest retirement funds”. En: www.pionline.com. Consulta: 28 de febrero de 2017.
PREQIN (2016): “The 2016 Preqin Global Natural Resources Report”. En: https://www.preqin.com/docs/samples/2016-Preqin-Global-Natural-Resources-Report-Sample-Pages.pdf. Consulta: 4 de marzo de 2017.
PREQIN (2017): “The private equity top 100”. En: https://www.preqin.com/docs/reports/Preqin-Special-Report-The-Private-Equity-Top-100-February-2017.pdf. Consulta: 4 de marzo de 2017.
PRICEWATERHOUSECOOPERS (2016): “Mine 2016. Review of the global trends in the mining industry”. En: www. pwc.com/mining. Consulta: 17 de febrero 2017.
RISEBOROUGH, J. y BLAS, J. (2015): “For Glencore’s next move watch agriculture rather than iron”, Bloomberg News, 20 de marzo.
SALERNO, T. (2014): Capitalizing on the financiarization of agricultura: Cargill’s land investment techniques in the Philippines”, Third World Quarterly 35 (9): 1709–1727.
SILVERSTEIN, KEN (2012): “A Giant Among Giants”, Foreing Policy. En: http://foreignpolicy.com/2012/04/23/a-giant-among-giants/. Consulta: 7 de octubre de 2016.
SIPPEL, S. R., LARDER, N. y LAWRENCE, G. (2016): “Grounding the financialization of farmland: perspectives on financial actors as new land owners in rural Australia”, Agriculture and Human Values: 1–15.
SZALA, GINGER (2013): “10 top global commodity trading firms: Smart money or bad boys?”, Modern Trader. En: http://www.futuresmag.com/2013/07/25/10-top-global-commodity-trading-firms-smart-money-or-bad-boys?page=10. Consulta: 13 de marzo de 2017.
TIAA–CREF (2015): “Responsible Investment in Farmland”. En: https://www.tiaa.org/public/pdf/C26304_2015_Farmland_Report.pdf. Consulta: 10 de marzo de 2017.
USDA (Departamento de Agricultura de Estados Unidos) (2017): Foreign Agricultural Service. En: https://apps.fas.usda.gov/psdonline/app/index.html#/app/advQuery. Consulta: 22 de febrero de 2017.
VITERRA (2012): “Viterra shareholders approve Glencore acquisition”. En: http://www.marketwired.com/press-release/viterra-shareholders-approve-glencore-acquisition-tsx-vt-1662666.htm. Consulta: 8 de diciembre de 2016.
VITERRA (2016a): About. En: http://www.viterra.com.au. Accesado el 7 de enero de 2016.
VITERRA (2016b): “Viterra makes long term SA rail investment”. En: http://www.viterra.com.au. Consulta: 7 de enero de 2016.
VITERRA (2017): About. En: https://www.viterra.com/web/canada/home. Consulta: 24 de febrero de 2017.
The manuscripts published in Papeles de Geografía are subject to the following terms and conditions:
1. The publishing house of the University of Murcia (Servicio de Publicaciones de la Universidad de Murcia) keeps the copyright of the published manuscripts favouring and allowing the use and distribution of such works under the licence in 2 below.
© Servicio de Publicaciones, Universidad de Murcia, 2011
2. Manuscripts are published electronically under an Attribution Non-Commercial No Derivatives 3.0 Unported Creative Commons Licence Spain (Legal text). Readers are free to copy, use, share and redistribute the material in any medium or format as long as (i) appropriate credit is given to authors and original source (journal, publishing house and URL); (ii) the material is not used for commercial purposes and (iii) this licence and restrictions are stated.
3. Self-archive. Authors are allowed and encouraged to distribute pre-print versions (prior to evaluation) and/or post-print versions (after evaluation and accepted for publication) of their manuscripts. This favours the dissemination and early distribution of scientific knowledge and citing.
