NO.PZ2022120703000051
问题如下：
A top-down engagement style most likely:
选项：
A.aligns more closely with active rather than passive portfolios. B.involves discussions with the boards of individual companies. C.focuses on environmental and social issues rather than governance issues.解释：
C is correct because "teams tend to focus on individual environmental and social issues and to pursue those vigorously across sectors or markets as a whole...while firms with governance heritage tend to focus on individual companies...these are generalisations but they illustrate the distinction between top-down and bottom-up activity." Hence, firms with environmental-led heritage typically engage in top-down activity while governance-led firms focus on bottom-up activity.
A is incorrect because "company-focused, bottom-up engagement fits most naturally with active investment approaches...whereas issue-based, top-down engagement tends to align more closely with passive or otherwise broadly diversified investment portfolios."
B is incorrect because "teams tend to focus on individual environmental and social issues and to pursue those vigorously across sectors or markets as a whole...while firms with governance heritage tend to focus on individual companies, starting with the chair...and working through the board...these are generalisations but they illustrate the distinction between top-down and bottom-up activity." Hence, it is the bottom-up activity (associated with firms with governance heritage) which involves contacting individual companies.
