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qiaowei · 2023年11月20日

A选项为什么不对

  1. ESG
  2. Investment mandates, portfolio analytics and client reporting

NO.PZ2022120703000096

问题如下：

According to CFA Institute, ESG integration:

选项：

A.uses rights and position of ownership to influence issuers’ activities. B.excludes issuers from the investment product based on certain ESG-related activities. C.explicitly considers ESG-related factors that are material to the investment risk and return.

解释：

C is correct because according to the CFA Institute Proposed ESG Product Features, “ESG integration” is described as a feature function that “explicitly considers ESG-related factors that are material to the risk and return of the investment, alongside traditional financial factors, when making investment decisions."

A is incorrect because according to the CFA Institute Proposed ESG Product Features, “Proxy voting, engagement and stewardship”, not ESG integration, is described as a feature function that “uses rights and position of ownership to influence issuers’ or companies’ activities or behaviours."

B is incorrect because according to the CFA Institute Proposed ESG Product Features, “ESG-related exclusions”, not ESG integration, is described as a feature function that “excludes securities, issuers or companies from the investment product based on certain ESG-related activities, business practices or business segments."

A选项为什么不对

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2 个答案

Tina_品职助教 · 2023年12月07日

嗨，爱思考的PZer你好：


同学看下第七章的框架，ESG intergration主要是指投资的前期研究，中间的估值等投资分析、以及最后做出投资决策的各个关节考虑ESG因素。所以C是更准确。A是尽责管理的内容。

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努力的时光都是限量版，加油！

Tina_品职助教 · 2023年11月21日

嗨，爱思考的PZer你好：


在金融投资领域，ESG（环境、社会和公司治理）整合是指在投资决策过程中显式考虑与ESG相关的因素，这些因素被认为对投资的风险和回报具有实质性影响。这是与传统的财务分析并行的一个额外维度。

A选项描述的是利用所有权的权利和位置来影响发行人的活动，这实际上是指的代理投票、参与和管理（proxy voting, engagement, and stewardship），而不是ESG整合。代理投票等行为涉及到使用投资者的所有权利来与公司进行互动，以影响公司的行为或政策，特别是在公司治理方面。这是行使股东权利的一种方式，与ESG整合不同，后者更注重投资分析本身。

ESG整合是作为投资分析的一部分，而代理投票和参与管理则属于股东行动的一部分。

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加油吧，让我们一起遇见更好的自己！

小脖溜想要蓝霸霸 · 2023年12月07日

manager 不是也要engagement吗？ESGIntegration到底包含了哪些呀，越拉越晕了

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