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fallenangel625 · 2024年02月29日

关于B

NO.PZ2022120703000049

问题如下:

Which of the following would be considered the most effective form of investor engagement?

选项:

A.Initiating a dialogue with the investee company following a share price fall

B.Highlighting concerns about long-term key issues to non-executive directors of the investee company

C.Requesting information on specific governance, social or environmental issues from the investee company

解释:

B is correct because "engagement dialogues are conversations between investors and any level of the investee entity (including non-executive directors) featuring a two-way sharing of perspectives, such that the investors express their position on key issues, and in particular, highlight any concerns that they may have." In addition, engagement is "set in a context of long-term ownership and focus on long-term value preservation and creation, so that engagement is aligned with investment thesis."

A is incorrect because "very often, a desire to engage arises from a share price fall. Active fund managers may then become concerned about issues that may have been apparent for a time but which may have been ignored as the performance was positive. Experience tends to show that such knee-jerk engagement is less likely to be effective than long-standing consistent messaging (where intensity may increase at moments of difficulty, but do not just begin at those moments)."

C is incorrect because investors seeking insights is part of a monitoring dialogue and not an engagement dialogue. Monitoring is "typified by … detailed and specific questioning; investors seeking insights." In addition, "two-way dialogue and expression of clear positions is necessary for engagement to deliver on its intended outcomes, of changed company behaviors and so on."

请您举个实践的例子说明下什么情况下investor engagement会找到被投资公司的非执行董事呀?实在太抽象理解不了!

1 个答案

Carol文_品职助教 · 2024年02月29日

嗨,爱思考的PZer你好:


投资者与被投资公司非执行董事进行沟通是一种有效的投资者参与方式,尤其当投资者关注的是公司长期价值和战略方向时。非执行董事(NEDs)在公司治理中扮演着关键角色,他们不参与公司的日常运营,但负责监督和指导公司的策略方向,确保公司行为符合股东的最佳利益。因此,与非执行董事的对话可以为投资者提供一个影响公司长期战略和治理的渠道。

实践例子:

假设一家大型投资基金持有某上市公司的股份,并且该基金对公司在气候变化方面的策略和行动计划有所担忧。投资基金认为,公司目前的气候变化应对措施不足以应对未来潜在的风险和机遇,可能会对公司的长期可持续性和股东价值产生负面影响。

在这种情况下,投资基金可能会选择与公司的非执行董事会成员进行对话,目的是:

  1. 表达关切:明确表达对公司当前气候变化策略的担忧,并强调这是一个关键的长期问题,需要公司高层的关注和行动。
  2. 建议和指导:提供关于如何改善公司在气候变化方面的行动计划的建议,包括采纳更加积极的减排目标,增强公司在可持续发展方面的透明度,或者在公司治理结构中加强对环境问题的关注。
  3. 两方面的沟通:倾听非执行董事对公司当前策略的看法,以及他们对未来方向的考虑。这种双向沟通有助于建立共识,确保投资者的担忧被认真对待,并在公司治理中得到反映。

通过这种方式,投资者不仅能够表达自己的立场和担忧,还能够促进公司在关键长期问题上采取行动,从而有助于提高公司的长期价值和可持续性。与非执行董事的沟通为投资者提供了一个直接影响公司高层决策和治理的机会,这是一种比起直接与执行管理层对话更为战略性的参与方式。

关于选项的解释:

选项B是正确的,因为“参与对话是投资者与被投资实体的任何层面(包括非执行董事)之间的对话,特点是双方分享观点,以至于投资者表达他们对关键问题的立场,特别是强调他们可能有的任何担忧。”此外,参与是“建立在长期所有权的背景下,专注于长期价值的保护和创造,因此参与与投资理念保持一致。”

选项A是不正确的,上课老师也说过仅仅因为股价下跌而产生参与的动机,这种条件反射式的参与不太可能比长期一致的信息传递更有效。

选项C是不正确的,因为寻求洞察力的投资者是监控对话的一部分,而不是参与对话。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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