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cynthia · 2024年03月24日

我记得前面有一题说AGM上讨论议题是正常的流程

NO.PZ2022120703000052

问题如下:

Which of the following is most likely considered an escalation of engagement?

选项:

A.Expressing concerns through the investee company’s advisers B.Meeting with the chair of the investee company to discuss the issue of concern C.Submitting a resolution and speaking at the investee company's annual general meeting

解释:

C is correct because "while the first three engagements might be seen by many engagement professionals as part of a standard set of tools in normal dialogue with companies, the subsequent four will certainly be recognised as forms of escalation: 1 holding additional meetings with management specifically to discuss concerns; 2 expressing concerns through the company’s advisers; 3 meeting with the chair or other board members; 4 intervening jointly with other institutions on particular issues; 5 making a public statement in advance of general meetings; 6 submitting resolutions and speaking at general meetings; and 7 requesting a general meeting, in some cases proposing to change board membership."

A is incorrect because "normal dialogue with companies include … 1 holding additional meetings with management specifically to discuss concerns; 2 expressing concerns through the company’s advisers; 3 meeting with the chair or other board members…"

B is incorrect because "normal dialogue with companies include … 1 holding additional meetings with management specifically to discuss concerns; 2 expressing concerns through the company’s advisers; 3 meeting with the chair or other board members…"

为什么这里又变成升级手段了。 

1 个答案
已采纳答案

Carol文_品职助教 · 2024年03月25日

嗨,努力学习的PZer你好:


升级指的是投资者采取的一系列逐步增强的行动,旨在对公司施加压力,以促进其在ESG相关领域的改进。这些行动可以从较为温和的对话和沟通开始,根据情况的发展和公司反应的情况,逐渐过渡到更为强硬或公开的手段。升级过程的目的是有效影响公司行为,推动其向更可持续和负责任的方向发展。升级(Escalation)有以下几种形式。教材第380页告诉我们除了前三种可能会被认为是正常的对话机制,但后四种一定是升级措施。


在上述情境中,选项C("提交决议并在被投资公司的年度大会上发言")被视为参与程度的升级,原因如下:

  1. 向公司顾问表达关切(选项A)或与公司董事长会面讨论关注事项(选项B)通常被视为正常的沟通渠道和初步接触手段。这些活动通常发生在私下,旨在通过建设性的对话解决问题。
  2. 相比之下,提交决议并在年度股东大会上公开发言(选项C)是一种更为公开和正式的参与形式。这不仅意味着将关注点公开化,还可能吸引其他股东的注意,并对公司的公共形象或股价产生影响。这种行为被视为升级的原因在于,它表明私下对话可能未能达到预期效果,股东因此采取更强硬的手段来促进变革或解决问题。
  3. 提交决议特别被看作是一种升级手段,因为这通常涉及到具体的、有时可能对公司治理或政策方向产生重大影响的建议。在年度大会上发言增加了这种行动的公开性和紧迫性,使之成为一个更加明显的行动来吸引更广泛的股东和公众关注。

因此,尽管在年度股东大会上讨论议题可能是正常程序的一部分,通过正式提交决议并在大会上发言,特别是在其他较为私密的沟通手段未能解决问题时,显然是一种更积极、更公开的参与方式,意味着对现状的挑战和对变革的追求。这种做法是对现有管理层或政策的明确挑战,因此被视为一种参与的升级。

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