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139****0989 · 2024年05月21日

C不是很理解,请解释说明下

NO.PZ2024021802000075

问题如下:

According to the UK Investor Forum, engagement is a:

选项:

A.systematic inclusion of material ESG factors into investment analysis. B.purposeful dialogue with a specific and targeted objective to achieve change. C.dialogue for investment purposes to understand the company, its stakeholders and performance.

解释:

A. Incorrect because the answer is the PRI definition of ESG integration. PRI defines ESG integration as: The systematic and explicit inclusion of material ESG factors into investment analysis and investment decisions.

B. Correct because according to the Investor Forum's white paper Defining stewardship and engagement, engagement is defined as the purposeful dialogue with a specific and targeted objective to achieve change.

C. Incorrect 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. In contrast, "monitoring dialogues" are the conversations between investors and management to more fully understand performance and opportunity, which are typified by detailed questions from the investor and which are likely to inform buy, sell or hold investment decisions.

C不是很理解,请解释说明下

1 个答案

Carol文_品职助教 · 2024年05月21日

嗨,爱思考的PZer你好:


详细解释:

选项A

  • 系统性纳入ESG因素:这是指将重要的环境、社会和治理(ESG)因素系统地纳入投资分析和决策过程。这个定义属于PRI(Principles for Responsible Investment)的ESG整合(ESG Integration)概念,而不是UK Investor Forum对“engagement”的定义。

选项B

  • 有目的的对话:UK Investor Forum在其白皮书《Defining Stewardship and Engagement》中,将“engagement”定义为带有特定和有针对性的目标的有目的对话,旨在实现变革。这一定义强调了“engagement”作为一种推动公司行为和治理变革的工具。

选项C

  • 投资目的的对话:这个选项描述了一种对话,旨在了解公司及其利益相关者和绩效。尽管这听起来像是“engagement”,但实际上,这种对话更接近于监控对话(monitoring dialogues)。
  • 监控对话:监控对话是投资者与公司管理层之间的交流,目的是更全面地了解公司的表现和机会。这类对话通常涉及详细的问题,并用于决定买入、卖出或持有投资。
  • “engagement”对话:根据UK Investor Forum,engagement对话是投资者与公司的任何层级(包括非执行董事)之间的交流,带有特定目标,旨在实现公司行为或治理的变革。

总结:

选项C中的描述更符合监控对话(monitoring dialogues)的定义,而不是“engagement”对话。监控对话侧重于理解公司的绩效和机会,并基于此进行投资决策。与此相反,“engagement”对话是有目的的、带有特定目标的互动,旨在实现公司行为或治理的变革。因此,选项C是错误的,因为它混淆了监控对话和engagement对话的区别,而选项B则准确地反映了UK Investor Forum对“engagement”的定义。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!