不理解不理解为什么

问题如下：

Which of the following most likely carries out the stewardship function for a pension fund? The fund's:

选项：

A.asset manager.

B.external auditor.

C.underlying beneficiaries.

解释：

A. Correct because as stewardship is a reflection of fiduciary duty, it needs to be actively considered by any party charged with fiduciary duties. This will include most parties in the modern investment chain from underlying beneficiary through to asset owner (pension fund, insurer or other fund) to fund manager and those directing the investment asset. Any of these parties could carry out stewardship functions but in practice the role typically rests with those with the greatest aggregated scale, usually the fund manager.

B. Incorrect because as stewardship is a reflection of fiduciary duty, it needs to be actively considered by any party charged with fiduciary duties and the auditor does not act as a fiduciary to the asset owner. The auditor is there to provide an independent pair of eyes assessing the financial reports prepared by management, and to provide some assurance that those reports fairly represent the performance and position of the business.

C. Incorrect because as stewardship is a reflection of fiduciary duty, it needs to be actively considered by any party charged with fiduciary duties. This will include most parties in the modern investment chain from underlying beneficiary through to asset owner (pension fund, insurer or other fund) to fund manager and those directing the investment asset. Any of these parties could carry out stewardship functions but in practice the role typically rests with those with the greatest aggregated scale, usually the fund manager.