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气体密度计 · 2025年03月27日

公司治理vs engagement

NO.PZ2024010506000012

问题如下:

The best way to assess an investor’s engagement success is to consider:

选项:

A.the impact the engagement had on the investee’s stock price. B.the improvements in the investee’s corporate governance policies and practices. C.the outcome of the investor’s engagement actions against engagement objectives related to the investee.

解释:

C is correct. Setting clear objectives for engagements is critical for investors; meeting these pre-established objectives is the correct way to assess the success of engagements. PRI (Principles for Responsible Investment) recognizes the importance of the engagers applying milestone measures and KPIs (key performance indicators) in their engagement actions so they can be accountable to their clients based on meeting the KPIs. Measuring engagement success based on the stock price performance or improvements in policies at the investee level might not be as accurate as measuring engagement actions against engagement objectives.

能否理解为公司治理看重的是process,而investor engagement看重的是目标object和结果

1 个答案

Carol文_品职助教 · 2025年03月27日

嗨,努力学习的PZer你好:


同学,你好。

是的,可以这样理解。公司治理(corporate governance)更多关注的是过程(process),例如董事会的结构、风险管理体系、合规机制等,强调制度和流程的优化。而投资者参与(investor engagement)则更强调目标(objective)和结果(outcome),即投资者设定明确的议题(如改善气候披露、加强董事会独立性),然后通过行动(如对话、提案、投票)推动这些目标的实现,并最终评估成果是否达标。

在投资者参与中,成功的衡量标准是看是否达成预设目标(engagement objectives),而不是简单地看股价波动或公司政策的变化。例如,一家公司的股价可能因宏观经济或市场情绪波动,而非投资者参与的直接结果。因此,PRI 鼓励采用里程碑衡量(milestone measures)和关键绩效指标(KPIs)来跟踪投资者行动的影响,以确保投资者对自身的参与活动负责。所以,公司治理偏向过程管理,而投资者参与则更关注是否实现预设目标和最终的影响。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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