Page 4 - CCFA Journal - Fourth Issue

Investment Forum 投资论坛 加中金融

永续投资的发展

The Evolution of ESG

Ms. Paula Glick co- Dr. Xiao Han is a lecturer at University of Toronto, and an
founded Honeytree Investment Management with Liz executive board member of Toronto and Region
Simmie in 2018. Paula is involved in all aspects of the Conservation Authority Board. In her spare time, Xiao is also
business including portfolio management, investment a professional radio and TV broadcaster.
research, client service, and administration. She brings over
20 years of experience in the investment industry and a 韩笑博士 多伦多大学讲师，多伦多区域保护管理局董事会执行
wealth of knowledge in ESG and impact investing. 董事。在业余时间，她还是一名专业的广播电视播音员

Paula Glick 女士 于 2018 年与 Liz Simmie 共同创立 Honeytree
Investment Management。Paula 参与业务的各个方面，包括投资
组合管理、投资研究、客户服务和行政管理。她拥有超过 20 年
的投资行业经验，在 ESG 和影响力投资方面拥有丰富的知识。

这篇文章由 CCFA 志愿者 Taryn Tian 和 Michael Lu 根据活动视频记录整理总结。

韩笑: ESG 是当前金融界最热门的话题。支持者说，道德利润两者可以兼顾。但批评人士认为，这些产品与其他投资产品并没有什么
不同，很难衡量一家公司是否真的在做正确的事情。首先，您能告诉我们 ESG 投资到底是什么吗?为什么“做正确的事”可能是一个
好的投资主张?

The article was compiled and summarized by CCFA professional development volunteers, Taryn Tian and Mike Lu, based on the event video record.
It was then translated into Chinese by another CCFA professional development volunteer, Hao Tian.

Xiao: ESG is the hottest theme in the world of finance right now. Supporters say that being ethical and being profitable need not be mutually exclusive,
benefitting stakeholders, society, and the planet. But critics argue that these products are not that different from other investments and complain that it
can be hard to measure whether a company is actually doing the right thing. First of all, would you please share with us what exactly is ESG investing?
And why “doing the right thing” may be a good investment idea?

Paula: ESG 投资最基本一条就是在投资决策过程中考虑环境、社会和政府因素。对于那些了解传统投资的人，我们总是关注财务指
标和基本面数据，没有真正关注环境和社会问题，也缺乏考虑公司运营对环境影响或他们对员工和客户的社会责任等等。
就 ESG 的来源进化到今天，是由宗教社区推动的，他们希望确保他们投资的公司不会与他们所遵循的道德原则发生冲突。于是他们很
大程度上排除认为有害的部门和行业。随着 ESG 全球的参与，现在有很多方式来考虑 ES 也传递着人们普遍想有所作为的信号。

对于我的公司来说，ESG 是为了拓宽我们的投资理念，包括构建良好的投资组合更好的投资回报，以及辨识那些社会环境中引领时代
的弄潮儿，而不是只着眼于基本财务考量。对我来说，最重要的是做正确的事情以及拥有良好的商业意识。我们通常关注“目标驱动”
的公司—这些公司理解产品和服务的盈利能力，更关注公司的可持续性发展。我称之为良好管理和利益相关者驱动的正循环。这就是
好的生意经，从风险控制和长期持续增长的角度更理解你所投资的公司。传统投资上我们只考虑股东，以为他们是唯一真正重要的利
益相关者。但是更深入的理解，可持续发展是长期绩效和决策制定长期有效的保障，弥补了传统投资的欠缺。
Paula: ESG investing, in a nutshell, is really considering the environment, social and governance factors in the investment decision making process. For
those that know about investing traditionally, we’ve always looked at financial measures, and fundamental data, but have not really considered how
environmental and social issues, contribute to a companies’ success, and bottom line. We didn’t bother looking at the environmental footprint of
companies’ operations, or their social involvement, any consideration of culture or employees and clients, as part of the equation to assess good
management and long term success.

ESG has evolved a lot.

Initially it was driven by the religious community that wanted to ensure that the companies they were investing in were not at odds or counter to their
principles and ethics that they live by. And a lot of that has to do with excluding sectors and industries that they felt were harmful. As ESG evolves,
there continues to be additional perspectives on utilizing and considering ESG from risk management to it’s just good business and a way to identify
good management. Ultimately utilizing ESG considerations conveys the message that people want to make that positive difference with their
investments..
CCFA JOURNAL OF FINANCE June 2021
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