Page 35 - CCFA Journal - Third Issue

Investment Forum 投资论坛
根据负责任投资协会（RIA）的数据，在加拿大，ESG 资
产规模为 2.1 万亿美元。 这些资产的绝大部分由大型机构
投资者拥有和管理，包括大型公共养老金计划。
尽管 ESG 在加拿大的共同基金和 ETF 资产中所占份额很
小，总计不到 130 亿加元，但有证据表明，零售 ESG 仍有
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增长的潜力。 根据 2019 RIA 投资者意见调查 ：
 2019 年有 72％的受访者表示对 ESG 感兴趣，高于
2018 年的 60％。
 79％的受访者希望其金融服务提供商告知他们有
关 ESG 的信息。
 总体而言，有 26％的受访者表示他们目前拥有
ESG 基金。
4. ESG 投资策略
联合国的《责任投资原则》，ESG 行业协会和其他组织，
以及一些投资公司，正努力把责任投资原则中的方法或策
略运用到实践中去。由此产生的总体投资框架在很大程度
上是一致的，尽管仍然存在一些细微的差别。 最常用的方
法总结如下：
4.1 筛选/排除
这种方法涉及禁止对从事重大产品制造或销售特列产品
（例如烟草，武器，动力煤）的公司进行投资。此外，它
也不包括 ESG 表现不佳或违反国际商业惯例/准则的公司
（例如，《联合国全球契约》，《国际劳工组织公约》，
《联合国土著人民权利宣言》）。
4.2 ESG 整合
ESG整合是指将 ESG 投资理念纳入基础分析（成为价值判
断的因素）并运用到投资决策中。
4.3 企业参与
企业参与包括通过以下方式对股东进行积极管理:直接与
高级管理层和公司董事会接触;提交股东关于 ESG 问题的
提案; ESG-based 代理投票; 与公司政策制定者交流互动。
4.4 专题投资
专题投资指的是投资具有可持续性产品和服务的公司（例
如可再生能源，减少碳排放，可持续农业，多样性投资）。
4.5 影响力投资
影响力投资是针对性投资，旨在产生积极的社会环境效应，
并提供有竞争力的财务回报。
上述方法不是互相排斥的，而是经常重叠的。 单个资产经
理可能会在不同的投资组合或者特定的某个基金中采用多
种策略。
5 RIA 投资协会(2019)。2019 年 RIA 投资者意见调查
CCFA JOURNAL OF FINANCE
加中金融
In Canada, ESG assets stand at $2.1 trillion, according to the
Responsible Investment Association (RIA). The vast majority
of these assets are owned and managed by large institution
investors, including large public pension plans.
Despite ESG’s small share of mutual fund and ETF assets in
Canada totalling less than $13 billion, evidence suggests that
there is potential for growth in retail ESG. According to the
2019 RIA Investor Opinion Survey :
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 72% of 2019 respondents expressed interest in ESG,
up from 60% in 2018.
 79% of respondents would like their financial services
provider to inform them about ESG options.
 Overall, 26% of respondents said they currently own
ESG funds.
4. ESG Strategies
The UN-sponsored Principles for Responsible Investing, ESG
industry associations and other organizations, along with some
investment firms, have made efforts to codify the approaches or
strategies used to apply RI principles in practice. The resulting
frameworks are largely consistent, although some
inconsistencies remain. The most common approaches are
summarized below:
4.1 Screening/Exclusions
This approach involves prohibiting investments in firms with
material involvement in the manufacture or sale of excluded
products (e.g. tobacco, weapons, thermal coal). Also, it
excludes companies that have poor ESG performance or that
violate international norms for business practice (e.g. the UN
Global Compact, International Labour Organization
Conventions, UN Declaration on the Rights of Indigenous
Peoples).
4.2 ESG Integration
This category refers to the explicit and systematic inclusion of
ESG factors into fundamental analysis — in a manner that
influences the determination of a security’s value — and
investment decision-making processes.
4.3 Corporate Engagement
Corporate engagement involves exercising active shareholder
stewardship through: direct engagement with senior
management and company boards; filing shareholder proposals
on ESG issues; ESG-based proxy voting; and engaging with
policymakers.
4.4 Thematic Investing
This refers to investment in companies whose products and
services advance sustainability (e.g. renewable energy, carbon
emissions reduction, sustainable agriculture, diversity).
4.5 Impact Investing
Impact investing is targeted investment with the intention of
generating positive social or environmental impact and
delivering competitive financial return.
The approaches described above are not mutually exclusive and
there is most often overlap. A single asset manager will likely
employ multiple strategies across different mandates, and even
within a specific fund.
6 Responsible Investment Association (2019). 2019 RIA
Investor Opinion Survey
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