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Investment Forum 投资论坛 加中金融
以多样性文化为例。 有大量证据表明，公司对股权和包容 Take the issue of diversity for example. There is a lot of
性的承诺推动了整个公司的变化，并使公司更好地反映了 evidence to suggest that a company’s commitment to equity and
其经营所在的社会环境。 实际上，纳斯达克（Nasdaq）在 inclusion drives change throughout a company, and results in
对两十几项研究的回顾中发现，多元化的董事会和更好的 firms that better reflect the societies in which they operate. In
fact, Nasdaq, in a review of over two dozen studies found an
财务业绩之间存在关联。 《福布斯》杂志指出的研究表明， association between diverse boards and better financial
多元化可以带来更好的决策，并使公司更好地吸引人才。 performance. Research noted by Forbes magazine shows that
diversity leads to better decision making and allows companies
通过将财务和非财务方面的因数结合到严格的投资流程中， to attract and retain talent.
我们能够找出以目标驱动并表现优异的公司。Honeytree
的全球策略基金就是这样的一个例子，自 2019 年 5 月成立 The Honeytree Global Equity Strategy’s outperformance since
以来表现优异。 inception (May 2019) demonstrates that this approach works.
By combining both financial and non-financial inputs into our
6. 监管的作用 disciplined investment process, we are able to identify purpose
driven companies that outperform.
监管部门推出了越来越多的法规，用于将 ESG 标准强加给
公司以及投资经理。 在某种程度上，这些举措旨在使人们 6. The Impact of Regulation
更加关注“绿色”革命。 There has been a growing number of regulatory initiatives
imposing ESG standards on companies as well as investment
以加拿大为例。2019 年 6 月，加拿大可持续金融专家小组 managers. In part these initiatives are driven to provide greater
发布了最终报告。 报告指出，气候变化正影响着我们的日 clarity among concerns of ‘green’ washing.
常生活，其中，不断变化的天气加剧了洪水，风暴，高温
和干旱。 该报告提出了一系列有助于促进向低碳经济过渡 In Canada, for example, in June 2019, the Canadian Expert
的政策和法规，并指出资产管理行业将在执行碳减排目标 Panel on Sustainable Finance released its final report. The
所需的融资和资本流动方面发挥关键作用。 report noted that the effects of climate change are upon us, with
shifting weather that is amplifying floods, storms, heat and
很多建设性的提议应该得到资产管理和基金投资行业的关 drought. The report promoted a range of policies and
注，特别是包括奖励加拿大人用个人免税账户投之于公认 regulations that would help facilitate the transition to a lower-
的环保产品；各大公司和金融机构应该定义和追求与气候 carbon economy, and noted that the asset management industry
will play a critical role in delivering the financing and capital
更相关，标准化可比较的财务披露；鼓励加拿大资产管理 flows required to execute carbon reduction objectives.
公司评估其内部应对气候变化的能力，并在需要时建设该
能力。 There are a number of recommendations that should be of
interest to the asset management industry and the investment
再以欧洲为例，目前欧盟推出了可持续金融分类法规。该 funds industry in particular, including, to: create a financial
法规意在建立一个分类系统，为公司和投资者提供一个共 incentive for Canadians to invest in accredited climate-
同的框架，以识别经济活动在多大程度上可以被视为环境 conscious products through their registered savings plans;
可持续性的。简而言之，要使一项活动符合条件，它必须 define and pursue more relevant, consistent and comparable
climate-related financial disclosures by companies and
证明它对欧盟的六个环境目标之一做出了实质性的贡献： financial institutions; and encourage Canadian asset managers
减缓气候变化，适应气候变化，水资源和海洋资源，循环 to assess their internal climate change competency and build
经济，废物预防和回收，污染以及不对其它任意五个目标 capacity where needed.
产生不利影响的健康生态系统。
In Europe, as another example, there is now the EU Sustainable
Finance Taxonomy. The EU Taxonomy Regulation is
establishing a classification system to provide firms and
investors with a common framework for identifying to what
degree economic activities can be considered to be
environmentally sustainable. Briefly, for an activity to be
eligible, it must demonstrate that it makes a substantial
contribution to one of the EU’s six environmental objectives —
climate change mitigation, climate change adaptation, water
and marine resources, circular economy, waste prevention and
recycling, pollution and healthy ecosystems — without having
a detrimental impact on any of the other five.
CCFA JOURNAL OF FINANCE MARCH 2021 Page 37
