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绒谷谷 · 2023年05月12日

请问B

NO.PZ2022120703000049

问题如下:

Which of the following would be considered the most effective form of investor engagement?

选项:

A.Initiating a dialogue with the investee company following a share price fall B.Highlighting concerns about long-term key issues to non-executive directors of the investee company C.Requesting information on specific governance, social or environmental issues from the investee company

解释:

B is correct because "engagement dialogues are conversations between investors and any level of the investee entity (including non-executive directors) featuring a two-way sharing of perspectives, such that the investors express their position on key issues, and in particular, highlight any concerns that they may have." In addition, engagement is "set in a context of long-term ownership and focus on long-term value preservation and creation, so that engagement is aligned with investment thesis."

A is incorrect because "very often, a desire to engage arises from a share price fall. Active fund managers may then become concerned about issues that may have been apparent for a time but which may have been ignored as the performance was positive. Experience tends to show that such knee-jerk engagement is less likely to be effective than long-standing consistent messaging (where intensity may increase at moments of difficulty, but do not just begin at those moments)."

C is incorrect because investors seeking insights is part of a monitoring dialogue and not an engagement dialogue. Monitoring is "typified by … detailed and specific questioning; investors seeking insights." In addition, "two-way dialogue and expression of clear positions is necessary for engagement to deliver on its intended outcomes, of changed company behaviors and so on."

B只是提到highlight concern,这不是也没有得到公司的回复么?

请问这怎么理解B的举动是双向的?

2 个答案
已采纳答案

净净_品职助教 · 2023年05月13日

嗨,从没放弃的小努力你好:


首先B是一种参与对话的方式,正常逻辑当我向非执行董事表达担忧,期待的是一种双向沟通,而且既然表达了,我就肯定需要对方有所回应。选项中没有必要展示出对方是否回复,也就是说我们判断是否是双向沟通的标准不是看对方回复了没有,如果对方不回复,只能说这个公司不行,不是参与方式有问题。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

鲤鱼J · 2023年12月06日

那我要求信息,对方也必须回复啊。我觉得express concern和request information在交流程度上没差别。还有其他解释么?

净净_品职助教 · 2023年12月06日

嗨,爱思考的PZer你好:


这道题目中,选项C被认为不正确,原因在于它描述的是一种“监督对话”(monitoring dialogue),而不是“投资者参与对话”(investor engagement dialogue)。在投资者参与对话中,重要的是双向交流和表达明确的立场,以实现改变公司行为等预期结果。而监督对话通常是由详细和具体的问题构成的,投资者在这种对话中寻求洞察,但这种方式并不包含必要的双向交流和明确立场的表达。

简而言之,虽然向被投资公司请求具体的治理、社会或环境问题信息似乎涉及双向对话,但这种对话更多的是单向的信息请求,缺乏投资者在参与对话中所需的双向交流和明确立场的表达。因此,这不被视为最有效的投资者参与形式。

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加油吧,让我们一起遇见更好的自己!

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