NO.PZ2022120703000048
问题如下：
Which of the following most likely carries out the stewardship function for a pension fund? The fund's:
选项：
A.asset manager.
B.external auditor.
C.underlying beneficiaries.
解释：
A is correct because "as stewardship is a reflection of fiduciary duty, it needs to be actively considered by any party charged with fiduciary duties. This will include most parties in the modern investment chain from underlying beneficiary through to asset owner (pension fund, insurer or other fund) to fund manager and those directing the investment asset. Any of these parties could carry out stewardship functions but in practice the role typically rests with those with the greatest aggregated scale, usually the fund manager."
B is incorrect because "as stewardship is a reflection of fiduciary duty, it needs to be actively considered by any party charged with fiduciary duties" and the auditor does not act as a fiduciary to the asset owner. "The auditor is there to provide an independent pair of eyes assessing the financial reports prepared by management, and to provide some assurance that those reports fairly represent the performance and position of the business."
C is incorrect because "as stewardship is a reflection of fiduciary duty, it needs to be actively considered by any party charged with fiduciary duties. This will include most parties in the modern investment chain from underlying beneficiary through to asset owner (pension fund, insurer or other fund) to fund manager and those directing the investment asset. Any of these parties could carry out stewardship functions but in practice the role typically rests with those with the greatest aggregated scale, usually the fund manager."
老师，能解释下几个角色的对应关系吗？ 在讲解养老金链条的章节，我理解trustee 是承担受托责任的，executive觉得资产配置和具体投资决策……fund manager对应哪个角色？谢谢
