NO.PZ2023010903000009
问题如下：
The Cherry Street Foundation is a nonprofit institution who has experienced a significant increase in donations over the last several years. Consequently, Ellie Blumenstock, CFA, Cherry Street's founder, recently concluded that the time had come to hire a professional chief investment officer(CIO) to manage this large pool of assets. Today, Blumenstock is interviewing A.J. Gelormini,a portfolio manager with over two decades of experience, for the CIO role.
Before concluding the interview, Blumenstock mentions that she recently read several articles regarding shareholder engagement and activist investing strategies. She was particularly intrigued by the role of activists in advocating for the implementation of ESG standards at large companies. Blumenstock asks Gelormini if it would make sense for Cherry Street to participate in shareholder engagement activities or to commit to a firm that engages in activist investing, and, if so, what approach would make the most sense. Gelormini’s response included the following statements.
Statement 3: If Cherry Street were to develop its own internally managed passive funds investing directly in individual securities, it would be difficult to participate in shareholder engagement activities without driving up costs. However, Cherry Street could, at a very low cost, engage in proxy voting for each of the individual securities it held.
Which of the following activities, if engaged in by Cherry Street, would prevent the foundation from participating in proxy voting as described in Statement3?
选项：
A. Hiring an external proxy advisory firm.
Purchasing the security on margin.
Loaning the security to a short seller.
解释：
When an investor loans shares, the transaction is an assignment of title with a repurchase option. As such, voting rights are transferred to the borrower.
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