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阿夏 · 2023年12月31日

题中的年报情况是否属于无效信息

  1. ESG
  2. Governance factors

NO.PZ2022120702000019

问题如下：

CBT’s Annual General Meeting (AGM) is two months away. Patrick Weeze is a portfolio manager who owns a significant number of CBT shares in his portfolio. His fund is a concentrated portfolio with high idiosyncratic risk and, as a result, Patrick believes that a detailed analysis of the governance of each of his portfolio holdings is paramount to its long-term performance. He reviews the relevant documentation regarding CBT’s AGM and notes the following:

− CBT provides information on the total amount of CEO remuneration, but no detail on the Key Performance Indicators (KPIs) that influence variable compensation. The CEO’s total compensation last year was GBP 1.2 million, 30% of which comprised fixed salary.

− CBT currently has 10 individuals sitting on its board, 3 of whom are independent. The Chairman is the former CEO who stepped down last year.

− One of the resolutions to be voted at the AGM was put forward by a minority shareholder. The investor asks the company to produce a report on how climate change may affect the company’s strategy and financial stability in the long-term.

Which argument can Patrick use to best highlight the importance of appropriate governance

to enterprises?

选项：

A.A meta study by Friede, Busch and Bassen has shown that the majority of studies showed a positive correlation between governance and corporate financial performance.

B.The CFA Institute's 2017 ESG survey showed that governance has the strongest correlation with company margin growth.

C.Enron's case provides evidence that governance is simple and failures usually link to one single factor.

D.Bernile, Bhagwat and Yonker's 2017 study concludes that board diversity adds to governance complexity, thus destroying company value.

解释：

本题问的是Patrick用哪一个论点最能强调适当治理对企业的重要性。A选项指的是弗里德、布希和巴森在2015年关于ESG和财务绩效的元研究，该研究表明他们审查62%的研究显示治理与公司财务绩效之间存在正相关关系。这表明了适当的治理对企业的重要性。

B选项的ESG调查不如A选项的元研究有说服力；

C选项错误，通过安然事件并不能得到相关结论；

D选项错误，董事会的多元化会给企业创造价值，而非增加治理的复杂性，破坏公司价值。

本题题干中改公司的年报情况是否与选出正确选项基本无关？只要选择能佐证公司治理重要性的选项即可？遇到这类题目时，很容易被前面的无效信息干扰。

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1 个答案

王岑 · 2024年01月02日

嗨，从没放弃的小努力你好：


同学你好，

这道题目是第三版的模拟题，从第四版教材开始，考试的形式已经改了，取消了案例题，因此不用再担心考试时出现这种题型。

在这道题目中，确实跟题干中这个案例的关联度不大，只需要判断选项的说法是否正确即可。

我们教材中写到，Friede,Busch, and Bassen’s 2015 meta-study on ESG and financial performance notes that:

-62% of the studies they reviewed showed a positive correlation between governance and corporate financial performance; and

-58% of environmental studies and 55% of social studies showed the same correlation.

A选项正确。

教材中同时提到，A 2017 CFA Institute ESG survey showed that 67% of global respondents took governance into consideration in their analysis and investment decision-making (up from 64% in 2014), ahead of environmental and social factors(both at 54%)，

2017年CFA协会的ESG调查显示，在全球受访者中，有67%的人在其分析和投资决策中考虑了治理因素（高于2014年的64%），这一比例高于环境和社会因素（两者均为54%）。

因此，但并没有提到治理因素的相关性最高。

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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