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139****0989 · 2024年05月19日

为什么C集体行动是对的？而A形成一个协同团体是不对的？

  1. ESG
  2. Engagement and stewardship

NO.PZ2022120703000053

问题如下：

A fund manager believes an investee company is not taking sufficient cyber security measures to protect customer data. By joining the Investor Forum, the fund manager could:

选项：

A.form a concert party in respect of the company. B.access inside information on the company’s cyber security strategy. C.collectively engage with the company to improve its cyber security measures.

解释：

C is correct because "the Investor Forum has a detailed collective engagement framework (available in full only to its members)" which the manager can use to collectively (along with other investors) engage with other the company on its cyber security measures.

A is incorrect because the "Investor Forum publishes ten key features of this private collective engagement framework: … No-concert party and no-group: Members agree that while participating in a forum engagement they will not form a concert party in respect of the relevant company, including by requisitioning a board control-seeking resolution or seeking to obtain control of the company."

B is incorrect because "the UK Investor forum is not intended to be a means of facilitating the exchange of inside information between companies and members or among members themselves."

为什么C集体行动是对的？而A形成一个协同团体是不对的？

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1 个答案

Carol文_品职助教 · 2024年05月20日

嗨，努力学习的PZer你好：


C 选项 是正确的，因为“Investor Forum” 具有一个详细的集体参与框架，供其成员使用。通过这个框架，基金经理可以与其他投资者共同参与，向公司施压以改进其网络安全措施。集体行动（collective engagement）指的是多个投资者联合起来，通过共同的目标和协作行动来影响公司决策，从而达到更有效的治理效果。

A 选项 是不对的，因为“形成一个协同团体”（concert party）指的是投资者们达成一致行动，以控制或影响公司的管理决策。根据“Investor Forum”的规定，成员在参与论坛的过程中不会形成协同团体（concert party）。这个规定的目的是确保集体参与活动的透明性和独立性，避免出现对公司的控制意图。

B 选项 也是不对的，因为“Investor Forum”不是为了促成公司和成员之间或成员之间的内幕信息交流。内幕信息（inside information）是指未公开的、对公司股价有重大影响的信息，分享或利用内幕信息是违法的。

详细解释：

1、集体行动（Collective Engagement）：

  • 定义：集体行动是指投资者共同努力，以更强的声音和影响力来影响公司决策，通常涉及与公司管理层和董事会的对话和互动。
  • 优势：通过集体行动，投资者可以更有效地表达他们的关切和要求，因为公司的管理层和董事会会更加重视来自多方投资者的集体意见。
  • 适用性：在网络安全措施不足等需要改进的情况下，集体行动可以通过统一的声音和协作的力量，促使公司采取必要的改进措施。

2、一致行动人（Concert Party）：

  • 定义：一致行动人是指投资者达成一致行动，以共同的目标影响或控制公司的管理和决策，可能包括提议董事会成员、更改公司章程等。
  • 限制：根据“Investor Forum”的规定，成员在参与论坛的过程中不会形成一致行动。这是为了保持论坛的独立性和透明性，避免任何投资者通过论坛获得控制公司的优势。
  • 法律和监管：形成一致行动可能涉及复杂的法律和监管要求，包括披露义务和潜在的反垄断问题，因此在很多情况下是不允许的。

通过这些解释，可以看出C选项的集体行动是合法且有效的参与方式，而A选项的形成一致行动是不符合“Investor Forum”规定的，因此不正确。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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