NO.PZ2024021801000019
问题如下：
Which of the following statements regarding engagement styles is most accurate?选项：
A.Issues-based, top-down engagement fits more closely with active investment approaches B.Company-focused, bottom-up engagement fits more closely with passive investment approaches C.Active investors with focused portfolios typically seek a direct discussion with senior management as starting point for engagement解释：
A. Incorrect because most investment houses mix the two, though company-focused, bottom-up engagement fits most naturally with active investment approaches, particularly those with concentrated portfolios, whereas issues-based, top-down engagement tends to align more closely with passive or otherwise broadly diversified investment portfolios.
B. Incorrect because most investment houses mix the two, though company-focused, bottom-up engagement fits most naturally with active investment approaches, particularly those with concentrated portfolios, whereas issues-based, top-down engagement tends to align more closely with passive or otherwise broadly diversified investment portfolios.
C. Correct because active investors, particularly those with focused portfolios, start with the company itself and its business issues and develop a tailored engagement approach cutting across a range of issues, often with the investment teams taking a leading role. Companies selected for this approach are often identified from investment underperformers or ones that trigger other financial or ESG metrics. The starting point is typically to seek a direct discussion with senior management and then the board.
讲义里说Active investment, company focused 一般会从chair/board开始dialouge
