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阿里 · 2024年09月25日

C答案当然更全面，但是B答案是不是也是正确的？

  1. ESG
  2. Engagement and stewardship

NO.PZ2024021801000098

问题如下：

A non-profit organization published a report listing companies with a large plastic footprint. A portfolio manager believes the report will impact the valuation of a portfolio company. According to the Investor Forum, which of the following forms of engagement would be the most effective?

选项：

A.Discussing the report with the company during their annual review dialogue B.Writing a tailored letter to the company requesting additional details about their plastic footprint C.Participating in a collective engagement in collaboration with other investors to address the report

解释：

A. Incorrect because the manager's engagement is an example of a housekeeping engagement which is an annual dialogue to help maintain and enhance a relationship with a company, but with only limited objectives. Housekeeping engagement is somewhat likely to fulfill the Investor Forum success factor of SF6: Depth of relationship but not likely to meet the other success factors for effective engagement.

B. Incorrect because tailored letter-writing is somewhat likely to fulfill the Investor Forum success factors of SF1: Clear Objective and SF2: Material and strategic but not likely to meet the other success factors for effective engagement.

C. Correct because a collective engagement is most likely to fulfill all six success factors of effective engagement published by the Investor Forum i.e. SF1 – Objective(s) should be specific and targeted to enable clarity around delivery, SF2 – Objectives should be strategic or governance-led, or linked to material strategic and/or governance issues, SF3 – The engagement approach should be bespoke (tailored) to the target company, SF4 – The participants should have clear leadership with appropriate relationships, skills and knowledge, SF5 – The scale of coalition gathered (both scale of shareholding and overall AUM of group) should be meaningful, SF6 – The coalition should have a prior relationship and/or cultural awareness of the target company.

如果按照C答案的强度去考虑问题，无论什么情况都应该选最强有力办法肯定是最有效的，也是对的，所以前面的那些一步一步升级的方式是不是就显得完全没有必要。所以不是很能理解这道题想考什么。

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1 个答案

Carol文_品职助教 · 2024年09月25日

嗨，爱思考的PZer你好：


你提出的疑问很有道理。确实，在某些情境下，逐步升级的方式是更合理的选择，尤其是问题影响不大或者公司愿意配合时。温和的手段如写信或对话在此时也能有效推动问题解决。然而，这道题的重点在于这个特定情境，即报告可能影响公司估值的问题。根据Investor Forum的六个成功要素，这类重大问题需要更强有力的方式才能有效应对。因此，集体行动在这里被认为是最有效的方式，但这并不意味着温和手段在其他情境下就没有价值，实际上它们可以作为强力手段的铺垫，帮助建立关系和初步了解情况。

1. 逐步升级的作用

并不是所有情况下都需要一开始就使用最强有力的方式。根据不同的情境和目标，选择合适的方式可以更有效地推动公司改善。例如，写信或年度对话这样的“温和”手段可能在某些特定情况下，比如公司愿意合作或问题并非严重时，能高效达到目的，而且成本较低。如果直接使用集体行动等强力手段，可能导致公司管理层反感、抵触，反而不利于双方关系的建立和长远的变革。

2. 根据问题的严重性和紧急性选择方法

题目中涉及的是“塑料足迹”这一对公司ESG影响较大的问题，且在报告发布后可能影响公司估值，因此问题的严重性和紧急性要求采用更强有力的方式来应对。而在一些较不严重的ESG问题上，可能只需要通过年度对话或写信来解决。在这样的情境下，逐步升级的方式依然是必要的，尤其是当问题的影响不够大或公司已经有意愿配合时。

3. 情境决定手段

题目想考察的是在特定情境下，哪种方式最符合Investor Forum的六个成功要素。集体行动之所以最有效，是因为在这种有可能影响公司估值的重大问题上，集体行动能够带来更广泛的压力和支持。因此，在这个特定情境下，强力手段是必要的。而在其他不太紧迫或不涉及重大利益的情境中，可能较温和的方式反而更为适合。

4. 不同手段的协同

逐步升级并不意味着前期的“温和”手段毫无价值。在实际的ESG参与中，温和手段往往是强力手段的铺垫。如果公司在前期温和的接触中没有回应或改善，集体行动才会成为必要的下一步。因此，学员可以理解为：不同手段是一个工具箱中的工具，应该根据具体情况选择，而不是一开始就总是使用最强的工具。

5. 考试的重点

这道题的核心是在特定情境下，根据Investor Forum的六个成功要素，哪种方式最有效。这并不意味着其他手段无用，而是强调在重大问题上需要有效结合多个成功要素来产生更大的影响。因此，考试考察的是学员能否根据不同情境理解并选择合适的参与策略。

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努力的时光都是限量版，加油！

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NO.PZ2024021801000098问题如下A non-profit organization publishea report listing companies with a large plastic footprint. A portfolio manager believes the report will impathe valuation of a portfolio company. Accorng to the Investor Forum, whiof the following forms of engagement woulthe most effective?A.scussing the report with the company ring their annureview alogueB.Writing a tailoreletter to the company requesting aitiontails about their plastic footprintC.Participating in a collective engagement in collaboration with other investors to aress the report Incorrebecause the manager's engagement is example of a housekeeping engagement whiis annualogue to help maintain anenhana relationship with a company, but with only limiteobjectives. Housekeeping engagement is somewhlikely to fulfill the Investor Forum success factor of SF6: pth of relationship but not likely to meet the other success factors for effective engagement.Incorrebecause tailoreletter-writing is somewhlikely to fulfill the Investor Forum success factors of SF1: CleObjective anSF2: Materianstrategic but not likely to meet the other success factors for effective engagement.Correbecause a collective engagement is most likely to fulfill all six success factors of effective engagement publishethe Investor Forum i.e. SF1 – Objective(s) shoulspecific antargeteto enable clarity arounlivery, SF2 – Objectives shoulstrategic or governance-le or linketo materistrategic anor governanissues, SF3 – The engagement approashoulbespoke (tailore to the target company, SF4 – The participants shoulhave clelearship with appropriate relationships, skills anknowlee, SF5 – The scale of coalition gathere(both scale of shareholng anoverall AUM of group) shoulmeaningful, SF6 – The coalition shoulhave a prior relationship anor culturawareness of the target company. 为什么不能选B？我认为要先B这种温和手段，如果无效，再采用C升级。

2024-05-20 05:10 2 · 回答