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Nagi · 2025年06月26日

A选项

NO.PZ2025022501000053

问题如下:

Which of the following would be considered the most effective form of investor engagement?

选项:

A.Initiating a dialogue with the investee company following a share price fall

B.Highlighting concerns about long-term key issues to non-executive directors of the investee company

C.Requesting information on specific governance, social or environmental issues from the investee company

解释:

A is incorrect because very often, adesire to engage arises from a share price fall. Active fund managers may thenbecome concerned about issues that may have been apparent for a time but whichmay have been ignored as the performance was positive. Experience tends to showthat such knee-jerk engagement is less likely to be effective thanlong-standing consistent messaging (where intensity may increase at moments ofdifficulty, but do not just begin at those moments).

B is correct because engagementdialogues are conversations between investors and any level of the investeeentity (including non-executive directors) featuring a two-way sharing ofperspectives, such that the investors express their position on key issues, andin particular, highlight any concerns that they may have. In addition,engagement is set in a context of long-term ownership and focus on long-termvalue preservation and creation, so that engagement is aligned with investmentthesis.

C is incorrect because investors seeking insights ispart of a monitoring dialogue and not an engagement dialogue.

请解释一下A选项及其解析,为什么不选它

1 个答案

Carol文_品职助教 · 2025年06月27日

嗨,从没放弃的小努力你好:


同学,你好。

为什么 A 是错误的?

因为这种方式往往是被动反应式(reactive)的,而非战略性、长期性的 engagement。很多情况下,投资者是在股价下跌之后才意识到企业存在潜在问题,这种情况下发起的参与往往是短期情绪驱动(knee-jerk reaction),缺乏长期视角与充分准备,因此效果较差。在讲义第12页的ineffective engagement这里。



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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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