基金使用ESG整合和可持续投资策略：介绍（pdf）

J U LY 2020 Work on this paper was led by Dorothy Donohue, ICI deputy general counsel of securities regulation. Copyright © 2020 by the Investment Company Institute. All rights reserved. TheInvestment Company Institute(ICI) is the leading association representing regulated funds globally, including mutual funds,exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States, and similar funds offered toinvestors in jurisdictions worldwide. ICI seeks to encourage adherence to high ethical standards, promote public understanding, andotherwise advance the interests of funds, their shareholders, directors, and advisers. ICI carries out its international work throughICI Global, with offices in London, Hong Kong, and Washington, DC. Funds’ Use of ESG Integration and SustainableInvesting Strategies: An Introduction Contents 1Background 1ICI’s ESG Working Group2Board of Governors Endorsement 2Broad Spectrum of ESG-Related Investing Strategies 4Integration5Sustainable Investing Strategies5ESG Exclusionary Investing6ESG Inclusionary Investing7Impact Investing8Funds Using Multiple Sustainable Investing Approaches 10Appendix A: ESG Working Group Member Firms 11Appendix B: Additional Resources Background Investors worldwide are increasingly interested in environmental, social, and governance (ESG) matters. ESG mattersvary widely but generally are considered to mean: »Environmental or “E” matters, such as climate change, resource depletion, waste, pollution, or deforestation;»Social or “S” matters, such as companies’ relationships with their employees and suppliers, including laborstandards, diversity, and human rights issues; and»Governance or “G” matters, such as shareholder rights, bribery and corruption, executive pay, and boardcomposition.1 Managers of registered investment companies (funds) are responding to investor demand by creating funds intendedto align with investors’ values and, in some cases, achieve sustainability-related outcomes. Fund managers also seekto provide risk-adjusted financial return, or value, to investors by integrating material ESG information into theirinvestment process. In addition, virtually all fund managers engage with their portfolio companies, an activity referredto as stewardship. Stewardship typically is conducted across all portfolios, both active and index, and includes votingproxies and engaging in dialogue with company management. Funds engage in stewardship activities for a variety of reasons, including to: »protect and enhance the value of a fund’s portfolio holdings;»address material risks to a fund’s portfolio holdings;»advance ESG-related practices that may affect the sustainability of a company’s long-term profits; and»help companies to innovate and operate more efficiently to enhance their long-term financial performance.2 ICI’s ESG Working Group The Investment Company Institute created a working group of senior executives from ICI member firms3to reviewcomprehensively how funds describe ESG integration and sustainable investing strategies. ICI’s ESG Working Groupfound that funds were describing similar investing concepts in a variety of ways. To promote the understanding ofinvestors, other market participants, regulators, and others, the working group agreed that it would be good practicefor funds to use consistent terminology to describe ESG strategies in their public communications.4This publicationsets forth the working group’s understanding of the range of those strategies and explains how a fund investormight differentiate among them. It does so by generally discussing the differences between integration and the threecommon sustainable investing strategies. It then further explains the variations among each of these investmentstrategies, followed by examples from fund websites and prospectuses that describe how specific funds choose theirinvestments. Board of Governors Endorsement This publication received ICI’s Board of Governors’ unanimous endorsement. The Board of Governors stronglyendorsed the recommendations of the working group and urged all ICI members to take actions as may beappropriate to implement the terminology recommended as soon as reasonably practicable. Broad Spectrum of ESG-Related Investing Strategies Fund managers consider ESG factors to varying degrees, and these approaches coexist on a broad investingspectrum. For decades, some fund managers have integrated, or incorporated, ESG factors into their investmentprocesses to the extent that those factors are financially material. Fund managers seek to enhance performance,manage investment risks, and identify emerging investment risks and opportunities, much as they would considermacroeconomic or interest rate risks, idiosyncratic business risks, and investment exposures to particular companies,industries, or geographical regions. Sustainable investing is a strategy that uses ESG analysis as a significant partof the fund’s investment thes