The Importance of Goals-Based (and Values-Based) Liability Indices: Applied to Impact and Green Investing
提出将投资者目标和价值观转化为基于目标的负债指数（GLIdes），用于衡量进展、基准化资产组合并改善治理，特别适用于绿色和影响力投资。
Global investors are creating portfolios that align with their specific goals and values. The authors posit that goals and values must be translated into goals-based liability indices (GLIdes). GLIdes can be used to achieve goals, benchmark the asset portfolio, and improve governance, as they allow boards to measure progress to their overall (or multiple) goal(s) and also the relative risks of their investment policies and implementation. The authors first introduce the GLIdes concept as a simple extension of the investible liability index developed in the early 2000s. They also show how GLIdes can be applied broadly, and specifically to goals such as “green” investing or impact/sustainable investing. For some goals/values, GLIdes can be created using existing instruments; for others, new instruments will need to be created, much like Retirement Security Bonds were created to be the relative safe asset for retirement investing. The authors also show how investors might set a clear path to achieve dynamic, long-term goals (e.g., net zero compliance), through clear GLIde paths, offering potentially a transparent and auditable process.