A CIO’s Perspective on ESG Investing
从首席投资官视角审视ESG投资，指出ESG衡量方式多样且评级结果不一致，为资产所有者将ESG指标纳入投资组合提供指导。
The ESG (environmental, social, governance) investment landscape remains difficult terrain for chief investment officers to navigate. A review of the ESG literature demonstrates that there is no singular truth about whether a company that manages specific ESG factors can improve individual company performance. Part of the problem is the variety of ways that ESG can be measured and how those metrics can be applied to rank companies as “good” or “bad.” For example, one ESG rating agency focuses on risk management; yet another rating agency focuses on “good performers.” In addition to ranking individual companies, recent attempts to rank investment managers along ESG dimensions also produce inconclusive evidence because of the many differences in investment styles, cap ranges, processes, and skill levels that exist across asset management companies. This article provides guidance to asset owners as they incorporate ESG metrics into their portfolios.