HBSのジョージ・セラフェイム准教授の論文、ESG投資の神話と現実という論文の中の対比です。
ESG投資のフレームワークを作る上で重要な前提が含まれています。神話に基づいて現実でないものを前提とするととESG投資はうまく機能しないでしょう、という意味では極めて重要です。日本と欧米でまだ異なる面もあります。
私から見てとりわけ重要なのは神話1と神話5でしょうか。
神話1
The net financial effect of corporate efforts to address environmental and social issues is to reduce corporate returns on operating capital and, along with them, long-run shareholder value
The net financial effect of corporate efforts to address environmental and social issues is to reduce corporate returns on operating capital and, along with them, long-run shareholder value
現実1
Only a relatively small subset of ESG issues is what might be described as “material” and hence “value-relevant” for each industry Initiatives and investments designed to manage material ESG issues will produce results, in terms of increases in profits as well as stock returns
Only a relatively small subset of ESG issues is what might be described as “material” and hence “value-relevant” for each industry Initiatives and investments designed to manage material ESG issues will produce results, in terms of increases in profits as well as stock returns
神話2
ESG is well on its way to being integrated into mainstream investment management and capital markets with over $60 trillion in assets now subscribed to the Principles for Responsible Investment established by the UN (UNPRI)
ESG is well on its way to being integrated into mainstream investment management and capital markets with over $60 trillion in assets now subscribed to the Principles for Responsible Investment established by the UN (UNPRI)
現実2
Only a small percentage of those assets are taking into account ESG data in a systematic way. The overwhelming percentage is just using ESG screens
Only a small percentage of those assets are taking into account ESG data in a systematic way. The overwhelming percentage is just using ESG screens
神話3
Companies have little if any ability to influence the kinds of investors who buy their company’s shares
Companies have little if any ability to influence the kinds of investors who buy their company’s shares
現実3
Companies can and have influenced their investor base. A real example is the case of Shire, which managed to significantly change their share holder base within 5 years by using sustainability strategy and grated reporting to resist excessive pressure for short-term performance
Companies can and have influenced their investor base. A real example is the case of Shire, which managed to significantly change their share holder base within 5 years by using sustainability strategy and grated reporting to resist excessive pressure for short-term performance
神話4
It is nearly impossible to do good fundamental analysis taking into account ESG data because the data infrastructure is really lacking
It is nearly impossible to do good fundamental analysis taking into account ESG data because the data infrastructure is really lacking
現実4
Progress on data availability and quality has been made over the last few years. Companies, investors, stock exchanges, data providers and NGOs have all played a key role in advancing ESG data infrastructure
Progress on data availability and quality has been made over the last few years. Companies, investors, stock exchanges, data providers and NGOs have all played a key role in advancing ESG data infrastructure
神話5
ESG is only about managing risk
ESG is only about managing risk
現実5
There are numerous examples of companies that have used ESG integration as an enabler to achieve long term value and grow their top line: Dow Chemical, General Electric, Unilever
There are numerous examples of companies that have used ESG integration as an enabler to achieve long term value and grow their top line: Dow Chemical, General Electric, Unilever
神話6
Consideration of ESG factors in investment portfolio construction is contrary to fiduciary duty
Consideration of ESG factors in investment portfolio construction is contrary to fiduciary duty
現実6
Policy makers and multi-stakeholder initiatives are now working to mote reforms in the legal interpretation of fiduciary duty. Changes are already happening (Department of Labor, October 2015 new statement to acknowledge the relevance of ESG issues on economic value)
Policy makers and multi-stakeholder initiatives are now working to mote reforms in the legal interpretation of fiduciary duty. Changes are already happening (Department of Labor, October 2015 new statement to acknowledge the relevance of ESG issues on economic value)
