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Chapter 1 Introduction to ESG investing
1. Which of the following investment approaches focuses on enhancing the long-term value of

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an investment portfolio?

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A. ESG investing

B. Impact investing

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C. Conventional financial investing
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答案: A.
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ESG 投资侧重于通过使用 ESG 因素来降低风险并识别增长机会，从而提高长期价值。
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2. Which of the following ESG investments addresses the bottom of the pyramid (BOP)?
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A. Green bonds

B. Micro-finance bonds
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C. Fund investing in smart grid technology
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答案：B.
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社会投资（Social investments）指将资本分配给金字塔底部的人，即经济金字塔中最贫穷的
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三分之二。小额融资就是这种社会投资的一个例子。
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3. The “core planetary boundaries” identified by the Stockholm Resilience Centre are:

A. biosphere integrity and climate change.

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B. climate change and land-system change.

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C. biosphere integrity and land-system change.

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答案：A.
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斯德哥尔摩复原力中心已经确定了人类能够在未来几代继续发展和繁荣的九个“行星边界”。

其中两个气候变化和生物圈完整性（biosphere integrity and climate change）被认为是“核心边

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界”，因此，核心边界若发生重大变化，则会将“地球系统带入一个新的状态”。
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4. ESG integration can have a material financial impact on a company, resulting in:

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A. reduced costs.

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B. reduced efficiency.

C. increased negative externalities.

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答案：A.

ESG 投资可以降低风险并提高回报，因为它考虑了额外的风险，并为投资过程注入了新的
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前瞻性见解。因此，ESG 整合可以降低成本和提高效率，减少罚款和国家干预的风险，减

少负外部性，提高从可持续性大趋势中受益的能力。
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5. Which of the following statements regarding externalities is most accurate?

A. Externalities can be due to environmental or social factors.

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B. When externalities are positive, private costs are lower than societal costs.
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C. Internalization of externalities does not affect companies’ financial performance.
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答案：A.
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外部性（Externalities）可能是由于环境因素，如污染；或社会因素，如当公司未能支付最低

工资时。
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当外部性为负时，私人成本低于社会成本。这些外部性的内部化可能会显著影响公司产品和

服务的成本及利润，从而影响其净利润。
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6. Which of the following is a minimum requirement for signatories to the Principles of

Responsible Investment (PRI)? Members must:

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A. be active owners in the companies in which they are invested.

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B. seek appropriate disclosure on ESG issues by the investee companies.

C. have senior-level commitment and accountability mechanisms for responsible investment

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implementation.
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答案：C.

PRI 实施了三项最低要求，其中包括负责投资实施的高级承诺和问责机制。

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7. Which of the following organizations developed a toolkit for establishing long-term,

sustainable investment mandates?

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A. Principles of Responsible Investment (PRI)
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B. International Corporate Governance Network (ICGN)

C. University of Cambridge Institute for Sustainability Leadership

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答案：C.
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剑桥大学可持续发展领导力研究所开发了一个工具包，用于制定长期、可持续的任务。
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8. Which of the following statements is most accurate? The majority of studies suggest that:
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A. good ESG standards increase the cost of capital for a company.
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B. ESG performance and investment fund performance are positively correlated.

C. ESG performance and corporate financial performance are positively correlated.

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答案：C.

大多数研究表明，ESG 绩效与公司财务绩效之间存在正相关。
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9. Greenwashing refers to:
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A. countries exporting hazardous waste to other countries.

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B. companies making misleading claims about their environmental practices.

C. companies introducing substances into the environment that are harmful.

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答案：B.

“洗绿”（Greenwashing）是指有意或无意地夸大或歪曲投资组合的资质和信誉，将其宣传为
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绿色、可持续、负责任或 ESG 投资。但其实际投资的项目不是对环境有利、或可持续发展

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的。

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10. The ESG reporting framework used by the United Nations Global Compact signatories is

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published by the:

A. Global Reporting Initiative (GRI).

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B. Value Reporting Foundation (VRF).
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C. International Business Council (IBC).
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答案：A.

全球报告倡议（GRI）发布了 GRI 标准，该标准为包括投资者在内的所有利益相关者提供了

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有关环境、社会和经济因素披露的指导。而其他主要框架主要以投资者为中心。全世界有数
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千个组织使用 GRI 框架，这是最著名的框架之一，也是联合国全球契约的标准。

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Self Assessment Questions
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11. What is ESG investing?

A. An approach to managing companies that explicitly acknowledges the relevance of

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environmental, social, and governance factors in corporate decision making

B. An approach to managing assets where investors explicitly acknowledge the relevance of

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environmental, social, and economic factors in investment decision making

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C. An approach to managing assets where investors explicitly acknowledge the relevance of

environmental, social, and governance factors in their investment decisions

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D. An approach to managing assets where investors explicitly acknowledge the relevance of

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environmental, social, and economic factors in corporate engagement

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答案：C.
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ESG 投资是一种资产管理(managing asset)的方法，投资者在其投资决策(investment decisions)

中明确纳入环境、社会和治理(ESG)因素，并考虑到投资组合(investment portfolio)的长期回
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报(long-term return)。
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12. Which of the following is not an example of a social factor?

A. Labor rights

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B. Local communities

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C. Product safety

D. Biodiversity

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答案：D.

社会因素是指影响人类生活的因素，包括人权、童工问题、现代奴隶制度、工作条件、员工
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关系等。Biodiversity 是生物多样性，它属于环境因素。
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13. What is not one of the three P’s in the triple bottom line concept?
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A. People

B. Planet
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C. Profit
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D. Principle
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答案：D.

本题考察“三重底线”原则，其中的三个“P”分别代表 People，Planet，Profit。
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14. Which of the following sectors is not typically excluded by ethical and faith-based

investments?
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A. Tobacco
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B. Alcohol

C. Controversial weapons
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D. Technology
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答案：D.
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基于道德和信仰的投资（Ethical and faith-based investment）方法中包含一些典型的除外条款，

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例如烟草、酒精、色情、争议性武器、核能、以及严重违反宗教及道德教义的其他内容，这

其中并不包括科技。

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15. The efficiency of shareholder engagement does not depend on:

A. the scale of ownership of the individual investor or the collective initiative.

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B. the quality of the engagement dialogue and the method used.
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C. whether divestment is known to be a possible sanction.

D. the amount of security in free float.

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答案：D.
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股东参与的效率通常取决于个人投资者或集体性倡议的所有权规模；参与对话的质量（股东
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和高管之间）；以及是否公司已被告知股东是有可能撤资的。本题和 D 选项无关。
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16. In what sense are ESG considerations non-financial?
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A. They are difficult to value precisely and difficult to time.

B. They are issues that will never turn into financials.

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C. They reside in a different category of performance.

D. They can only ever be measured qualitatively.

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答案：A.

在 ESG 投资的非财务方面，很难对其进行精确估值，也很难计算时间。
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17. For which of the following sectors will the management of greenhouse gas emissions be most

material?
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A. Software
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B. Recruitment

C. Power generation
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D. Fund management
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答案：C.

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本题问以下哪一个部门的温室气体排放管理是最重要的，综合四个选项，发电行业是最需要

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考虑温室气体排放管理的。

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18. Which of the following is not a form of ESG investment?
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A. Valuation investment

B. Ethical investment
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C. Thematic investment

D. Impact investment
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答案：A.

ESG 的投资方式中包括 Socially Responsible Investment、Best-in-class Investment、Sustainable

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Investment、Thematic Investment、Green Investment、Social Investment、Impact Investment、
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Ethical and Faith-based Investment、Shareholder Engagement。并不包含 A 选项中的价值投资。
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19. Which of the following statements is true about best-in-class investment?

A. It involves selecting only the companies that overcome a defined ranking hurdle.
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B. It cannot be used to maintain key characteristics, such as regional and sectoral diversification
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of an index.

C. It refers to selecting companies that fall under a sustainability-related theme.

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D. It refers to allocating capital to assets that best mitigate climate change.

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答案：A.
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Best-in-Class 投资方法只选择那些通过了一定门槛值、并排名突出的公司，这样的排名方法
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是在每个行业内使用 ESG 标准建立的。

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20. In which way can ESG matters become financially material for a company and contribute to

reduced risk and enhanced return?

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A. Increased cost and reduced efficiency

B. Increased externality

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C. Increased risk of fines

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D. Increased adaptability to sustainability megatrends

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答案：D. 育

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对于被投资公司，考虑 ESG 有助于：降低成本提高效率；减少负的外部性；减少罚款以及

政府干预的风险；以及从发展趋势中受益。
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21. What kinds of situations does the term “negative externality” best describe?
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A. Situations where the production of goods induces costs to others that are not reflected in the
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prices charged for them

B. Situations where the consumption of services induces benefits to others that are not reflected
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in the prices charged for them
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C. Situations where the production or consumption of a product or service’s private price

equilibrium cannot reflect the true costs of that product or service for society as a whole
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D. Situations where the production or consumption of a product or service’s private price

equilibrium cannot reflect the true benefits of that product or service for society as a whole
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答案：C.

外部性指的是产品和服务的生产或消费为他人创造的成本或利益没有反映在其收取的价格
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中。当外部性为负时，私人成本低于社会成本，导致市场结果可能不有效，或者换句话说，
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导致“市场失灵”。

这与 C 选项的表述是相一致的，即一种产品或服务的生产或消费的私人价格均衡不能反映
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该产品或服务对整个社会的真实成本的情况。
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22. According to Oxfam, “reports show that the richest 1% in the world have more than double
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the wealth of 6.9 billion people.” Which megatrend does this refer to?

A. Emerging and urban

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B. Technological disruption

C. Demographic changes and wealth inequality

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D. Climate change and resource scarcity

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答案：C.

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根据乐施会的说法，世界上最富有的 1%的人拥有的财富是 69 亿人的两倍多这一现象，体
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现了社会财富不平等的趋势。
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23. What is the most probable reason why an investor would engage with policy makers on ESG

issues?
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A. The consideration of ESG-related matters can contribute to the proper functioning of the
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financial markets.

B. Asset owners need regulators to level the playing field in order to be able to increase their
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percentage of ESG investments.
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C. Policy consultations on ESG investing are mandatory in order to ensure that all perspectives

are taken into consideration.

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D. ESG investors require a sound and stable financial system in order to create alpha from ESG

megatrends.
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答案：A.

投资者可以通过积极响应政策磋商， 参与集体行动， 向决策者提出建议的方式来进行政策

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参与。从而与监管机构、标准制定者和其他各方共同构建一个更健康、更稳定的金融体系，
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创造公平的竞争环境，将 ESG 更有效地纳入财务决策。

因此由概念可知，投资者与 ESG 政策制定者接触的最可能原因，是想“审议与 ESG 相关的

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事项，从而促进金融市场正常运行”，A 选项是正确的。
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24. Which of the following is not a typical method by which ESG factors are reflected in
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investment approaches?

A. Integrating ESG factors into investment decision making

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B. Engaging actively with companies on ESG matters

C. Engaging in public policy debates on ESG issues

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D. Disclosing the investor’s corporate social responsibility activities

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答案：D.

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本题考察的是将 ESG 付诸实践时可以采用的投资方法。这些方法包括将 ESG 因素纳入投资
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决策，通过公司参与，通过政策参与。分别对应这本题的前三个选项。而与 D 选项的披露

没有关系。
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25. What are the four broad groupings of issues covered by the UN Global Compact?
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A. Environmental, social, governance, and impact

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B. Human rights, labor, environment, and anti-corruption

C. Poverty, diversity, sustainability, and transparency

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D. Education, development, fairness, and independence
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答案：B.
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本题考察的是联合国全球契约涵盖的四大类问题。包括人权、劳工、环境和反腐败四个领域。
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