以下是2024年责任投资报告演示的总结，重点关注关键主题和发现： 该报告强调了责任投资在为基金创造长期价值方面发挥的关键作用，并强调了其在投资组合中开展的广泛工作。该基金投资于70个市场的近9,000家公司，并坚信可持续的价值创造取决于公司以负责任和长远的眼光行事。 **长期关注：**演示强调了短期压力，特别是季度报告，对长期价值创造的有害影响。它可能导致阻碍增长、创新和阻止公司进入公开市场的决策。该基金倡导激励长期决策，尤其关注CEO的薪酬。他们认为目前的制度未能充分将CEO的利益与股东价值结合起来。该基金积极与公司和代理顾问沟通，以促进更长期的激励措施，如股票锁定，并通过投票追究董事会的责任。2023年，他们对426项奖励短期收益的CEO薪酬方案投了反对票。报告提供了具体例子：他们对英特尔投了反对票，原因是薪酬与业绩不符以及短期激励结构。相反，他们支持亚马逊的简单、透明的CEO薪酬方案，该方案通过10年内分期支付的股票来激励长期思维。 **气候风险与转型：**气候风险被认为是影响该基金投资组合中公司和全球经济增长的重大财务风险。该基金正积极努力转型其投资组合，以符合其气候计划。演示重点介绍了2022年设定的宏伟目标所取得的进展。数据显示，制定气候目标的公司在减少排放方面更有效。目前，该基金74%的排放组合已纳入科学减碳目标范围，高于2023年。公司对话变得更加丰富，更加关注具体行动。虽然财报电话会议中“转型”一词的提及次数激增，随后略有下降，但该基金强调，要成功创造价值并实现净零转型，既需要短期行动，也需要长期思维。当公司未能履行气候承诺时，市场会做出负面反应，导致股价下跌。 **透明度：**透明度被认为是该基金问责制和负责任投资的基石。该报告包括有关气候和自然相关主题的广泛信息，例如气候情景、净零目标设定、隐含升温幅度、气候投资风险敞口和自然风险。该基金已开始全年发布更多信息，其网站现在提供有关其参与活动的每日更新。该基金还致力于在具有挑战性的问题上保持透明度，例如在冲突地区运营的公司。他们加强了对这些地区公司的期望，强调在受战争影响地区加强警惕。自2020年以来，他们已就此主题与38家公司进行了沟通，监测他们在风险管理和遵守国际标准方面的进展。 **公司游说和投票：**公司游说是另一个关注领域，该基金发布了其关于负责任的公司政策参与的投资者观点。虽然游说本身没有错，但该基金希望避免公司言行不一的情况。气候游说是关键问题，有数据显示，一些公司正在游说反对其既定的气候承诺，从而损害其信誉和长期价值创造。该基金在过去一年中对超过100,000项决议进行了投票，并且自2021年以来一直公开投票意向，使其更容易为市场所接受。他们的研究表明，投票反对董事会通常会导致董事会在随后的几年中进行更新。 **基于风险的撤资：**该基金还使用基于风险的撤资来管理其投资组合，出售业务模式不可持续的公司的股票。去年，他们从49家公司撤资，并由于实践改进而撤销了16项撤资决定。这些决定产生了可观的财务回报，其中与气候风险相关的撤资为整体收益做出了巨大贡献。

Here's a summary of the 2024 Responsible Investment Report presentation, focusing on the key themes and findings: The report highlights the crucial role of responsible investment in creating long-term value for the fund, emphasizing its extensive work across its portfolio. The fund invests in nearly 9,000 companies across 70 markets, believing that sustainable value creation hinges on companies acting responsibly and with a long-term perspective. **Long-Term Focus:** The presentation underscores the detrimental effects of short-term pressures, particularly quarterly reporting, on long-term value creation. It can lead to decisions that hinder growth, innovation, and discourage companies from accessing public markets. The fund advocates for incentivizing long-term decision-making, with a particular focus on CEO pay. They believe the current system inadequately aligns CEO interests with shareholder value. The fund actively engages with companies and proxy advisors to promote longer-term incentives, such as stock lock-ups, and holds boards accountable through its voting. In 2023, they voted against 426 CEO pay packages that rewarded short-term gains. Examples are provided: they voted against Intel due to misalignment between pay and performance and a short-term incentive structure. Conversely, they supported Amazon's simple, transparent CEO pay package that incentivizes long-term thinking with shares paid out over 10 years. **Climate Risk and Transition:** Climate risk is identified as a significant financial risk affecting the companies in the fund's portfolio and global economic growth. The fund is actively working towards transitioning its investment portfolio to align with its climate plan. The presentation highlights progress on ambitious targets set in 2022. Data indicates that companies with climate targets are more effective in reducing emissions. Currently, 74% of the fund's emissions portfolio are covered by science-based targets, an increase from 2023. Company dialogues are becoming richer and more focused on concrete actions. While there was a surge in mentions of transition during earnings calls followed by a slight reduction, the fund emphasizes the need for both short-term action and long-term thinking for successful value creation and a net-zero transition. Markets react negatively when companies fail to deliver on climate commitments, resulting in a drop in share prices. **Transparency:** Transparency is presented as crucial for the fund's accountability and a cornerstone of responsible investment. The report includes extensive information on climate and nature-related topics, such as climate scenarios, net-zero target setting, implied temperature rise, climate investing exposure, and nature risks. The fund has started releasing more information throughout the year, and its website now provides daily updates on its engagement activities. The fund is also committed to transparency on challenging issues, such as companies operating in conflict zones. They have strengthened expectations for companies in these areas, emphasizing enhanced vigilance in war-affected regions. Since 2020, they have engaged with 38 companies on this topic, monitoring their progress in risk management and adherence to international standards. **Corporate Lobbying and Voting:** Corporate lobbying is another area of focus, with the fund publishing its investor view on responsible corporate policy engagement. While lobbying is not inherently wrong, the fund wants to avoid situations where companies say one thing and do another. Climate lobbying is a key concern, with data suggesting that some companies are lobbying against their stated climate commitments, undermining their credibility and long-term value creation. The fund voted on over 100,000 resolutions in the past year and has been transparent about voting intentions since 2021, making them more accessible to the market. Their research indicates that voting against the board often leads to board renewal in subsequent years. **Risk-Based Divestments:** The fund also uses risk-based divestments to manage its portfolio, selling shares in companies with unsustainable business models. They divested from 49 companies last year and reversed 16 divestment decisions due to improved practices. These decisions have generated significant financial returns, with climate risk-related divestments contributing substantially to the overall gains.