2026年最新のSustainable-Investing試験資料Sustainable-Investing学習ガイド
お手軽に合格させるSustainable-Investing試験にはこちらが提供する問題集PDFテストエンジン
質問 # 302
According to an OECD Centre for Opportunity and Equality (COPE) 2015 report, the average income of the richest 10% of the population is about:
- A. 4 times that of the poorest 10% across the OECD
- B. 9 times that of the poorest 10% across the OECD
- C. 14 times that of the poorest 10% across the OECD
正解：B
解説：
TheOECD COPE 2015 reportfound that therichest 10% earned about 9 times more than the poorest 10%across OECD countries, highlightingincome inequality as a major social issue.
In some developing nations, the gap can be even wider (14x or more), but across OECD countries,9x is the average disparity.
Reference:
OECD COPE Report on Income Inequality (2015)
World Economic Forum (WEF) Global Inequality Report
UN Sustainable Development Goal 10 (Reduced Inequalities)
========
質問 # 303
The investor initiative FAIRR focuses on screening out companies
- A. using suppliers that do not pay a living wage.
- B. mining ancestral lands.
- C. exhibiting poor antibiotic stewardship in animal farming
正解：C
解説：
The FAIRR initiative focuses on screening out companies exhibiting poor antibiotic stewardship in animal farming. Here's why:
FAIRR Initiative:
FAIRR (Farm Animal Investment Risk & Return) is an investor network that aims to address risks related to intensive livestock production. One of its key focus areas is antimicrobial resistance, which includes poor antibiotic stewardship in animal farming.
CFA ESG Investing Reference:
The CFA ESG Investing curriculum highlights the FAIRR initiative's role in promoting responsible investment by addressing issues like antibiotic use in animal farming, emphasizing the health and environmental risks associated with poor practices in this area.
質問 # 304
Avoiding long-term transition risk can most likely be achieved by:
- A. reducing exposure to companies exposed to extreme weather events.
- B. investing in companies with stranded assets.
- C. divesting highly carbon-intensive investments in the energy sector.
正解：C
解説：
Avoiding long-term transition risk involves aligning investment strategies with the anticipated changes in regulations, market dynamics, and environmental sustainability goals. Transition risk refers to the financial risks associated with the transition to a low-carbon economy, which can impact the value of investments, particularly those in carbon-intensive industries.
Understanding Transition Risk: Transition risks are associated with the shift towards a low-carbon economy.
These include changes in policy, technology, and market conditions that can affect the valuation of carbon- intensive assets.
Divesting Carbon-Intensive Investments: Divesting from highly carbon-intensive investments, particularly in the energy sector, is a key strategy to mitigate long-term transition risks. Carbon-intensive investments are likely to be adversely affected by stricter environmental regulations, carbon pricing, and shifts in consumer preferences towards more sustainable energy sources.
Examples and Case Studies: The urgency to respond to the climate crisis is driving both national and corporate commitments towards Paris-aligned net-zero carbon emissions targets. Reducing portfolio concentration in highly carbon-intensive sectors will decrease exposure to long-term transition risks.
However, this may reduce the portfolio's income yield as the energy sector often provides above-market cash flow profiles and dividend income streams.
Strategic Asset Allocation: Effective asset allocation strategies involve reallocating investments to sectors with lower carbon footprints and higher resilience to transition risks. This approach ensures the sustainability of investment returns and aligns with long-term climate goals.
Therefore, the correct approach to avoiding long-term transition risk is divesting highly carbon-intensive investments in the energy sector.
質問 # 305
Which of the following is a minimum requirement for Principles for Responsible Investment (PRI) membership?
- A. The establishment of accountability mechanisms for responsible investment implementation
- B. Implementation of Task Force on Climate-Related Financial Disclosures (TCFD) recommendations
- C. Participation in a shareholder engagement platform
正解：A
解説：
PRI's minimum requirements state that each signatory must haveformal senior-level oversight and accountability mechanismsin place for responsible investment policies and their implementation. This requirement ensures governance structures are aligned with ESG commitments.
質問 # 306
Which of the following statements about social trends is most accurate?
- A. The importance of a social trend depends on a country's regulatory framework
- B. Companies within a sector are equally exposed to social trends
- C. Social trends have a similar impact across sectors in developed countries
正解：A
解説：
Regulatory Framework Influence:
Different countries have varying levels of regulation and enforcement related to social issues such as labor rights, health and safety, and social equity.
According to the CFA Institute, the regulatory environment in a country can significantly impact how social trends affect companies operating within that jurisdiction. For example, stringent labor laws in one country may lead to higher compliance costs for companies, while more lenient regulations in another country might result in fewer social obligations for businesses.
Examples of Regulatory Impact:
Labor Laws: Countries with strong labor protections (e.g., Europe) often require companies to provide better working conditions, which can influence company policies and operational costs.
Health and Safety Regulations: Stringent health and safety standards in countries like the US can lead to higher compliance costs but also improve employee well-being and productivity, impacting overall company performance.
Sector-Specific Impacts:
Social trends do not impact all sectors equally even within the same country. For instance, manufacturing sectors might be more affected by labor laws compared to the tech sector.
The CFA Institute notes that investors must consider sector-specific risks and opportunities when analyzing social trends and their potential impacts on different industries.
Global vs. Local Trends:
While some social trends like gender equality or human rights are global, their implementation and importance can vary based on local regulatory frameworks.
For example, gender diversity initiatives may be more advanced in countries with progressive gender policies, influencing company practices and investor perceptions in those regions.
Research and Methodology:
The CFA Institute provides methodologies for assessing the impact of social trends on investments, emphasizing the need to understand local regulatory environments and their implications for ESG factors.
Studies show that companies in highly regulated environments tend to have more robust social practices, which can influence their attractiveness to ESG-focused investors.
Reference:
CFA Institute, "Environmental, Social, and Governance Issues in Investing: A Guide for Investment Professionals." MSCI ESG Research, which includes analyses of how regulatory frameworks affect social issues and company performance.
質問 # 307
When accounting for a critical weakness in a company's environmental management process, an analyst using a discounted cash flow (DCF) valuation model should:
- A. not change the cost of capital.
- B. decrease the cost of capital.
- C. increase the cost of capital.
正解：C
解説：
When using a discounted cash flow (DCF) valuation model, analysts must consider various risk factors that can affect the valuation. A critical weakness in a company's environmental management process represents an increased risk, which can impact the cost of capital.
1. Cost of Capital: The cost of capital represents the rate of return required by investors to compensate for the risk of an investment. It includes the cost of equity and the cost of debt, weighted according to the company's capital structure.
2. Impact of Environmental Risks: A critical weakness in environmental management indicates potential risks, such as regulatory fines, cleanup costs, litigation, or damage to the company's reputation. These risks can increase the uncertainty and perceived risk of investing in the company, leading investors to demand a higher return to compensate for these risks.
3. Increasing the Cost of Capital: Given the increased risk associated with poor environmental management, the appropriate response is to increase the cost of capital in the DCF model. This adjustment reflects the higher risk premium required by investors due to the potential negative financial impacts of environmental issues.
Reference from CFA ESG Investing:
Cost of Capital and Risk: The CFA Institute explains that the cost of capital should reflect the risks associated with an investment. When a company faces significant environmental risks, analysts should adjust the cost of capital upwards to account for the increased uncertainty and potential financial impacts.
DCF Valuation Adjustments: The DCF valuation model requires careful consideration of all risk factors. Adjusting the cost of capital to reflect environmental risks ensures that the valuation accurately captures the potential impact on future cash flows and investor returns.
In conclusion, when accounting for a critical weakness in a company's environmental management process, an analyst should increase the cost of capital, making option C the verified answer.
質問 # 308
According to the Brunel Asset Management Accord, which of the following is least likely a cause for concern when evaluating an asset manager against an ESG investment mandate?
- A. Change in investment style
- B. Loss of key personnel in the organization
- C. Short term underperformance compared to benchmark
正解：C
解説：
When evaluating an asset manager against an ESG investment mandate, several factors can cause concern. According to the Brunel Asset Management Accord, the following points are evaluated for adherence to ESG principles:
Change in investment style (A): A change in investment style can significantly alter the risk and return profile of the portfolio and potentially misalign it with the ESG mandate initially set by the client. This is a critical factor as consistency in investment style ensures that the ESG objectives are continuously met.
Loss of key personnel in the organization (B): Key personnel often drive the ESG integration within investment processes. Their departure could disrupt the consistency and quality of ESG analysis and integration, which is crucial for maintaining the standards of the ESG mandate.
Short term underperformance compared to benchmark (C): Short-term underperformance is not typically a major concern when evaluating an asset manager against an ESG mandate. ESG investing often focuses on long-term outcomes and sustainability. The performance of ESG strategies may fluctuate in the short term due to various factors, including market conditions and the inherent characteristics of ESG investments, which might not always align with short-term market movements. The emphasis is usually placed on long-term performance and the consistency of ESG integration rather than short-term results.
In the context of the Brunel Asset Management Accord and CFA ESG Investing principles, maintaining a long-term perspective and adhering to the agreed-upon ESG criteria are paramount. The primary focus is on the systematic and ongoing application of ESG principles rather than short-term performance metrics.
Reference:
Brunel Asset Management Accord
CFA ESG Investing Principles
MSCI ESG Ratings Methodology (June 2022).
質問 # 309
A company has just been assigned a lower ESG risk than its industry peers. Compared to its current price-to- earnings (P/E), the fair value P/E is most likely:
- A. adjusted lower.
- B. adjusted higher.
- C. not adjusted.
正解：B
解説：
A lower ESG risk profile suggestsbetter risk management and potentially greater resiliencecompared to peers.
This canreduce the risk premiumdemanded by investors andincrease the fair value P/E ratio. In practical terms, investors may be willing to pay more (higher P/E multiple) for the earnings of a company perceived to be less exposed to ESG-related risks.
質問 # 310
Regarding ESG issues, which of the following sets the tone for the investment value chain?
- A. Investment consultants
- B. Asset managers
- C. Asset owners
正解：C
解説：
Regarding ESG issues, asset owners set the tone for the investment value chain. Asset owners, such as pension funds, endowments, and insurance companies, have significant influence over the incorporation of ESG factors in investment strategies due to their large capital allocations and long-term investment horizons.
Investment Mandates: Asset owners often set ESG-related mandates and guidelines for asset managers, influencing how ESG factors are integrated into investment decisions. Their requirements shape the strategies and practices of the entire investment value chain.
Demand for ESG Integration: By prioritizing ESG considerations, asset owners drive demand for sustainable investment products and services. This, in turn, encourages asset managers and investment consultants to develop and offer ESG-integrated solutions.
Leadership Role: Asset owners play a leadership role in promoting sustainable investing practices. Their commitment to ESG issues can lead to broader adoption and standardization of ESG integration across the investment industry.
References:
MSCI ESG Ratings Methodology (2022) - Highlights the critical role of asset owners in setting ESG priorities and influencing the investment value chain.
ESG-Ratings-Methodology-Exec-Summary (2022) - Discusses the impact of asset owners' ESG mandates on the practices of asset managers and the broader investment ecosystem
質問 # 311
With respect to ESG engagement for a company that is a going concern, the interests of equity investors and debt investors are most likely.
- A. opposed.
- B. independent
- C. aligned
正解：C
解説：
The interests of equity investors and debt investors in ESG engagement for a company that is a going concern are most likely aligned. Both groups have a vested interest in the long-term sustainability and risk management of the company.
Step-by-Step
Shared Interest in Risk Management:
Both equity and debt investors are concerned with the company's ability to manage risks, including ESG risks, which can impact the company's financial stability and long-term viability.
According to the CFA Institute, effective ESG practices can reduce operational and reputational risks, benefiting both equity and debt holders by ensuring more stable returns and reducing the likelihood of financial distress.
Sustainability and Long-term Performance:
Equity investors seek long-term growth and profitability, while debt investors are focused on the company's ability to meet its debt obligations. Strong ESG practices can enhance the company's long-term performance and sustainability, aligning the interests of both groups.
The MSCI ESG Ratings Methodology highlights that companies with good ESG practices tend to have better credit ratings and lower cost of capital, benefiting both equity and debt investors.
Impact on Cost of Capital:
Companies with strong ESG practices often have lower risk profiles, which can lead to lower borrowing costs and better access to capital. This is advantageous for both equity and debt investors.
The CFA Institute notes that ESG factors are increasingly being integrated into credit ratings and risk assessments, further aligning the interests of equity and debt investors in promoting strong ESG practices.
Engagement and Influence:
Both equity and debt investors can engage with companies to encourage better ESG practices. This joint engagement can lead to more comprehensive and effective ESG strategies within the company.
Research shows that coordinated efforts by both types of investors can drive significant improvements in corporate governance, environmental practices, and social responsibility.
Case Studies and Evidence:
Numerous studies and real-world examples demonstrate that companies with strong ESG performance tend to have better financial outcomes, benefiting both equity and debt holders.
For example, companies with robust environmental management practices are less likely to face costly environmental fines and liabilities, which protects the interests of both equity and debt investors.
Reference:
CFA Institute, "Environmental, Social, and Governance Issues in Investing: A Guide for Investment Professionals." MSCI ESG Ratings Methodology documents, which discuss the alignment of interests between equity and debt investors in the context of ESG risks and opportunities.
質問 # 312
The low correlation between the ratings from different ESG rating agencies:
- A. Makes it less difficult for companies to improve their ESG performance
- B. Makes it more difficult for companies to improve their ESG performance
- C. Has no effect on the ambition of companies to improve their ESG performance
正解：B
解説：
Different ESG rating agencies (MSCI, Sustainalytics, Refinitiv, etc.) use different methodologies, leading to low correlation among ratings.
Why C (more difficult for companies) is correct:
Companies struggle to improve ESG scores because rating criteria differ significantly across providers.
Example: A company may score high on MSCI but low on Sustainalytics, making it harder to demonstrate ESG improvement.
Why not A or B?
A is incorrect because inconsistency creates challenges rather than making improvement easier.
B is incorrect because ESG ratings do influence corporate ambition to improve sustainability efforts.
References:
MIT Sloan: "The Inconsistency of ESG Ratings" (2022)
質問 # 313
The Sustamalytics database is most likely used for:
- A. creating an ESG benchmark
- B. manager ESG assessment
- C. company ESG assessment.
正解：C
解説：
The Sustainalytics database is primarily used for company ESG assessment. Here's a detailed explanation:
Company ESG Assessment:
Sustainalytics provides detailed ESG ratings and research for individual companies. Their assessments cover various ESG risks and opportunities that companies face, and these ratings are used by investors to evaluate the ESG performance of companies.
The database includes ESG Risk Ratings that measure the degree to which a company's economic value is at risk due to ESG factors. These ratings help investors integrate ESG considerations into their investment processes.
CFA ESG Investing References:
The CFA Institute's ESG curriculum highlights the role of Sustainalytics in providing comprehensive ESG assessments of companies. These assessments are crucial for investors looking to incorporate ESG factors into their investment decisions.
質問 # 314
Which of the following has the long-term goal to keep the increase in global average temperature to well below 2°C (3.6°F) above pre-industnal levels?
- A. The Kyoto Protocol
- B. The UN Framework Convention on Climate Change
- C. The Paris Agreement
正解：C
解説：
The Paris Agreement has the long-term goal to keep the increase in global average temperature to well below
2°C (3.6°F) above pre-industrial levels.
Global Climate Accord: The Paris Agreement, adopted in 2015 under the UN Framework Convention on Climate Change (UNFCCC), aims to strengthen the global response to climate change by keeping the temperature rise well below 2°C above pre-industrial levels, and to pursue efforts to limit the temperature increase to 1.5°C.
Long-term Goals: The agreement sets long-term goals to guide countries in reducing greenhouse gas emissions, enhancing adaptation efforts, and ensuring that finance flows support low-emission and climate- resilient development.
Commitments and Contributions: Countries are required to submit nationally determined contributions (NDCs) outlining their plans to reduce emissions and adapt to climate impacts. These contributions are to be updated every five years with increasing ambition.
References:
MSCI ESG Ratings Methodology (2022) - Discusses the goals and implications of the Paris Agreement for global climate policy.
ESG-Ratings-Methodology-Exec-Summary (2022) - Highlights the significance of the Paris Agreement in setting targets for temperature control and emission reductions.
質問 # 315
Compared to older, more established companies, start-up companies most likely:
- A. find it harder to respond when a company with a disruptive business model enters their market.
- B. have less effective systems in place to manage social risks in their supply chain and find it easier to respond when a company with a disruptive business model enters their market.
- C. have better systems in place to manage social risks in their supply chain.
正解：B
解説：
CFA's materials highlight thatstart-up companiestypically haveless formalized social risk management systems, given their rapid growth and resource constraints. However, these same start-ups oftenadapt more quicklyto disruptive competition because they are more agile and less locked into legacy business models.
質問 # 316
According to the framework of the Task Force on Climate-Related Financial Disclosures (TCFD): the formula for carbon intensity at the portfolio level weighs emissions based upon an issuer's:
- A. profit.
- B. net assets
- C. revenue.
正解：C
解説：
The Task Force on Climate-Related Financial Disclosures (TCFD) framework uses the weighted average carbon intensity metric, which calculates carbon intensity based on an issuer's revenue. The formula is as follows: \text{Weighted Average Carbon Intensity} = \sum \left( \frac{\text{Current Value of Investment}}
{\text{Current Portfolio Value}} \times \frac{\text{Issuer's Scope 1 and 2 Emissions}}{\text{Issuer's Revenue in US$m}} \right) This approach helps investors understand their portfolio's exposure to carbon- intensive companies based on financial performance metrics such as revenue.
質問 # 317
Which of the following has the long-term goal to keep the increase in global average temperature to well below 2°C (3.6°F) above pre-industnal levels?
- A. The Kyoto Protocol
- B. The UN Framework Convention on Climate Change
- C. The Paris Agreement
正解：C
解説：
The Paris Agreement has the long-term goal to keep the increase in global average temperature to well below 2°C (3.6°F) above pre-industrial levels.
Global Climate Accord: The Paris Agreement, adopted in 2015 under the UN Framework Convention on Climate Change (UNFCCC), aims to strengthen the global response to climate change by keeping the temperature rise well below 2°C above pre-industrial levels, and to pursue efforts to limit the temperature increase to 1.5°C.
Long-term Goals: The agreement sets long-term goals to guide countries in reducing greenhouse gas emissions, enhancing adaptation efforts, and ensuring that finance flows support low-emission and climate-resilient development.
Commitments and Contributions: Countries are required to submit nationally determined contributions (NDCs) outlining their plans to reduce emissions and adapt to climate impacts. These contributions are to be updated every five years with increasing ambition.
Reference:
MSCI ESG Ratings Methodology (2022) - Discusses the goals and implications of the Paris Agreement for global climate policy.
ESG-Ratings-Methodology-Exec-Summary (2022) - Highlights the significance of the Paris Agreement in setting targets for temperature control and emission reductions.
質問 # 318
For engagement strategies to deliver meaningful results in a cost-effective and time-effective manner, investors must:
- A. identify which company in their portfolio is most in need of engagement
- B. raise all possible concerns with the company which has the most risk in their portfolios
- C. frame the engagement topic into a broader discussion around strategy and avoid discussing long-term financial performance with a company's board
正解：A
解説：
Effective Engagement Strategies:
For engagement to be meaningful and cost-effective, investors need to prioritize and identify which companies in their portfolio require the most attention.
Targeted Engagement:
By focusing on the companies most in need of engagement, investors can allocate their resources more efficiently.
This targeted approach helps in addressing significant ESG risks and opportunities that can materially impact the company's performance.
Broader Discussion:
While it is important to frame the engagement topic within the company's broader strategy, discussing long- term financial performance and risks is crucial for holistic engagement.
References:
Identifying the company most in need of engagement is a recommended strategy in the 2021 ESG investing documentation.
質問 # 319
For engagement strategies to deliver meaningful results in a cost-effective and time-effective manner, investors must:
- A. identify which company in their portfolio is most in need of engagement
- B. raise all possible concerns with the company which has the most risk in their portfolios
- C. frame the engagement topic into a broader discussion around strategy and avoid discussing long-term financial performance with a company's board
正解：A
解説：
* Effective Engagement Strategies:
For engagement to be meaningful and cost-effective, investors need to prioritize and identify which companies in their portfolio require the most attention.
* Targeted Engagement:
By focusing on the companies most in need of engagement, investors can allocate their resources more efficiently.
This targeted approach helps in addressing significant ESG risks and opportunities that can materially impact the company's performance.
* Broader Discussion:
While it is important to frame the engagement topic within the company's broader strategy, discussing long-term financial performance and risks is crucial for holistic engagement.
* Reference:
Identifying the company most in need of engagement is a recommended strategy in the 2021 ESG investing documentation.
質問 # 320
Environmental analysis will potentially determine adjustments to:
- A. Financial forecasts only.
- B. Valuation multiples only.
- C. Both financial forecasts and valuation multiples.
正解：C
解説：
Environmental risks and opportunities impact both financial forecasts and valuation multiples (Option C) by:
Adjusting revenue and cost projections (e.g., higher carbon taxes or lower energy costs from renewables).
Affecting valuation multiples, as companies with strong ESG performance often receive higher price-to- earnings (P/E) or lower discount rates due to reduced risk.
Option A (Financial forecasts only) ignores the impact on valuation multiples.
Option B (Valuation multiples only) overlooks how environmental risks affect revenue, costs, and profitability.
References:
PRI ESG Valuation Guide
MSCI ESG and Equity Valuation Report
S&P Global: ESG Integration in Equity Analysis
質問 # 321
The primarily used ESG indices:
- A. Use similar criteria and weightings
- B. Provide data to backtest performance across multiple market cycles
- C. Are available for both equity and fixed-income asset classes
正解：C
解説：
ESG indices exist forboth equity and fixed income, covering a range of investment vehicles such ascorporate bonds, sovereign bonds, and green bonds. Major providers likeMSCI, S&P, and FTSE Russelloffer ESG indices across asset classes.
Option A is incorrect because ESG index methodologies vary significantly between providers. Option C is misleading becausebacktesting ESG performanceis complex due tolimited historical ESG data.
Reference:
MSCI ESG Index Methodology
S&P Dow Jones ESG Index Framework
Morningstar ESG Fund Analysis
質問 # 322
Which of the following statements regarding optimization of portfolios for ESG criteria is most accurate?
- A. ESG integration may enhance the risk and return profile of portfolio optimization
- B. ESG optimization via constraints is similar to exclusionary screening because it also applies a fixed decision on specific securities
- C. Optimization is limited to carbon data because of its absolute nature and more standardized reporting metrics
正解：A
解説：
ESG integration may enhance the risk and return profile of portfolio optimization. Here's a detailed explanation:
ESG Integration: ESG integration involves systematically incorporating environmental, social, and governance factors into investment analysis and decision-making processes. This approach aims to identify material ESG risks and opportunities that could affect the financial performance of investments.
Risk and Return Profile: By integrating ESG factors, investors can gain a more comprehensive understanding of potential risks and opportunities. This can lead to better-informed investment decisions, potentially improving the risk-adjusted returns of the portfolio.
Benefits of ESG Integration:
Risk Mitigation: Incorporating ESG factors helps investors identify and mitigate risks that traditional financial analysis might overlook. For example, companies with poor environmental practices may face regulatory fines, legal liabilities, and reputational damage.
Opportunities for Outperformance: Companies that manage ESG factors well are often more innovative, efficient, and better positioned to capitalize on emerging market trends. This can lead to superior financial performance and investment returns.
Enhanced Portfolio Resilience: ESG integration can enhance the overall resilience of a portfolio by reducing exposure to companies with high ESG risks and increasing exposure to those with strong ESG practices.
CFA ESG Investing References:
The CFA Institute emphasizes that ESG integration can enhance the risk and return profile of portfolios by providing a more holistic view of investment risks and opportunities (CFA Institute, 2020).
Studies have shown that portfolios incorporating ESG factors can achieve comparable or superior financial performance compared to traditional portfolios, highlighting the potential benefits of ESG integration.
By incorporating ESG factors into portfolio optimization, investors can potentially achieve better risk- adjusted returns and contribute to more sustainable investment outcomes.
質問 # 323
The first step in the effective design of an investment mandate is determining the:
- A. fund manager's investment approach to reflect ESG issues
- B. impact of ESG factors on risk and return characteristics
- C. client's ESG investment beliefs
正解：C
解説：
The first step in the effective design of an investment mandate is determining the client's ESG investment beliefs.
Client's ESG investment beliefs (A): Understanding the client's values, preferences, and beliefs regarding ESG factors is essential for creating an investment mandate that aligns with their objectives. This step ensures that the investment strategy and mandate are tailored to the specific ESG priorities of the client.
Impact of ESG factors on risk and return characteristics (B): This step is important for analyzing how ESG factors influence financial performance but comes after understanding the client's ESG beliefs.
Fund manager's investment approach to reflect ESG issues (C): The investment approach should reflect ESG issues identified in alignment with the client's beliefs and priorities, making this a subsequent step in the mandate design process.
References:
CFA ESG Investing Principles
Best practices for creating investment mandates
質問 # 324
Which of the following board committees aims to ensure that the board is balanced and effective?
- A. Compensation committee
- B. Corporate governance committee
- C. Audit committee
正解：B
解説：
The Corporate Governance Committee (Option C) ensures the board:
Has diverse, skilled, and independent directors.
Follows best practices in governance, ethics, and oversight.
Option A (Audit committee) focuses on financial reporting and risk management.
Option B (Compensation committee) oversees executive pay and incentives.
Reference:
OECD Corporate Governance Guidelines
PRI Board Effectiveness and ESG Governance Report
Harvard Law School: Corporate Board Oversight Trends
質問 # 325
Over the last several years a company has traded at an average price-to-earnings ratio (P/E) of 12x, compared to a peer group range of 11x to 13x. If the company implements a new risk management framework to better manage material ESG risks relative to its peers, it would most likely justify a P/E ratio of:
- A. 11x
- B. 13x
- C. 12x
正解：B
解説：
Implementing a stronger ESG risk management framework can reduce a company's risk profile, potentially justifying a higher P/E ratio as investors are willing to pay more for a company with lower ESG risks. (ESGTextBook[PallasCatFin], Chapter 7, Page 361)
質問 # 326
The United Nations Sustainable Development Goals (SDGs) are particularly aimed at
- A. corporations.
- B. governments
- C. investors
正解：B
解説：
The United Nations Sustainable Development Goals (SDGs) are particularly aimed at governments. The SDGs provide a comprehensive framework for countries to address global challenges and promote sustainable development.
Policy and Regulation: Governments are responsible for creating and implementing policies and regulations that align with the SDGs. They play a central role in setting national priorities and strategies to achieve these goals.
Resource Allocation: Achieving the SDGs requires significant investment in various sectors, such as healthcare, education, infrastructure, and environmental protection. Governments allocate resources and funding to support these initiatives.
International Cooperation: The SDGs encourage governments to collaborate internationally, sharing knowledge, resources, and best practices to address global challenges such as poverty, inequality, and climate change.
References:
MSCI ESG Ratings Methodology (2022) - Emphasizes the role of governments in driving sustainable development and aligning national policies with the SDGs.
ESG-Ratings-Methodology-Exec-Summary (2022) - Discusses the importance of government action and international cooperation in achieving the SDGs.
質問 # 327
......
CFA Institute Sustainable-Investing 認定試験の出題範囲：
| トピック | 出題範囲 |
|---|---|
| トピック 1 |
|
| トピック 2 |
|
| トピック 3 |
|
| トピック 4 |
|
| トピック 5 |
|
Sustainable-InvestingのPDFで合格させるスゴ問題集でSustainable-Investing最新のリアル試験問題：https://www.goshiken.com/CFA-Institute/Sustainable-Investing-mondaishu.html
有効なSustainable-Investingテスト解答Sustainable-Investing試験PDF：https://drive.google.com/open?id=1OQzhiN6LWRQFBUhEV-nTnWeMCsThYdNp