ESG (Environmental, Social, and Governance) - Governance Factors - Thematic Research
|出版日期||內容資訊||英文 37 Pages
|ESG(環境、社會、管治)- 管治係數:各主題調查 ESG (Environmental, Social, and Governance) - Governance Factors - Thematic Research|
|出版日期: 2021年08月04日||內容資訊: 英文 37 Pages||
隨著董事和經營團隊認識到不僅像過去那樣對股東負責，而且也對廣泛的利益相關者負責，企業管治受到關注。必須考慮客戶、合作夥伴、員工和社區。監管機構和非政府組織引起了人們的注意。很少有董事或經營團隊會會認為他們對環境沒有責任，尤其是在氣候變化的影響越來越明顯的情況下。公司管理的 "股東至上" 觀點推動了短期治理觀點，類似於金融市場和業績的短期觀點。
Corporate governance has come to the fore as directors and executives recognize that they are responsible not just to shareholders, as in the past, but to a wide range of stakeholders.
Customers, partners, employees, and communities must be considered. Regulators and non-governmental organizations command attention. Few, if any, directors or executives would argue that they have no responsibility for the environment, especially as the effects of climate change grow more evident and more dire.
The "shareholders first" view of corporate management drives a short-term view of governance similar to short-term views of financial markets and performance. As Andrew Johnston, professor of corporate governance at the University of Sheffield, wrote in 2020, too great an emphasis on near-term financial results drives short-term behaviors. These include stock buybacks, excessive dividends, failure to invest in productive capabilities, and inattention to the corporation's long-term sustainability.
The result, Johnston wrote, can be a "tragedy of the horizon" no less consequential than the "tragedy of the commons," a legal and economic concept in which individuals acting out of unregulated individual self-interest produce a result detrimental to all. In the "commons" example, shepherds lacking a shared social structure allow their sheep to eat all the grass. In Johnston's "horizon" example, companies may soar in the short term but fail in the long run.