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wishwind · 2023年11月28日

我觉得A/C/D的风险都有可能存在,怎么判断是否是clearest?

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问题如下:

What is the clearest risk from an asset owner leaving voting decision-making in the hands of its fund managers?

选项:

A.

Fund managers will fail to align the votes with their investment thesis.

B.

If a company is held by more than one fund manager, the asset owner’s shares may be voted differently.

C.

Votes are more likely to be lost in the voting system.

D.

This reduces fund manager accountability for their decisions.

解释:

如果一家公司由不止一位基金经理持有,资产所有者的股份可能会以不同的方式投票。这是资产所有者将投票决策权交给基金经理最显著的风险。

我觉得A/C/D的风险都有可能存在,怎么判断是否是clearest?

1 个答案

王岑 · 2023年11月29日

嗨,从没放弃的小努力你好:


我们第九章水印版讲义第28页提到了这句话:

A选项是不正确的,我们教材中提到过”But the majority tend to leave voting decisions entirely in the hands of their fund managers. They tend to do this having assessed the alignment between the fund manager’s voting policies and approaches and their own as part of the due diligence process, with this alignment playing a part in their choice of manager.”,如果一个asset owner选择将投票完全交给基金经理,那说明他们已经就自身的投票政策与基金经理达成了共识。

C选项是不正确的,票在投票系统中丢失,这个可能会发生,但是概率很小。

D选项也是不正确的。我们教材中说,“Accountability and alignment can be delivered in large part through aligning the time horizons of fund managers with their clients. This helps ensure that fund managers will work to accomplish their fiduciary duties.”也就是说,accountability是可以达到的,这个不应该是风险之一。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!