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1、2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITYIN COLLABORATION WITH MSCI SUSTAINABILITY INSTITUTETA BLE OF CONTENTSIntroduction 3Executive Summary and Key Findings 4Survey Results 9Methodology 29About the Authors 30About Us 31Contact Information 332024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINA

2、BILITY3INTRODUCTIONIt is my privilege to introduce this survey of some of the worlds largest investors.Last fall,we asked institutional owners and managers of assets,nearly half of whom manage more than$250 billion in assets,for their views on sustainable investing.The survey,fielded by researchers

3、at Stanford Graduate School of Business,the Hoover Institution Working Group on Corporate Governance,and the Rock Center for Corporate Governance in collaboration with the MSCI Sustainability Institute,shows that the lions share of global investors either consider environmental,social,and governance

4、 factors as central to their decisions or as a factor in shaping their strategies.It shows that regional differences notwithstanding,risk-minded investors are paying attention to climate-related financial risk,the opportunity that comes with the shift to a clean-energy economy,and the importance of

5、sound governance.Theyre also examining such emerging risks as the security and privacy of data.The survey also shows that consideration of sustainability risks ties into financial performance.Most investors we surveyed say that such risks are industry-specific.Nearly every investor would pass on an

6、investment,regardless of its sustainability profile,whose financial fundamentals alone would not make it an attractive investment.LINDA-ELING LEEFounding Director and Head MSCI Sustainability Institute2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY4EXECUTIVE SUMMARY AND KEY FINDINGSThe majority

7、 of institutional investors on both sides of the Atlantic consider sustainability risks in their decision-making,but differently.Traditional governance factors dominate the list of most important environmental,social,and governance considerations.The worlds largest investors overwhelmingly believe t

8、hat climate change will impact portfolios,but do not think climate risks are fully reflected in asset prices.The environment is substantially about climate change for many fund managers.While social factors play a limited role in investment selection,investors cite data security and privacy among th

9、e top ESG factors they explicitly consider.Investors would like to see companies pay attention to the quality of their governance in the short term and cut carbon footprints over time.More than two-thirds of investors in Europe and North America stated that governance-related factors are most import

10、ant to their investment decisions,particularly over the short term.Climate risk,in contrast,dominates the medium term,with 93%of investors stating that climate issues are most likely to affect the performance of investments over the next two to five years.Those are among the key findings in this sur

11、vey of major institutional investors by Stanford Graduate School of Business,the Hoover Institution Working Group on Corporate Governance,and the Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford University.The survey was conducted in collaboration with the MSCI Sustainability I

12、nstitute,which asked major institutional owners and managers of assets how they incorporate ESG factors into investment decisions.“While ESG integration has become mainstream,governance reigns supreme,”observes Amit Seru,The Steven and Roberta Denning Professor of Finance at Stanford Graduate School

13、 of Business and a senior fellow at the Hoover Institution,who led the survey.“Institutional investors rank governance factors as more important to an investment decision than environmental and social factors.At the same time,climate considerations have come to the forefront,with the largest investo

14、rs believing overwhelmingly that climate change will impact their portfolios in the coming years.“2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 5“Corporate governance is table stakes:All companies are expected to have it,”adds David F.Larcker,The James Irvin Miller Professor of Accounting,Eme

15、ritus,at Stanford Graduate School of Business and co-director of the Hoover Institution Working Group on Corporate Governance.“Governance has been a topic of investment focus for a very long time and,while critically important,investors see governance quality as already embedded in asset prices.By c

16、ontrast,despite believing in the impact of climate on portfolios,investors see climate risks as yet to be fully priced.Social factors appear to be largely unimportant for driving investment decisions.”The survey included interviews with senior decision-makers at 47 institutional investment firms and

17、 asset managers in North America(49%),Europe(47%),and Asia(4%)in the fall of 2023 who were asked how they incorporate ESG factors into investment decisions.Forty-three percent of institutions surveyed manage more than US$250 billion in assets,while one-third(34%)manage between US$10 and$250 billion.

18、Over 80%of respondents included CIOs,CROs,and heads of research and portfolio management.KEY FINDINGS INCLUDE THE FOLLOWING:ESG integration is mainstream but is predominantly about governanceMore than three-quarters of investors globally consider ESG(among other factors)in their decision-making.Inst

19、itutional investors rank governance quality as the most important ESG factor,with 68%of investors saying governance ranks highest in an investment decision.By comparison,only 23%say environmental factors are most important to an investment decision,and 2%cite social factors.Virtually no investors su

20、rveyed disregard ESG completely.“Investors are laser-focused on traditional concepts of shareholder value,”comments Seru.“Corporate governance issues dominate investors list of the most important ESG factors.Surprisingly,social and environmental factors ranked lower.Of these,only climate change appe

21、ars to be meaningfully important.Other issues,including how companies source materials,the pollution they generate,or their pay practices barely make the grade.”When asked which ESG factors fund managers explicitly consider as part of an investment decision,climate change ranks as the most important

22、,selected by 78%of respondents.After this,the next four factors are all governance-related:board structure(72%),ownership structure(72%),board diversity(65%),and quality of financial reporting(57%).The least important ESG factors according to respondents are the ratio of CEO pay to the pay of the av

23、erage worker(20%),pollution and waste byproducts(24%),packaging and product waste(24%),and raw material sourcing(26%).Most investors(67%)consider ESG quality as one of many factors when making an investment decision;2%use it to screen out potential investments,while 11%do not rely on it at all.Overa

24、ll,59%say ESG is important,while 41%say it is not.2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 6ESG is primarily about risk reduction,and it is industry-specificThe nature of ESG risk changes with investment horizon.In the short term(less than two years),investors expect governance factors t

25、o have the largest impact on the performance of an investment.Three-quarters of investors(76%)believe governance quality impacts two-year performance,while 59%believe environmental factors impact two-year performance and 30%social factors.Over longer time horizons(two to five years),environmental fa

26、ctors become much more important.Most institutional investors(80%)believe ESG has an impact on the financial performance of an investment,and that ESG performance is industry-specific(77%).78%believe ESG reduces tail risk,61%that it reduces volatility,and 43%that it improves a portfolios Sharpe rati

27、o.These responses are consistent with empirical studies that find an association between ESG and risk.Only 37%believe ESG generates alpha while 20%believe ESG does not impact financial performance.Similarly,63%of respondents say that investors consider ESG because it offers a more“holistic”view of r

28、isk than standard investment frameworks.Investors express diverging opinions about the degree to which ESG risk is reflected in todays asset prices.Almost all(98%)say that governance risks are appropriately reflected in prices,and a large majority(76%)say the risk of climate change is mostly or some

29、what reflected in prices.By contrast,only 50%say environmental risks(other than climate change)and 46%say social risks are reflected in asset prices.While just 2%of investors say that social factors are most important to their decisions,data security and privacy ranks as among the top seven ESG fact

30、ors that investors say they consider explicitly.“Despite the publicity that corporations have generated through investment in their workforces,fund managers clearly view social factors as ancillary and less important to an investment than governance and environmental commitments,”comments Larcker.“S

31、ocial initiatives do not appear to make a company a more attractive investment.By contrast,enhancing governance quality and investing in environmental preparedness are seen as decreasing long-tail risk.Another perspective may be that the mechanisms for pricing social risks are yet to be developed,wh

32、ich may be an opportunity for some.”Climate takes focusInvestors overwhelmingly consider climate change as the environmental factor driving investment decision-making,eclipsing sourcing of raw materials,the sustainability of supply chains,or packaging and product waste as risks of concern.Nearly all

33、 investors surveyed(93%)ranked climate issues as the most likely to affect the performance of investments over the next two to five years.Most(95%)of investors in Europe say they analyze the emissions of their investments,compared with 85%of their peers in North America.That being said,only 4%of inv

34、estors say climate-related risks are reflected in the current price of financial assets,while three-quarters(72%)say such risks are somewhat reflected in asset values.2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 7Investors on both sides of the Atlantic consider environmental,social,and gover

35、nance risks in their decision-making,but differentlySurprisingly,we find little divergence between the viewpoints of European and North American institutional investors,despite the fact that European investors are much more likely to operate under an ESG mandate.In our sample,three-quarters of Europ

36、ean respondents(73%)operate under an investment mandate that limits their investment choices based on ESG criteria,compared with only a quarter(26%)of North American respondents.Nevertheless,North American institutional investors are no less likely to believe that ESG reduces portfolio risk,and they

37、 have similar views on how ESG factors affect short-and long-term performance.They also have similar views as European investors regarding the degree to which ESG risks are incorporated into asset prices.Still,we find some differences.European investors are more likely to say ESG is important to the

38、ir investment decision (69%versus 50%among North American investors).European investors are more likely to consider the impact of climate change(86%versus 73%)and to evaluate net zero pledges(64%and 36%)as part of the investment process.They are also much more likely to consider data security and pr

39、ivacy(73%versus 36%),and they pay closer attention to board structure (82%versus 59%).Investors use ESG to weed out bad actorsInvestors are more likely to drop a firm with poor ESG characteristics,but great ESG quality does not make up for poor underlying financials.For example,40%of investors would

40、 remove a company with strong financial performance from consideration if its ESG characteristics were poor,while most(84%)would not consider investing in a company 2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 8with positive ESG characteristics whose fundamentals alone are not attractive.Ins

41、titutional investors estimate that ESG considerations shrink the investable universe of companies by an average of 22%(19%median).In terms of ESG ratings,investors are divided on whether a company in a“bad”industry can merit a high ESG score because of the way it manages other aspects of the busines

42、s,with 23%believing that it can and 21%that it cannot.(The remainder believe the answer depends on the nature of the companys business.)By contrast,most(72%)say that a company in a“good”industry can still merit a poor ESG rating because of the way it manages its business.“These results really highli

43、ght the asymmetric nature of ESG in the investment decision process,”says Larcker.“You can be a bad company in a good industry and get punished,but if you are a good company in a bad industry,you get a break.”Furthermore,most investors view ESG as a relative quality.That is,they measure ESG relative

44、 to industry peers,rather than against absolute standards of performance.77%measure ESG relative to peers,while only 18%do so on an absolute basis.“Investors are not withdrawing from entire industries unless they have a mandate to do so,”adds Larcker.“Instead,they are trying to weed out the worst of

45、fenders.Its very much an exercise of relative comparison.”ESG as a staple or luxury good?The findings of this study are related to the 2023 findings of the annual survey of investors,retirement savings,and ESG conducted by Stanford Graduate School of Business,the Hoover Institution Working Group on

46、Corporate Governance,and the Rock Center for Corporate Governance.That study found that tightened market conditions have dramatically reduced the willingness of individual shareholders to pay for ESG-related initiatives among the companies they own.“The majority of institutional investors globally c

47、onsider ESG factors as either central or supplementary to making investment decisions,but dont perceive its sub-components to be priced to the same degree,”observes Seru.“Mandate specificity can dictate how ESG is implemented,which is where divergence emerges between European and North American inve

48、stors.”“Our other survey work showed that for some other(retail)investors,ESG is not a must-have feature of the corporate purpose.Instead,it looks as if ESG is a luxury good.They are willing to support it when profits and stock prices are high but willing to forgo it when profitability struggles.”20

49、24 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 9SURVEY RESULTSWhich of the following most closely describes your organization?ALL RESPONDENTSWhich region is your firm headquartered in?ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 10What is your role within the organization?

50、ALL RESPONDENTSWhat is the total amount of assets that your organization owns or has under management?ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 11Which of the following asset classes does your firm manage or own?(select all that apply)ALL RESPONDENTSAre you answering this s

51、urvey on behalf of your firm overall or on behalf of your specific strategy,asset class,or division within the firm?ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 12Do you operate under an investment mandate that limits your investment choices based on ESG criteria?Many investor

52、s are making commitments to address environmental and social issues.Which of the following statements most accurately reflects your view of these commitments?ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 13What impact do you believe a commitment to integrating ESG criteria has

53、on the performance of an investment?(select all that apply)2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 14To what extent do you think climate-related risks are already reflected in the pricing of assets today?To what extent do you think environmental risks(other than climate change)are alrea

54、dy reflected in the pricing of assets today?2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 15To what extent do you think social risks(such as risks involving human capital and the labor practices of supply chains)are already reflected in the pricing of assets today?To what extent do you think

55、governance risks(such as board oversight,financial reporting quality,and tax transparency)are already reflected in the pricing of assets today?2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 16Which ESG issues do you believe are most likely to affect the performance of an investment in the next

56、 24 months?(select all that apply)ALL RESPONDENTSWhich ESG issues do you believe are most likely to affect the performance of an investment over the next 2 to 5 years?(select all that apply)ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 17Which of the following do you believe be

57、st describes the reason your peers in the industry consider ESG factors as part of investment decision-making?ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 18How important are ESG criteria in your overall investment decision process?2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAIN

58、ABILITY 19Which of the following best describes how you use ESG criteria in investment decisions?2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 20Which of the following environmental factors do you explicitly consider in the process for investment decisions?(select all that apply)ALL RESPONDEN

59、TSNORTH AMERICAEUROPETOP 5 ENVIRONMENTAL FACTORS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 21Which of the following social factors do you explicitly consider in the process for investment decisions?(select all that apply)ALL RESPONDENTSNORTH AMERICAEUROPETOP 5 SOCIAL FACTORS2024 INSTITUTIO

60、NAL INVESTOR SURVEY ON SUSTAINABILITY 22Which of the following governance factors do you explicitly consider in the process for investment decisions?(select all that apply)ALL RESPONDENTSNORTH AMERICAEUROPETOP 5 GOVERNANCE FACTORS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 23TOP 7 ESG FACTO

61、RS EXPLICITLY CONSIDEREDESG FACTORTYPEPERCENTAGEClimate change or carbon emissionsEnvironmental78%Board structureGovernance72%Ownership structureGovernance72%Board diversityGovernance65%Quality of financial reportingGovernance57%Data security and privacySocial57%Independence status of chairGovernanc

62、e50%BOTTOM 7 ESG FACTORS EXPLICITLY CONSIDEREDESG FACTORTYPEPERCENTAGERatio of CEO pay to pay of the median worker Governance20%Pollution or waste byproducts Environmental24%Packaging and product waste Environmental24%Raw material sourcing Environmental26%Gender pay-gap ratio Social30%Antitakeover p

63、rotections Governance30%Employee training and development Social33%2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 24In general,which of the following are most important to your investment decisions?Does your investment process consider ESG performance from an absolute or relative perspective?(

64、i.e.,do you compare a firms ESG performance relative to its peers or do you consider its ESG performance on an absolute basis regardless of industry)ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 25How much does the consideration of ESG criteria shrink the initial universe of co

65、mpanies that you have the potential to invest?(on a scale of 0 to 100,with 0 representing“not at all”and 100 representing“entirely”)ALL RESPONDENTSWould you exclude a company with strong financial fundamentals from investment consideration solely because you deem it to have poor ESG characteristics?

66、ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 26Would you consider investing in a company with positive ESG characteristics whose financial fundamentals alone would not clearly make it an attractive investment?ALL RESPONDENTSWhy?ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY

67、 ON SUSTAINABILITY 27Do you believe that a company that might merit a poor ESG score because of the controversial nature of its industry or product(e.g.,a coal company or tobacco company)should still be able to earn a high ESG score because of the positive way it manages other ESG factors or criteri

68、a?ALL RESPONDENTSDo you believe that a company that might merit a high ESG score because of the nature of its core business or product should still be able to earn a low ESG score because of the negative way it manages other ESG factors?ALL RESPONDENTS2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABI

69、LITY 28Which of the following is your organization currently doing?(select all that apply)2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 29METHODOLOGYIn fall 2023,Stanford Graduate School of Business,the Hoover Institution Working Group on Corporate Governance,and the Arthur and Toni Rembe Roc

70、k Center for Corporate Governance at Stanford University collaborated with the MSCI Sustainability Institute to survey major institutional investors and global asset owners to understand how they incorporate ESG factors into investment decisions.We received responses from 47 institutions primarily b

71、ased in the United States and Europe.43%of respondents have more than US$250 billion in assets under management;34%have between$10 billion and$250 billion under management;and 23%have less than$10 billion under management.Approximately half of respondents operate under an ESG mandate that limits the

72、ir investment choices based on ESG criteria.These respondents are primarily located in Europe.2024 INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 30ABOUT THE AUTHORSDavid F.LarckerDavid F.Larcker is the James Irvin Miller Professor of Accounting,Emeritus,at Stanford Graduate School of Business;dire

73、ctor of the Corporate Governance Research Initiative;distinguished visiting fellow at the Hoover Institution;and senior faculty of the Arthur and Toni Rembe Rock Center for Corporate Governance.His research focuses on executive compensation and corporate governance.He presently serves on the Board o

74、f Trustees for Allspring Funds.He is coauthor of the books The Art and Practice of Corporate Governance,A Real Look at Real World Corporate Governance,and Corporate Governance Matters.Email:dlarckerstanford.edu X:stanfordcorpgov Full Bio:https:/www.gsb.stanford.edu/faculty-research/faculty/david-f-l

75、arckerAmit SeruAmit Seru is the Steven and Roberta Denning Professor of Finance at Stanford Graduate School of Business;a senior fellow at the Hoover Institution and Stanford Institute for Economic Policy Research(SIEPR);and a research associate at the National Bureau of Economic Research(NBER).His

76、research focuses on corporate finance with an emphasis on financial intermediation and regulation,technological innovation and incentive provision,and financing in firms.Email:aserustanford.edu Full Bio:https:/www.gsb.stanford.edu/faculty-research/faculty/amit-seru2024 INSTITUTIONAL INVESTOR SURVEY

77、ON SUSTAINABILITY 31Brian TayanBrian Tayan is a member of the Corporate Governance Research Initiative at Stanford Graduate School of Business.He has written broadly on the subject of corporate governance,including boards of directors,succession planning,compensation,financial accounting,and shareho

78、lder relations.He is coauthor with David Larcker of the books The Art and Practice of Corporate Governance,A Real Look at Real World Corporate Governance,and Corporate Governance Matters.Email:btayanstanford.edu Full Bio:https:/www.gsb.stanford.edu/contact/brian-tayanLinda-Eling LeeLinda-Eling Lee i

79、s the founding director and head of the MSCI Sustainability Institute,as well as a leader in the field of sustainable finance.She previously led global ESG and climate research at MSCI,where she built one of the worlds top teams of analysts dedicated to understanding long-term drivers of sustainable

80、 value.Linda has authored multiple research papers on sustainable investing and twice been named by Barrons to its annual list of the Top 100 Women in Finance.She serves as a director of US SIF:Sustainable Investment Forum and is a fellow of the Finance Leaders Fellowship of the Aspen Global Leaders

81、hip Network.Linda joined MSCI in 2010 following the acquisition of RiskMetrics,where she led ESG ratings research and headed consumer sector analysis.She received her doctorate in organizational behavior from Harvard University,holds a masters from the University of Oxford,and has a bachelors in Eas

82、t Asian Studies from Harvard College.Full Bio:https:/ INSTITUTIONAL INVESTOR SURVEY ON SUSTAINABILITY 32ABOUT USCorporate Governance Research Initiative The Corporate Governance Research Initiative at Stanford Graduate School of Business focuses on research to advance the intellectual understanding

83、of corporate governance,both domestically and abroad.By collaborating with academics and practitioners from the public and private sectors,we seek to generate insights into critical issues and bridge the gap between theory and practice.Our research covers a broad range of topics that include executi

84、ve compensation,board governance,CEO succession,and proxy voting.Website:gsb.stanford.edu/cgriThe Rock Center for Corporate GovernanceThe Arthur and Toni Rembe Rock Center for Corporate Governance is a joint initiative of Stanford Law School and Stanford Graduate School of Business.The center was cr

85、eated to advance the understanding and practice of corporate governance in a cross-disciplinary environment where leading academics,business leaders,policymakers,practitioners,and regulators can meet and work together.Website:rockcenter.stanford.eduThe Hoover Institution Working Group on Corporate G

86、overnanceThe Hoover Institution Working Group on Corporate Governance brings together scholars,industry practitioners,and policymakers to engage in constructive and open debate about the logical consistency,treatment of evidence,and policy implications of proposed reforms to the regulatory systems t

87、hat impact corporations.It also generates and disseminates research investigating the optimal conditions that allow corporations to sustain their crucial role in contributing to American economic growth and innovation.Website:https:/www.hoover.org/research-teams/corporate-governance-working-groupCONTACT INFORMATIONFor more information on this report,please contact:Elizabeth Lee Associate Director of CommunicationsStanford Graduate School of Business Knight Management Center Stanford University 655 Knight Way Stanford,CA 94305-7298 eslee123stanford.edu