1、2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG TA BLE OF CONTENTSExecutive Summary and Key Findings 3Review of Findings 8Environmental 15Social 18Governance 21Average Market Return Expectations 26Demographics 27Methodology 30About the Authors 31About Us 33Contact Information 343EXECUTIVE SUMMAR

2、Y AND KEY FINDINGSOLDER INVESTORS WHO RELY ON RETIREMENT SAVINGS TO PAY FOR LIVING EXPENSES ARE LARGELY OPPOSED TO ESG INITIATIVES AND UNWILLING TO SUFFER FINANCIAL LOSS TO ADVANCE ENVIRONMENTAL AND SOCIAL GOALS.ESG IS OVERWHELMINGLY SUPPORTED BY YOUNG INVESTORS WHO WANT INVESTMENT MANAGERS TO TAKE

3、AN ACTIVE STANCE ON CLIMATE CHANGE,DIVERSITY,AND OTHER STAKEHOLDER INITIATIVES.THE STARK DIFFERENCE ACROSS AGE GROUPS UNDERSCORES THE CHALLENGE INVESTMENT MANAGERS FACE IN BALANCING THE GOALS OF INVESTORS WITH DIFFERENT VIEWS AND FINANCIAL NEEDS.“We see extreme differences in investor support for ES

4、G driven largely by age and stage of life,”says Professor David F.Larcker,Stanford Graduate School of Business and Rock Center for Corporate Governance.“Older investors who are living off their retirement savings are much less concerned with environmental and social issues and much more concerned wi

5、th making sure fund managers focus on generating financial returns to support their spending needs.Older investors oppose fund managers taking activist positions on ESG issues and are unwilling to see their investment balances decline to advance these objectives.”“ESG activism is clearly driven by y

6、ounger investors,”adds Professor Amit Seru,Stanford Graduate School of Business and the Hoover Working Group on Corporate Governance at Stanford University.“Investors under 40 want to see companies make progress across a broad range of environmental and social initiatives and claim to be willing to

7、suffer personal financial losssometimes very large lossto see those changes realized.The many years they have until retirement and high expectations for future stock market growth might encourage them that any cost to ESG activism can be recovered.”“The vast differences across age demographics means

8、 that institutional managers are going to have to think hard about the stances they take on environmental 2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESGand social proxy proposals,”observes Professor Stephen Haber,School of Humanities and Sciences Stanford University and Hoover Working Group on

9、Corporate Governance at Stanford University.“While some investors favor these,many others strongly oppose them.More and more fund managers might find that the best solution is to poll their investor base on how to vote and split votes to reflect the divergent views of various groups.”In summer 2022,

10、Stanford Graduate School of Business,the Hoover Working Group on Corporate Governance at Stanford University,and Rock Center for Corporate Governance at Stanford University jointly conducted a nationwide survey of 2,470 investorsdistributed by gender,race,age,household income,and state residenceto u

11、nderstand how American investors view environmental,social,and governance(ESG)priorities among the companies in their investment portfolio.Respondents run the spectrum of personal investment assets from less than$10,000 to more than$500,000(average$200,000)in retirement and personal savings accounts

12、.Their investments are held through a variety of major institutional investors,including Fidelity(47 percent),American Funds(40 percent),Vanguard(31 percent),Invesco(18 percent),BlackRock(16 percent),and State Street(16 percent),among others.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 4KEY F

13、INDINGS INCLUDE THE FOLLOWING:INVESTORS HAVE DIAMETRICALLY OPPOSED VIEWS OF ESG BASED ON THEIR AGE.Young investors(41 years and younger)express high concern about environmental issues.70 percent say they are very concerned about issues such as carbon emissions and renewable energy sourcing,while 30

14、percent are somewhat or not at all concerned about these.By contrast,older investors(58 years and older)have almost the exact opposite view.Only 35 percent are very concerned about environmental issues,while 65 percent are somewhat or not at all concerned.The same pattern is true for social issues.T

15、wo-thirds(65 percent)of young investors are very concerned about issues such as workplace diversity,income inequality,and workplace conditions,compared with only 30 percent of older investors.70 percent of older investors express little or no concern for these.Reflecting these preferences,most young

16、 investors(78 percent)own at least one mutual fund or exchange-traded fund that restricts itself to socially responsible investing,while only 19 percent of older investors are invested in such a fund.Importantly,wealth differences only seem to account for the differences in preferences for ESG among

17、 younger investors.While the views of older investors are uniformly opposed to ESG without regard to their savings,the preferences of younger investors change significantly with wealth.Younger investors with very high investment balances express the most support for ESG initiatives,while support amo

18、ng those with little savings is much lower.“There are clearly generational differences when it comes to perceptions of ESG,”says Professor Seru.“Young investors express high levels of concern for social and environmental causesparticularly young investors who are very wealthywhile older investors ex

19、press very little concern for these.These differences pose challenges to fund managers and corporate executives alike when it comes to deciding which stakeholder interests to pursue or support,and how much to invest in them.”2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 5YOUNG INVESTORS WANT F

20、UND MANAGERS TO ADVOCATE FOR ENVIRONMENTAL AND SOCIAL CAUSES.OLDER INVESTORS WANT THEM TO STICK WITH GENERATING FINANCIAL RETURNS.Investors express a strong preference for fund managers to use their size and voting power to maximize the economic value of their investments.Over three-quarters(77 perc

21、ent)say this is extremely or very important,while only 8 percent say it is slightly or not at all important.Most young investors also want investment companies to use their size and voting power to influence the environmental practices of the companies they are invested in.Almost 80 percent of young

22、 investors say this is extremely or very important.By contrast,only 42 percent of older investors say it is important that fund managers influence the environmental practices of companies.In this same vein,85 percent of Millennial and Gen Z investors(41 years and younger)say they support fund manage

23、rs advocating for environmental causes even if it decreases the value of their investment.By contrast,only 35 percent of older investors support fund managers doing so,and 65 percent oppose it.This pattern is the same when it comes to social issues,with 82 percent of young investors wanting to see i

24、nvestment managers use their size and voting power to influence the social policies and practices of the companies they are invested in,while only 35 percent of older investors want to see this.80 percent of Millennial and Gen Z investors are willing to suffer a decrease in investment value in suppo

25、rt of social activism.Only 29 percent of older investors are willing to suffer losses,and 71 percent are not.YOUNG INVESTORS CLAIM TO BE WILLING TO LOSE BETWEEN 6 AND 10 PERCENT OF THEIR RETIREMENT SAVINGS TO SUPPORT ESG CAUSES.OLDER INVESTORS DO NOT WANT TO LOSE ANYTHING.When asked about a number o

26、f prominent environmental issuesincluding reduction in carbon emissions,renewable energy,and product sustainabilitythe average Millennial and Gen Z investor says they are willing to lose between 6 and 10 percent of their investment dollars in order to see companies improve their current practices to

27、 industry-leading levels.Approximately one-third say they are willing to lose more than 10 percent of their wealth to bring about environmental improvements.Baby Boomer investors(ages 58 and older),on the other hand,overwhelmingly oppose the idea of forfeiting large portions of their retirement savi

28、ngs to bring about environmental change.The average Baby Boomer is unwilling to lose any investment savings for environmental improvements and only 5 percent are willing to lose more than 10 percent of their wealth.Baby Boomers are similarly unwilling to realize investment losses to bring about chan

29、ge to the social practices of the companies they are invested in.Over half(57 percent)are unwilling to lose any retirement savings to fund a significant expansion in employment benefits,66 percent are unwilling to lose retirement savings to bring about gender wage equality,and 70 percent oppose losi

30、ng money to increase racial and gender diversity among the companies they are invested in.By contrast,Millennial and Gen Z investors claim to be highly willing to incur significant investment losses to bring about these social changes,with approximately a third willing to lose more than 10 or 15 per

31、cent of their retirement savings.“The cost of ESG initiatives is,and will continue to be,the largest sticking point,”says Professor Haber.“No one really knows the cost-benefit trade-off of environmental or social initiatives.What is clear from our study is that older investors are not willing to bea

32、r the risk of having to pay the cost of these,while younger investors say that they are.”2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 6YOUNG INVESTORS CLAIM TO BE MUCH MORE KNOWLEDGEABLE THAN OLDER INVESTORS ABOUT THE STOCK MARKET.THEY ALSO HAVE HIGHER EXPECTATIONS FOR FUTURE GROWTH.The eager

33、ness that young investors express in support of ESG might be due in part to their optimistic expectations for future stock market growth.Young investors claim to have higher knowledge about markets than older investors and higher expectations for future returns.Most young investors(78 percent)descri

34、be themselves as extremely or very knowledgeable about the stock market;only 8 percent say they are slightly or not at all knowledgeable.By contrast,only 20 percent of older investors say they are extremely or very knowledgeable and 40 percent say they are slightly or not at all knowledgeable about

35、markets.Young investors expect the stock market to generate significantly higher returns than older investors.Young investors expect to realize,on average,15.9 percent over the next year and 16.8 percent annually over the coming decade.Older investors expect only 4.6 percent over the next year and 1

36、0.7 percent annually over the next decade.INVESTORS INVEST WITH MANAGERS WHO SHARE THEIR VIEWS.The largest institutional investorsthose that have taken public stances to advance ESG initiatives among portfolio companieshave an investor base that supports environmental and social activism.For example

37、,BlackRock,which vocally advocates for environmental sustainability among its portfolio companies,has an investor base that is highly concerned about environmental issues,with 76 percent saying so.Similarly,State Street,which has supported boardroom diversity,has an investor base(76 percent)that is

38、very concerned about social issues.These figures are far higher than even the most concerned age demographic groups and higher than our respondent pool overall.Investors in large funds also support their fund managers decision to vote against the directors of companies that are not doing enough to a

39、dvance ESG.86 percent of BlackRock investors agree with the firms decision to vote against the directors of a company that is not moving fast enough to address climate change,without regard to the financial success of that company.By comparison,only 39 percent of investors that do not invest with th

40、e largest institutional fund managers agree with this decision.Similarly,79 percent of BlackRock investors support that firms decision to vote against certain directors if the board of that company does not have at least one director from an“underrepresented group”(in terms of racial background or s

41、exual orientation).By contrast,among investors that do not invest with the largest institutional fund managers,only 35 percent support this decision.It might be the case that investors are attracted to these funds because of their recent activism toward ESG.Alternatively,it might be that these fund

42、managers are reacting to the interests of their investor base in taking these stances.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 7WITHOUT REGARD TO THEIR VIEW OF ESG,INVESTORS WANT FUND MANAGERS TO TAKE THEIR PERSONAL VIEWS INTO ACCOUNT WHEN VOTING SHARES.Over 80 percent of investors believ

43、e that fund managers should take into account their views of environmental and social issues when voting on proxy proposals regarding these topics.This view is fairly consistent across age demographics,with 89 percent of Millennial and Gen Z investors,80 percent of Gen X investors,and 76 percent of

44、Baby Boomers saying so.This does not seem to be influenced by a perception of the political leanings of fund managers.Investors across all age demographics tend to have a balanced view of the political preferences of their fund managers,with fairly even numbers thinking that the average fund manager

45、 is conservative or liberal.“This points to the fact that investment managers should spend more time soliciting the opinions of their investor base before making important decisions on how to vote proxy proposals involving ESG,”says Professor Larcker.“The likely solution for fund managers is to star

46、t splitting votes to reflect the preferences and investment objectives of their investor base.Fund managers have a fiduciary duty,and part of that duty is to put the interests of their investors first.Its hard to see how they can do so if they are making one-sided decisions when it comes to tricky e

47、nvironmental or social proposals.”2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 8REVIEW OF FINDINGSDistribution of Respondants by AgeDo you have money invested in mutual funds or exchange-traded funds managed by the following investment firms?(select all that apply)5360698284847847%40%31%18%16

48、%16%22%None of theseState Street(SPDRs)BlackRock(iShares)InvescoVanguardAmerican FundsFidelitybgmMILLENNIAL+GEN ZGEN XBOOMERS+bgmbgm52%24%23%2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 9Approximately how much money in total do you have invested in the stock market,across all of your accounts

49、?ALL RESPONDANTS84838478848616%17%16%22%16%14%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000MILLENNIAL+GEN Z85848277848815%16%18%23%16%12%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,00

50、0Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000GEN X819%19%13%21%16%12%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000BOOMERS+88828579858112%18%15%21%15%19%More than$500,000Betw

51、een$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000$198,856.28MEAN$125,000.00MEDIAN2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 10How knowledgeable are you about the stock market and the companies you are invested in through th

52、e stock market?MILLENNIAL+GEN Z546887939846%32%13%7%2%Not at all knowledgeableSlightly knowledgeableModerately knowledgeableVery knowledgeableExtremely knowledgeableGEN X677576869633%25%24%14%4%Not at all knowledgeableSlightly knowledgeableModerately knowledgeableVery knowledgeableExtremely knowledg

53、eableBOOMERS+96855971894%15%41%29%11%Not at all knowledgeableSlightly knowledgeableModerately knowledgeableVery knowledgeableExtremely knowledgeableAMERICAN FUNDS21829779%18%3%Not concernedSomewhat concernedVery concernedBLACKROCK(ISHARES)24819576%19%5%FIDELITY33729567%28%5%INVESCO20839780%17%3%STAT

54、E STREET19839781%17%3%VANGUARD30769470%24%6%NONE OF THESE65558035%45%20%How concerned are you about environmental issues(e.g.,carbon emissions goals,renewable energy sourcing)?MILLENNIAL+GEN Z70%27%4%Not concernedSomewhat concernedVery concernedGEN X43679057%33%10%Not concernedSomewhat concernedVery

55、 concernedBOOMERS+65548135%46%19%Not concernedSomewhat concernedVery concerned2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 11AMERICAN FUNDS27779673%23%4%Not concernedSomewhat concernedVery concernedBLACKROCK(ISHARES)35719465%29%6%FIDELITY38699362%31%7%INVESCO27769773%24%3%STATE STREET24809776

56、%20%3%VANGUARD37709363%30%7%NONE OF THESE68567632%44%24%How concerned are you about social issues(e.g.,workplace diversity,income inequality,workplace conditions)?MILLENNIAL+GEN Z35709465%30%6%Not concernedSomewhat concernedVery concernedGEN X46658954%35%11%Not concernedSomewhat concernedVery concer

57、nedBOOMERS+70547530%46%25%Not concernedSomewhat concernedVery concernedAMERICAN FUNDS24799676%21%4%Not concernedSomewhat concernedVery concernedBLACKROCK(ISHARES)28779472%23%6%FIDELITY37699463%31%6%INVESCO22829678%18%4%STATE STREET20829780%18%3%VANGUARD35709565%30%5%NONE OF THESE73477927%53%21%How c

58、oncerned are you about governance issues(e.g.,CEO also serving as board chair,independence of the board,and board members not overly busy in terms of outside obligations)?MILLENNIAL+GEN Z36719464%29%6%Not concernedSomewhat concernedVery concernedGEN X47639053%37%10%Not concernedSomewhat concernedVer

59、y concernedBOOMERS+72468228%54%18%Not concernedSomewhat concernedVery concerned2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 12How important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to maximize the economi

60、c value of your investment?576684959742.6%34.0%15.9%4.5%3.0%Not at all importantSlightly importantModerately importantVery importantExtremely importantHow important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to in

61、fluence the environmental practices of the companies it invests in for you?MILLENNIAL+GEN Z566585969844%35%15%4%2%Not at all importantSlightly importantModerately importantVery importantExtremely importantGEN X6%27%21%7%6%Not at all importantSlightly importantModerately importantVery impo

62、rtantExtremely importantBOOMERS+847370888416%27%30%12%16%Not at all importantSlightly importantModerately importantVery importantExtremely importantShould the investment company use its size and power to influence the environmental practices of these companies,if doing so decreases the value of your

63、 investment?MILLENNIAL+GEN Z158585%15%NoYesGEN X376363%37%NoYesBOOMERS+653535%65%NoYes2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 13Should the investment company use its size and power to influence the social policies or practices of these companies,if doing so decreases the value of your in

64、vestment?MILLENNIAL+GEN Z208080%20%NoYesGEN X406060%40%NoYesBOOMERS+712929%71%NoYesHow important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to influence the social policies or practices(e.g.,management diversity,i

65、ncome disparity between top management and workers)of the companies it invests in for you?MILLENNIAL+GEN Z536587979947%35%13%3%1%Not at all importantSlightly importantModerately importantVery importantExtremely importantGEN X6%28%21%6%7%Not at all importantSlightly importantModerately imp

66、ortantVery importantExtremely importantBOOMERS+877771867913%23%29%14%21%Not at all importantSlightly importantModerately importantVery importantExtremely importantHow important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting

67、 power to influence the governance practices of the companies it invests in for you?MILLENNIAL+GEN Z546586969946%35%14%4%1%Not at all importantSlightly importantModerately importantVery importantExtremely importantGEN X637377939437%27%23%7%6%Not at all importantSlightly importantModerately important

68、Very importantExtremely importantBOOMERS+897767858111%23%33%15%19%Not at all importantSlightly importantModerately importantVery importantExtremely important2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 14Should the investment company use its size and voting power to influence the governance p

69、ractices of these companies,if doing so decreases the value of your investment?MILLENNIAL+GEN Z208080%20%NoYesGEN X415959%41%NoYesBOOMERS+742626%74%NoYesPublic companies in the United States are required to hold an annual vote with shareholders on certain proposals that shareholders would like manag

70、ement to implement at the company.Should a mutual fund manager take into account your personal views when it uses shares owned by you to vote on environmental or social issues?MILLENNIAL+GEN Z118989%11%NoYesGEN X208080%20%NoYesBOOMERS+267476%24%NoYes178383%17%NoYesALL RESPONDENTS In general,what do

71、you think are the political leanings of the individuals who manage most mutual funds?MILLENNIAL+GEN Z60637740%37%23%They tend to be evenly balancedbetween conservative and liberalThey tend to be liberalThey tend to be conservativeGEN X67617133%39%29%They tend to be evenly balancedbetween conservativ

72、e and liberalThey tend to be liberalThey tend to be conservativeBOOMERS+67617133%39%29%They tend to be evenly balancedbetween conservative and liberalThey tend to be liberalThey tend to be conservative2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 15Environmental Carbon emission reductionsAssum

73、e you have retirement savings of$100,000.How much would you be willing to lose in retirement savings to have the companies you are invested in change from industry-standard carbon emission levels to a“net zero”by 2050?MILLENNIAL+GEN Z91757078859%25%30%22%15%More than$15,000Between$11,000 and$15,000B

74、etween$6,000 and$10,000Between$1,000 and$5,000NoneGEN X7%28%19%16%8%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneBOOMERS+437291979857%28%9%3%2%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000None2022 SU

75、RVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 16Renewable energy sourcing in supply chainAssume you have retirement savings of$100,000.How much would you be willing to lose in retirement savings to have the companies you are invested in change from industry-standard levels of renewable energy usage b

76、y suppliers to requiring 100%renewable energy?MILLENNIAL+GEN Z91756980879%25%31%20%13%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneGEN X7%29%17%18%7%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneB

77、OOMERS+4%29%7%3%2%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneProduct sustainabilityAssume you have retirement savings of$100,000.How much would you be willing to lose in retirement savings to have the companies you are invested in change fr

78、om industry-standard levels of product sustainability to requiring 100%sustainable products?MILLENNIAL+GEN Z897571798711%25%29%21%13%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneGEN X697182849431%29%18%16%6%More than$15,000Between$11,000 and$15,000Betwe

79、en$6,000 and$10,000Between$1,000 and$5,000NoneBOOMERS+427092979958%30%8%3%1%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000None2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 17Wealth&AgePercentages represent average percent respondents are willing to los

80、e,based on midpoints.Carbon emission reductionsMILLENNIAL+GEN Z9491866%9%14%$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K

81、$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$50K2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 24Recently,a large investment firm said it will vote against the directors of companies th

82、at are not moving fast enough to address climate change,without regard to the financial success of that company.Do you agree with this decision?MILLENNIAL+GEN Z5%33%12%4%3%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeGEN X607285939040%28%15%7

83、%10%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBOOMERS+837778887417%23%22%12%26%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeAMERICAN FUNDS407393979760%27%7%3%3%Strongly disagreeModerately disagreeNeither

84、 agree nor disagreeModerately agreeStrongly agreeBLACKROCK(ISHARES)4%27%7%3%4%FIDELITY526989959448%31%11%5%6%INVESCO407193989860%29%7%2%2%STATE STREET367593979864%25%7%3%2%VANGUARD486291969352%38%9%4%7%NONE OF THESE847773887716%23%27%12%23%2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND E

85、SG 25Recently,a large investment firm said it will vote against certain members of the board of directors if the board does not have at least one director from an underrepresented community,meaning a director who self-identifies as Black,African American,Hispanic,Latino,Asian,Pacific Islander,Native

86、 American,Native Hawaiian,Alaska Native,gay,lesbian,bisexual,or transgender.They will vote this way without regard to the financial success of that company.Do you agree with this decision?MILLENNIAL+GEN Z596685949641%34%15%6%4%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately

87、agreeStrongly agreeGEN X657781908735%23%19%10%13%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBOOMERS+848177877116%19%23%13%29%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeAMERICAN FUNDS5%32%11%4

88、%5%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBLACKROCK(ISHARES)536889949547%32%11%6%5%FIDELITY606886929340%32%14%8%7%INVESCO506889959750%32%11%5%3%STATE STREET496792959751%33%8%5%3%VANGUARD587088929242%30%12%8%8%NONE OF THESE848172897416%19%28%11%26%

89、Do you currently own any mutual funds or exchange-traded funds that restrict themselves to socially responsible investing(or ESGe.g.,iShares Global Clean Energy,Vanguard FTSE Social Index Fund)?MILLENNIAL+GEN Z227878%22%NoYesGEN X386262%38%NoYesBOOMERS+811919%81%NoYes2022 SURVEY OF INVESTORS,RETIREM

90、ENT SAVINGS,AND ESG 26Average Market Return ExpectationsExpected market returnMILLENNIAL+GEN ZGEN XBOOMERS+Over the next 12 months16%13%5%Over the next 12 months,excluding so-called“sin”stocks16%13%6%Over the next 12 months,for“sin”stocks only16%13%7%Average annual market return expectedMILLENNIAL+G

91、EN ZGEN XBOOMERS+Over the next 10 years17%15%11%Over the next 10 years,excluding so-called“sin”stocks17%14%9%Over the next 10 years,for“sin”stocks only17%15%9%2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 27DemographicsAge50AVERAGE 49MEDIANGenderOtherFemaleMaleMALEFEMALEOTHEROtherFemaleMaleOth

92、erFemaleMale57%43%0%2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 28What state do you live in?Political Affiliation467582999854%25%18%1%2%NoneOtherIndependentRepublicanDemocrat2.3%0.4%18.7%0.8%0.3%0.1%0.3%0.7%0.1%1.1%2.5%0.2%0.9%0.3%14.9%0.6%1.5%0.3%NA0.2%0.9%2.7%2.4%2.7%1.5%7.5%3.4%1.6%0.7%0.

93、8%0.2%1.8%1.3%2.9%1.9%4.4%0.8%7.2%0.6%2.5%0.4%1.8%0.2%0.2%0.4%1.1%0.6%1.3%0.3%NA2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 29Education9987868970691%13%14%11%30%31%Graduate or professional degreeBachelors degreeAssociate or technical degreeSome college but no degreeHigh school diploma or GED

94、Some high school or lessHousehold Income9493939396%7%7%7%9%7%15%12%11%18%$150,000+$125,000+but less than$150,000$100,000+but less than$125,000$75,000+but less than$100,000$60,000+but less than$75,000$50,000+but less than$60,000$40,000+but less than$50,000$30,000+but less than$40,000$20,00

95、0+but less than$30,000Less than$20,0002022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 30METHODOLOGYIn summer 2022,Stanford Graduate School of Business,the Hoover Working Group on Corporate Governance at Stanford University,and the Rock Center for Corporate Governance at Stanford University.hired

96、 Lucid Theorem to conduct a nationwide survey of 2,470 individual investorsbroadly distributed by gender,race,age,household income,and state residenceto understand how American investors view environmental,social,and governance(ESG)priorities among the companies in their investment portfolio.Respond

97、ents were screened to include only individuals with investments in the stock market through retirement or taxable accounts.Stanford University is solely responsible for the contents of this survey.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 31ABOUT THE AUTHORSSTEPHEN HABERStephen Haber is th

98、e A.A.and Jeanne Welch Milligan Professor in the School of Humanities and Sciences and Peter and Helen Bing Senior Fellow of the Hoover Institution at Stanford University;Professor of Political Science,Professor of History,and Professor of Economics(by courtesy);a senior fellow of the Stanford Insti

99、tute for Economic Policy Research;and a senior fellow of the Stanford Center for International Development.Habers research spans a number of academic disciplines,including comparative politics,financial economics,and economic history.Email:haberstanford.edu Full Bio:https:/politicalscience.stanford.

100、edu/people/stephen-haberJOHN D.KEPLERJohn Kepler is Assistant Professor of Accounting at Stanford Graduate School of Business.His research focuses on the interrelated nature that firms explicit and implicit contracts play in shaping firms financial reporting and corporate governance practices.Other

101、recent work has examined the role of executive bonus plans in facilitating cooperation among management team members and how corporate insiders exploit their private information advantage about corporate audit findings for personal gain.Email:jdkeplerstanford.edu Full Bio:https:/www.gsb.stanford.edu

102、/faculty-research/faculty/john-d-keplerDAVID F.LARCKERDavid F.Larcker is the James Irvin Miller Professor of Accounting,Emeritus,at Stanford Graduate School of Business;director of the Corporate Governance Research Initiative;distinguished visiting fellow at the Hoover Institution;and senior faculty

103、 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 of Trustees for Allspring Funds.He is coauthor of the books A Real Look at Real World Corporate Governance and Corporate Governa

104、nce Matters.Email:dlarckerstanford.edu Twitter:stanfordcorpgov Full Bio:http:/www.gsb.stanford.edu/faculty-research/faculty/david-f-larcker2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 32AMIT SERUAmit Seru is the Steven and Roberta Denning Professor of Finance at Stanford Graduate School of Bu

105、siness;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 research focuses on corporate finance with an emphasis on financial intermediation and regulation,technological i

106、nnovation and incentive provision,and financing in firms.Email:aserustanford.edu Full Bio:https:/www.gsb.stanford.edu/faculty-research/faculty/amit-seruBRIAN TAYANBrian Tayan is a member of the Corporate Governance Research Initiative at Stanford Graduate School of Business.He has written broadly on

107、 the subject of corporate governance,including boards of directors,succession planning,compensation,financial accounting,and shareholder relations.He is coauthor with David Larcker of the books A Real Look at Real World Corporate Governance and Corporate Governance Matters.Email:btayanstanford.edu F

108、ull Bio:http:/www.gsb.stanford.edu/contact/brian-tayanACKNOWLEDGEMENTSThe authors would like to thank Shannon Fries and Erin Do of the Research Hub at Stanford Graduate School of Business for design and layout assistance in the preparation of these materials.2022 SURVEY OF INVESTORS,RETIREMENT SAVIN

109、GS,AND ESG 33ABOUT USCORPORATE GOVERNANCE RESEARCH INITIATIVE The Corporate Governance Research Initiative at Stanford Graduate School of Business focuses on research to advance the intellectual understanding of corporate governance,both domestically and abroad.By collaborating with academics and pr

110、actitioners 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 executive compensation,board governance,CEO succession,and proxy voting.Website:gsb.stanford.edu/c

111、griTHE 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 created to advance the understanding and practice of corporate governance in a cross-discipli

112、nary environment where leading academics,business leaders,policy makers,practitioners,and regulators can meet and work together.Website:rockcenter.stanford.eduTHE HOOVER WORKING GROUP ON CORPORATE GOVERNANCEThe Hoover Working Group on Corporate Governance brings together scholars,industry practition

113、ers,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 that impact corporations.It also generates and disseminates research investigating the optimal conditions that allo

114、w corporations to sustain their crucial role in contributing to American economic growth and innovation.Website:https:/www.hoover.org/research-teams/working-group-corporate-governanceCONTACT 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.edue123stanford.