1、发布发布Written bySupported byESG SURVEY REPORT FOR ASSET OWNERSThe ESG Survey Report for Asset Owners(2022)is based on a survey conducted jointly by China Sustainable Investment Forum(China SIF),SynTao Green Finance,and China Southern Asset Management on ESG investment for asset owners in the Chinese m
2、arket.It provides insight into asset owners current ESG investment practices in the Chinese market and supports stakeholders decision-making through an analysis of the aspects of awareness,governance,practices,and disclosure.51 Chinese and offshore asset owners have responded to the questionnaire,in
3、cluding China Life Private Equity,China Pacific Insurance(Group)Co.Ltd.(CPIC),CMBC Wealth Management,APG AM,and DNB Asset Management,etc.They cover insurers,banks and their wealth management subsidiaries,pension funds,sovereign funds,family offices,and many other types of financial institutions,with
4、 more than US$2.4 trillion in assets under management(AUM).To conclude,asset owners are very aware of ESG investment.Many asset owners have complete ESG-related governance structures.Most asset owners recognise the effectiveness of ESG investment strategies.Asset managers should further improve thei
5、r ESG investment capabilities and disclosure levels to meet the ever-increasing ESG needs of asset owners.Main findings of the survey are as follows:Meeting principal/beneficiary needs and generating excess returns are significant factors motivating asset owners to consider more ESG factors in their
6、 investment decisions in China.Offshore respondents have a more mature responsible investment awareness,and have integrated ESG factors into their investment decisions.They are more advanced in systematically integrating ESG into their investments.For Chinese respondents,incorporating ESG into their
7、 investment decisions is primarily driven by regulatory requirements.In contrast,offshore respondents regard mitigating ESG risks as the primary motivation for incorporating ESG into their investment decisions in China.1 Responsible Investment Awareness:When selecting an asset manager in China,most
8、asset owners consider the asset managers ability to assess the ESG performance of its investment targets.Offshore respondents put more emphasis on this point,with 71.4%of them always considering this ability of asset managers.Asset owners value two ESG investment capabilities of an asset manager the
9、 most:a well-developed ESG integration process,and mature ESG investment awareness.Offshore respondents put more effort into ESG-related structures at the management and executive levels,and more than 85%have ESG-related governance structures in place at the management level.In contrast,Chinese resp
10、ondents are more likely to assign employees responsible for ESG-related work on a partial basis.2 Responsible Investment Governance:In practice,asset owners are most likely to apply exclusion,integration,and best in class approach when investing in China.Offshore respondents are more likely to engag
11、e with portfolio companies to improve their ESG management.By sector,asset owners consider the following three sectors to have the highest ESG risk:mining;electricity,heat and gas;and manufacturing.Among environmental issues,asset owners value climate change the most,and nearly 40%of them have start
12、ed to measure the carbon footprints of their portfolio.Among social issues,offshore asset owners most value supply chain management,labour rights,and community relations,while Chinese respondents most value information security,product quality,and customer relations.3 Responsible Investment Practice
13、s:Most asset owners require asset managers to report on the measures and outcomes of their responsible investment practices.Offshore respondents are stricter in this part.Most asset owners find obtaining ESG information the greatest difficulty in conducting responsible investments in China.4 Informa
14、tion Disclosure:Executive Summary333541.Responsible Investment Awareness1.1 90%of respondents recognise the importance of responsible investment in China1.2 Over 75%of respondents have adopted responsible investment in their investment decisions1.3 The three major factors motivating asset owners to
15、incorporate more ESG factors into their investment decisions in China are:regulatory requirements,principal/beneficiary needs,and mitigating ESG risks1.4 More than half of respondents are signatories to ESG investment-related initiatives or organisations986762.Responsible Investment Governance2.1 Mo
16、re than half of the respondents have ESG-related governance structures in place2.2 Nearly 80%of respondents provide ESG-related training2.3 When selecting an asset manager in China,nearly 80%of the respondents consider the asset managers ability to assess the ESG performance of its investment target
17、s2.4 Respondents value asset managers ESG investment awareness and ESG integration process the most141310101112103.Responsible Investment Practices3.1 Respondents most value the environmental issues of climate change and energy saving and consumption reduction3.2 Respondents value all governance iss
18、ues3.3 Respondents most value the social issues of information security,product quality,and supply chain management3.4 Respondents consider mining,electricity,heat and gas,and manufacturing to have the highest ESG risk in China3.5 Negative screening,ESG integration and best-in-class screening are th
19、e preferred approaches to responsible investment used by the respondents3.6 Nearly 40%of respondents have set a portfolio net zero target1516154.Information Disclosure4.1 Most respondents require asset managers to report on the measures they use and the outcomes they achieve4.2 The greatest difficul
20、ty in responsible investments in China is the availability of ESG information175.Survey SamplesCONTENTSThe ESG Survey Report for Asset Owners(2022)is based on a survey conducted jointly by China Sustainable Investment Forum(China SIF),SynTao Green Finance,and China Southern Asset Management on ESG i
21、nvestment for asset owners in the Chinese market.It provides insight into asset owners current ESG investment practices in the Chinese market and supports stakeholders decision-making through an analysis of the aspects of awareness,governance,practices,and disclosure.51 Chinese and offshore asset ow
22、ners have responded to the questionnaire,including China Life Private Equity,China Pacific Insurance(Group)Co.Ltd.(CPIC),CMBC Wealth Management,APG AM,and DNB Asset Management,etc.They cover insurers,banks and their wealth management subsidiaries,pension funds,sovereign funds,family offices,and many
23、 other types of financial institutions,with more than US$2.4 trillion in assets under management(AUM).To conclude,asset owners are very aware of ESG investment.Many asset owners have complete ESG-related governance structures.Most asset owners recognise the effectiveness of ESG investment strategies
24、.Asset managers should further improve their ESG investment capabilities and disclosure levels to meet the ever-increasing ESG needs of asset owners.Main findings of the survey are as follows:Meeting principal/beneficiary needs and generating excess returns are significant factors motivating asset o
25、wners to consider more ESG factors in their investment decisions in China.Offshore respondents have a more mature responsible investment awareness,and have integrated ESG factors into their investment decisions.They are more advanced in systematically integrating ESG into their investments.For Chine
26、se respondents,incorporating ESG into their investment decisions is primarily driven by regulatory requirements.In contrast,offshore respondents regard mitigating ESG risks as the primary motivation for incorporating ESG into their investment decisions in China.1 Responsible Investment Awareness:Whe
27、n selecting an asset manager in China,most asset owners consider the asset managers ability to assess the ESG performance of its investment targets.Offshore respondents put more emphasis on this point,with 71.4%of them always considering this ability of asset managers.Asset owners value two ESG inve
28、stment capabilities of an asset manager the most:a well-developed ESG integration process,and mature ESG investment awareness.Offshore respondents put more effort into ESG-related structures at the management and executive levels,and more than 85%have ESG-related governance structures in place at th
29、e management level.In contrast,Chinese respondents are more likely to assign employees responsible for ESG-related work on a partial basis.2 Responsible Investment Governance:In practice,asset owners are most likely to apply exclusion,integration,and best in class approach when investing in China.Of
30、fshore respondents are more likely to engage with portfolio companies to improve their ESG management.By sector,asset owners consider the following three sectors to have the highest ESG risk:mining;electricity,heat and gas;and manufacturing.Among environmental issues,asset owners value climate chang
31、e the most,and nearly 40%of them have started to measure the carbon footprints of their portfolio.Among social issues,offshore asset owners most value supply chain management,labour rights,and community relations,while Chinese respondents most value information security,product quality,and customer
32、relations.3 Responsible Investment Practices:Most asset owners require asset managers to report on the measures and outcomes of their responsible investment practices.Offshore respondents are stricter in this part.Most asset owners find obtaining ESG information the greatest difficulty in conducting
33、 responsible investments in China.4 Information Disclosure:Executive Summary333541.Responsible Investment Awareness1.1 90%of respondents recognise the importance of responsible investment in China1.2 Over 75%of respondents have adopted responsible investment in their investment decisions1.3 The thre
34、e major factors motivating asset owners to incorporate more ESG factors into their investment decisions in China are:regulatory requirements,principal/beneficiary needs,and mitigating ESG risks1.4 More than half of respondents are signatories to ESG investment-related initiatives or organisations986
35、762.Responsible Investment Governance2.1 More than half of the respondents have ESG-related governance structures in place2.2 Nearly 80%of respondents provide ESG-related training2.3 When selecting an asset manager in China,nearly 80%of the respondents consider the asset managers ability to assess t
36、he ESG performance of its investment targets2.4 Respondents value asset managers ESG investment awareness and ESG integration process the most141310101112103.Responsible Investment Practices3.1 Respondents most value the environmental issues of climate change and energy saving and consumption reduct
37、ion3.2 Respondents value all governance issues3.3 Respondents most value the social issues of information security,product quality,and supply chain management3.4 Respondents consider mining,electricity,heat and gas,and manufacturing to have the highest ESG risk in China3.5 Negative screening,ESG int
38、egration and best-in-class screening are the preferred approaches to responsible investment used by the respondents3.6 Nearly 40%of respondents have set a portfolio net zero target1516154.Information Disclosure4.1 Most respondents require asset managers to report on the measures they use and the out
39、comes they achieve4.2 The greatest difficulty in responsible investments in China is the availability of ESG information175.Survey SamplesCONTENTS3 ESG Survey Report for Asset Owners(2022)ESG Survey Report for Asset Owners(2022)4Twenty respondents(39.2%)have systematically integrated ESG factors int
40、o their investment decisions.Among the Chinese respondents,10%have started systematic integration,compared with 81%among the offshore respondents.Twenty-one respondents(41.2%),consisting of 56.7%among the Chinese respondents and 19%among the offshore respondents,have taken ESG considerations into ac
41、count in their investment decisions.In addition,39.2%of respondents introduced that over 50%of their AUM in China has integrated ESG factors.Overall,all offshore respondents have integrated ESG factors into their investment decisions and are more advanced in making systematic ESG-integrated investme
42、nts.Over three-quarters of Chinese respondents have considered ESG factors in their investment decisions to varying degrees.1.2 Over 75%of respondents have adopted responsible investment in their investment decisionsESG factors have been systematically integrated into investment decisions39.2%10.0%8
43、1.0%41.2%19.0%56.7%Have taken ESG considerations into account in investment decisions5.9%10.0%Occasionally consider ESG factors in investment decisions5.9%10.0%Have not included ESG considerations in investment decisions and will not do so for another five years7.8%13.3%Have not yet incorporated ESG
44、 considerations in investment decisions but plan to start doing so within five yearsThirty-six respondents(70.6%)see responsible investment in China very important.This view is shared by 60%of the Chinese respondents and 85.7%of the offshore respondents.Ten respondents(19.6%)consider responsible inv
45、estment in China of some importance.This view is shared by 26.7%of the Chinese respondents and 9.5%of the offshore respondents.Overall,offshore respondents are more mature in responsible investment awareness and attach more importance to responsible investment.1.Responsible Investment Awareness1.1 9
46、0%of respondents recognise the importance of responsible investment in ChinaVery important70.6%85.7%60.0%19.6%9.5%26.7%Of some importance7.8%4.8%10.0%Fairly important3.3%2.0%Not very importantFigure 1 The importance of responsible investment in ChinaAll respondentsChinese respondentsOffshore respond
47、entsFigure 2 The adoption of responsible investment in ChinaAll respondentsChinese respondentsOffshore respondentsThe three major factors motivating asset owners to incorporate more ESG factors into their investment decisions in China are:regulatory requirements,principal/beneficiary needs,and mitig
48、ating ESG risks.Chinese respondents focus more on regulatory requirements,while offshore respondents put more emphasis on mitigating ESG risks.Some respondents consider that generating excess returns is an important factor that motivates them to make responsible investments in China.Fifteen responde
49、nts(29.4%)ranked regulatory requirements as the top factor in promoting greater inclusion of ESG factors in their investment decisions in China.This view was shared by 40.0%of the Chinese and 14.3%of the offshore respondents.Fourteen institutions(27.5%)ranked principal/beneficiary need as the top fa
50、ctor in promoting greater inclusion of ESG factors in their investment decisions in China.This view was held by 26.7%of Chinese and 28.6%of offshore respondents.Nine respondents(17.6%)ranked mitigating ESG risks as the top factor in promoting greater inclusion of ESG in their investment decisions in
51、 China.This view was held by 6.7%of the Chinese respondents and 33.3%of the offshore respondents.Eight respondents(15.7%)ranked generating excess returns as the top factor in promoting greater inclusion of ESG into their investment decisions in China.This view was held by 20.0%of the Chinese respond
52、ents and 9.5%of the offshore respondents.Most respondents consider the application of ESG strategies in investments to be effective.76.5%of respondents find the application of ESG strategies helpful in reducing investment risk.43.1%find the application of ESG strategies useful in increasing investme
53、nt returns.Moreover,1/3 of respondents will maintain ESG investment if the investment loss resulting from applying ESG strategy is within an acceptable range.1.3 The three major factors motivating asset owners to incorporate more ESG factors into their investment decisions in China are:regulatory re
54、quirements,principal/beneficiary needs,and mitigating ESG risksFigure 3 The primary factor that motivates an asset owner to incorporate more ESG factors into investment decisions in ChinaAll respondentsChinese respondentsOffshore respondentsRegulatory requirements29.4%14.3%40.0%27.5%28.6%26.7%Princi
55、pal/Beneficiary needs17.6%33.3%6.7%Mitigating ESG risks3.9%4.8%3.3%Increasing organisational reputation/responding to public pressure15.7%9.5%20.0%Generating excess returns5.9%9.5%3.3%Others3 ESG Survey Report for Asset Owners(2022)ESG Survey Report for Asset Owners(2022)4Twenty respondents(39.2%)ha
56、ve systematically integrated ESG factors into their investment decisions.Among the Chinese respondents,10%have started systematic integration,compared with 81%among the offshore respondents.Twenty-one respondents(41.2%),consisting of 56.7%among the Chinese respondents and 19%among the offshore respo
57、ndents,have taken ESG considerations into account in their investment decisions.In addition,39.2%of respondents introduced that over 50%of their AUM in China has integrated ESG factors.Overall,all offshore respondents have integrated ESG factors into their investment decisions and are more advanced
58、in making systematic ESG-integrated investments.Over three-quarters of Chinese respondents have considered ESG factors in their investment decisions to varying degrees.1.2 Over 75%of respondents have adopted responsible investment in their investment decisionsESG factors have been systematically int
59、egrated into investment decisions39.2%10.0%81.0%41.2%19.0%56.7%Have taken ESG considerations into account in investment decisions5.9%10.0%Occasionally consider ESG factors in investment decisions5.9%10.0%Have not included ESG considerations in investment decisions and will not do so for another five
60、 years7.8%13.3%Have not yet incorporated ESG considerations in investment decisions but plan to start doing so within five yearsThirty-six respondents(70.6%)see responsible investment in China very important.This view is shared by 60%of the Chinese respondents and 85.7%of the offshore respondents.Te
61、n respondents(19.6%)consider responsible investment in China of some importance.This view is shared by 26.7%of the Chinese respondents and 9.5%of the offshore respondents.Overall,offshore respondents are more mature in responsible investment awareness and attach more importance to responsible invest
62、ment.1.Responsible Investment Awareness1.1 90%of respondents recognise the importance of responsible investment in ChinaVery important70.6%85.7%60.0%19.6%9.5%26.7%Of some importance7.8%4.8%10.0%Fairly important3.3%2.0%Not very importantFigure 1 The importance of responsible investment in ChinaAll re
63、spondentsChinese respondentsOffshore respondentsFigure 2 The adoption of responsible investment in ChinaAll respondentsChinese respondentsOffshore respondentsThe three major factors motivating asset owners to incorporate more ESG factors into their investment decisions in China are:regulatory requir
64、ements,principal/beneficiary needs,and mitigating ESG risks.Chinese respondents focus more on regulatory requirements,while offshore respondents put more emphasis on mitigating ESG risks.Some respondents consider that generating excess returns is an important factor that motivates them to make respo
65、nsible investments in China.Fifteen respondents(29.4%)ranked regulatory requirements as the top factor in promoting greater inclusion of ESG factors in their investment decisions in China.This view was shared by 40.0%of the Chinese and 14.3%of the offshore respondents.Fourteen institutions(27.5%)ran
66、ked principal/beneficiary need as the top factor in promoting greater inclusion of ESG factors in their investment decisions in China.This view was held by 26.7%of Chinese and 28.6%of offshore respondents.Nine respondents(17.6%)ranked mitigating ESG risks as the top factor in promoting greater inclu
67、sion of ESG in their investment decisions in China.This view was held by 6.7%of the Chinese respondents and 33.3%of the offshore respondents.Eight respondents(15.7%)ranked generating excess returns as the top factor in promoting greater inclusion of ESG into their investment decisions in China.This
68、view was held by 20.0%of the Chinese respondents and 9.5%of the offshore respondents.Most respondents consider the application of ESG strategies in investments to be effective.76.5%of respondents find the application of ESG strategies helpful in reducing investment risk.43.1%find the application of
69、ESG strategies useful in increasing investment returns.Moreover,1/3 of respondents will maintain ESG investment if the investment loss resulting from applying ESG strategy is within an acceptable range.1.3 The three major factors motivating asset owners to incorporate more ESG factors into their inv
70、estment decisions in China are:regulatory requirements,principal/beneficiary needs,and mitigating ESG risksFigure 3 The primary factor that motivates an asset owner to incorporate more ESG factors into investment decisions in ChinaAll respondentsChinese respondentsOffshore respondentsRegulatory requ
71、irements29.4%14.3%40.0%27.5%28.6%26.7%Principal/Beneficiary needs17.6%33.3%6.7%Mitigating ESG risks3.9%4.8%3.3%Increasing organisational reputation/responding to public pressure15.7%9.5%20.0%Generating excess returns5.9%9.5%3.3%Others5 ESG Survey Report for Asset Owners(2022)ESG Survey Report for As
72、set Owners(2022)6Twenty respondents(39.2%)have joined the Principles for Responsible Investment(PRI),accounting for 26.7%of the Chinese and 57.1%of the offshore respondents.Fifteen respondents(29.4%)support the Task Force on Climate-related Financial Disclosure(TCFD),accounting for 10%of the Chinese
73、 and 57.1%of the offshore respondents.Nine respondents(17.6%)have joined the Institutional Investors Group on Climate Change(IIGCC),the Asian Investors Group on Climate Change(AIGCC),or the Climate Action 100+,accounting for 6.7%of the Chinese and 33.3%of the offshore respondents.Six respondents(11.
74、8%)are signatories to the Green Finance Committee(GFC)of the China Society for Finance and Banking,accounting for 6.7%of the Chinese and 19%of the offshore respondents.Furthermore,six offshore respondents are signatories to the Net-Zero Asset Owner Alliance or GFANZ and 6 are signatories to the CDP,
75、accounting for 28.6%of the offshore respondents.Comparatively,offshore respondents are more active in participating ESG investment-related initiatives or organisations,which may be closely related to the long history of ESG investment in developed countries.Note:One organisation may be a signatory t
76、o more than one ESG investment-related initiative or organisation.1.4 More than half of respondents are signatories to ESG investment-related initiatives or organisationsPrinciples for Responsible Investment(PRI)39.2%57.1%26.7%29.4%57.1%10.0%Supporting organisations of the Task Force on Climate-rela
77、ted Financial Disclosure(TCFD)17.6%33.3%6.7%Institutional Investors Group on Climate Change(IIGCC),the Asian Investors Group on Climate Change(AIGCC),or Climate Action 100+28.6%11.8%0.0%UN-convened Net-Zero Asset Owner Alliance,GFANZ11.8%19.0%6.7%Green Finance Committee(GFC)of the China Society for
78、Finance and Banking11.8%28.6%0.0%Supporting organisations of the CDP19.6%33.3%10.0%OthersTwenty-six respondents(51%)have ESG-related structures at the management level(for example,having an ESG investment decision-making committee,an investment/risk control committee that covers the work of ESG inve
79、stments,or a senior executive with dedicated responsibility for ESG work),representing 26.7%of the Chinese and 85.7%of the offshore respondents.Twenty respondents(39.2%)have ESG-related structures at the executive level,accounting for 26.7%of the Chinese and 57.1%of the offshore respondents.Twenty-t
80、hree respondents(45.1%)have assigned employees to be responsible for ESG-related work on a partial basis,accounting for 50%of the Chinese and 38.1%of the offshore respondents.Six respondents hire external teams to carry out ESG-related work.Overall,offshore respondents have put more effort into ESG-
81、related structures at the management and executive levels,with over 85%having ESG-related governance structures at the management level.In contrast,Chinese respondents are more inclined to assign employees responsible for ESG-related work on a partial basis.20%of Chinese institutions still do not ha
82、ve ESG-related governance structures.2.Responsible Investment Governance2.1 More than half of the respondents have ESG-related governance structures in placeFive respondents(9.8%)have more than ten people working full-time on ESG-related tasks,accounting for 3.3%of the Chinese respondents and 19%o t
83、he offshore respondents.Nine respondents(17.6%)have six to ten people working full-time on ESG-related tasks,accounting for 13.3%of the Chinese and 23.8%of the offshore respondents.Twenty-one respondents(41.2%,the highest proportion)have one to five people working full-time on ESG-related tasks,acco
84、unting for 33.3%of the Chinese and 52.4%of the offshore respondents.Moreover,50%among the Chinese respondents and 4.8%among the offshore respondents do not have people working full-time on ESG-related tasks.Number of employees who are dedicate to ESG-related tasks:ESG-related structures are in place
85、 at the management level 51.0%85.7%26.7%39.2%57.1%26.7%ESG-related structures are in place at the executive level45.1%38.1%50.0%There are employees responsible for ESG-related work on a partial basis11.8%9.5%13.3%Hiring an external team to carry out ESG-related work11.8%0.0%20.0%None of the aboveFig
86、ure 4 ESG investment-related initiatives or organisations that asset owners are signatories toAll respondentsChinese respondentsOffshore respondentsFigure 5 ESG-related governance structures at multiple levelsAll respondentsChinese respondentsOffshore respondents5 ESG Survey Report for Asset Owners(
87、2022)ESG Survey Report for Asset Owners(2022)6Twenty respondents(39.2%)have joined the Principles for Responsible Investment(PRI),accounting for 26.7%of the Chinese and 57.1%of the offshore respondents.Fifteen respondents(29.4%)support the Task Force on Climate-related Financial Disclosure(TCFD),acc
88、ounting for 10%of the Chinese and 57.1%of the offshore respondents.Nine respondents(17.6%)have joined the Institutional Investors Group on Climate Change(IIGCC),the Asian Investors Group on Climate Change(AIGCC),or the Climate Action 100+,accounting for 6.7%of the Chinese and 33.3%of the offshore re
89、spondents.Six respondents(11.8%)are signatories to the Green Finance Committee(GFC)of the China Society for Finance and Banking,accounting for 6.7%of the Chinese and 19%of the offshore respondents.Furthermore,six offshore respondents are signatories to the Net-Zero Asset Owner Alliance or GFANZ and
90、6 are signatories to the CDP,accounting for 28.6%of the offshore respondents.Comparatively,offshore respondents are more active in participating ESG investment-related initiatives or organisations,which may be closely related to the long history of ESG investment in developed countries.Note:One orga
91、nisation may be a signatory to more than one ESG investment-related initiative or organisation.1.4 More than half of respondents are signatories to ESG investment-related initiatives or organisationsPrinciples for Responsible Investment(PRI)39.2%57.1%26.7%29.4%57.1%10.0%Supporting organisations of t
92、he Task Force on Climate-related Financial Disclosure(TCFD)17.6%33.3%6.7%Institutional Investors Group on Climate Change(IIGCC),the Asian Investors Group on Climate Change(AIGCC),or Climate Action 100+28.6%11.8%0.0%UN-convened Net-Zero Asset Owner Alliance,GFANZ11.8%19.0%6.7%Green Finance Committee(
93、GFC)of the China Society for Finance and Banking11.8%28.6%0.0%Supporting organisations of the CDP19.6%33.3%10.0%OthersTwenty-six respondents(51%)have ESG-related structures at the management level(for example,having an ESG investment decision-making committee,an investment/risk control committee tha
94、t covers the work of ESG investments,or a senior executive with dedicated responsibility for ESG work),representing 26.7%of the Chinese and 85.7%of the offshore respondents.Twenty respondents(39.2%)have ESG-related structures at the executive level,accounting for 26.7%of the Chinese and 57.1%of the
95、offshore respondents.Twenty-three respondents(45.1%)have assigned employees to be responsible for ESG-related work on a partial basis,accounting for 50%of the Chinese and 38.1%of the offshore respondents.Six respondents hire external teams to carry out ESG-related work.Overall,offshore respondents h
96、ave put more effort into ESG-related structures at the management and executive levels,with over 85%having ESG-related governance structures at the management level.In contrast,Chinese respondents are more inclined to assign employees responsible for ESG-related work on a partial basis.20%of Chinese
97、 institutions still do not have ESG-related governance structures.2.Responsible Investment Governance2.1 More than half of the respondents have ESG-related governance structures in placeFive respondents(9.8%)have more than ten people working full-time on ESG-related tasks,accounting for 3.3%of the C
98、hinese respondents and 19%o the offshore respondents.Nine respondents(17.6%)have six to ten people working full-time on ESG-related tasks,accounting for 13.3%of the Chinese and 23.8%of the offshore respondents.Twenty-one respondents(41.2%,the highest proportion)have one to five people working full-t
99、ime on ESG-related tasks,accounting for 33.3%of the Chinese and 52.4%of the offshore respondents.Moreover,50%among the Chinese respondents and 4.8%among the offshore respondents do not have people working full-time on ESG-related tasks.Number of employees who are dedicate to ESG-related tasks:ESG-re
100、lated structures are in place at the management level 51.0%85.7%26.7%39.2%57.1%26.7%ESG-related structures are in place at the executive level45.1%38.1%50.0%There are employees responsible for ESG-related work on a partial basis11.8%9.5%13.3%Hiring an external team to carry out ESG-related work11.8%
101、0.0%20.0%None of the aboveFigure 4 ESG investment-related initiatives or organisations that asset owners are signatories toAll respondentsChinese respondentsOffshore respondentsFigure 5 ESG-related governance structures at multiple levelsAll respondentsChinese respondentsOffshore respondents7 ESG Su
102、rvey Report for Asset Owners(2022)ESG Survey Report for Asset Owners(2022)8Thirty-one respondents(60.8%)provide ESG training for all company personnel.Among them,15(29.4%of the total)have ESG training amounting to more than 4 hours per annum,and 16(31.4%of the total)less than 4 hours per annum.Eleve
103、n respondents(21.6%)provide ESG training for management.Among them,6(11.8%of the total)provide ESG training amounting to more than 8 hours per annum,and 5(9.8%of the total)less than 8 hours per annum.Fourteen respondents(27.5%)provide ESG training for designated ESG staff.Among them,8(15.7%of the to
104、tal)provide ESG training amounting to more than 16 hours per annum,and 6(11.8%of the total)less than 16 hours per annum.Furthermore,11 respondents(21.6%)have undertaken no ESG-related training.Offshore respondents emphasise ESG training for all company personnel more,as 81%provide ESG-related traini
105、ng.42.9%of the offshore respondents provide ESG training for all company personnel amounting to more than 4 hours per annum,while 38.1%provide training for less than 4 hours per annum.2.2 Nearly 80%of respondents provide ESG-related trainingESG training is available for all company personnel,amounti
106、ng to more than 4 hours per annum29.4%20.0%42.9%31.4%38.1%26.7%ESG training is available for all company personnel,amounting to less than 4 hours per annum11.8%9.5%13.3%ESG training is available for management for a total of more than 8 hours per annum9.5%10.0%9.8%ESG training is available for manag
107、ement for a total of 8 hours or less per annum15.7%13.3%19.0%ESG training is available for designated ESG staff for a total of more than 16 hours per annum4.8%33.3%21.6%No ESG-related training has been undertaken11.8%9.5%13.3%ESG training is available for designated ESG staff for a total of 16 hours
108、 or less per annumWhen selecting an asset manager in China:Twenty-five respondents(49%)always consider the asset managers ability to evaluate the ESG performance of its investment targets,accounting for 33.3%of the Chinese respondents and 71.4%of the offshore respondents.Fifteen respondents(29.4%)co
109、nsider the asset managers ability to assess the ESG performance of its investment targets,accounting for 36.7%of the Chinese respondents and 19%of the offshore respondents.Seven respondents(13.7%)do not consider the asset managers ability to assess the ESG performance of its investment targets.Howev
110、er,they plan to consider it within the next five years.Four respondents(7.8%)do not consider the asset managers ability to assess the ESG performance of its investment targets for the time being,nor would they do so in the next five years.When selecting an asset manager in China,70%of the Chinese an
111、d 90.5%of the offshore respondents(always or sometimes)consider the asset managers ability to assess the ESG performance of its investment targets.Offshore respondents value this more,with 71.4%always considering.2.3 When selecting an asset manager in China,nearly 80%of the respondents consider the
112、asset managers ability to assess the ESG performance of its investment targetsAlways considers49.0%33.3%71.4%29.4%19.0%36.7%Sometimes considers13.7%4.8%20.0%Not at the moment,but plans to consider it within the next five years4.8%10.0%7.8%No,and neither in the next five yearsFigure 6 ESG-related tra
113、iningAll respondentsChinese respondentsOffshore respondentsFigure 7 When selecting an asset manager in China,the level of consideration on asset managers ability to assess the ESG performance of its investment targetsAll respondentsChinese respondentsOffshore respondents7 ESG Survey Report for Asset
114、 Owners(2022)ESG Survey Report for Asset Owners(2022)8Thirty-one respondents(60.8%)provide ESG training for all company personnel.Among them,15(29.4%of the total)have ESG training amounting to more than 4 hours per annum,and 16(31.4%of the total)less than 4 hours per annum.Eleven respondents(21.6%)p
115、rovide ESG training for management.Among them,6(11.8%of the total)provide ESG training amounting to more than 8 hours per annum,and 5(9.8%of the total)less than 8 hours per annum.Fourteen respondents(27.5%)provide ESG training for designated ESG staff.Among them,8(15.7%of the total)provide ESG train
116、ing amounting to more than 16 hours per annum,and 6(11.8%of the total)less than 16 hours per annum.Furthermore,11 respondents(21.6%)have undertaken no ESG-related training.Offshore respondents emphasise ESG training for all company personnel more,as 81%provide ESG-related training.42.9%of the offsho
117、re respondents provide ESG training for all company personnel amounting to more than 4 hours per annum,while 38.1%provide training for less than 4 hours per annum.2.2 Nearly 80%of respondents provide ESG-related trainingESG training is available for all company personnel,amounting to more than 4 hou
118、rs per annum29.4%20.0%42.9%31.4%38.1%26.7%ESG training is available for all company personnel,amounting to less than 4 hours per annum11.8%9.5%13.3%ESG training is available for management for a total of more than 8 hours per annum9.5%10.0%9.8%ESG training is available for management for a total of
119、8 hours or less per annum15.7%13.3%19.0%ESG training is available for designated ESG staff for a total of more than 16 hours per annum4.8%33.3%21.6%No ESG-related training has been undertaken11.8%9.5%13.3%ESG training is available for designated ESG staff for a total of 16 hours or less per annumWhe
120、n selecting an asset manager in China:Twenty-five respondents(49%)always consider the asset managers ability to evaluate the ESG performance of its investment targets,accounting for 33.3%of the Chinese respondents and 71.4%of the offshore respondents.Fifteen respondents(29.4%)consider the asset mana
121、gers ability to assess the ESG performance of its investment targets,accounting for 36.7%of the Chinese respondents and 19%of the offshore respondents.Seven respondents(13.7%)do not consider the asset managers ability to assess the ESG performance of its investment targets.However,they plan to consi
122、der it within the next five years.Four respondents(7.8%)do not consider the asset managers ability to assess the ESG performance of its investment targets for the time being,nor would they do so in the next five years.When selecting an asset manager in China,70%of the Chinese and 90.5%of the offshor
123、e respondents(always or sometimes)consider the asset managers ability to assess the ESG performance of its investment targets.Offshore respondents value this more,with 71.4%always considering.2.3 When selecting an asset manager in China,nearly 80%of the respondents consider the asset managers abilit
124、y to assess the ESG performance of its investment targetsAlways considers49.0%33.3%71.4%29.4%19.0%36.7%Sometimes considers13.7%4.8%20.0%Not at the moment,but plans to consider it within the next five years4.8%10.0%7.8%No,and neither in the next five yearsFigure 6 ESG-related trainingAll respondentsC
125、hinese respondentsOffshore respondentsFigure 7 When selecting an asset manager in China,the level of consideration on asset managers ability to assess the ESG performance of its investment targetsAll respondentsChinese respondentsOffshore respondents9 ESG Survey Report for Asset Owners(2022)ESG Surv
126、ey Report for Asset Owners(2022)10Twenty-one respondents(41.2%)value asset managers mature ESG investment awareness the most,accounting for 36.7%of the Chinese and 47.6%of the offshore respondents.Thirteen respondents(25.5%)value asset managers well-developed ESG integration process the most,account
127、ing for 16.7%of the Chinese and 38.1%of the offshore respondents.Five respondents(9.8%)value asset managers systematic ESG analysis methodology the most,and 5(9.8%)value the ability to apply ESG strategies to deliver satisfactory returns on investment the most.Furthermore,four respondents(7.8%)see a
128、sset managers complete ESG governance framework as the most important,and three(5.9%)deem adequate and accurate ESG data as the most important.The majority of respondents rate mature ESG investment awareness as the most important ESG investment capability of an asset manager,followed by a well-devel
129、oped ESG integration process.Offshore respondents emphasise a well-developed ESG integration process more than Chinese respondents,which is closely related to the delivery of ESG integration investments.2.4 Respondents value asset managers ESG investment awareness and ESG integration process the mos
130、tMature ESG investment awareness41.2%36.7%47.6%25.5%38.1%16.7%A well-developed ESG integration process9.8%4.8%13.3%Systematic ESG analysis methodology9.8%4.8%13.3%Ability to apply ESG strategies to deliver satisfactory returns on investment4.8%10.0%7.8%A complete ESG governance framework10.0%0.0%5.9
131、%Adequate and accurate ESG dataForty-six respondents(90.2%)value climate change among all environmental issues in their investments the most,accounting for 83.3%among the Chinese and 100%of the offshore respondents.Forty-three respondents(84.3%)see energy saving and consumption reduction in their in
132、vestments in China as the most crucial.Thirty-eight respondents(74.5%)deem pollution control the most crucial.Twenty-three respondents(45.1%)deem biodiversity the most important,accounting for 26.7%of the Chinese and 71.4%of the offshore respondents.On the whole,climate change was the most important
133、 environmental issue for all respondents,winning all offshore respondents vote.Chinese and offshore respondents pay similar attention to the issue of energy saving and consumption reduction,which is slightly higher than that to pollution control.Moreover,the issue of biodiversity receives significan
134、tly more attention from offshore respondents than from Chinese respondents.3.Responsible Investment Practices3.1 Respondents value climate change,and energy saving and consumption as the most important environmental issuesForty-seven respondents(92.2%)value the issue of governance structure in their
135、 investments in China,and the same number applies to the issue of compliance management.Forty-five respondents(88.2%),consisting of 83.3%among the Chinese respondents and 95.2%among the offshore respondents,value the governance issue of business ethics in their investments in China.Overall,Chinese a
136、nd offshore respondents value all governance issues,with Chinese respondents focusing more on governance structure and compliance management,while offshore respondents more on business ethics.3.2 Respondents value all governance issuesGovernance structure92.2%90.5%93.3%92.2%90.5%93.3%Compliance mana
137、gement88.2%95.2%83.3%Business ethicsFigure 8 The most valued ESG investment capability of an asset manager in ChinaAll respondentsChinese respondentsOffshore respondentsClimate change90.2%100%83.3%84.3%85.7%83.3%Energy saving and consumption reduction74.5%76.2%73.3%Pollution control45.1%71.4%26.7%Bi
138、odiversityFigure 9 The most valued environmental issues in investments in ChinaAll respondentsChinese respondentsOffshore respondentsFigure 10 The most valued governance issues in investments in ChinaAll respondentsChinese respondentsOffshore respondents9 ESG Survey Report for Asset Owners(2022)ESG
139、Survey Report for Asset Owners(2022)10Twenty-one respondents(41.2%)value asset managers mature ESG investment awareness the most,accounting for 36.7%of the Chinese and 47.6%of the offshore respondents.Thirteen respondents(25.5%)value asset managers well-developed ESG integration process the most,acc
140、ounting for 16.7%of the Chinese and 38.1%of the offshore respondents.Five respondents(9.8%)value asset managers systematic ESG analysis methodology the most,and 5(9.8%)value the ability to apply ESG strategies to deliver satisfactory returns on investment the most.Furthermore,four respondents(7.8%)s
141、ee asset managers complete ESG governance framework as the most important,and three(5.9%)deem adequate and accurate ESG data as the most important.The majority of respondents rate mature ESG investment awareness as the most important ESG investment capability of an asset manager,followed by a well-d
142、eveloped ESG integration process.Offshore respondents emphasise a well-developed ESG integration process more than Chinese respondents,which is closely related to the delivery of ESG integration investments.2.4 Respondents value asset managers ESG investment awareness and ESG integration process the
143、 mostMature ESG investment awareness41.2%36.7%47.6%25.5%38.1%16.7%A well-developed ESG integration process9.8%4.8%13.3%Systematic ESG analysis methodology9.8%4.8%13.3%Ability to apply ESG strategies to deliver satisfactory returns on investment4.8%10.0%7.8%A complete ESG governance framework10.0%0.0
144、%5.9%Adequate and accurate ESG dataForty-six respondents(90.2%)value climate change among all environmental issues in their investments the most,accounting for 83.3%among the Chinese and 100%of the offshore respondents.Forty-three respondents(84.3%)see energy saving and consumption reduction in thei
145、r investments in China as the most crucial.Thirty-eight respondents(74.5%)deem pollution control the most crucial.Twenty-three respondents(45.1%)deem biodiversity the most important,accounting for 26.7%of the Chinese and 71.4%of the offshore respondents.On the whole,climate change was the most impor
146、tant environmental issue for all respondents,winning all offshore respondents vote.Chinese and offshore respondents pay similar attention to the issue of energy saving and consumption reduction,which is slightly higher than that to pollution control.Moreover,the issue of biodiversity receives signif
147、icantly more attention from offshore respondents than from Chinese respondents.3.Responsible Investment Practices3.1 Respondents value climate change,and energy saving and consumption as the most important environmental issuesForty-seven respondents(92.2%)value the issue of governance structure in t
148、heir investments in China,and the same number applies to the issue of compliance management.Forty-five respondents(88.2%),consisting of 83.3%among the Chinese respondents and 95.2%among the offshore respondents,value the governance issue of business ethics in their investments in China.Overall,Chine
149、se and offshore respondents value all governance issues,with Chinese respondents focusing more on governance structure and compliance management,while offshore respondents more on business ethics.3.2 Respondents value all governance issuesGovernance structure92.2%90.5%93.3%92.2%90.5%93.3%Compliance
150、management88.2%95.2%83.3%Business ethicsFigure 8 The most valued ESG investment capability of an asset manager in ChinaAll respondentsChinese respondentsOffshore respondentsClimate change90.2%100%83.3%84.3%85.7%83.3%Energy saving and consumption reduction74.5%76.2%73.3%Pollution control45.1%71.4%26.
151、7%BiodiversityFigure 9 The most valued environmental issues in investments in ChinaAll respondentsChinese respondentsOffshore respondentsFigure 10 The most valued governance issues in investments in ChinaAll respondentsChinese respondentsOffshore respondents11 ESG Survey Report for Asset Owners(2022
152、)ESG Survey Report for Asset Owners(2022)123.3 Respondents value information security,product quality and supply chain management as the most important social issuesThirty-eight respondents(74.5%),value information security among all social issues in their investments in China the most.This accounts
153、 for 76.7%of the Chinese and 71.4%of the offshore respondents.Thirty-four respondents(66.7%)value the issue of product quality in their investments in China,and the same number applies to supply chain management.Thirty-three respondents(64.7%)regard labour rights in their investments in China as imp
154、ortant.This accounts for 53.3%of the Chinese and 81%of the offshore respondents.Twenty-eight respondents(54.9%)value customer relations in their investments in China,and the same applies to community relations.In general,Chinese respondents are more concerned with information security,product qualit
155、y,and customer relations than offshore respondents;offshore respondents are more concerned with supply chain management,labour rights,and community relations.Information security74.5%71.4%76.7%66.7%57.1%73.3%Product quality66.7%81.0%56.7%Supply chain management64.7%81.0%53.3%Labour rights54.9%33.3%7
156、0.0%Customer relations66.7%54.9%46.7%Community relationsThe three sectors rated by respondents to have the highest ESG risk in China are mining;electricity,heat and gas;and manufacturing.Overall,both Chinese and offshore respondents have similar views on the sectors with the highest ESG risk.Thirty-
157、six respondents(70.6%)voted for the mining sector.This accounts for 66.7%of the Chinese and 76.2%of the offshore respondents.Twenty-eight respondents(54.9%)voted for electricity,heat and gas,accounting for 40%of the Chinese and 76.2%of the offshore respondents.Twenty-four respondents(47.1%)voted for
158、 the manufacturing sector,accounting for 43.3%of the Chinese and 52.4%of the offshore respondents.3.4 Respondents consider mining,electricity,heat and gas,and manufacturing to have the highest ESG risk in ChinaMining70.6%76.2%66.7%54.9%40.0%76.2%Electricity,heat and gas43.3%52.4%47.1%Manufacturing25
159、.5%26.7%23.8%Agriculture,forestry,livestock farming and fishery19.6%9.5%26.7%Real estate15.7%23.3%4.8%Finance and insurance15.7%23.3%4.8%Construction15.7%16.7%14.3%Information technology15.7%10.0%23.8%Water,environment and utilities6.7%9.5%7.8%Transport,storage and logistics6.7%0.0%3.9%Communication
160、 and cultural industries5.9%6.7%4.8%General/other sectors0.0%2.0%3.3%Wholesale and retailFigure 11 The most valued social issues in investments in ChinaAll respondentsChinese respondentsOffshore respondentsFigure 12 The three sectors with the highest ESG risk in ChinaAll respondentsChinese responden
161、tsOffshore respondents11 ESG Survey Report for Asset Owners(2022)ESG Survey Report for Asset Owners(2022)123.3 Respondents value information security,product quality and supply chain management as the most important social issuesThirty-eight respondents(74.5%),value information security among all so
162、cial issues in their investments in China the most.This accounts for 76.7%of the Chinese and 71.4%of the offshore respondents.Thirty-four respondents(66.7%)value the issue of product quality in their investments in China,and the same number applies to supply chain management.Thirty-three respondents
163、(64.7%)regard labour rights in their investments in China as important.This accounts for 53.3%of the Chinese and 81%of the offshore respondents.Twenty-eight respondents(54.9%)value customer relations in their investments in China,and the same applies to community relations.In general,Chinese respond
164、ents are more concerned with information security,product quality,and customer relations than offshore respondents;offshore respondents are more concerned with supply chain management,labour rights,and community relations.Information security74.5%71.4%76.7%66.7%57.1%73.3%Product quality66.7%81.0%56.
165、7%Supply chain management64.7%81.0%53.3%Labour rights54.9%33.3%70.0%Customer relations66.7%54.9%46.7%Community relationsThe three sectors rated by respondents to have the highest ESG risk in China are mining;electricity,heat and gas;and manufacturing.Overall,both Chinese and offshore respondents hav
166、e similar views on the sectors with the highest ESG risk.Thirty-six respondents(70.6%)voted for the mining sector.This accounts for 66.7%of the Chinese and 76.2%of the offshore respondents.Twenty-eight respondents(54.9%)voted for electricity,heat and gas,accounting for 40%of the Chinese and 76.2%of
167、the offshore respondents.Twenty-four respondents(47.1%)voted for the manufacturing sector,accounting for 43.3%of the Chinese and 52.4%of the offshore respondents.3.4 Respondents consider mining,electricity,heat and gas,and manufacturing to have the highest ESG risk in ChinaMining70.6%76.2%66.7%54.9%
168、40.0%76.2%Electricity,heat and gas43.3%52.4%47.1%Manufacturing25.5%26.7%23.8%Agriculture,forestry,livestock farming and fishery19.6%9.5%26.7%Real estate15.7%23.3%4.8%Finance and insurance15.7%23.3%4.8%Construction15.7%16.7%14.3%Information technology15.7%10.0%23.8%Water,environment and utilities6.7%
169、9.5%7.8%Transport,storage and logistics6.7%0.0%3.9%Communication and cultural industries5.9%6.7%4.8%General/other sectors0.0%2.0%3.3%Wholesale and retailFigure 11 The most valued social issues in investments in ChinaAll respondentsChinese respondentsOffshore respondentsFigure 12 The three sectors wi
170、th the highest ESG risk in ChinaAll respondentsChinese respondentsOffshore respondents13 ESG Survey Report for Asset Owners(2022)ESG Survey Report for Asset Owners(2022)1474.5%81.0%70.0%54.9%43.3%71.4%51.0%47.1%45.1%23.3%76.2%40.0%57.1%43.3%61.9%Thirty-eight respondents(74.5%)exclude companies with
171、poor ESG performance from their investments in China,accounting for 70%of the Chinese and 81%of the offshore respondents.Twenty-eight respondents(54.9%)employ ESG integration as a responsible investment method for their investments in China,accounting for 43.3%of the Chinese and 71.4%of the offshore
172、 respondents.Twenty-six respondents(51%)select companies with good ESG performance for their investments in China,accounting for 43.3%of the Chinese and 61.9%of the offshore respondents.Twenty-four respondents(47.1%)select sectors and projects that with environmental and social impact for their inve
173、stments in China,accounting for 40%of the Chinese and 57.1%of the offshore respondents.Twenty-three respondents(45.1%)engage with portfolio companies to improve their ESG management for their investments in China,accounting for 23.3%of the Chinese and 76.2%of the offshore respondents.Offshore respon
174、dents are more active in employing various responsible investment approaches in China.Unlike Chinese respondents,they often engage with portfolio companies to improve their ESG management.3.5 Negative screening,ESG integration and best-in-class screening are the preferred approaches to responsible i
175、nvestment used by the respondentsExcluding companies with poor ESG performanceESG integrationSelecting companies with good ESG performanceSelect sectors and projects with environmental and social impactEngage with portfolio companies to improve their ESG managementImpact investment68.6%of respondent
176、s engage with current or potential investees/issuers;39.2%of respondents vote at general meetings;31.4%of respondents make public statements(e.g.,publishing articles via media);23.5%of respondents serve on the board of directors or in board committees of the investee;15.7%of respondents submit share
177、holder resolutions/proposals;5.9%of respondents conduct litigation.When engaging with investees about ESG issues:23.5%26.7%19.0%In responding to climate-related risks,26 respondents(51%)have started to analyse climate-related risks or opportunities,accounting for 40%of the Chinese and 66.7%of the of
178、fshore respondents.Twenty respondents(39.2%)have set a net-zero portfolio target,accounting for 26.7%of the Chinese and 57.1%of the offshore respondents.Twenty respondents(39.2%)have started to measure the carbon footprints of the portfolio,accounting for 20%of the Chinese and 66.7%of the offshore r
179、espondents.Sixteen respondents(31.4%)have carried out scenario analysis or stress testing,accounting for 13.3%of the Chinese and 57.1%of the offshore respondents.In general,most respondents have started to invest in research on climate change,and nearly 40%of them have started to measure the carbon
180、footprints of their portfolios.To align with the Paris Agreement,offshore respondents are more advanced in the discussion and practice of analysing climate-related risks or opportunities,setting a net-zero portfolio target,measuring the carbon footprints of the portfolio,and conducting scenario anal
181、ysis or stress testing.Chinese respondents,led by the Dual-Carbon Goals,have also started to identify and respond to climate-related risks of the portfolio.3.6 Nearly 40%of respondents have set a portfolio net zero targetMy organisation has started to analyse climate-related risks or opportunities51
182、.0%66.7%40.0%39.2%57.1%26.7%My organisation has set a portfolio net zero target39.2%66.7%20.0%My organisation has started to measure the carbon footprints of the portfolio31.4%57.1%13.3%My organisation has carried out scenario analysis or stress testing27.5%38.1%20.0%My organisation has set a climat
183、e-related governance structure23.5%4.8%36.7%My organisation has not deployed any climate-related work15.7%9.5%20.0%My organisation has set a portfolio carbon peak targetFigure 13 Responsible investment approaches used for investments in ChinaAll respondentsChinese respondentsOffshore respondentsFigu
184、re 14 Measures for achieving carbon peak and carbon neutrality in ChinaAll respondentsChinese respondentsOffshore respondents13 ESG Survey Report for Asset Owners(2022)ESG Survey Report for Asset Owners(2022)1474.5%81.0%70.0%54.9%43.3%71.4%51.0%47.1%45.1%23.3%76.2%40.0%57.1%43.3%61.9%Thirty-eight re
185、spondents(74.5%)exclude companies with poor ESG performance from their investments in China,accounting for 70%of the Chinese and 81%of the offshore respondents.Twenty-eight respondents(54.9%)employ ESG integration as a responsible investment method for their investments in China,accounting for 43.3%
186、of the Chinese and 71.4%of the offshore respondents.Twenty-six respondents(51%)select companies with good ESG performance for their investments in China,accounting for 43.3%of the Chinese and 61.9%of the offshore respondents.Twenty-four respondents(47.1%)select sectors and projects that with environ
187、mental and social impact for their investments in China,accounting for 40%of the Chinese and 57.1%of the offshore respondents.Twenty-three respondents(45.1%)engage with portfolio companies to improve their ESG management for their investments in China,accounting for 23.3%of the Chinese and 76.2%of t
188、he offshore respondents.Offshore respondents are more active in employing various responsible investment approaches in China.Unlike Chinese respondents,they often engage with portfolio companies to improve their ESG management.3.5 Negative screening,ESG integration and best-in-class screening are th
189、e preferred approaches to responsible investment used by the respondentsExcluding companies with poor ESG performanceESG integrationSelecting companies with good ESG performanceSelect sectors and projects with environmental and social impactEngage with portfolio companies to improve their ESG manage
190、mentImpact investment68.6%of respondents engage with current or potential investees/issuers;39.2%of respondents vote at general meetings;31.4%of respondents make public statements(e.g.,publishing articles via media);23.5%of respondents serve on the board of directors or in board committees of the in
191、vestee;15.7%of respondents submit shareholder resolutions/proposals;5.9%of respondents conduct litigation.When engaging with investees about ESG issues:23.5%26.7%19.0%In responding to climate-related risks,26 respondents(51%)have started to analyse climate-related risks or opportunities,accounting f
192、or 40%of the Chinese and 66.7%of the offshore respondents.Twenty respondents(39.2%)have set a net-zero portfolio target,accounting for 26.7%of the Chinese and 57.1%of the offshore respondents.Twenty respondents(39.2%)have started to measure the carbon footprints of the portfolio,accounting for 20%of
193、 the Chinese and 66.7%of the offshore respondents.Sixteen respondents(31.4%)have carried out scenario analysis or stress testing,accounting for 13.3%of the Chinese and 57.1%of the offshore respondents.In general,most respondents have started to invest in research on climate change,and nearly 40%of t
194、hem have started to measure the carbon footprints of their portfolios.To align with the Paris Agreement,offshore respondents are more advanced in the discussion and practice of analysing climate-related risks or opportunities,setting a net-zero portfolio target,measuring the carbon footprints of the
195、 portfolio,and conducting scenario analysis or stress testing.Chinese respondents,led by the Dual-Carbon Goals,have also started to identify and respond to climate-related risks of the portfolio.3.6 Nearly 40%of respondents have set a portfolio net zero targetMy organisation has started to analyse c
196、limate-related risks or opportunities51.0%66.7%40.0%39.2%57.1%26.7%My organisation has set a portfolio net zero target39.2%66.7%20.0%My organisation has started to measure the carbon footprints of the portfolio31.4%57.1%13.3%My organisation has carried out scenario analysis or stress testing27.5%38.
197、1%20.0%My organisation has set a climate-related governance structure23.5%4.8%36.7%My organisation has not deployed any climate-related work15.7%9.5%20.0%My organisation has set a portfolio carbon peak targetFigure 13 Responsible investment approaches used for investments in ChinaAll respondentsChin
198、ese respondentsOffshore respondentsFigure 14 Measures for achieving carbon peak and carbon neutrality in ChinaAll respondentsChinese respondentsOffshore respondents15 ESG Survey Report for Asset Owners(2022)ESG Survey Report for Asset Owners(2022)16Describe the approaches and measures used to assess
199、 and address ESG risks84.3%100%73.3%64.7%76.2%56.7%Describe the approaches and measures used to identify ESG opportunities64.7%71.4%60.0%Describe the sustainability outcomes of the portfolio or the positive impact achieved in terms of ESG58.8%47.6%66.7%A description of the portfolio performance usin
200、g ESG analysis47.1%76.2%26.7%Follow the recommendations of the Task Force on Climate-related Financial Disclosures(TCFD)71.4%43.1%23.3%Disclosure according to the PRI Transparency Report5.9%0.0%10.0%No disclosure of responsible investment is required4.Information Disclosure4.1 Most respondents requi
201、re asset managers to report on the measures they use and the outcomes they achieveWhen asked about how asset managers appointed in China should regularly report on the responsible investments they make,Overall,offshore respondents have more stringent and comprehensive information disclosure requirem
202、ents for asset managers responsible investment and are more inclined to require asset managers to disclose information in accordance with certain rules and frameworks.Forty-three respondents(84.3%)require asset managers to describe the approaches and measures used to assess and address ESG risks;Thi
203、rty-three respondents(64.7%)require asset managers to describe the approaches and measures used to identify ESG opportunities;Thirty-three respondents(64.7%)require asset managers to describe the sustainability outcomes of the portfolio or the positive impact achieved in terms of ESG;Thirty responde
204、nts(58.8%)require asset managers to describe the portfolio performance using ESG analysis;Twenty-four respondents(47.1%)require asset managers to follow the recommendations of the Task Force on Climate-related Financial Disclosures(TCFD);and Twenty-two respondents(43.1%)require asset managers to dis
205、close according to the PRI Transparency Report.4.2 The greatest difficulty for responsible investments in China is the availability of ESG informationIn their responsible investments in China,43 respondents(84.3%)find it difficult to find ESG information on investment targets,accounting for 76.7%of
206、the Chinese respondents and 95.2%of the offshore respondents.In their responsible investments in China,28 respondents(54.9%)find methodologies to assess the ESG performance of investment targets insufficient,accounting for 66.7%of the Chinese respondents and 38.1%of the offshore respondents.Twenty-e
207、ight respondents(54.9%)find it difficult to assess the portfolios carbon footprint,accounting for 53.3%of the Chinese and 57.1%of the offshore respondents.Many Chinese and offshore respondents have difficulty finding ESG information on investment targets,specifically due to low ESG information discl
208、osure rate,lack of quantitative information,inconsistent standards for information disclosure,and a lack of accreditation and auditing.Over half of Chinese and offshore respondents are concerned about the difficulty of assessing the portfolios carbon emissions.Moreover,compared with offshore respond
209、ents,a higher proportion of Chinese respondents find insufficient methodologies to assess the ESG performance of investment targets as one of the difficulties in their responsible investments.Difficulty in finding ESG information on investment targets84.3%95.2%76.7%54.9%38.1%66.7%Insufficient method
210、ologies to assess the ESG performance of investment targets54.9%57.1%53.3%Difficulty in assessing the carbon footprint of the portfolio41.2%23.8%53.3%Difficulty in measuring the financial return and risk level of ESG investments38.1%39.2%40.0%Lack of correlation between the ESG performance of invest
211、ment targets and the level of financial return or risk23.8%25.5%26.7%Lack of reliable asset managers with ESG approach/strategy35.3%33.3%36.7%Difficulty in measuring the sustainability outcomes of investments or the positive ESG impacts achieved2.0%4.8%0.0%Others21.6%19.0%23.3%Lack of professional E
212、SG service providersFigure 15 Asset managers report on the responsible investmentsAll respondentsChinese respondentsOffshore respondentsFigure 16 Difficulties in conducting responsible investment in ChinaAll respondentsChinese respondentsOffshore respondents15 ESG Survey Report for Asset Owners(2022
213、)ESG Survey Report for Asset Owners(2022)16Describe the approaches and measures used to assess and address ESG risks84.3%100%73.3%64.7%76.2%56.7%Describe the approaches and measures used to identify ESG opportunities64.7%71.4%60.0%Describe the sustainability outcomes of the portfolio or the positive
214、 impact achieved in terms of ESG58.8%47.6%66.7%A description of the portfolio performance using ESG analysis47.1%76.2%26.7%Follow the recommendations of the Task Force on Climate-related Financial Disclosures(TCFD)71.4%43.1%23.3%Disclosure according to the PRI Transparency Report5.9%0.0%10.0%No disc
215、losure of responsible investment is required4.Information Disclosure4.1 Most respondents require asset managers to report on the measures they use and the outcomes they achieveWhen asked about how asset managers appointed in China should regularly report on the responsible investments they make,Over
216、all,offshore respondents have more stringent and comprehensive information disclosure requirements for asset managers responsible investment and are more inclined to require asset managers to disclose information in accordance with certain rules and frameworks.Forty-three respondents(84.3%)require a
217、sset managers to describe the approaches and measures used to assess and address ESG risks;Thirty-three respondents(64.7%)require asset managers to describe the approaches and measures used to identify ESG opportunities;Thirty-three respondents(64.7%)require asset managers to describe the sustainabi
218、lity outcomes of the portfolio or the positive impact achieved in terms of ESG;Thirty respondents(58.8%)require asset managers to describe the portfolio performance using ESG analysis;Twenty-four respondents(47.1%)require asset managers to follow the recommendations of the Task Force on Climate-rela
219、ted Financial Disclosures(TCFD);and Twenty-two respondents(43.1%)require asset managers to disclose according to the PRI Transparency Report.4.2 The greatest difficulty for responsible investments in China is the availability of ESG informationIn their responsible investments in China,43 respondents
220、(84.3%)find it difficult to find ESG information on investment targets,accounting for 76.7%of the Chinese respondents and 95.2%of the offshore respondents.In their responsible investments in China,28 respondents(54.9%)find methodologies to assess the ESG performance of investment targets insufficien
221、t,accounting for 66.7%of the Chinese respondents and 38.1%of the offshore respondents.Twenty-eight respondents(54.9%)find it difficult to assess the portfolios carbon footprint,accounting for 53.3%of the Chinese and 57.1%of the offshore respondents.Many Chinese and offshore respondents have difficul
222、ty finding ESG information on investment targets,specifically due to low ESG information disclosure rate,lack of quantitative information,inconsistent standards for information disclosure,and a lack of accreditation and auditing.Over half of Chinese and offshore respondents are concerned about the d
223、ifficulty of assessing the portfolios carbon emissions.Moreover,compared with offshore respondents,a higher proportion of Chinese respondents find insufficient methodologies to assess the ESG performance of investment targets as one of the difficulties in their responsible investments.Difficulty in
224、finding ESG information on investment targets84.3%95.2%76.7%54.9%38.1%66.7%Insufficient methodologies to assess the ESG performance of investment targets54.9%57.1%53.3%Difficulty in assessing the carbon footprint of the portfolio41.2%23.8%53.3%Difficulty in measuring the financial return and risk le
225、vel of ESG investments38.1%39.2%40.0%Lack of correlation between the ESG performance of investment targets and the level of financial return or risk23.8%25.5%26.7%Lack of reliable asset managers with ESG approach/strategy35.3%33.3%36.7%Difficulty in measuring the sustainability outcomes of investmen
226、ts or the positive ESG impacts achieved2.0%4.8%0.0%Others21.6%19.0%23.3%Lack of professional ESG service providersFigure 15 Asset managers report on the responsible investmentsAll respondentsChinese respondentsOffshore respondentsFigure 16 Difficulties in conducting responsible investment in ChinaAl
227、l respondentsChinese respondentsOffshore respondents17 ESG Survey Report for Asset Owners(2022)ESG Survey Report for Asset Owners(2022)185.Survey SamplesIn September 2022,SynTao Green Finance and China SIF distributed the ESG investment survey to Chinese and offshore asset owners and collected 51 va
228、lid responses,of which 30 were from Chinese institutions and 21 were from offshore institutions,accounting for 58.8%and 41.2%,respectively.Among the offshore respondents,17 invested less than 20%of their AUM in China,and 4 invested 20 39%.Eighteen respondents have an AUM of more than US$100 billion,
229、accounting for 35.3%;9 with an AUM between US$50 billion and US$100 billion(not including US$100 billion),accounting for 17.6%;and 12 between US$10 billion and US$50 billion(not including US$50 billion),accounting for 23.5%.Overall,there are 39 respondents with an AUM of more than US$10 billion,acco
230、unting for 76.5%.In terms of the types of asset owners interviewed,there are fifteen insurers(29.4%),seven wealth management subsidiaries of banks(13.7%),six pension funds(11.8%),six banks(11.8%),three sovereign funds(5.9%),two family offices(3.9%),and 12 other types of institutions(23.5%).Figure 17
231、 Regional distribution of respondentsFigure 19 Respondents AUM(US$)Figure 20 Types of asset ownersFigure 18 Offshore respondents investment in China as a percentage of their AUMMainland ChinaOffshoreMore than US$100 bnSovereign fundFamily officeUS$50 bn-US$100 bn(not including$100 bn)BankUS$10 bn-US
232、$50 bn(not including$50 bn)PensionsUS$1 bn-US$5 bn(not including$5 bn)OthersUS$5 bn-US$10 bn(not including US$10 bn)Bank wealth management(Mainland China only)Below US$1 billionInsuranceInvestment in China as a percentage of AUM:20%-39%Investment in China as a percentage of AUM:Less than 20%58.8%41.
233、2%35.3%29.4%17.6%23.5%23.5%13.7%3.9%11.8%11.8%5.9%11.8%7.8%3.9%19.0%81.0%SynTao Green Finance(STGF)is one of the first Chinese organisations provide green finance and ESG responsible investment services,starting ESG data collection and research as early as 2009.STGF ESG data and research on ESG key
234、issues are widely employed to support investment decisions,risk management,policy making,and sustainable finance product innovation.STGF STR ESG Data Platform and STGF ESG Risk Radar System cover all A-share market and Hong Kong stocks in the stock connect schemes,amounting to 5,000 listed companies
235、.In 2020,STGF launched STGF PANDA Climate Data Platform,providing carbon emission data of Chinese entities based on GHG protocol.STGF ESG ratings(SynTaoGF-ESG)has been onboarding on Bloomberg Intelligence,making it the first Chinese ESG rating agency to display its data on Bloomberg.SynTao Green Fin
236、ance is the first signatory of Chinese service provider joining PRI,a member of the first Advisory Council of Green Bond Principles and Social Bond Principles of International Capital Market Association(ICMA),the founding member of China Green Finance Committee,the certified consulting agency for UK
237、 Green Investment Bank,the first China-based Climate Bonds Standard(CBS)approved verifier,a member of the National Association of Financial Market Institutional Investors(NAFMII).China Sustainable Investment Forum(China SIF),established in Beijing as a non-profit organisation in 2012,was officially
238、registered as a private non-enterprise unit in Shenzhen in 2016,is dedicated to promoting responsible investment and to providing an internationalised platform for exchanging and sharing ideas on issues concerning sustainable development,with focus on facilitating Environmental,Social and Governance
239、(ESG)integration,advocating green finance,and contributing to a responsible capital market in China as well as its sustainability.Since the establishment,China SIF has held 10 Annual Conferences,5 Summer Summits,6 China SIF Weeks,and a series of featured seminars and webinars,convening policymakers
240、as well as domestic and foreign experts to share their views,research,and good practice.Professionals and practitioners from research institutes,financial institutions,listed companies,government agencies,as well as representatives from media have joined our discussion and endeavor to explore multip
241、le ways to promote and practice responsible investment and green finance.China SIF keeps launching a series of landmark research reports,such as China Sustainable Investment Review,supporting the Dissertation Competition on ESG and Sustainable Finance and developing the ESG Online Classes series of
242、educational videos together with partners and industry experts to promote ESG investment concepts and practices.Over the years,China SIF has become one of the most influential responsible investment forums in the region.Please visit https:/en.chinasif.org/for more information.On March 6th,1998,China
243、 Southern Asset Management Co.,Ltd.(hereinafter referred to as Southern Asset Management)was officially established as one of the first domestic asset management companies approved and regulated by the China Securities Regulatory Commission(hereinafter referred to as CSRC).Southern Asset Management
244、has stood the tests of time throughout periodic shifts between bull and bear market in Chinese capital market.By showing stable and sustainable performances and providing improved and professional services,Southern Asset Management managed to continuously build the trust and recognition of a wide ra
245、nge of investors,including mutual fund investors,the National Council for Social Security Fund,corporate annuity clients and high-net-worth clients.Southern Asset Management has grown into one of the industry leaders that boasts diverse range of products,comprehensive type of business activities,exc
246、eptional investment performance and a large scale of assets under management.As one of the first asset managers in China to join UN PRI and practice ESG investment philosophy,Southern Asset Management has clearly integrated the ESG investment philosophy into the long-term strategy of the company in
247、all respects and deeply integrated it into business development,making the philosophy an important factor driving the company forward.The company continues to deeply cultivate in ESG field,adhere to the investment philosophy of Invest for the long term,for value,and for responsibility,and integrate
248、sustainable investment into the company culture and investment process.17 ESG Survey Report for Asset Owners(2022)ESG Survey Report for Asset Owners(2022)185.Survey SamplesIn September 2022,SynTao Green Finance and China SIF distributed the ESG investment survey to Chinese and offshore asset owners
249、and collected 51 valid responses,of which 30 were from Chinese institutions and 21 were from offshore institutions,accounting for 58.8%and 41.2%,respectively.Among the offshore respondents,17 invested less than 20%of their AUM in China,and 4 invested 20 39%.Eighteen respondents have an AUM of more t
250、han US$100 billion,accounting for 35.3%;9 with an AUM between US$50 billion and US$100 billion(not including US$100 billion),accounting for 17.6%;and 12 between US$10 billion and US$50 billion(not including US$50 billion),accounting for 23.5%.Overall,there are 39 respondents with an AUM of more than
251、 US$10 billion,accounting for 76.5%.In terms of the types of asset owners interviewed,there are fifteen insurers(29.4%),seven wealth management subsidiaries of banks(13.7%),six pension funds(11.8%),six banks(11.8%),three sovereign funds(5.9%),two family offices(3.9%),and 12 other types of institutio
252、ns(23.5%).Figure 17 Regional distribution of respondentsFigure 19 Respondents AUM(US$)Figure 20 Types of asset ownersFigure 18 Offshore respondents investment in China as a percentage of their AUMMainland ChinaOffshoreMore than US$100 bnSovereign fundFamily officeUS$50 bn-US$100 bn(not including$100
253、 bn)BankUS$10 bn-US$50 bn(not including$50 bn)PensionsUS$1 bn-US$5 bn(not including$5 bn)OthersUS$5 bn-US$10 bn(not including US$10 bn)Bank wealth management(Mainland China only)Below US$1 billionInsuranceInvestment in China as a percentage of AUM:20%-39%Investment in China as a percentage of AUM:Le
254、ss than 20%58.8%41.2%35.3%29.4%17.6%23.5%23.5%13.7%3.9%11.8%11.8%5.9%11.8%7.8%3.9%19.0%81.0%SynTao Green Finance(STGF)is one of the first Chinese organisations provide green finance and ESG responsible investment services,starting ESG data collection and research as early as 2009.STGF ESG data and r
255、esearch on ESG key issues are widely employed to support investment decisions,risk management,policy making,and sustainable finance product innovation.STGF STR ESG Data Platform and STGF ESG Risk Radar System cover all A-share market and Hong Kong stocks in the stock connect schemes,amounting to 5,0
256、00 listed companies.In 2020,STGF launched STGF PANDA Climate Data Platform,providing carbon emission data of Chinese entities based on GHG protocol.STGF ESG ratings(SynTaoGF-ESG)has been onboarding on Bloomberg Intelligence,making it the first Chinese ESG rating agency to display its data on Bloombe
257、rg.SynTao Green Finance is the first signatory of Chinese service provider joining PRI,a member of the first Advisory Council of Green Bond Principles and Social Bond Principles of International Capital Market Association(ICMA),the founding member of China Green Finance Committee,the certified consu
258、lting agency for UK Green Investment Bank,the first China-based Climate Bonds Standard(CBS)approved verifier,a member of the National Association of Financial Market Institutional Investors(NAFMII).China Sustainable Investment Forum(China SIF),established in Beijing as a non-profit organisation in 2
259、012,was officially registered as a private non-enterprise unit in Shenzhen in 2016,is dedicated to promoting responsible investment and to providing an internationalised platform for exchanging and sharing ideas on issues concerning sustainable development,with focus on facilitating Environmental,So
260、cial and Governance(ESG)integration,advocating green finance,and contributing to a responsible capital market in China as well as its sustainability.Since the establishment,China SIF has held 10 Annual Conferences,5 Summer Summits,6 China SIF Weeks,and a series of featured seminars and webinars,conv
261、ening policymakers as well as domestic and foreign experts to share their views,research,and good practice.Professionals and practitioners from research institutes,financial institutions,listed companies,government agencies,as well as representatives from media have joined our discussion and endeavo
262、r to explore multiple ways to promote and practice responsible investment and green finance.China SIF keeps launching a series of landmark research reports,such as China Sustainable Investment Review,supporting the Dissertation Competition on ESG and Sustainable Finance and developing the ESG Online
263、 Classes series of educational videos together with partners and industry experts to promote ESG investment concepts and practices.Over the years,China SIF has become one of the most influential responsible investment forums in the region.Please visit https:/en.chinasif.org/for more information.On M
264、arch 6th,1998,China Southern Asset Management Co.,Ltd.(hereinafter referred to as Southern Asset Management)was officially established as one of the first domestic asset management companies approved and regulated by the China Securities Regulatory Commission(hereinafter referred to as CSRC).Souther
265、n Asset Management has stood the tests of time throughout periodic shifts between bull and bear market in Chinese capital market.By showing stable and sustainable performances and providing improved and professional services,Southern Asset Management managed to continuously build the trust and recog
266、nition of a wide range of investors,including mutual fund investors,the National Council for Social Security Fund,corporate annuity clients and high-net-worth clients.Southern Asset Management has grown into one of the industry leaders that boasts diverse range of products,comprehensive type of busi
267、ness activities,exceptional investment performance and a large scale of assets under management.As one of the first asset managers in China to join UN PRI and practice ESG investment philosophy,Southern Asset Management has clearly integrated the ESG investment philosophy into the long-term strategy
268、 of the company in all respects and deeply integrated it into business development,making the philosophy an important factor driving the company forward.The company continues to deeply cultivate in ESG field,adhere to the investment philosophy of Invest for the long term,for value,and for responsibi
269、lity,and integrate sustainable investment into the company culture and investment process.DisclaimerThe copyright of this document belongs to SynTao Green Finance Co.,Ltd.,with all rights reserved.SynTao Green Finance Co.,Ltd.does not act as a legal,tax,accounting,or investment advisor.The content o
270、f this document does not contain or constitute any offer or solicitation to sell or buy.SynTao Green Finance Co.,Ltd.will not use document information sharing to arrange any investment or introduce any investors.For any needs in responsible investment and ESG,please get in touch with us via:SynTao Green Finance Official WeChat AccountTelephone:010-5907 1079E-mail:Website:
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