CFI ESG 入门证书 Answer Key 应答指引

《Corporate Finance InstituteIntroduction to EsG Case study Answer Key》

下面的答案提供了一般的关键概念，将包括在一个正确的回答。这里有解释的余地，但正确反应的关键和必不可少的组成部分如下:
您认为三家公司的投资组合面临的主要ESG风险是什么?
气候变化和/或自然资源稀缺:这三家公司都面临气候变化带来的物理风险，例如:
CFC :物理气候变化对它们的分销基础设施和自然资源产品投入(如饮料用水、农业生产和烘焙)构成风险。
DDI:其沿海位置使资产面临洪水、限风和风暴加剧造成实物损坏的更大风险。
PP:配送基础设施的物理气候变化风险直接影响PP对客户产品配送的管理。

劳动力管理:这三家公司在劳动力管理方面都面临风险，例如:
CFC:由于65%的司机是外包的，这一劳动力群体对公司声誉构成了风险因为任何负面行为或事件都将损害品牌和CFC的客户留存。
DDI:如果由于气候变化影响、运输系统劳工罢工或公共资金削减而影响其可靠性和可用性，劳动力对公共交通的利用可能会带来业务连续性风险。
PP:在30%的更替率下，劳动力管理对业务连续性和客户留存具有风险，因为每个员工都对跨多个供应商和产品类别为客户完成正确的订单有影响。由于PP不调解客户与第三方卖家之间的任何纠纷，劳动力的保留和履行的准确性可能对PP的企业声誉、客户和市场机会、法律行动以及生产率的损失构成风险。

透明度和报告:考虑到每个公司当前以ESG为中心的工作的信息，每家公司在ESG治理、战略、风险和机遇方面缺乏透明度和报告，这对公司声誉、经营许可、估值和每家公司获得资本的能力构成风险。由于ESG问题的透明度和报告有限，CFC、DDI和PP都面临这些风险.

为了降低整个投资组合的风险，您会推荐什么样的参与目标?换句话说，您会建议您的管理团队向这些投资组合公司的领导者传达什么样的期望，以确保ESG风险得到管理?
对这个问题的正确答复将有各种解释，并以不同的方式加以阐述，但适当答复中将包含的关键概念如下:
应对气候变化战略:无论是直接的物理风险，还是产品开发中至关重要的自然资源投入的间接风险，三家公司都面临着重大的气候变化风险。关于公司气候变化管理战略的参与目标将支持即时和长期风险管理。
员工敬业度和福利:这三家公司的日常运营都依赖于庞大而稳定的劳动力。由于劳工罢工、劳工可用性、举报争议以及与劳工密集型业务相关的人员后勤等因素造成的中断都对业务连续性构成风险。
供应链管理:这三家公司都有重大的采购需求，各家公司的供应商范围广泛，需要管理的潜在风险范围很广。关于公司供应链管理的参与目标，特别是供应商环境和社会影响的管理，将减轻整个投资组合的供应链风险。
产品安全和客户福利:这三家公司要么直接生产产品，要么采购各种材料，为客户创造价值(如DDI采购建筑供应商)。更全面和清晰的公司行动，以保证产品安全和客户福利将减少产品召回、诉讼和可销售商品丢失所涉及的风险和直接成本，以及与客户损失、品牌损害、监管罚款和丧失社会经营许可相关的间接成本。

The answers below provide general key concepts that would be included in a correctThere is room for interpretation here, but the key and  essential components  of a correct response are described below:
What do you think are the top material ESG risks facingthe three-company portfolio?
Climate Change and/or Natural Resource Scarcity: All three companiesface physical risks from climate change, such as:
o CFC:Physical climate change risks to their distribution infrastructureand natural resource product inputs,like water for beveragesagriculture production, and baking.
DDl: Their coastal location puts the asset at increased risk for physicadamage from fooding, hurricane winds, and intensified storms.
PP: Physical climate change risks to distribution infrastructure presentsa direct risk to Pp's management of customer product distribution.
Labor Management:All three companies face risks regarding theirmanagement of the labor force, such as:CFC:With 65% of their drivers outsourced, this labor populationpresents a risk to corporate reputation as any negative behaviors olincidents will damage the brand and CFC's customer retention.
DDl: The labor force's utilization of public transportation could presena business continuity risk if this transportation system is disrupted dueto climate change impacts, transportation system labor strikes, or publicfunding cuts that impact its reliability and accessibility.PP: With a 30% turnover rate, labor management is a risk to business continuity and customer retention due to the impact each employeehas on fulfilling the correct order for the customer across multi plesupplier and product categories. Since pp does not mediate anydisputes between customers and third-party sellers, the labor force'sretention and fulfillment accuracy can be a risk to Pp's corporatereputation, customer and market opportunities, legal action, and lost productivity.
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Transparency & Reporting: Given the information presented on each company's current ESG-centric efforts, the lack of transparency and reportingregarding each company's approach to ESG governance, strategy, risks, andopportunities, is a risk to corporate reputation, license to operate, valuation.and each company's ability to secure capital. CFC, DDl, and Pp all face theserisks due to the limited transparency and reporting on EsG issues.
To reduce risk across the portfolio, what kinds ofengagement objectives would you recommend? In othe!words, what expectations would you recommend youmanagement team communicates to these portfolic company leaders to ensure ESG risks are managed?
The correct response to this question will be open to interpretation and articulatedin different ways, yet the key concepts that would be included in a suitableresponse are described below:
Climate Change strategy: Whether direct physical risks or the indirect risksto vital natural resource inputs for product development, all three companiesface significant climate change risks. An engagement objective regarding acompany's climate change management strategy would support immediateand long-term risk management.
Employee Engagement & Welfare: All three companies rely on a large andconsistent labor force for their daily operations. Disruptions due to laborstrikes, labor availability, whistleblowing controversies, and the personnellogistics associated with labor heavy businesses are all risks to businesscontinuity.
Supply Chain Management: All three companies have significant procurement needs and the wide range of suppliers to each company presents a wide range of potential risks to manage. An engagementobjective regarding the company's supply chain management, andspecifically the management of supplier environmental and social impacts would mitigate supply chain risks across the portfolio.
Product Safety and Customer Welfare: All three companies either produceproducts directly or procure a variety of materials to create value for thecustomer (like DDl's procurement of building suppliers). Greatercomprehensiveness and clarity on company actions to guarantee product safety and customer welfare would reduce the risks and direct costs involvedin product recalls, lawsuits, and loss of saleable merchandise, as well as theindirect costs associated with customer losses, brand damage, regulatory fines, and lost social license to operate.

易错题： ESG成熟度 &ESG整合