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1. 【 V3 】 ESG Mock 100 题【有答无解】 1 、 A majority of the research papers on the topic find that companies with long standing good practice in terms of sustainability tend to A.Outperform their peers in both accounting performance and stock markets returns. B.Underperform their peers in accounting performance and stock markets returns. C.Outperform their peers in accounting performance but underperform in stock market returns. D.Underperform their peers i n accounting performance and outperforms i n stock markets returns. 答案 : A 2 、 A.iii. B.i and ii. C.ii and iii. D.iii and iv. 答案 : A 3 、 Which UK body is responsible for issuing the Stewardship Code? A.The Financial Conduct Authority (FCA). B.The Financial Policy Committee (FPC). C.The Financial Ombudsman Service (FOS). D.The Financial Reporting Council (FRC). 答案 : D 4 、 A Sovereign Wealth Fund selecting an investment manager with an ESG strategy is likely to focus more on the manager ’ s approach to: A.ESG engagement and stewardship. B.Integrating MSCI data while ESG scoring the portfolio. C.Liquidity of the portfolio and short-term performance. D.Quantitative analysis of portfolio attribution vs. the benchmark.

2. 答案 : A 5 、 Which of these least reflects how qualitative ESG data is used in company analysis? A.By adjusting a valuation. B.By adding an opinion to an investment thesis. C.By modifying a financial model. D.By determining the Value at Risk for the company. 答案 : D 6 、 Adjusting the Discounted Cash Flow when integrating ESG into traditional financial analysis is: A.Not valid at country level. B.Valid at the level of company, sector or country. C.Valid only at the level of specific company. D.Not valid at sector level. 答案 : B 7 、 Which action would be undertaken first by an investor wanting to follow an engagement strategy with a company in a cost-effective way? A.Defining the scope of engagement and prioritising engagement activities. B.Developing a clear process which articulates realistic goals. C.Adapting the engagement process to the local context. D.Framing the engagement topic into a broader strategy discussion. 答案 : A 8 、 Which of the following ESG factor adjustments should increase an analyst's valuation of a company relative to its peers? A.Higher staff satisfaction. B.Higher future impairments. C.Higher safety breaches. D.Higher carbon tax costs. 答案 : A 9 、 A.Global Industry Classification Standard focused on tobacco companies. B.ESG rating agency data regarding the financial materiality of tobacco. C.Percentage of company revenue related to tobacco as agreed with the client. D.Standard industry classification for tobacco companies. 答案 : C

3. 10 、 What is an indirect environmental impact of a paper company cutting trees and transporting them to its production plant? A.Carbon emissions from the haulage lorries. B.A natural regulator of carbon dioxide is destroyed. C.Deforestation. D.Local species are disturbed. 答案 : B 11 、 Which approach is most likely to result in an analyst aggregating data into an ESG score? A.Company specific research. B.Fundamental analysis. C.Stock picking. D.Quantitative modelling. 答案 : D 12 、 What impact will a high ESG rating have on a company's cost of capital? A.A lower cost of capital. B.No change to the cost of capital. C.A higher cost of capital. D.A more volatile cost of capital. 答案 : A 13 、 Which of the following sectors have the greatest risk of increased insurance costs due to physical climate change? A.Construction and materials. B.Food and beverage. C.Media and technology. D.Travel and leisure. 答案 : D 14 、 A.Arrange a pre-meeting call with the company's investor relations representative. B.Contact the Investor Forum. C.Establish clear objectives. D.Request a meeting with the Chairperson of the Board.

4. 答案 : C 15 、 Which of the following statements is generally accepted as not true for companies which score well on ESG metrics relative to companies scoring less well? A.They are better able to anticipate environmental change risks and opportunities. B.They enjoy valuation premiums due to changing investor concerns and preferences. C.They are more disposed to longer term strategic thinking and planning. D.They are more likely to grow rapidly and offer higher short term returns. 答案 : D 16 、 What is the result of an analyst failing to correctly model the risks and opportunities associated with ESG? A.Systematic underestimation of high ESG performers and overestimation of ESG under performers. B.Systematic overestimation of both high ESG performers and ESG under performers. C.Systematic underestimation of both high ESG performers and ESG under performers. D.Systematic overestimation of high ESG performers and underestimation of ESG under performers. 答案 : A

5. 17 、 A.Increase the company's estimated costs for next year by an additional GBP 1.2 million to account for the lack of transparency regarding the KPIs. B.Reduce the company ’ s current total costs by GBP 360,000, as there are no concerns regarding the fixed salary portion of the compensation. C.Increase the cost of capital from 4.6% to 4.8% to reflect the increased risk stemmed from uncertainty around alignment of interest. D.Decrease the cost of capital from 4.6% to 4.4% to reflect the reduced level of certainty around alignment of interest. 答案 : C 18 、

6. A.The Chair steps down and the CEO assumes the chairmanship, and one of the independent directors becomes the lead independent director. B.The Chair steps down and remains on the board, and one of the existing independent directors i s elected Chair. C.An additional i ndependent director i s added to the board to i ncrease the l evel of i ndependence. D.The Chair steps down from the Chair role, and a newly elected i ndependent director i s appointed Chair. 答案 : D

7. 19 、 Which argument can Patrick use to best highlight the importance of appropriate governance to enterprises? A.A meta study by Friede, Busch and Bassen has shown that the majority of studies showed a positive correlation between governance and corporate financial performance. B.The CFA Institute's 2017 ESG survey showed that governance has the strongest correlation with company margin growth. C.Enron's case provides evidence that governance is simple and failures usually link to one single factor. D.Bernile, Bhagwat and Yonker's 2017 study concludes that board diversity adds to governance complexity, thus destroying company value. 答案 : A 20 、

8. A.The extent to which the company and its business model is exposed to climate change risks. B.To what extent, the company already provides information on the topic of climate change risk. C.The company's response on whether it supports the resolution and why. D.Whether this resolution falls under the category of governance. 答案 : D 21 、 What do corporate governance structures in France and the US have in common? A.Chief Executive and Chairman of the Board are typically one person. B.National corporate governance codes. C.Statutory auditors in addition to independent auditors D.Two-tier boards. 答案 : A 22 、 Which of the following is an example of climate change mitigation? A.Building a flood defence. B.Developing drought resistant crop. C.Retrofitting a building. D.Desalinating water. 答案 : C 23 、 Sienna reviews a large retailer faced with a sex equality law suit with a potential £4 billion in pay out claims. How should she adjust her financial model? A.Adjust the employee expense line to reflect £4 billion in pay out over 10 years. B.Do nothing as the company has a good case and may not have to pay.

9. C.Lower the discount rate to reflect the risk of payouts. D.Raise the cost of capital to reflect the risk of payouts. 答案 : D 24 、 Which of these statements best describes responsible investing? A.Targeted investment returns with certain investments being negatively screened. B.ESG factors taken into account to mitigate risk with a focus on financial return. C.Investments made in a way that captures returns while achieving an intentional effect. D.ESG factors taking into account to mitigate risk with a focus on capturing ESG opportunities. 答案 : B 25 、 Bill is a philanthropist who is approached by four charitable organisations that each claim to have a solution that reduces mortality by 15% in their specific area of focus if they receive $300 million. Bill\'s aim is to reduce mortality rates as much as possible. Which one of the following charities should he choose? A.A charity focusing on drought. B.A charity focusing on malaria. C.A charity focusing on pollution. D.A charity focusing on violence. 答案 : C 26 、 A.i B.i and ii C.i, ii and iii D.i, ii, iii and iv 答案 : C 27 、

10. 

11. A.1 B.2 C.3 D.4 答案 : A 28 、

12. 

13. A.E = 33.3%, S= 33.3%, G= 33.3% B.E = 33.3%, S= 44.4%, G= 22.2% C.E = 40%, S= 40%, G= 20% D.E = 20%, S= 30%, G= 50% 答案 : D 29 、

14. A.Rising sea levels close to industrial zones. B.Increased drought in agricultural areas. C.Reduced access of low-income populations to water and sanitation. D.Increased river discharge due to longer rainy season. 答案 : B 30 、

15. 

16. A.Improve adaptation methods. B.Improve mitigation methods. C.Reduce the number of stranded assets. D.Align itself with the Paris Agreement. 答案 : A 31 、

17. A.In developed markets, such as Country A, the ratio between the active and inactive part of the workforce drops. B.In developed markets, such as Country B, the ratio between the active and inactive part of the workforce rises C.In developing markets, such as Country B, the ratio between the active and inactive part of the workforce drops. D.In developing markets, such as Country A, the ratio between the active and inactive part of the workforce drops. 答案 : A 32 、 A company which produces bottled water and pledges to use 50% recycled plastics is using A.A circular economy approach. B.A natural capital approach. C.A supply chain disruption approach. D.A use, make, dispose economy approach. 答案 : A 33 、 Which comment on the data included in ESG integration databases is most accurate? A.ESG data must be audited to be valid. B.Input data across similar asset classes is consistent. C.Data outputs will correlate with data from other ESG databases. D.Incomplete ESG data used can be material. 答案 : D 34 、 A.Largest holdings with high credit ratings. B.Largest holdings with low ESG scores. C.Smallest holdings with low credit ratings. D.Smallest holdings with high ESG scores. 答案 : B 35 、

18. A.TTN is most likely to benefit from increased demand from offshoring as globalisation increases. B.Costs will decrease as manufacturing jobs are cut due to increased automation. C.The innovation of additional services demanded by an older clientele that lives longer. D.Increase in social media will naturally lead to increased advertisement sale by TTN. 答案 : C 36 、 A.Its risks are l ower than industry average because a lower percentage of its work force is directly employed. B.Its risks are fully mitigated by addressing concerns raised by NGO ’ s. C.Risks are reduced because older i ndividuals have l ess concerns about corporate social 

19. responsibility than the younger generation. D.Insourcing its manufacturing enables retention of greater control of its supply chain and thus, risks. 答案 : D 37 、 A.Cost increases in the short and long-term, and lower share price volatility due to reduced risk of labour disruption B.Potential financial i mplications cannot be estimated without the company disclosing the change to contractors ’ salaries. C.Only employees ’ salary and working conditions impact the company, hence costs and risks remain the same. D.The cost of capital is increased in the financial model as a result of providing greater labour rights to contractors. 答案 : A 38 、

20. A.Taking a pro-union stance while negating the right of employees to negotiate individually. B.Advocate the implementation of equal remuneration for equal work. C.Abolishing child labour even though that would generate jobs. D.Publishing a policy against discrimination in employment or occupation. 答案 : A 39 、 Exclusionary screening is historically most common in which of these regions? A.Europe. B.United States. C.Asia. D.Canada. 答案 : A 40 、 The Bangladesh Investor Initiative is intended to address which social factor? A.Forced labour. B.Freedom of association. C.Health and safety. D.Living wage. 答案 : C 41 、 How have companies not benefitted from changes in family structures? A.Diversified workforces are more effective. B.Coverage during maternity leave adds to expenses. C.Women now able to remain in full time work after child birth. D.Women often enter the workforce at lower pay rates than men. 答案 : B 42 、 Which form of risk will not be lowered by the integration of ESG into a firm\'s investment process? A.Market risk. B.Firm level reputational risk. C.Investment risk. D.Investment level reputational risk. 答案 : A 43 、 Why do most corporate governance codes require audits? A.To guarantee there is no fraud in a company\'s financial statements. B.To provide a detailed list of accounting anomalies to shareholders. C.To provide an independent review of financials prepared by management. D.To verify the financials of all subsidiaries of a company. 答案 : C 44 、 What name is given to a company\'s failure to manage ESG risk which is manageable? A.Sustainability decomposition.

21. B.Management exposure. C.Sustainability gap. D.Management gap. 答案 : D 45 、 Which of these ESG service providers does not produce company-level ESG ratings? A.Real Impact Tracker. B.Inrate. C.Thomson Reuters. D.MSCI. 答案 : A 46 、 What should be included in the process for directors to be made accountable to shareholders? A.Automatic rollover of the financial auditor ’ s services each year. B.Board report to be approved by independent directors only. C.Review of the accounts by the Board at the Annual General Meeting (AGM). D.Setting executive remuneration in line with industry standards. 答案 : C 47 、 Which of these ESG issues included in a materiality map would be best described as a Social factor? A.Resource management. B.Business ethics and culture. C.Executive remuneration. D.Health and safety. 答案 : D 48 、 Scores from an ESG factor scorecard will always be: A.Adjusted by practitioners before use. B.Determined by the investment analyst. C.Scaled between zero and ten. D.Quantitative rather than qualitative. 答案 : D 49 、 An ongoing situation for a company which has negative ESG implications is called a: A.Chronic case. B.Controversy case. C.Current case. D.Catastrophic case. 答案 : B 50 、 Given that an analyst is able to judge the materiality of an ESG factor, which of the following i s true? A.It will then be possible to assess the level of impact of the ESG factor.

22. B.Other analysts with the same data will make the same materiality judgement. C.The interaction of the ESG factor with financial performance will still be uncertain. D.Cultural factors are unlikely to play a part in their judgement of materiality. 答案 : C 51 、 A.Company A has high physical risk because its key input is harvested in areas of water scarcity. B.Company B has no physical risk because the soil on purchased land is of high quality. C.Company B has high physical risk because farming techniques may result in physical harm to workers. D.Company A and B have similar physical risks as a result of being classified as part of the food i ndustry. 答案 : A 52 、

23. Which of the following statements is true regarding transition risk? A.Company A has lower transition risk because it i s a B2C (business-to-consumer) company which outsources its agricultural production. B.Company B has higher transition risk because it is a B2B (business-to-business) company that needs to educate farmers about other farming methods. C.Company B has high physical risk because farming techniques may result in physical harm to workers. D.Justin does not need to review regulation on deforestation in the three countries as these would not impact transition risk. 答案 : C 53 、

24. A.Emissions by the agricultural production of the outsourced flour producers in Company A. B.Emissions by the trucks which deliver purchased chocolate paste to clients of Company B. C.Emissions by employees of Company A when they fly to Yemen to conduct a supplier audit. D.Emissions saved by the CEO of Company B flying on a commercial plane rather than on a private jet. 答案 : D 54 、 I n what way is Justin least likely to conduct scenario testing to refine his assessment of the companies ’ climate risk? A.Justin could impose a shadow carbon tax in his financial model to quantify any potential impact on the companies\' margins. B.Justin could obtain information on how a 2.1 degree Celsius change would impact agricultural output in the countries to which both companies are exposed and include that in the financial model. C.Justin could quantify the short-term impact of extreme weather events on both companies\' preparedness for physical disruptions in his financial model D.Justin could incorporate the impact of climate change and risk purely on the socioeconomic 

25. conditions of workers in the affected regions. 答案 : D 55 、 A.Adjust her discounted cash flow (DCF) model to reflect a lower cost of capital due to positive ESG steps taken and assign a low price earnings ratio to reflect stranded assets in later years. B.Adjust her discounted cash flow (DCF) model in later years to reflect write offs for stranded assets. C.None, no action is required as the oil price is the only real variable that matters. D.Adjust her discounted cash flow (DCF) model to reflect a higher cost of capital and adjust book value down to reflect an impairment charge made against stranded assets. 答案 : D 56 、 A.High Governance Score for Turkey. B.Low Governance Score for the management of the phone company. C.Low Governance score for Turkey. D.High Governance Score for the management of the phone company. 答案 : C 57 、 What are the advantages of using mapping techniques when comparing two portfolios for ESG risk? A.Both portfolios can be shown on the same map. B.Increased ESG disclosure is making mapping more uniform. C.The materiality aspect of mapping is standardised. D.Specific elements of E, S, and G can be compared across sectors. 答案 : D 58 、 An analyst valuing a company against its peers is most likely to make which of the following 

26. adjustments to the price-to-earnings ratio (P/E) to integrate strong ESG characteristics? A.Add a premium versus its peers. B.Add a discount versus its peers. C.Make no adjustment versus its peers. D.Add either a discount or premium. 答案 : A 59 、 What are the three parts of the Triple Bottom Line? A.Ecological, Social and Governance. B.Social, Environmental and Financial. C.Ecological, Governance and Financial. D.Social, Financial and Governance. 答案 : B 60 、 Which of these Investment approaches would be most suitable for an investor who wants to ensure that his/her personal, social and moral views direct the investment decisions? A.Ethical investing. B.Thematic investing. C.Impact investing. D.Responsible investing. 答案 : A 61 、 A.Look at the company ’ s financial statements and try to draw conclusions. B.Recommend that AVX sell the company ’ s shares. C.Suggest that AVX uses collective action to encourage the company to improve its disclosure. D.Take the company ’ s word for it and assign a high environmental score. 答案 : C 62 、 The physical impacts of climate change are most likely to be identified as a key ESG driver for which form of institutional investor? A.An actively managed mutual fund. B.A life insurance company. C.A pension fund. D.A property and general insurance company. 答案 : D

27. 63 、 A.Company A because the risks associated with the CEO ’ s pay are correlated with company profits. B.Company A because of the high number of i ndependent directors who do not represent shareholders ’ i nterests. C.Company B because a Board with more than 12 members is at risk of being inefficient in decision-making. D.Company B because low correlation between CEO ’ s variable compensation and company 

28. profits may indicate misalignment of interests. 答案 : D 64 、 A.Company A has more employees and thus its risk associated with working conditions is higher. B.Company A has better working conditions as it conducts more supply chain audits per year. C.Company B probably has better working conditions based on its lower employee turnover and i njury rate. D.Company A and B have comparable working conditions as a similar percentage of their employees are exposed to food preparation hazards.

29. 答案 : C 65 、 A.Company A ’ s cost of capital would increase more than Company B ’ s because of its higher use of single-use plastic. B.Company A ’ s costs would increase by .6 multiplied by the difference between the price of the single-use plastic and its alternative. C.Company B ’ s costs would reduce by .5 multiplied by the average cost of the singleuse plastic used in its stores. D.Company B ’ s costs would increase by .5 multiplied by the average cost of the alternative to single-use plastic.

30. 答案 : B 66 、 A.Company A because i t has more audits i n absolute terms and a higher percentage of i nternationally sourced produce. B.Company B because it has more audits per unit of revenue and a higher percentage of locally sourced produce. C.Company B because it has smaller revenue and thus lower reputational risk. D.Company A and B have similar challenges because of the number of audits per unit of profit are alike.

31. 答案 : B 67 、 A.Company A because it wastes 4.8 tonnes of food more than Company B per year. B.Company B because it produces more food waste in proportion to revenue. C.Company A and B will be impacted in a similar way as they produce a similar proportion of food waste in proportion to margin. D.The answer cannot be reached with the information provided. 答案 : D

32. 68 、 Which best describes stewardship of assets over which someone acts as the guardian? A.The preserving and enhancing of the long-term value of assets over time. B.The reconciling of the assets with records produced by third party holders of the assets. C.The putting in place of a material measure to physically protect the assets from theft. D.The participating at the annual general meeting on behalf of the asset owner. 答案 : A 69 、 A.ii and iii. B.iii and iv. C.i, ii and iii. D.i, ii, iii and iv. 答案 : D 70 、 The correlation between ESG performance and corporate financial performance is most commonly observed to be A.Negative. B.Close to zero. C.Positive. D.Highly variable. 答案 : C 71 、 Which of the following is not an escalation measure that can be used across all asset classes? A.Formally adding the company to an exclusion list. B.Proxy voting at a General Meeting. C.Making a public statement in advance of a General Meeting. D.Seeking governance improvements through legal methods. 答案 : B

33. 72 、 A.Avoid direct interaction with RTC and retain complete anonymity. B.Benefit from the advisory services on how to approach RTC C.Facilitate effective dialogue with RTC alongside wider investor participation. D.Initiate a joint shareholders resolution to gain control of RTC. 答案 : C 73 、 A.May seek a ruling from the Securities and Exchange Commission (SEC) to have the i tem removed from the agenda. B.Must leave the item on the agenda. C.Should make the agenda public before any ruling sought from the SEC. D.Should resign before the AGM. 答案 : A 74 、 The CFA Institute and CFA UK define ESG integration as the A.Explicit systematic inclusion of ESG factors in investment analysis and investment decisions. B.Exclusion of securities from client portfolios, which fall below specified minimum standards. C.Prioritisation of ESG factors ahead of all other client considerations during the investment process. D.Requirement to refer to ESG factors at all stages of the investment process. 答案 : A 75 、 Which approach to ESG investing would require the most intensive use of resources by an i nvestment manager? A.Negative screening. B.Active ownership C.Best-in-class. D.Thematic investing.

34. 答案 : B 76 、 How should ESG portfolio management remuneration alignment be designed into the mandate? A.Time frames should reflect performance experienced by clients. B.Remuneration should be based on short term portfolio returns. C.Remuneration should be aligned to periods of GDP growth. D.Time frames should be agreed with clients on a rolling basis. 答案 : A 77 、 A.No, she should apply a strong ESG tilt to the portfolio. B.Yes, but the portfolio is now overweight securities that correlate with omitted securities. C.Yes, the removal of a small portion of securities from the benchmark will not impact relative performance in the long run. D.Yes, this strategy generally outperforms i ts benchmark when the excluded securities underperform. 答案 : B 78 、 Chang Ying runs an equity portfolio using ESG integration techniques which looks at E, S, and G independently. To reduce the downside tail risk of the portfolio whilst preserving the largest i nvestable universe possible she could avoid: A.All companies with low E scores. B.All companies with low S scores. C.Companies with exposure to coal fired power generation. D.Companies whose G score reflects insufficient financial oversight. 答案 : D 79 、 Green bond funds would best be described as which form of investing? A.Exclusionary investing. B.Active ownership investing. C.Best-in-class investing. D.Thematic investing. 答案 : D

35. 80 、 Which of the following ESG index providers specifically considers governance? A.Bloomberg. B.FTSE Russell. C.MSCI. D.Thomson Reuters. 答案 : D 81 、 Which of these factors will be greater for an investor who is passively exposed to an ESG i ndex than for an investor with actively managed investments? A.Investment costs and expenses. B.Complexity of investment strategies. C.Volume of operational decisions required. D.Risk of incorrectly included index constituents. 答案 : D 82 、 What should be the first stage of a portfolio management process, which employs ESG i ntegration? A.Agreeing the meaning of all ESG terms discussed with clients. B.Determining any external ESG research requirements. C.Developing an investment policy statement. D.Undertaking any internal ESG research required. 答案 : C 83 、 Which of the following indices would provide a benchmark for an ESG real estate investor? A.FTSE4Good. B.MSCI ESG. C.GRESB. D.S&P ESG. 答案 : C 84 、 Which of the following will result in more effective engagement by investors? A.Use of a proxy voting platform. B.Direct dialogue with companies. C.Large highly diversified portfolios. D.Non specialist stewardship team. 答案 : B 85 、 A.Excluding highest polluting countries.

36. B.With similar companies excluded. C.With an ESG data set. D.Leaders ESG index. 答案 : B 86 、 Which of the following would be specified in an ESG investment mandate? A.Stock selections. B.Reported returns. C.Investor ’ s beliefs. D.Excluded companies. 答案 : C 87 、 Which of the following is correct regarding voting by ESG fund managers? A.Voting represents a stewardship activity. B.Voting effectiveness is reported back to investors. C.Proxy voting is not common in developed markets. D.Fund manager voting records must be kept confidential. 答案 : A 88 、 Which of the following statements is least true? A.Environmental costs include higher litigation and insurance costs. B.Active ownership models give less weight to Intergenerational issues than traditional models. C.All assets within a portfolio may fall in value due to physical environmental damage. D.Companies with higher pollution levels relative to their peers, generally report higher short term profits. 答案 : A 89 、 I mpact investment offerings of small to medium size are generally most appropriate for: A.High net worth individuals. B.Large institutional asset managers. C.Pension funds. D.Retail investment funds. 答案 : A 90 、 Norms based screening is most popular in which region? A.Canada. B.Europe. C.Japan. D.USA. 答案 : B 91 、 Reporting attribution of returns resulting from ESG integration is likely to be most accurate when: A.A variety of ESG evaluation techniques are used.

37. B.An asset manager reports stewardship activities in a detailed manner. C.ESG is fully integrated into the investment process. D.The effect of removing one sector from a portfolio is measured. 答案 : D 92 、 A.Distractor companies in the benchmark with low E scores. B.Distractor companies in the portfolio with low E scores. C.Outperforming companies in the benchmark with high E scores. D.Outperforming companies in the portfolio with high E scores. 答案 : B 93 、 What is the best way a company ’ s Board can prevent excessive executive remuneration and keep executives accountable to shareholders? A.Align executive pay to industry standards. B.Avoid remuneration which vests over a several year period. C.Link pay to company Key Performance Indicators. D.Vote for regular executive pay increases. 答案 : C 94 、 How are agency, alignment and executive pay interrelated in corporate governance? A.Corporate governance requires management to be agents when aligning executive pay. B.Corporate governance requires agents to determine whether executive pay is aligned with the market. C.Management remuneration packages should be aligned to the function or role of management as agents responsible to their Board. D.Management remuneration packages should be aligned to the function or role of management as agents responsible to their shareholders. 答案 : D 95 、

38. A.Early stage technology for hydro based transportation. B.Energy efficient automobile factories. C.Power infrastructure with proven renewable energy technology. D.Upgrades to buildings to bring them to suitable standards. 答案 : A 96 、 Which of these is not a common use for ESG data sets? A.To input into future scenario models. B.To guide practice at regulator level. C.To inform government decision making. D.To prepare company financial reports. 答案 : D 97 、 What positive effect can the globalisation of economies have on business models? A.Dependence on one or two efficient countries to supply an industry globally B.Increased cross-border movement of goods and services C.Increased efficiency and lower costs D.Offshoring to developing countries can cause an industry to disappear in a developed country 答案 : C 98 、 What are the three ESG engagement dynamics highlighted by the PRI as creating value? A.Political dynamics, Financial dynamics and Learning dynamics. B.Learning dynamics, Communicative dynamics and Response dynamics. C.Communicative dynamics, Learning dynamics and Political dynamics. D.Response dynamics, Political dynamics and Financial dynamics. 答案 : C 99 、 Which of the following factors will be higher for alternative investments than for other fi nancial investments? A.Correlated returns. B.Liquidity premium. C.Reporting obligations. D.Direct investment effect. 答案 : D 100 、 Which comment about a typical quantitative approach to ESG analysis is correct? A.Factors such as value and growth are integrated alongside ESG factors. B.The data set focuses on an individual company ESG assessment. C.The research stage will only include internal proprietary ESG data. D.The ESG dataset tends to be smaller than that used by a fundamental adviser. 答案 : A

39. 【 V3 】 FlexiQuiz （ 1-5 章节） 75 道题 1 、 Which of the following lists includes only governance issues? A.Bribery and corruption, executive pay, working conditions B.Board diversity, tax strategy, waste C.Executive pay, board diversity, employee relations D.Bribery and corruption, executive pay, tax strategy 答案 : D 解析 : Bribery and corruption, executive pay, and tax strategy are all Governance factors. A is i ncorrect as Working Conditions are a Social factor. B is incorrect as Waste is an environmental 

40. factor. C is incorrect as Employee Relations are a Social factor. 2 、 What is impact investment? A.Enhancement of long-term value by using ESG factors to mitigate risks and identify growth opportunities B.Investment with an intent to have measurable environmental and/or social return C.Investments with a focus on social and/or environmental outcome and some expected fi nancial return. D.Investment to address societal challenges with venture investment approaches. 答案 : B 解析 : I mpact investing is an investment with an intent to have measurable environmental and/or social return. A i s a definition of ESG I nvesting. C i s a definition of social i nvesting. D i s a definition of venture philanthropy. 3 、 Which of the following types of investments is likely to generate both, significant social and fi nancial returns? A.Conventional investing B.Social investing C.ESG investing D.Sustainable and responsible investing 答案 : B 解析 : Social investing has both, social and financial return expectations. Conventional investing, ESG investing, and Sustainable and Responsible Investing all focus primarily on financial return. The latter two consider ESG factors but only to mitigate risks and identify growth opportunities. 4 、 What approach does MSCI World SRI Index adopt? A.Best-in-class selection to target the top 25% companies in each sector in respect of ESG rating B.Negative screening to exclude companies in industries considered harmful to the environment and society C.Thematic approach to target top 25% of companies in environmentally friendly sectors D.Exclusion of ESG laggards defined as the bottom 25% of companies in respect of ESG rating 答案 : A 解析 : MSCI World SRI is designed to represent the performance of companies with high ESG ratings and employs a best-in-class selection approach to target the top 25% of companies in each sector. s. The I ndex i s designed for i nvestors seeking a diversified Socially Responsible I nvestment (SRI) benchmark comprised of companies with strong sustainability profiles while avoiding companies incompatible with values screens. 5 、 Which of the following is most likely a thematic investment fund? A.Sustainable Credit Opportunities Fund B.Ethical Equity Fund C.ESG Real Estate Fund D.Better Health Solutions Fund 答案 : D

41. 解析 : Thematic funds select companies that fall under sustainability-related themes, such as clean tech, sustainable agriculture, healthcare, or climate mitigation. Better Health Solutions fund is l i kely to target healthcare issues. Other funds have an indication of promoting ESG but their names do not point to any specific sustainability-linked theme. 6 、 Which of the following could not be funded by the Green Bond? A.Wind farm B.Telecommunications Network Extension to provide access to rural area C.Building Upgrade to improve its energy efficiency D.Waste-to-energy plant 答案 : B 解 析 : Green bonds are fixed-income i nstruments designed specifically to support specific climate-related or environmental projects. Telecommunications Network Extension to provide access to the rural areas has a social benefit, but does not generate environmental benefit and thus could not be financed with a Green Bond. Other projects generate positive environmental outcomes. 7 、 Out of 9 of the Stockholm Resilience Centre s planetary boundaries, how many have been crossed? A.1 B.4 C.5 D.8 答案 : B 解析 : Four boundaries – climate change, loss of biosphere integrity, land-system change, and altered biogeochemical cycles (phosphorus and nitrogen) - have been crossed. The remaining five boundaries i nclude novel entities, stratospheric ozone depletion, atmospheric aerosol l oading, ocean acidification, and freshwater use. 8 、 What is an Article 8 product under Sustainable Finance Disclosure Regulation? A.A fund that has primary objective of sustainability outcome B.A fund that integrates sustainability risks into its investment process C.A fund that promotes environmental or social characteristics D.A fund that excludes companies involved in controversial activities 答案 : C 解析 : Article 8 products are funds that promote environmental or social characteristics. Answer A i s a definition of Article 9 fund. Answer B is a definition of Article 6 fund. Answer D is an example of a fund that could be classified as an Article 8 fund but it does not capture the entire definition of what an Article 8 product is. 9 、 Who are universal owners and what characterizes them? A.Large institutional investors, their returns are impacted by the overall economy B.Large institutional investors and governments, they have diversified holdings C.High net worth individuals, their returns are impacted by the overall economy

42. D.High net worth individuals, they have large holdings concentrated in developed economies 答案 : A 解析 : Large institutional investors are called universal owners. They have holdings that are highly diversified across sectors, asset classes, and regions. Thus, their return is dependent on the overall economy. 10 、 For which of the following sectors will diversity and inclusion be the most material factor? A.Apparel B.Fund Management C.Education D.Biofuels 答案 : B 解 析 : As per the SASB materiality map, Diversity and I nclusion is a material factor for fund management. Other sectors listed do not have Diversity and Inclusion listed as a material matter under the SASB materiality map. 11 、 Which of the following is not the likely result of ESG integration? A.Increased efficiency B.Reduced risk of ^nes C.Reduced returns D.Reduced negative externalities 答案 : C 解析 : Reduced returns are not the likely result of ESG integration. Enhanced returns are expected as ESG integration considers additional risks and injects new and forward-looking insights into the investment process. 12 、 Which of the following is not an example of the i nternalization of costs of negative externality? A.Tradeable permit B.Subsidy for small businesses C.Traffic restrictions D.Safety standards 答案 : B 解 析 : Subsidies for small businesses do not target any specific negative externality. Other measures listed increase the cost of polluters or put restrictions on their activity that generates a negative impact. 13 、 What is the relationship between ESG integration and fiduciary duty? A.It has always been clear that fiduciary duty demands ESG integration B.Fiduciary duty is in conflict with ESG integration C.View of duciary duty is changing to recognize ESG integration is needed to fulfill it D.There is no direct relationship between duciary duty and ESG integration 答案 : C 解 析 : For many years, fiduciary duty was considered a barrier to considering ESG within 

43. i nvestments. The modern interpretation of fiduciary duty put forward in the Freshfields report recognizes that failing to consider l ong-term investment value drivers – which include ESG i ssues – i n investment practice is a failure of fiduciary duty. 14 、 What does Rio Declaration state and when was it created? A.Created in 1992 and states that businesses have responsibility to ensure that their activities do not cause harm to the environment B.Created in 1987 and states that businesses have responsibility to ensure that their activities do not cause harm to the environment C.Created in 1992 and states what the concept of sustainable development is and how it could be achieved D.Created in 1987 and states what the concept of sustainable development is and how it could be achieved 答案 : A 解析 : Rio Declaration was a result of Rio Summit held in 1992. In 1987 Brutland Report was issued and it defined sustainable investment. 15 、 Which of the following parties is not an example of an asset owner? A.Institutional investment consultant B.Pension fund C.Individual D.Endowment 答案 : A 解析 : An institutional investment consultant is an intermediary, not an asset owner. 16 、 Which of the following is the most common ESG-related clause in Investment Management Agreements of asset owners with their investment managers? A.Voting requirements B.Acting in accordance with responsible investment policy C.Speci c requirements of ESG incorporation into investment-decision making D.Reporting on agreed responsible investment activities 答案 : B 解 析 : Acting i n accordance with responsible investment policy i s the most common clause, present in 91% of contracts. Reporting on agreed responsible investment activities is 2nd most common clause (65% of contracts) and voting requirements are the 3rd most common clause (45% of contracts). This is based on PRI data reported in the curriculum. 17 、 Which of the following types of asset owners is most likely to request integrate evaluation of the impact of extreme weather events when constructing the portfolio? A.Property and Casualty Insurer B.Life Insurer C.Pension Fund D..Foundation 答案 : A

44. 解析 : Liabilities of Property and Casualty Insurer are heavily affected by extreme weather events (this is when they will likely experience a lot of claims on their policies). Thus, this factor would be very material to their portfolio and they will likely request integration of it in the investment process. 18 、 Which of the following companies is unlikely to be considered aligned to EU Taxonomy? A.FinTech fueling financial inclusion B.Electricity generation from wind power C.Professional services related to energy performance of buildings D.Company developing solutions for storage of hydrogen 答案 : A 解 析 : EU Taxonomy currently covers only environmental objectives. While FinTech fuelling fi nancial inclusion is making a positive contribution, it is a contribution to the social objective that is not covered by EU Taxonomy. 19 、 Which of the following is not one of the six EU Taxonomy objectives? A.Pollution prevention and control B.The protection and restoration of of biodiversity and ecosystem C.Marine life protection D.Climate change adaptation 答案 : C 解 析 : Marine l i fe protection i s not one of the six EU Taxonomy objectives. Six objectives i nclude:<br />1 、 Climate change mitigation.<br />2 、 Climate change adaptation.<br />3 、 The sustainable use and protection of water and marine resources.<br />4 、 The transition to a ci rcular economy.<br />5 、 Pollution prevention and control.<br />6 、 The protection and restoration of biodiversity and ecosystem 20 、 Which of the following is not a challenge that fund managers face in integrating ESG? A.A very wide interpretation of investment objectives on which consultants and advisers base their advice to owners B.Resource challenges C.A lack of clear signals from asset owners that they are interested in ESG D.Perceptions around the cost and availability of data and tools 答案 : A 解析 : A very narrow, not wide, interpretation of investment objectives on which consultants and advisers base their advice is a barrier to ESG integration for fund managers. 21 、 ESG-related regulations generally impose obligations on all the following areas/parties except for: A.Corporate disclosure B.Retail investors C.Stewardship D.Asset owners 答案 : B

45. 解析 : Retail investors are a group that regulations aim to protect but the requirements imposed by regulations are typically not placing requirements on retail investors, but rather on asset owners and asset managers. Corporate disclosure and stewardship are 2 areas that are extensively covered by ESG-related regulations. 22 、 The financial regulator is increasing the scrutiny and adding additional rules on ESG labeling of financial products. Which of the following is the most likely effect of such a measure? A.Reduced compliance costs B.Increase in fund inflows for asset managers C.Slowdown in the growth of ESG products D.Increased comparability of products 答案 : D 解析 : I ncreased scrutiny and more rules around ESG labeling of products are likely to increase consistency of how products are l abeled and therefore comparability between different products. More comparable information is unlikely to result in a slowdown in the growth of such products, growth may potentially even i ncrease due to more transparent and reliable i nformation about the products. Pensions funds may possibly see increased inflows, but this is not a direct effect of such regulatory changes. Since additional rules and scrutiny i ncrease documentation and processes that need to be developed to adhere to them, compliance costs are likely to increase, not decrease. 23 、 What is the role of investment platforms in promoting ESG integration within financial products? A.They can advise asset owners on how to formulate mandates to i ntegrate ESG i n more products B.They can incorporate ESG factors in proxy voting decisions C.They can increase disclosure requirements ofESG data on companies D.They can integrate ESG ratings within their offer 答案 : D 解析 : I nvestment platforms allow investors to buy and sell financial products and to view their different characteristics. To promote ESG integration, they can integrate ESG ratings into their offering. Financial consultants and advisers will advise asset owners on how to structure mandates, not investment platforms. Investment platforms do not vote on behalf of investors, this function i s often done by proxy voting companies or could be also done by the fund manager. Investment platforms do not have the power to impose disclosure requirements on companies, this is the role of regulators. 24 、 How many ESG indices there are and what proportion of all indices do they constitute? A.Over 500 and they constitute less than 1% of all indices. B.Over 1,000 and they constitute roughly 1% of all indices. C.Over 1,000 and they constitute more than 5% of all indices. D.Over 5,000 and they constitute roughly 5% of all indices. 答案 : B 解析 :There are over 1,000 ESG indices and they constitute roughly 1% of all 3.7m indices that are 

46. globally available according to the Index Industry Association. 25 、 What has propelled fixed income as an asset class of interest to responsible investors? A.Recent trend towards passive investing B.More investors recognizing the shortfalls of short-terminism in investment practice C.Further development of stewardship codes across the global D.Rise of green bonds 答案 : D 解析 : The rise of green bonds, which are bonds issued for projects that deliver environmental benefits, has driven the growth of ESG within fixed income as it makes implementation of ESG i ntegration easier and clearer within fixed income investments. The rise of passive investing is an existing trend in asset management but it is not directly linked to increased interest in fixed i ncome i nvestments with ESG characteristics. More i nvestors recognizing the shortfalls of short-terminism in investment practice is a trend that contributes to the growth of responsible i nvesting overall, but not specifically within fixed income as an asset class. Stewardship is most relevant to equity investments and thus further development in stewardship codes is likely to l ead to growth in ESG investing within equity rather than fixed income. 26 、 Which type of investor dominates sustainable investing? A.Retail B.Institutional C.It used to be institutional but now is retail D.It used to be retail but now is institutional 答案 : B 解析 : I nstitutional investors dominate sustainable investing, with 75% of sustainable investing assets held by them and 25% by retail investors (based on 2018 data). This relationship was also i n place i n the past. However, i nterest i n sustainable i nvesting i s i ncreasing among retail i nvestors as the gap is narrowing (in 2012, 89% of sustainable investment assets were held by i nstitutional investors, 11% by retail investors). 27 、 The energy industry is the greatest contributor to greenhouse gas emissions and causes 73.2% of all emissions. Within that sector, which economic activities contribute most to the emissions? A.Energy use in the industry B.Transport C.Energy use in buildings D.Energy in agriculture and Ashing 答案 : A 解析 : Energy use in the industry contributes 24.1% of all GHG emissions, making it the largest contributor within the energy sector. Energy use in buildings constitutes 17.5% of emissions, transport 16.2%, and energy in agriculture and fishing 1.7%. 28 、 What is climate change mitigation? A.Reducing the sources of GHG emissions B.Reducing the impact of GHG emissions

47. C.Increasing climate change resilience D.Adjusting to climate change that is taking place 答案 : A 解 析 : Climate change mitigation involves reducing and stabilizing the l evels of GHGs in the atmosphere. GHGs are the sources of climate change. Increasing climate change resilience and adjusting to climate change taking place are descriptions of climate change adaptation, which is another method of responding to climate change. 29 、 Which of the following is not an example of climate change mitigation strategy? A.Use of renewable energy sources B.Investment in development of electric vehicles C.Regulations promoting energy efficient buildings D.Developing drought resilient crops 答案 : D 解 析 : Developing drought-resilient crops i s an example of climate change adaptation. Other examples are methods of climate change mitigation. 30 、 What does race to net zero refer to? A.The aim to achieve net zero rise in temperatures B.The aim to limit the amount of all GHGs emissions (carbon, methane, nitrogenous oxide etc.) added to the atmosphere to the amount removed C.The aim to limit the amount of carbon added to the atmosphere to the amount removed D.The aim to reduce GHG emissions to zero 答案 : C 解析 : Net zero refers specifically to the aim to reduce carbon emissions to the net zero, i.e. equalize the amount of carbon emitted to carbon removed. Net zero by 2050 is believed to enable limit the increase in global temperatures to 1.5 Celsius degrees. 31 、 Which of the following strategies contributes to both, climate change mitigation and adaptation? A.Promotion of sustainable agroforestry B.Building flood defenses C.Developing clean cooling systems D.Reducing deforestation 答案 : A 解析 : Agroforestry is the deliberate growing of trees alongside crops and/or livestock so that all parties can benefit from each other. Agroforestry i ncreases biodiversity, soil humidity, and fertility, enabling diversified food production and increased yields. The trees prevent soil erosion and bid carbon dioxide – agroforestry provides productivity and mitigates the impact of climate change. The trees provide shade, feed for the animals, compost material – and, in fact, also moisture to the soil. An agroforestry tree contributes more water than it consumes. Agroforestry helps to recreate a natural ecosystem. I t results i n a bigger harvest, a better climate, and i ncreased resistance to the effects of climate change, thus contributing to both, climate change mitigation and adaptation. Building fl ood defenses and developing cool cleaning systems 

48. contribute only to climate change adaptation. Reducing deforestation contributes only to climate change mitigation. 32 、 Which of the Sustainable Development Goals addresses the issues of water scarcity? A.SDG6 B.SDG8 C.SDG 10 D.SDG 13 答案 : A 解析 : Sustainable Development Goal 6 is about &quot;clean water and sanitation for all&quot; and thus addresses the issue of water scarcity. 33 、 All of the following are industries heavily affected by biodiversity loss except for: A.Agriculture B.Medicine C.Fishery D.Construction 答案 : D 解析 : Construction is not directly impacted by the loss of biodiversity. In agriculture, around 75% of global food crop types directly rely on animal pollination. Medicine and health are other areas of concern, with an estimated 70% of cancer drugs being organic or derived from organic substances. The fishery i s directly affected as with the l oss of marine biodiversity, marine ecosystems do not function well, resulting in less marine life. 34 、 Companies exposed to deforestation face material financial risks, such as: A.Cost volatility and negative externalities B.Supply disruption and reputational damage C.Supply disruption and cost stability D.Reputational damage and negative externalities 答案 : B 解析 : Supply disruption and reputational damage are financial risks that are faced by companies as a result of deforestation. A negative externality is a cost bore by society rather than the company (unless there are specific government policies to internalize that cost). Cost stability is a benefit rather than a cost being incurred. 35 、 Which of the following is not one of the components of a circular economy? A.Design out waste and pollution B.Dispose of waste more efficiently and without harm to environment C.Keep products and materials in use D.Regenerate natural systems 答案 : B 解析 : A circular economy assumes that there is no waste - everything is recycled and re-purposed i nto use. Thus, more efficient and environmentally friendly disposal of waste is not part of the ci rcular economy concept. Other steps are part of the circular economy.

49. 36 、 Which industry is most heavily affected by an increase in physical risks associated with extreme weather events? A.Insurers B.Banks C.Pharmaceutical companies D.Clothing manufacturers 答案 : A 解析 : I nsurers are most heavily affected by extreme weather events, as their increased frequency means they will face high levels of claims, likely above what their modeling has predicted based on historical levels of such events. 37 、 Which of the following is not a type of transition risk? A.Policy risk B.Legal risk C.Technology risk D.Environmental events risks 答案 : D 解析 : Environmental event risk is physical risk. Other types of risks listed are transition risks, i.e. risks arising from the shift towards a low-carbon economy. 38 、 Which of the companies does not have a direct impact on biodiversity? A.Company A that converts degraded land for bene^t of production activities B.Company B that uses surface water for irrigation purposes C.Company C that relies on supplies of paper from cutting trees to produce books D.Company D that disturbes local species through the noise from its processing site 答案 : C 解析 : Company C has an indirect impact, as it is its supply chain (supplies of paper coming from cutting trees) that has a biodiversity impact rather than its direct activities. Other activities listed have a direct impact on biodiversity (which may be positive or negative). 39 、 What is the concept of double materiality i ntroduced by the EU Non-Financial Reporting Directive? A.Companies need to report both the impact of climate change on their activities as well as, the i mpact of a company's activities on climate change and the environment. B.Companies need to report how their activities impact both, environmental and societal issues. C.Companies need to report both the impact of climate change on their activities as well as, the i mpact of climate change on their customers. D.Companies need to report how their activities impact both, climate change mitigation and climate change adaptation. 答案 : A 解 析 : ‘ double materiality perspective' means that companies have to report on how sustainability i ssues affect their business and about their own i mpact on people and the environment. The aim is to ensure that companies should consider their whole value chain, both 

50. upstream in the supply chain and downstream. 40 、 What is the reason that it is difficult to measure and report Scope 3 emissions? A.They are a source of potential business risk B.Complex supply chains that have limited traceability C.Company cannot directly change its level of Scope 3 emissions D.They are immaterial 答案 : B 解析 : Scope 3 emissions are emissions coming from the supply chain. Since the supply chain can be very complex and difficult to trace, reporting and measurement of Scope 3 emissions are difficult. While Scope 3 emissions are a source of business, this is not the reason why they are difficult to measure and report. Similarly, the company cannot directly change the level of Scope 3 emissions, which is why they may be difficult to reduce but it is not the main reason why they are difficult to measure. The statement that Scope 3 emissions are immaterial is not true, they are estimated to be, on average, over five times as high as those from direct operations. 41 、 Forest Stewardship Council and Marine Stewardship Council are examples of: A.Corporate-led i nitiatives created to create a set of common sustainability i ndicators for i ndustries with complex supply chains B.Government-led initiatives to improve disclosure of Scope 3 emissions within sectors with high complexity supply chains C.Multi-stakeholder traceability schemes aimed to trace commodities across supply chain D.Collaborations within i ndustries with high environmental i mpact to i mprove emissions disclosures 答案 : C 解 析 : Those are examples of multi-stakeholder traceability schemes. Other examples of traceability schemes i nclude Roundtable for Sustainable Palm Oil or Fairtrade Labelling Organisations International. 42 、 Wah this the nature of commitments and targets established by the Kyoto Protocol for developed nations and by the Paris Agreement? A.Both are binding B.They are non-binding C.Kyoto Protocol is binding, Paris Agreement is non-binding D.Kyoto Protocol is non-binding, Paris Agreement is binding 答案 : C 解析 : Kyoto Protocol&#039;s targets are binding, but only for developed nations, recognizing the historical l i nks between industrialization, economic development, and GHG emissions. Paris Agreement is not legally binding under international l aw, however, it serves as a significant l andmark in tackling climate change on a global scale. 43 、 What does the International Maritime Organization 2020 Regulation stipulate? A.It caps maximum sulphur content in the fuel oils used by ships B.It imposes limits on fishing activity in the over-exploited areas

51. C.Imposes limits on manufacture of hydrofluorocarbons D.It i mposes taxes on companies performing activities that have negative impact on marine environment 答案 : A 解析 : The International Maritime Organization (IMO) 2020 Regulation caps the maximum sulphur content in the fuel oil used by ships. 44 、 By when does the European Green Deal target to make the EU Economy climate-neutral? A.2030 B.2050 C.2060 D.2070 答案 : B 解析 : European Union announced European Green Deal in December 2019 and it targets to make the EU economy climate-neutral by 2050 by boosting the efficient use of resources, restoring biodiversity, and cutting pollution. 45 、 Which of the following i s not one of the disclosures required by Sustainable Fi nance Discosure Regulation? A.How the impacts of sustainability risks on the financial products are systematically assessed B.How asset managers consider and seek to address potentially negative i mplications of i nvestment activities on sustainability factors C.Clear delineation whether products have explicit ESG focus D.Policies asset managers have in relation to environmental protection and a range of other social and governance factors. 答案 : D 解析 : The policies asset managers have in relation to environmental protection and a range of other social and governance factors are a requirement of the Non-Financial Reporting Directive, not the Sustainable Finance Disclosure Regulation. The other 3 elements are required to be disclosed under Sustainable Finance Disclosure Regulation. 46 、 Two ESG analysts are discussing the pros and cons of carbon taxation. Which of the statements made is the most accurate? A.Carbon taxation has advantage of predictability, but its effectiveness is heavily dependent on elasticity of demand. B.Carbon taxation has disadvantage of unpredictability but its effectiveness i s not affected elasticity of demand. C.Carbon taxation has disadvantage of unpredictability but creates economic i ncentive for emissions reductions to occur at the point of least cost. D.Carbon taxation has advantage of predictability and creates economic incentive for emissions reductions to occur at the point of least cost. 答案 : A 解析 : Carbon taxation has the advantage of predictability - the level of carbon taxes is set by the government and thus is known upfront and can be planned for. The effectiveness of carbon tax is 

52. heavily dependent on the elasticity of demand - if the demand is inelastic, a carbon tax may not result in a lower level of emissions but rather in a price increase of the goods. The creation of an economic incentive for emissions reductions to occur at the point of least cost is a characteristic of an emissions trading system, rather than a carbon tax. 47 、 The analyst is calculating the carbon footprint of a company and notices a significant drop in carbon i ntensity from the previous year, despite the companys product and the way it is produced remaining unchanged. The analyst notes that the government has imposed a new carbon tax during the year, a few months ago the company has outsourced the carbon-intensive part of its production to another company and it has released its second annual report with its ESG metrics assured by a third party. Which of the following is a likely explanation for a change in carbon intensity? A.Unreliable data caused the drop in carbon intensity. B.Carbon tax increased the cost of carbon emissions and thus resulted in reduction of carbon i ntensity. C.Metric of carbon intensity are based only on Scope 1 and 2 emissions and excludes Scope 3 emissions. D.Carbon emissions in the previous year have likely been double-counted. 答案 : C 解析 : Unreliable data or double-counting in previous year are the unlikely causes as data for both years has been assured by the third party, i ndicating they have reasonable reliability and consistency of methods used. A carbon tax may incentivize lower emissions, however, in this case, there is nothing to indicate this has happened and it is specifically noted that the companys production methods remained the same. Since the company outsourced a carbon-intensive part of its operations, those operations would no longer be included in Scope 1 or 2 emissions. After outsourcing they become part of Scope 3 emissions. If Scope 3 emissions are not part of the carbon i ntensity metric, outsourcing would result i n a drop i n the carbon i ntensity of this company. 48 、 When weighted average carbon i ntensity may be a preferred metric to total carbon emissions? A.When attempting to see what is the share of overall emissions of the sector that the company generates B.When attempting to compare companies of different sizes C.Always. Weighted average carbon intensity is a superior metric in all circumstances as it is more accurate D.Never. Total emissions should be used as they show absolute value of emissions, which is always preferable. 答案 : B 解析 : When comparing companies of different sizes weighted average carbon intensity is more useful as it shows how much emissions the company generates per unit of revenue generated, while total emissions would result in larger companies showing higher emissions not because they manage carbon inefficiently but because they produce a lot. When attempting to see what i s the share of overall emissions of the sector that the company generates, total carbon 

53. emissions are more useful as they provide the absolute value of emissions generated. 49 、 Which is not true of Net Zero targets that companies increasingly set? A.They can rely on offsets B.Timeframes on which they focus may differ C.They are absolute targets D.They cover different types of emissions (just carbon dioxide or all GHGs) 答案 : C 解析 : Net Zero targets can be absolute or relative, thus stating that they are absolute targets is not correct. Other statements are true characteristics of Net Zero targets. 50 、 Which of the following companies is not a contibutor to a circular economy? A.Big brand introducing sale of second-hand furniture into its offering B.Food retailer introducing re-usable fast food packaging C.Company developing technology to re-purpose old printer cartridges into materials that can be used to build roads D.Company creating more efficient waste management solutions through sale of landfill waste to other countries 答案 : D 解析 : The circular economy focuses on the removal of waste and keeping materials in use. Selling l andfill waste to other countries just moves the waste to another place - it will still harm the environment and have similar negative effects. Other solutions proposed contribute to keeping materials i n use ( sale of second-hand furniture), reducing waste ( by i ntroducing recyclable packaging or by developing technologies to recycle materials that previously were a waste - old printer cartridges) 51 、 What is the most common use of green bond proceeds? A.Land use B.Transport C.Buildings D.Renewable energy 答案 : D 解 析 : As per Climate Bonds Initiative (2020), 35% of the use of green bond proceeds is for renewable energy, 27% for buildings, 22% for transport, 5% for land use, 3% for waste, and 2% for other uses. 52 、 What is a transition bond? A.Bond issued by high-emission company to nance reduction in GHG emissions. B.Bond i ssued by a start up company to finance development of technology that will aid transition to low carbon economy C.Bond issued to nance green project D.Bond issued to a company that has a set of targets related to reduction of GHG emissions, meeting of which will reduce interest rate charged on the bond 答案 : A

54. 解析 : A transition bond is a bond issued by a high-emission company to finance a reduction in GHG emissions. 53 、 What is a Blue Economy Development Framework? A.Investor-led i nitiative to develop a framework to assist companies i n assessing and management of negative impacts that their operations have on ocean resources. B.Framework developed by the World Bank and European Commission to assist companies in assessing and management of negative impacts that their operations have on ocean resources. C.Investor-led initiative to develop a framework to assist governments in preparing policy, fiscal and administrative reforms aiming at protection of ocean resources. D.Framework developed by the World Bank and European Commission to assist governments in preparing policy, ^fiscal and administrative reforms aiming at protection of ocean resources. 答案 : D 解析 : Blue Economy Development Framework is a framework developed by the World Bank and European Commission to assist governments i n preparing policy, fiscal and administrative reforms aiming at the protection of ocean resources. It is a new step in the area of international ocean governance. 54 、 Which of the following i nstruments forms the highest proportion of sustainable debt i ssuance? A.Green bonds B.Social bonds C.Sustainability-linked loans D.Green loans 答案 : A 解析 : As of 2020, green bonds form the largest proportion of sustainability debt issuance, over 40% (300bn USD out of overall 732.1bn USD of sustainability debt issued in 2020), Social bonds, and sustainability-linked l oans are two other significant contributors to overall i ssuance. Sustainability bonds, green l oans, and sustainability-linked bonds form a relatively small proportion of overall issuances. 55 、 Which of the following social megatrends has the largest negative impact on job losses? A.Urbanization B.Globalization C.Artificial intelligence and automation D.Digital disruption, social media and access to electronic devices 答案 : C 解析 : Artificial intelligence and automation allow for the replacement of workers by automated processes and therefore is the largest contributor to job losses. It is expected to have the most significant i mpact on the following sectors: healthcare, automotive, fi nancial services and auditing, security, and creative. 56 、 The analyst is evaluating the effectiveness of wastewater treatment plants as a solution to water scarcity in underdeveloped countries. Which of the following should not be included as a 

55. concern related to this solution in this report? A.Wastewater treatment is highly capital intensive B.Wastewater treatment requires enormous costs C.Wastewater treatment requires enormous skillsets to operate the plant D.Wastewater treatment poses signi^cant externalities to local wildlife 答案 : D 解 析 : Wastewater treatment is highly capital intensive and can be very costly to set up and operate. It also requires skilled workers to operate. The impact on local wildlife is not one of the key concerns associated with wastewater treatment plants. 57 、 Which of the following i ncludes a l i st of social factors that primarily i mpact i nternal stakeholders? A.Employment standards, working conditions, controversial sourcing. B.Human rights, animal welfare, working conditions. C.Human capital development, human rights, product liability. D.Human capital development, human rights, employment standards. 答案 : D 解析 : Human capital development, human rights, employment standards, and working conditions are factors that primarily affect employees, who are i nternal stakeholders. Controversial sourcing, product l i ability, and animal welfare relate to i mpacts that a company has on its customers, wider society, and animals, thus external stakeholders. 58 、 What social issue is Free Prior Informed Consent aimed to address? A.Stakeholder opposition B.Human rights C.Controversial sourcing D..Employment standards 答案 : A 解析 : Free Prior Informed Consent is a way to manage stakeholder opposition when a company plans to develop on ancestral land or use resources of a territory owned by indigenous people. It comprises of obtaining free ( not manipulated or coerced), prior ( sufficiently i n advance of activities being commenced), informed (based on satisfactory information about the project being provided) consent from indigenous people before commencing a project that affects them. 59 、 What is considered to be compliance with minimum safeguards under EU Taxonomy? A.Compliance with United Nations Guiding Principles on Business and Human Rights B.Compliance with United Nations Guiding Principles on Business and Human Rights and OECD Guidelines for Multinational Enerprises C.Compliance with United Nations Guiding Principles on Business and Human Rights and meeting one of six environmental objectives D.Doing no significant harm to any of the six environmental objectives denned by EU Taxonomy 答案 : B 解 析 : Minimum safeguards relate to compliance with United Nations Guiding Principles on Business and Human Rights and OECD Guidelines for Multinational Enterprises. Meeting one of 

56. six environmental objectives is a requirement for an activity to be considered as substantially contributing. Do no significant harm is another separate test. All three together, substantial contribution to one of six objectives, do no significant harm to any of the other objectives, and minimum safeguards are requirements for an activity to be considered EU taxonomy aligned. 60 、 Which of the following statements is not true in respect of the UK Modern Slavery Act? A.It applies to medium and large size companies B.Requires the company to provide slavery and human trafficking statement each year C.Requires the company to provide quantitative disclosure of metrics related to modern slavery on annual basis D.Aims to ensure that companies are taking steps to ensure modern slavery is not taking place in their business or supply chains 答案 : C 解析 : The Modern Slavery Act requires both medium- and large-sized companies to provide a slavery and human trafficking statement each year, which sets out the steps taken to ensure modern slavery is not taking place in their business or supply chains. Disclosure of quantitative metrics related to modern slavery can be provided but it is not required. 61 、 Which of the following industries is likely to have the smallest inherent social risks within its supply chain? A.Clothing retailer B.Software development company C.Coffee-shop chain D.Mining company 答案 : B 解 析 : Software development company primarily relies on i ts skilled workforce, with l i mited exposure to supply chains in emerging economies that are most exposed to social risks. Clothing companies and coffee producers/retailers are likely to rely on sourcing and use of workforce in emerging economies, which are exposed to social issues around labor and human rights. Mining companies are exposed to risks associated with exploitation, health and safety, and human rights. 62 、 I n the circle of accountability, who is the fund manager directly accountable to? A.Asset owner B.Bene^ciary C.Corporate board of investee company D.Workforce 答案 : A 解析 : The fund manager is directly accountable to the asset owner. The asset owner is in turn accountable to the beneficiary of the pension plan/insurance plan. The workforce at the investee company is accountable to management. Management is in turn accountable to a corporate board of the investee company. The corporate board of the investee company is accountable to the fund manager, who provides capital to this company.

57. 63 、 Which of the following is not an effective way to manage agency problem that exists within a company? A.Executive pay linked to company performance B.Good benefits package for employees C.Presence of remuneration and nominations committees D.Presence of audit committee 答案 : B 解析 :The agency problem has been identified as an inevitable consequence of the separation of ownership and control. The agency problem arises in that the interests of these professional managers – the agents – may not always be wholly aligned with the interests of the owners of the business and so, the company may not be run in the way the owners wish. Linking executive pay to performance is one of the ways to incentivize managers to act in alignment with the wishes of the shareholders. The presence of remuneration, nominations, and audit committees are forums established to deliver alignment of compensation, nominate the board to ensure it is effective and balanced, and to oversee accounts and audit process to ensure accountability via reporting. All of those help to manage alignment. Good benefits for employees are not linked directly to the agency problem. 64 、 I n which countries it is common to have a two-tier board? A.Netherlands, France B.USA, Germany C.USA, Japan D.Netherlands, Germany 答案 : D 解析 : Two-tier boards are common in Netherlands and Germany. USA, France, and Japan tend to have one-tier boards. 65 、 What is the key issue that minority shareholders face? A.Lack of legal protection B.Money being siphoned out of the business in a way that benefits majority shareholders but not wider shareholder base C.Limited access to information about company nancials D.Lack of any voting rights 答案 : B 解析 : Minority shareholders are primarily exposed to the risk of money being siphoned out of the business in a way that benefits majority shareholders but not the wider shareholder base. Since they hold a minority of shares, the company may take decisions that minority shareholders are opposed to without their ability to influence such decisions. This is particularly harmful if those decisions are against the interests of minority shareholders. There are legal protections in place to help prevent this. Minority shareholders receive financial reports of the company, lack of access to financial information is not a key issue. Minority shareholders hold voting rights. 66 、 What is a Class 1 transaction under UK law? A.Transaction that affects more than 5% of company assets, profits, or value of capital. 

58. Additional disclosures are required for such transaction. B.Transaction that affects more than 5% of company assets, promts, or value of capital. C.Transaction that affects more than 25% of company assets, promts, or value of capital. D.Transaction that affects more than 50% of company assets, profits, or value of capital. 答案 : C 解析 : Class 1 transaction affects more than 25% of company assets, profits, or value of capital. A shareholder vote is required to approve such a transaction. Class 2 transaction affects more than 5% of company assets, profits, or value of capital. Additional disclosures are required for such transactions. 67 、 Who benefits the most from pre-emption rights? A.Existing shareholders B.New potential investors C.Employees D.Customers 答案 : A 解 析 : Pre-emption rights mean that a company cannot issue shares without giving existing shareholders the right to buy a sufficient amount i n order to maintain their existing shareholding. Because these rights come before potential external investors, they are called pre-emptive. They benefit existing shareholders by giving them a mechanism to ensure their shareholding is not diluted, with shares offered to new investors at a lower price. 68 、 The analyst is evaluating the board structure of the company. Which of the following are they most likely to record as a concern? A.Board has only 35% of female board members B.Board has independent non-executive director C.Experienced director is performing dual role of Chair and CEO D.Board re-election once every 3 years 答案 : C 解析 : One person performing the role of Chair and CEO is a concern with regards to effective board structure. 30% of females on board is currently considered good practice to ensure board diversity. The presence of an independent director is a positive feature. While some companies have moved to annual board re-election, re-election every 3 years is common and not a cause for concern. 69 、 What is the purpose of dual-class shares? A.To protect minority shareholders B.To allow founder to retain control C.To align interests of management and shareholders D.To manage agency problem 答案 : B 解析 : Dual class shares mean that different classes of shares have a different number of voting rights per share. Typically a share class with significant voting rights is available only to the founder of the company, thus allowing them to retain control of the company as they issue more 

59. equity. As a result, even though they may hold shares that are worth less than 50% of the company, they can retain voting rights in excess of 50%. 70 、 Which of the following factors is least likely to put into question the independence of the board member? A.Long tenure B.Holding executive position at the company recently C.Being a chair of industry association D.Family member of signi^cant shareholder 答案 : C 解析 : Being a chair of an industry association is unlikely on its own to put the independence of the director into question. Long tenure can cause independence to be compromised because of ties and familiarity with the company. Holding a recent executive position and being a family member of significant shareholders are factors that can contribute to lower perceived and/or actual independence. 71 、 Which of the following is not one of the key crucial elements of an enhanced audit report? A.Scope B.Materiality C.Conflicts of Interest D.Key Audit Matters 答案 : C 解析 : While conflicts of interest pose a risk pertinent to external audits that needs to be managed, they are not one of the crucial elements of the enhanced audit report. 72 、 What does performance materiality of 60% of overall materiality imply? A.<strong>That auditor has a low level of confidence in the company's nancial controls</strong> B.<strong>That auditor's confidence in the company's nancial controls is typical</strong> C.That auditor will be checking 60% of all transactions during the audit. D.That audit will focus on 60% of largest segments of the company. 答案 : A 解析 : The performance materiality number (the level below the materiality threshold that the auditor uses in practice in its audit procedures, to avoid problems arising when the numbers analyzed are aggregated), as this indicates the extent to which the auditor trusts the company ’ s fi nancial systems: 75% of the overall materiality threshold is typical, whereas anything around 50% to 60% suggests a low level of confidence in the company ’ s financial controls. 73 、 Which of the following is correct in respect of internal audit? A.Its function is to check financial statements, it is mandatory in every company B.Its function is to check financial statements, it does not exist in all companies C.Its function is to check controls, it is mandatory in every company D.Its function is to check controls, it does not exist in all companies 答案 : D 解析 : While all large companies are likely to have an internal audit function, it often does not 

60. exist in smaller companies - not every company has an internal audit function. The role of the i nternal audit function i s to check whether controls within the company are designed and operate effectively. Checking financial statements is a role of external audit. 74 、 A director with a tenure of 11 years would be considered: A.No l onger i ndependent i n the UK and Singapore, but still i ndependent i n France and Luxembourg B.No longer independent in nearly all countries C.No l onger i ndependent i n France and Luxembourg but still i ndependent i n the UK and Singapore D..Independent in nearly all countries 答案 : A 解析 : Board member with a tenure of 11 years would be no longer independent in the UK and Singapore as those countries consider a tenure of 8-10 years to be a maximum tenure within which independence can be maintained. Such directors would be still independent in France and Luxembourg, as those countries consider directors can serve a tenure of 12-15 years until determining that the director is no longer independent. 75 、 Which committees are expected to be comprised solely of independent non-executive directors? A.Nominations and Remuneration Committees B.Audit and Remuneration Committees C.Audit and Nominations Committees D.Remuneration Committee only 答案 : B 解析 : Audit and Remuneration Committees are expected to be comprised solely of independent non-executive directors. Such directors should form the majority of the Nominations Committee. 【 V3 】 FlexiQuiz （ 6-9 章节） 80 道题 1 、 Which of the following parties is most likely to carry out stewardship activities? A.Asset owner B.Insurer C.Fund manager D.Investor 答案 : C

61. 解析 : The fund manager has the greatest aggregated scale and is the most likely party to carry out stewardship activities. However, all of those parties could carry them out. 基金管理人的总规 模最大， 是最有可能开展管理活动的一方。 但是， 所有这些各方都可以执行它们。 2 、 Which of the following is not one of the three ESG engagement dynamics that PRI believes create value? A.Political B.Influencing C.Learning D.Communicative 答案 : B 解析 : Communicative (exchange of information), learning (exchange of knowledge) and political (building relationship) are three ESG engagement dynamics that PRI defined as creating value. 交流（信息交流）、学习（知识交流）和政治（建立关系）是 PRI 定义为创造价值的三种 ESG 参与动态。 3 、 The stewardship Codes typically include all of the following provisions except for A.Regular monitoring of investee companies B.Intelligent voting C.Management of conflicts of interest in respect of stewardship activities D.Presence of stewardship policy 答案 : C 解析 : Management of conflicts of interest in respect of stewardship activities is sometimes, but not always present. Other provisions are typical principles usually included in all stewardship Codes. 管理活动中的利益冲突管理有时会出现，但并不总是存在。其他规定是通常包含在 所有管理守则中的典型原则。 4 、 The company considers how to structure its engagement in an effective and efficient way and considers collective engagement. Which of the following is not an issue that it may face? A.Concert party B.Conflict of interest C.Competition D.Insufficient influence 答案 : D 解析 : The creation of concert parties is a common concern in respect of collective engagement. It means creating groups of shareholders so i nfluential that they i n effect take control of companies without mounting a formal takeover. Conflicts of i nterest can arise when shareholders also have business relationships with investee companies or each other. There may be also issues of competition between shareholders as they may offer similar products / operate i n the same industry. Collective engagement increases the extent of influence as a group of shareholders is acting together, thus insufficient influence is not a concern. 一致行动方的创建 是集体参与方面的共同关注点。这意味着创建一群非常有影响力的股东，以至于他们实际上 在没有正式收购的情况下控制了公司。当股东与被投资公司或彼此之间也有业务关系时，可 能会出现利益冲突。 股东之间也可能存在竞争问题， 因为他们可能提供类似的产品 / 在同一

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