2025年最新の100%試験高合格率Sustainable-Investing問題集PDF
合格させる試験完全版Sustainable-Investing問題集708解答
質問 # 221
The manager of a sovereign fund publishes a list of excluded companies with reasons for the divestments.
This is most likely a form of:
- A. Escalation.
- B. Concert party.
- C. Collective engagement.
正解：A
解説：
Escalation occurs when an investor, after attempting engagement, takes further steps such as divestment, public disclosures, or shareholder resolutions to address ESG concerns.
Why A (Escalation) is correct:
Publishing a list of exclusions signals that prior engagement efforts failed or that the fund has decided to divest based on ethical or financial grounds.
Example: Norway's Government Pension Fund Global regularly excludes companies due to environmental and human rights concerns.
Why not B or C?
B (Concert party) refers to coordinated investor actions to influence corporate decisions, often in takeovers.
C (Collective engagement) involves multiple investors engaging together but does not necessarily result in exclusions.
References:
Norges Bank's Exclusion Policy (2023)
PRI: Guide to Investor Escalation Strategies (2022)
質問 # 222
The planet's largest carbon reservoir is the:
- A. Rainforest
- B. Ocean
- C. Atmosphere
正解：B
解説：
The ocean (Option A) is the largest carbon reservoir, storing about 39,000 gigatons of carbon-far more than forests or the atmosphere. It absorbs:
About 30% of human CO# emissions annually, buffering climate change.
Carbon through the biological pump, where plankton absorb CO#.
Option B (Rainforests) are crucial carbon sinks, but they store significantly less carbon than oceans.
Option C (Atmosphere) holds about 750 gigatons of carbon, much less than the ocean reservoir.
References:
IPCC Climate Reports (2021)
NASA Ocean Carbon Storage Studies
UNEP: The Ocean as a Carbon Sink
質問 # 223
If a company has significant cash on its balance sheet, investors are most likely to prefer that the company:
- A. has a low dividend payout ratio.
- B. has some debt.
- C. operates in multiple businesses.
正解：B
解説：
When a company holds significant cash, investors generallyprefer a balanced capital structure-meaning a mix ofequity and debt-becausesome debtcanimprove the company's return on equityandenhance capital efficiency. A company with significant cash and no debt may be seen as underutilizing capital, which could be more productively allocated to growth initiatives or returning value to shareholders.
質問 # 224
Which of the following investor types most likely have the shortest investment time horizon?
- A. Foundations
- B. General insurers
- C. Life insurers
正解：B
解説：
General insurerstypically have theshortest investment time horizonbecause theirliability structureis shorter- term, requiring liquidity to pay claims quickly. For example,property and casualty (P&C) insurersmust hold liquid assets to cover unexpected claims fromnatural disasters or accidents.
In contrast,life insurers (A)manage long-term liabilities and have extended investment horizons, whilefoundations (B)invest with long-term endowment strategies.
References:
CFA Institute Report on ESG Investing for Insurers
OECD Guidelines on Insurance Investment Strategies
PRI ESG Integration in Insurance Asset Management
質問 # 225
With respect to infrastructure assets, externalities are best described as issues that may be:
- A. originated outside the asset and impact its profitability.
- B. caused by the asset itself and impact its profitability.
- C. caused by the asset itself and impact its surrounding environment.
正解：C
解説：
Externalities refer to the unintended consequences of a project or asset, such as pollution, that affect its surrounding environment and society. These factors often have social or environmental impacts that are not reflected in the financial costs of the project. (ESGTextBook[PallasCatFin], Chapter 3, Page 114)
質問 # 226
When assessing environmental risks, asset managers should use:
- A. quantitative approaches only.
- B. qualitative approaches only.
- C. both qualitative approaches and quantitative approaches.
正解：C
解説：
CFA's sustainable investing materials recommend adual approachwhen evaluating environmental risks:
* Qualitative assessmentscapture strategic and governance-related insights, including the company's environmental policies, disclosures, and commitment to sustainability.
* Quantitative data(e.g., carbon intensity, water use, waste management metrics) provide measurable, comparable indicators of environmental performance.Usingbothensures acomprehensive pictureof environmental risk exposure and management.
質問 # 227
To reflect weak governance of a private equity holding, an analyst's model should most likely include a reduction in the holding's:
- A. Bankruptcy risk
- B. Cost of capital
- C. Terminal value
正解：C
解説：
When a private equity holding demonstrates weak governance, it may lead to lower long-term growth potential and higher risk. This is reflected in a reduced terminal value in the analyst's valuation model, indicating lower anticipated future cash flows or exit value.ESG Reference: Chapter 7, Page 259 - ESG Analysis, Valuation & Integration in the ESG textbook.
質問 # 228
Carbon intensity is calculated as Scope 1 plus Scope 2 emissions divided by:
- A. market capitalization
- B. profit
- C. revenue
正解：C
解説：
Carbon intensity is calculated as Scope 1 plus Scope 2 emissions divided by revenue.
Revenue (B): Carbon intensity is a measure of a company's carbon emissions relative to its economic output, typically calculated as the sum of Scope 1 and Scope 2 emissions divided by revenue. This provides a standardized way to compare the carbon efficiency of companies across different sizes and industries.
Profit (A): Using profit for this calculation is less common and would not provide a consistent measure of carbon intensity, as profits can vary widely due to factors unrelated to emissions.
Market capitalization (C): Market capitalization reflects the company's market value, which is influenced by investor perceptions and market conditions, rather than the direct economic output of the company.
References:
CFA ESG Investing Principles
Standard methodologies for calculating carbon intensity
質問 # 229
For engagement strategies to deliver results in a cost-effective and time-effective manner, an investor needs to:
- A. Raise every possible concern with a company in its portfolio that is most in need of engagement
- B. Have clear escalation measures in case engagement fails
- C. Frame the engagement topic into a broader discussion around strategy and not the financial performance of the company
正解：B
解説：
Effectiveengagement strategiesrequireclear escalation measuresif a companyfails to address ESG concerns.
Escalation steps include:
* Private dialoguewith management
* Public shareholder resolutions
* Proxy voting or divestment threats
Option A is incorrect because investorsprioritizekey ESG concerns rather than engaging on every issue.
Option B is misleading-financial performance is a critical part of ESG engagement discussions.
References:
Principles for Responsible Investment (PRI) Guide to ESG Engagement
CFA Institute Guide to Active Ownership
UK Stewardship Code 2020 Best Practices
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質問 # 230
Which of the following is one of the main principles of stewardship codes?
- A. Thoughtfully intelligent voting
- B. Escalation of stewardship activity must include a willingness to act independently of other investors
- C. Avoid considering conflicts of interest regarding stewardship matters
正解：B
解説：
Stewardship codes emphasizeactive ownership, which includes engaging with companies on ESG issues and escalating actions when necessary. A key principle of many stewardship codes (such as theUK Stewardship Code 2020) is that investors must be willing toact independently of other investorswhen necessary to ensure effective stewardship.
This principle prevents "herding behavior" and ensures that stewardship decisions align withfiduciary dutiesrather than collective pressures.
References:
UK Stewardship Code 2020
CFA Institute Stewardship Principles
Principles for Responsible Investment (PRI)
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質問 # 231
Which of the following best describes a fund manager's actions regarding specific assets to preserve or enhance their value?
- A. Corporate sustainability
- B. Engagement
- C. Monitoring
正解：B
解説：
Engagement (Option B) is the active process of fund managers interacting with investee companies to:
Encourage ESG improvements.
Address material risks impacting long-term value.
Option A (Monitoring) is passive observation, not action.
Option C (Corporate sustainability) applies to company policies, not investor actions.
References:
PRI Active Ownership 2.0 Report
UK Stewardship Code
OECD Investor Engagement Best Practices
質問 # 232
Which of the following is an example of a social factor affecting external stakeholders?
- A. Workers' health and safety
- B. Human rights
- C. Animal welfare
正解：B
解説：
Human rights are a social factor that primarily affects external stakeholders, such as communities or populations impacted by a company's operations. (ESGTextBook[PallasCatFin], Chapter 4, Page 192)
質問 # 233
When accounting for a critical weakness in a company's environmental management process, an analyst using a discounted cash flow (DCF) valuation model should:
- A. increase the cost of capital.
- B. not change the cost of capital.
- C. decrease the cost of capital.
正解：A
解説：
When using a discounted cash flow (DCF) valuation model, analysts must consider various risk factors that can affect the valuation. A critical weakness in a company's environmental management process represents an increased risk, which can impact the cost of capital.
1. Cost of Capital: The cost of capital represents the rate of return required by investors to compensate for the risk of an investment. It includes the cost of equity and the cost of debt, weighted according to the company's capital structure.
2. Impact of Environmental Risks: A critical weakness in environmental management indicates potential risks, such as regulatory fines, cleanup costs, litigation, or damage to the company's reputation. These risks can increase the uncertainty and perceived risk of investing in the company, leading investors to demand a higher return to compensate for these risks.
3. Increasing the Cost of Capital: Given the increased risk associated with poor environmental management, the appropriate response is to increase the cost of capital in the DCF model. This adjustment reflects the higher risk premium required by investors due to the potential negative financial impacts of environmental issues.
References from CFA ESG Investing:
Cost of Capital and Risk: The CFA Institute explains that the cost of capital should reflect the risks associated with an investment. When a company faces significant environmental risks, analysts should adjust the cost of capital upwards to account for the increased uncertainty and potential financial impacts.
DCF Valuation Adjustments: The DCF valuation model requires careful consideration of all risk factors.
Adjusting the cost of capital to reflect environmental risks ensures that the valuation accurately captures the potential impact on future cash flows and investor returns.
In conclusion, when accounting for a critical weakness in a company's environmental management process, an analyst should increase the cost of capital, making option C the verified answer.
質問 # 234
Which of the following ownership mechanisms best protects minority shareholders?
- A. Pre-emptive rights only
- B. Dual-class shares only
- C. Both dual-class shares and pre-emptive rights
正解：A
解説：
Pre-emptive rightsprovideminority shareholders with the ability to maintain their proportional ownershipduring new equity issuances, thus protecting them fromdilution. In contrast,dual-class sharescreatedifferent voting rightsand canweaken the influence of minority shareholders, not protect them.
Therefore, only pre-emptive rights (option B) offer genuine protection for minority investors against controlling shareholders or dilution events.
質問 # 235
Which of the following is most likely associated with positive screening?
- A. Green investing
- B. Thematic investing
- C. Best-in-class investing
正解：C
解説：
Positive screening, or best-in-class investing, involves selecting companies that rank highly on ESG criteria relative to their peers within the same sector, rather than excluding entire sectors. (ESGTextBook
[PallasCatFin], Chapter 7, Page 325)
質問 # 236
The launch of the European Green Deal in 2020 is intended to:
- A. reduce greenhouse gas emissions in the European Union by 55% by 2030.
- B. mobilize $372 billion across the European Union of which 30% will contribute to climate objectives.
- C. make the European Union climate neutral by 2050.
正解：C
解説：
TheEuropean Green Deal'score ambition is to make the EUclimate neutral by 2050. This overarching objective shapes its entire policy framework, including emission reduction targets (55% by 2030) and significant funding allocations, but climate neutrality by 2050 is theultimate goal.
質問 # 237
Corporate disclosures in line with the recommendations of the Corporate Sustainability Reporting Directive (CSRD) are a regulatory requirement for companies in:
- A. both the EU and the UK
- B. the EU only
- C. the UK only
正解：B
解説：
The Corporate Sustainability Reporting Directive (CSRD) is a European Union (EU) directive that mandates enhanced and standardized sustainability reporting for companies. It aims to improve the quality and consistency of sustainability information disclosed by companies, which is essential for investors and other stakeholders to make informed decisions.
1. EU Regulatory Requirement: The CSRD is a regulatory requirement specifically for companies within the EU. It expands upon the previous Non-Financial Reporting Directive (NFRD) by requiring more detailed and comprehensive disclosures on sustainability matters, including environmental, social, and governance (ESG) factors.
2. Scope and Applicability: The CSRD applies to a wide range of companies within the EU, including large companies, listed companies, and certain small and medium-sized enterprises (SMEs). It does not extend to the UK, which has its own regulatory framework for corporate sustainability reporting following Brexit.
References from CFA ESG Investing:
CSRD Overview: The CFA Institute outlines the scope and requirements of the CSRD, emphasizing its role in enhancing corporate sustainability disclosures within the EU.
EU vs. UK Regulations: The distinction between EU and UK regulations is crucial, as post-Brexit, the UK follows different guidelines for corporate sustainability reporting.
In conclusion, corporate disclosures in line with the recommendations of the CSRD are a regulatory requirement for companies in the EU only, making option A the verified answer.
質問 # 238
ESG integration should be considered as part of:
- A. both systematic strategies and discretionary strategies.
- B. discretionary strategies only.
- C. systematic strategies only.
正解：A
解説：
ESG integration can be applied to both systematic and discretionary strategies, as it enhances traditional investment processes by incorporating ESG factors to improve risk management and long-term returns.
(ESGTextBook[PallasCatFin], Chapter 7, Page 319)
質問 # 239
Under the International Corporate Governance Network's (ICGN) Global Governance Principles, a board chair's independence is most likely to be questioned if the person:
- A. is a representative of the state.
- B. has a mandate for a short tenure.
- C. is a former non-executive employee of the company.
正解：C
解説：
A board chair's independence is most likely to be questioned if they were previously a non-executive employee of the company, as this creates potential conflicts of interest in their decision-making.
(ESGTextBook[PallasCatFin], Chapter 5, Page 231)
質問 # 240
The decision made by companies to reduce supply chain risk by transferring production of strategic importance back to high-wage countries is best described as:
- A. reshoring.
- B. just transition.
- C. offshoring.
正解：A
解説：
Reshoringrefers to the process of moving production or sourcing back to a company's home country or a country with higher labor costs, typically in response to geopolitical, supply chain, or ESG concerns. This is distinct fromoffshoring, which involves shifting production to low-cost regions, andjust transition, which relates to workforce and community adaptation in climate policy shifts.
質問 # 241
When aligning investments with client ESG beliefs, which of the following ESG considerations should be reflected in the investment mandate dimension of the investment process?
- A. Material ESG factors
- B. Consideration of ESG factors, including prioritization
- C. Rationale for ESG integration
正解：B
解説：
Investment mandates should reflectboth ESG factors and their prioritization, ensuring alignment withclient beliefs, risk tolerance, and sustainability goals.
Materiality alone (A) is not enough, andrationale (B) is part of the process but not the defining criterionfor structuring investment mandates.
References:
Principles for Responsible Investment (PRI) ESG Investment Mandates Guide CFA Institute ESG Investment Governance Framework Morningstar ESG Portfolio Integration Report
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質問 # 242
When an external auditor's performance materiality level is 60% of its overall materiality threshold, the auditor most likely:
- A. Uses a sample that covers 60% of the total number of the company's transactions during the financial year
- B. Will apply tailored audit procedures for the smallest 40% of the company's segments
- C. Has a low level of confidence in the company's financial controls
正解：C
解説：
If the auditor sets performance materiality at 60% of the overall materiality threshold, it indicates a low level of confidence in the company's financial controls. This suggests that the auditor believes there is a higher risk of misstatements, requiring more conservative thresholds during the audit.ESG Reference: Chapter 5, Page
252 - Governance Factors in the ESG textbook.
質問 # 243
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