[2025年11月]更新のCFA Institute Sustainable-Investing公式認定ガイドPDF
試験Sustainable-Investing Sustainable Investing Certificate(CFA-SIC) Exam
CFA Institute Sustainable-Investing 認定試験の出題範囲：
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質問 # 288
Which of the following best describes a fund manager's actions regarding specific assets to preserve or enhance their value?
- A. Engagement
- B. Monitoring
- C. Corporate sustainability
正解：A
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 # 289
In the transition to a low-carbon economy, a coal-powered utility without a mitigation strategy will most likely pose the highest risk to its:
- A. Debtholders.
- B. Common shareholders.
- C. Preference shareholders.
正解：B
解説：
In the shift to a low-carbon economy, a coal-powered utility without a mitigation strategy faces the highest risk to common shareholders (Option B) because:
Stock prices decline due to stranded asset risks, regulatory fines, and declining demand.
Common shareholders are last in the capital structure and bear the highest financial risk if the company struggles or faces bankruptcy.
Option A (Debtholders) face some risk, but they have priority in liquidation.
Option C (Preference shareholders) have fixed dividends and higher priority than common stockholders.
References:
PRI Guide to Climate Transition Risks in Utilities
TCFD Climate Transition Risk Reports
MSCI ESG Ratings: Fossil Fuel Transition Risk Analysis
質問 # 290
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 # 291
Which of the following statements regarding ESG screening is most accurate?
- A. Only collective funds with a high level of ESG integration have a high sustainability rating
- B. ESG screening does not consider stewardship and engagement activities
- C. There is limited availability of sustainability ratings for collective funds
正解：C
解説：
The most accurate statement regarding ESG screening is that there is limited availability of sustainability ratings for collective funds. While individual companies often have detailed ESGratings, collective funds, such as mutual funds and ETFs, have fewer sustainability ratings available.
ESG Data Challenges: The assessment of collective funds requires aggregating ESG data from all underlying holdings. This process can be complex and is less standardized compared to evaluating individual companies.
Limited Coverage: Many ESG rating agencies focus primarily on providing ratings for individual securities rather than collective funds. As a result, the availability of comprehensive ESG ratings for collective funds is limited.
Investor Demand: Although there is growing demand for ESG information on collective funds, the market is still developing. Rating agencies are gradually expanding their coverage, but it remains less extensive compared to individual securities.
References:
MSCI ESG Ratings Methodology (2022) - Highlights the challenges and limitations in providing ESG ratings for collective funds compared to individual securities.
ESG-Ratings-Methodology-Exec-Summary (2022) - Discusses the current state of ESG ratings availability for collective funds and the evolving market demand.
質問 # 292
Which of the following would most likely be the initial step when drafting a client's investment mandate?
- A. Defining how ESG performance will be measured
- B. Reflecting the client's investment beliefs operationally in the fund manager's investment approach
- C. Clarifying the client's ESG investment beliefs
正解：C
解説：
The initial step when drafting a client's investment mandate is most likely clarifying the client's ESG investment beliefs. This step is fundamental in ensuring that the investment strategy aligns with the client's values and objectives.
Step-by-Step Explanation:
Defining Investment Beliefs:
Clarifying the client's ESG investment beliefs involves understanding their values, priorities, and objectives related to ESG issues. This step is crucial to tailor the investment strategy to the client's specific needs and preferences.
According to the CFA Institute, establishing a clear understanding of the client's ESG beliefs helps in setting the framework for the overall investment approach and ensures alignment with their long-term goals.
Creating a Statement of Investment Principles:
This involves drafting a Statement of Investment Principles (SIP) that outlines the client's ESG beliefs and how these will be integrated into the investment strategy. The SIP serves as a guiding document for the investment manager.
The CFA Institute emphasizes that a well-defined SIP provides clarity and direction, ensuring that ESG considerations are consistently applied in investment decisions.
Operational Implementation:
Once the client's ESG beliefs are clarified, the next steps involve defining how ESG performance will be measured and reflected operationally in the fund manager's approach. However, these steps come after the initial clarification of beliefs.
The Principles for Responsible Investment (PRI) report suggests that aligning investment mandates with client beliefs and strategies is essential for effective ESG integration across asset classes.
Ensuring Alignment:
Ensuring that the client's ESG beliefs are accurately reflected in the investment approach requires continuous engagement and review. This helps in maintaining alignment with the client's evolving objectives and market conditions.
The CFA Institute notes that ongoing dialogue and review processes are vital to ensure that the investment strategy remains aligned with the client's ESG beliefs and delivers on their expectations.
References:
CFA Institute, "Environmental, Social, and Governance Issues in Investing: A Guide for Investment Professionals." Principles for Responsible Investment (PRI) reports on aligning investment mandates with ESG beliefs.
質問 # 293
Which of the following index providers offers fixed-income ESG indexes?
- A. Sustainalytics
- B. FTSE4Good
- C. S&P (DJSI) ESG
正解：C
解説：
S&P offers fixed-income ESG indexes under its Dow Jones Sustainability Indices (DJSI) series. These indexes are designed to measure the performance of companies and governments that adhere to high ESG standards, including for fixed-income securities.ESG Reference: Chapter 7, Page 318 - ESG Analysis, Valuation & Integration in the ESG textbook.
質問 # 294
Over the last several years a company has traded at an average price-to-earnings ratio (P/E) of 12x, compared to a peer group range of 11x to 13x. If the company implements a new risk management framework to better manage material ESG risks relative to its peers, it would most likely justify a P/E ratio of:
- A. 13x
- B. 12x
- C. 11x
正解：A
解説：
Implementing a stronger ESG risk management framework can reduce a company's risk profile, potentially justifying a higher P/E ratio as investors are willing to pay more for a company with lower ESG risks.
(ESGTextBook[PallasCatFin], Chapter 7, Page 361)
質問 # 295
In order to safeguard the independence of the external auditor, European Union (EU) regulation:
- A. obliges public companies to change auditors after ten years at most.
- B. limits the scale and scope of non-audit services an audit firm may provide to clients.
- C. obliges public companies to tender the audit after five years.
正解：B
解説：
EU regulation aims to strengthen audit independence bylimiting the range of non-audit servicesthat an audit firm can provide to its audit clients. This ensures that external auditors remain objective and do not haveconflicting commercial interests. Mandatory tendering and rotation also exist (five and ten years), but thecore focusof independence requirements is restricting non-audit services to reduce potential conflicts of interest.
質問 # 296
Which of the following is one of the four realms of nature described by the Taskforce on Nature-related Financial Disclosures (TNFD)?
- A. Oceans
- B. People
- C. Biodiversity
正解：A
解説：
The Taskforce on Nature-related Financial Disclosures (TNFD) describes four realms of nature, and one of these is Oceans.
Oceans (B): Oceans are a critical realm of nature that the TNFD focuses on, recognizing their significant role in global ecosystems, climate regulation, and biodiversity.
People (A): While people are integral to sustainability discussions, they are not one of the four realms of nature defined by the TNFD.
Biodiversity (C): Biodiversity is a crucial concept within the TNFD framework, but the specific realms of nature referred to by the TNFD include Oceans as one of the main categories.
References:
Taskforce on Nature-related Financial Disclosures (TNFD) documentation
CFA ESG Investing Principles
質問 # 297
Firms using an engagement style focusing first on individual companies, starting with the chair, and working through the board and down to management most likely have a(n):
- A. Environmental heritage
- B. Governance heritage
- C. Social heritage
正解：B
解説：
Firms with agovernance heritageprioritizeengagement at the board levelbefore escalating issues to senior management. This approach aligns withbest practices in corporate governance, where oversight and decision- making originate at theboard levelrather than operational management.
Firms with asocial heritage (A)focus on labor rights and diversity, while those with anenvironmental heritage (C)prioritize sustainability and climate-related engagements.
References:
CFA Institute Corporate Governance Framework
UK Stewardship Code 2020
OECD Guidelines on Corporate Governance
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質問 # 298
Material ESG risks that could be managed by a company but which are not yet managed best describe:
- A. Unmanageable risks
- B. The management gap
- C. Manageable risks
正解：B
解説：
The management gap refers to material ESG risks that a company has the ability to manage but has not yet addressed. This gap can pose a significant threat to long-term sustainability andfinancial performance if left unresolved.ESG Reference: Chapter 7, Page 326 - ESG Analysis, Valuation & Integration in the ESG textbook.
質問 # 299
Information for use in ESG tools can be collected directly via:
- A. news articles.
- B. company communications.
- C. third-party reports.
正解：B
解説：
Information for use in ESG tools can be collected directly via company communications. This includes sustainability reports, financial disclosures, press releases, and other direct communications from the company. Such sources provide primary data that are essential for accurate ESG analysis and assessment.
Top of Form
Bottom of Form
質問 # 300
A discount retailer facing high employee turnover due to poor working conditions will most likely experience:
- A. significant liabilities
- B. an adverse impact on revenues
- C. greater operating costs.
正解：C
解説：
A discount retailer facing high employee turnover due to poor working conditions will most likely experience greater operating costs. High employee turnover can lead to several cost-related challenges that impact the overall efficiency and profitability of the business.
Recruitment and Training Costs: High turnover rates necessitate frequent recruitment and training of new employees. These activities incur significant costs in terms of time, resources, and money.
Productivity Losses: Frequent turnover can lead to disruptions in operations and lower productivity. New employees may take time to reach the productivity levels of their predecessors, leading to inefficiencies.
Quality and Customer Service: Poor working conditions and high turnover can negatively affect the quality of service and customer satisfaction. Consistent service quality is critical in retail, and turnover can result in inconsistent customer experiences, potentially reducing revenue.
References:
MSCI ESG Ratings Methodology (2022) - Discusses the financial impact of high employee turnover on operating costs and overall business performance.
質問 # 301
Creating long-term stakeholder value by implementing a strategy that focuses on the ethical, social, environmental, cultural and economic dimensions of doing business is best described as:
- A. triple bottom line accounting.
- B. corporate sustainability.
- C. corporate social responsibility.
正解：C
解説：
Corporate social responsibility (CSR) refers to the practice of businesses engaging in initiatives that benefit society. The term emphasizes the company's commitment to conduct business in an ethical manner by considering social, environmental, and economic factors. CSR goes beyond compliance, encouraging companies to engage in activities that can positively impact their stakeholders. (ESGTextBook[PallasCatFin], Chapter 1, Page 6)
質問 # 302
For sovereign debt, the predominant approach to ESG investing is most likely:
- A. Stewardship/Engagement
- B. Screening
- C. Integration
正解：C
解説：
ESG integrationis the dominant approach forsovereign debt investing, as investors evaluatemacroeconomic ESG risks, such asclimate policies, governance stability, and human rights records, alongside financial metrics.
Engagement (C) is difficultin sovereign debt, andscreening (A) is less common than integration, as investors prefer arisk-basedapproach rather than exclusions.
References:
World Bank Sovereign ESG Risk Assessment Framework
Principles for Responsible Investment (PRI) ESG in Sovereign Debt Guide IMF Reports on ESG Factors in Government Bonds
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質問 # 303
Which of the following statements is aligned with the Pensions and Lifetime Savings Association (PLSA) Stewardship checklist?
Statement 1: Investors should seek to ensure that fund managers deliver effective separation of long-term ESG factors from their investment approach.
Statement 2: Investors should work with their advisers to consider the level of resource available for stewardship activities.
- A. Statement 2 only
- B. Statement 1 only
- C. Both Statement 1 and Statement 2
正解：A
解説：
The Pensions and Lifetime Savings Association (PLSA) Stewardship checklist provides guidance for asset owners, including pension schemes, on how to effectively integrate stewardship into their investment strategies. Here's a detailed breakdown of the relevant statements:
Statement 1 Analysis: "Investors should seek to ensure that fund managers deliver effective separation of long- term ESG factors from their investment approach." This statement is not aligned with the PLSA Stewardship checklist. The checklist emphasizes integrating ESG factors into the investment approach rather than separating them. Effective stewardship involves considering ESG issues as an integral part of the investment strategy and decision-making process.
Statement 2 Analysis: "Investors should work with their advisers to consider the level of resource available for stewardship activities." This statement is aligned with the PLSA Stewardship checklist. The checklist highlights the importance of ensuring that adequate resources are allocated for stewardship activities. This includes working with advisers to assess and enhance the capability and resources dedicated to effective stewardship practices.
PLSA Stewardship Principles: The PLSA Stewardship checklist outlines several key requirements for effective stewardship, including clarity on how stewardship fits within the investment strategy, ensuring adequate resources for stewardship, and actively engaging with fund managers to ensure they are effectively integrating ESG considerations into their investment processes.
質問 # 304
In most global markets, supervisory boards consist of:
- A. both executives and non-executives.
- B. non-executives only.
- C. executives only.
正解：A
解説：
CFA governance materials emphasize thatmost global markets-including continental Europe, the UK, and many Asian economies-usemixed supervisory boards. These boards combineexecutive directors(who manage daily operations) withnon-executive directors(who oversee management and provide independent oversight), ensuring robust governance and accountability.
質問 # 305
The quality of a company's ESG disclosures is most likely affected by:
- A. its location only.
- B. its size only.
- C. both its size and its location.
正解：C
解説：
According to CFA guidance, both thesizeof a company (larger firms typically have more comprehensive reporting capabilities) and itslocation(jurisdictions with stricter disclosure regulations, such as in the EU, drive higher-quality ESG reports) significantly influence the scope, depth, and comparability of ESG disclosures.
質問 # 306
Shocks around pay levels at newly privatized utilities led to the:
- A. Dodd-Frank Act
- B. Sarbanes-Oxley Act
- C. Greenbury Report
正解：C
解説：
TheGreenbury Report (1995)was developed in response to concerns overexcessive executive pay in newly privatized UK utilities. It introducedrecommendations on executive compensation transparency and governance.
TheDodd-Frank Act (A)was a U.S. financial reform law, while theSarbanes-Oxley Act (C)focused on corporate financial reporting.
References:
UK Greenbury Report on Corporate Governance
UK Corporate Governance Code
OECD Reports on Executive Pay and Shareholder Rights
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質問 # 307
The European Union (EU) Ecolabel:
- A. is the official EU voluntary label for environmental excellence
- B. flags products that have a guaranteed, independently verified, high environmental impact
- C. targets explicit claims made on a voluntary basis by businesses towards consumers
正解：A
解説：
The European Union (EU) Ecolabel is the official EU voluntary label for environmental excellence.
EU Ecolabel Overview: The EU Ecolabel is a recognized certification that indicates a product or service has a reduced environmental impact throughout its lifecycle.
Voluntary Participation: Businesses can voluntarily apply for this label, demonstrating their commitment to environmental excellence and compliance with rigorous environmental criteria set by the EU.
Consumer Trust: The label helps consumers identify products and services that are environmentally friendly and meet high environmental standards, promoting sustainable consumption.
CFA ESG Investing References:
The CFA Institute's discussions on environmental labels and certifications highlight the role of the EU Ecolabel as a voluntary but stringent standard for environmental excellence, helping consumers and investors make informed, sustainable choices.
質問 # 308
According to Mercer Consulting, which of the following asset classes has the highest availability of sustainability-themed strategies compared to its asset-class universe?
- A. Real estate
- B. Infrastructure
- C. Private debt
正解：B
解説：
Mercer's Findings:
Mercer Consulting's research indicates that infrastructure has a high availability of sustainability-themed strategies. This is due to the inherent characteristics of infrastructure projects, which often involve long-term, tangible assets that can integrate sustainable practices.
Mercer highlights that infrastructure investments are well-suited for sustainability themes due to their potential to contribute to societal goals such as renewable energy, sustainable transportation, and green buildings.
ESG Integration in Infrastructure:
Infrastructure projects provide ample opportunities for ESG integration, from the development phase through to operations and maintenance. These projects can significantly impact environmental and social outcomes, making them a focal point for sustainability-themed strategies.
The CFA Institute notes that infrastructure investments can drive positive ESG outcomes, such as reducing carbon emissions, improving energy efficiency, and enhancing community resilience.
Investor Demand:
There is growing investor demand for sustainability-themed infrastructure investments as they seek to align their portfolios with long-term ESG goals. This demand drives the development and availability of ESG- focused investment strategies in the infrastructure sector.
Mercer reports that the high demand for sustainable infrastructure projects is reflected in the increasing number of investment products and funds dedicated to this asset class.
Case Studies and Examples:
Examples of sustainability-themed infrastructure investments include renewable energy projects (e.g., wind and solar farms), sustainable transport systems (e.g., electric vehicle infrastructure), and green buildings that meet high environmental standards.
The CFA Institute provides case studies demonstrating how infrastructure projects can achieve significant ESG impacts, contributing to both financial returns and societal benefits.
References:
Mercer Consulting's report on ESG integration and availability of sustainability-themed strategies by asset class.
CFA Institute, "Environmental, Social, and Governance Issues in Investing: A Guide for Investment Professionals."
質問 # 309
According to the Greenhouse Gas (GHG) Protocol Standards, daily employee commuting to and from work is an example of:
- A. Scope 1 emissions.
- B. Scope 2 emissions.
- C. Scope 3 emissions.
正解：C
解説：
The GHG Protocol Standards defineScope 3 emissionsasindirect emissions from value chain activities, which include business travel andemployee commuting. Scope 1 coversdirect emissionsfrom owned sources, while Scope 2 is forindirect emissions from purchased electricity, heating, and cooling.
質問 # 310
The mechanism of dual-class shares most likely favors:
- A. Minority shareholders
- B. Institutional investors
- C. The founders of a company
正解：C
解説：
Dual-class shares typically favor the founders of a company by giving them greater voting power compared to other shareholders, allowing them to retain control over decision-making even if their economic ownership of the company is diluted. This mechanism is often used to protect the founders' vision and strategy for the company.ESG Reference: Chapter 5, Page 241 - Governance Factors in the ESG textbook.
質問 # 311
With respect to ESG integration, adjusting financial model inputs based on an evaluation of a company's ESG risk factors is an example of a:
- A. hybrid approach
- B. qualitative approach.
- C. quantitative approach
正解：C
解説：
Adjusting financial model inputs based on an evaluation of a company's ESG risk factors is an example of a quantitative approach. Here's why:
Quantitative Approach:
This involves the use of numerical data and mathematical models to assess ESG risks and incorporate them into financial models. Adjusting financial inputs like revenue forecasts, cost projections, or discount rates based on ESG factors quantifies the impact of these factors on financial performance.
By integrating ESG risk factors into financial metrics, investors can better understand the potential financial implications of ESG issues and make more informed investment decisions .
Qualitative vs. Hybrid Approaches:
A qualitative approach relies more on subjective judgment and narrative assessments, such as analyst opinions or case studies, without necessarily converting these insights into numerical data.
A hybrid approach combines both qualitative and quantitative methods, using narrative assessments alongside numerical data. However, directly adjusting financial model inputs is a clear application of quantitative analysis .
CFA ESG Investing References:
The CFA Institute's ESG curriculum emphasizes the importance of integrating ESG factors into financial models quantitatively to provide a comprehensive view of a company's financial health and potential risks .
質問 # 312
Which of the following statements regarding the impact of social issues on potential investment opportunities is most accurate?
- A. Analyzing which social topics are material from an investment point of view starts with understanding materiality at the company level.
- B. Social trends impact sectors differently.
- C. Companies within a sector are exposed to social factors in the same way.
正解：B
解説：
Social issues impact different sectors uniquely, affecting investment risks and opportunities.
Why A is correct:
Examples of sector-specific social risks:
Retail & Apparel # Supply chain labor conditions, human rights.
Tech Industry # Data privacy, employee diversity.
Healthcare # Access to medicine, ethical drug pricing.
Why not B?
B is incorrect because not all companies in a sector face the same social risks-for example, some may have stronger supply chain policies than others.
Why not C?
C is incorrect because social materiality often starts at an industry level first, then narrows down to the company level.
References:
SASB (Sustainability Accounting Standards Board) Materiality Framework
World Economic Forum: Social Risks in Sustainable Investing (2022)
質問 # 313
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