资产管理人ESG投资的省思与制度因应——基于信义义务的分析

Reflection and Institutional Response on ESG Investment by Asset Managers—Analysis Based on Fiduciary Obligations

ESG投资以可持续发展、良好的公司治理及社会责任践行为价值导向,基本理念与投资收益模式不同于传统的投资方向。ESG理念纳入资产管理人考量的投资要素时,遭遇了与信义义务存在冲突的质疑。深入剖析可知,ESG投资并未偏离受益人利益最大化需求,符合资产管理人信义义务的内在逻辑,且能够实现与资产管理行业目标的一致性。有必要通过ESG披露与评级制度完善、资产管理人信义义务的体系化构建、资产管理人法律责任的明晰等举措促进资产管理人ESG投资的法治保障,实现资产管理行业良性发展与经济高质量发展的共赢。

ESG investment is value oriented towards sustainable development, good corporate governance, and social responsibility practices. Its basic philosophy and investment return model are different from traditional investment directions. When incorporating ESG concepts into the investment elements considered by asset managers, there have been doubts about conflicts with fiduciary obligations. Through in-depth analysis, it can be seen that ESG investment has not deviated from the need to maximize the interests of beneficiaries, conforms to the inherent logic of the fiduciary obligations of asset managers, and can achieve consistency with the goals of the asset management industry. It is necessary to promote the legal protection of ESG investment by asset managers through measures such as improving the ESG disclosure and rating system, systematizing the fiduciary obligations of asset managers, and clarifying the legal responsibilities of asset managers, in order to achieve a win-win situation between the healthy development of the asset management industry and high-quality economic development.