DWS Group GmbH & Co KGaA2017年CSR报告.pdf

1、For Qualified Investors(Art.10 Para.3 of the Swiss Federal Collective Investment Schemes Act(CISA)Not for distribution/For Professional Clients(MiFID Directive 2004/39/EC Annex II)only.For institutional investors only.In the United States,for institutional investor and registered representative use

2、only.Not for retail investor distribution.SUSTAINABLEFINANCE REPORTArticle 1:Responsible investment styles and the regulatory environmentISSUE#2RESPONSIBLE INVESTMENT STYLES AND THE REGULATORY ENVIRONMENT2|Responsible investment styles and the regulatory environmentExecutive summaryInvestors have be

3、come increasingly aware of the importance of such issues as climate change,resource scarcity,labor rights and corporate governance to financial returns.We believe this helps to explain the growth in assets under man-agement(AuM)that are classified as Environmental,Social and Governance(ESG).In this

4、article,we examine trends in ESG AuM and their vari-ous classifications.We then consider how these responsible investment strategies have been influenced by the adoption of voluntary codes and principles by asset owners and managers as well as the increasing scope and pace of mandatory legislation.T

5、he latest data from the Global Sustainable Investment Asso-ciation(March 2017)shows that ESG investing grew 25%over the past two years to reach USD 22.89 bn.In the U.S.,ESG assets at the beginning of 2016 had risen by 33%year-on-year to reach USD 8.72 tn.As a result,ESG AuM in the U.S.now represents

6、 over 20%of all assets under professional management,an increase from 11%since the 2012 USSIF survey.Figure 1:AuM classified as ESG by region(USD tn)Europe U.S.Rest of world 2012201620140510152025Compared to other regions,Europe had the slowest growth of ESG assets over the past two years(12%).In Eu