저자: MarkMobius · 외국인
요약 보기
마크 모비우스는 ESG 투자를 지속가능성과 수익성을 동시에 추구하는 전략으로 소개하며, 신흥시장 기업들이 ESG 기준을 높일수록 주가가 오를 것이라고 주장한다. 핵심 주장: ESG 요소가 기업 성과에 영향을 미치며, ESG 점수가 높은 기업이 더 나은 성과를 낸다는 연구가 있다고 언급했다. 액티브 투자 vs 패시브 투자: 패시브 자금이 늘면서 기업 지배구조에 영향을 줄 기회가 줄어들었고, 액티브 투자자는 기업에 직접 개입해 변화를 유도할 수 있다고 설명했다. ESG 투자 규모: 2016년 기준 전 세계 지속가능 투자 약 23조 달러 중 절반 이상이 유럽에 집중되어 있고, 아시아는 크게 뒤처져 약 520억 달러 수준이라고 언급했다. 신흥시장 동향: 유럽 연기금은 ESG 기준을 충족하는 기업에만 투자하는 추세이며, 인도 등 신흥시장도 지식 확산과 투자자 요구로 빠르게 따라잡고 있다고 진단했다. 지배구조 문제: 환경·사회 점수는 높아도 지배구조가 약한 기업은 배당, 사외이사 수, 여성 이사 비중 등을 개선하도록 요구한다고 설명했다. 부패 및 당국과의 관계는 여전히 해결이 어려운 과제로 꼽았다. 중소기업 관점: 규모가 작더라도 ESG 개선 의지가 있는 기업을 선호하며, 개선 시 주가 상승과 자본 조달 확대로 이어질 수 있다고 봤다. 정부와 성장의 긴장: 급속한 성장만 추구하면 오염·노동 문제 등으로 장기 비용이 늘어나므로, 세계은행 등 다자기구도 환경 기준을 대출 조건으로 삼는 추세라고 설명했다. 주주 참여 방식: 공격적 지분 경쟁보다는 주주로서 경영진과 협력해 지배구조를 개선하는 방식이 더 효과적이라고 주장했다. 이 영상은 특정 종목의 가격 방향에 대한 단기·중기 예측은 포함하지 않았다.
다듬은 글
hello and welcome to bloomer quint if you been tracking emerging markets and if you care about someone's experience in running one of the largest and most successful fun houses then ma Mobius needs no introduction we're here to talk about his book in West for good a healthier world and a wealthier you which he has written with his Co contributors Carlos Warren Hardenberg and Greg cone as me what mark you know your book has certainly been a breath of fresh air especially because it's not always that we speak about environment social and governance investing and that too in emerging markets thank you so much for joining us thank you thank you having me so I'm gonna start off with a quote from a book well here we there is what they say is allocations of capital we make today will determine the kind of world we live in tomorrow environment social and governance also known as ESG investing active investing and emerging markets how did you all string these seemingly different ideas together our main reason is because we realized that over the years since we started in 1987 investing in emerging markets that in fact we were paying attention to the environmental social and governance aspects right but they were not defined as such the ESG definition or word combination is something relatively new right but we look back and I said you know actually we've been looking at these factors but not defining them as such so we wanted to explain to people that one of the reasons why we were able to make some successful investments it's just cause we did pay attention to these things right now research is being shown showing that the ESG factors do have an impact on the performance of companies right in other words companies with high rate vsg tend to perform better yeah so this is very very important for investors because not only can you be investing to make the world a better place but you can also make money doing it right this is a very important message that we try to come across to people all right but mark are also probably a little more about how you distinguish active investing against passive investing in developed markets and emerging markets the kind of growth that we have seen as you have mentioned and written in the book that's another very very good point that we make in the book and that is we have found that more and more money is moving into passive funds yeah in other words funds where a machine can actually do the indexing you just follow the index and invest in the stocks that the index has in their list right and that's it now what does that mean it means that you don't have an opportunity to influence companies sure yes acerra Lee right unless you make a conscious attempt to do so and in an active investing you do that or I tend to have an impact on companies so we said look let's try to establish a company that is really active is going to go into companies and try to make changes particularly on the governance right because unless you have good governance you're not going to be able to impact social and environmental factors sure right okay so I want to talk a little more about the scope and the state of ESG investing and well according the book or we also have global sustainable investment Alliance which suggests that about 23 trillion dollars worth of investments was to was well sustainable you know management and this is according to 2016 data but what is also very interesting is that while you're bleeds this within well nearly a little over half of this investment Asia is falling much behind as well standing at around just about well fifty two billion dollars who I'm not mistaken now can you tell us a little more about the current state as well as the scope for ESG investing going for well yeah as you stated Europe is very much ahead of idea of looking at ESG right and you are finding huge pension funds in Europe saying look we will only invest in companies that are compliant with the SG standards in Asia and in many of the emerging markets world they are not familiar with this term ESG they're not they haven't been educated to to be aware of these factors but it's changing very very rapidly particularly here in India because as you know Indian businessman usually can read and speak English right they can read all the international newspapers and be aware of the concepts of sustainability and the ESG so the emerging markets are catching up very fast partly because of the knowledge dissemination but also because investors in emerging markets are demanding that the companies comply with ESG standards right okay mark so I'm gonna get in a little more detail when it comes to you know ESG standards have you written about environment in social in one chapter and well you have a completely different chapter for governance things get a little more complicated and you also actually written about the hierarchy and the ladder that some of these companies can climb with respect to ESG so let's say for example you have a company which is doing very well in terms of environment and so sure governance can always be a little more complicated which is which which is where you may have a company which is high up in the ENS ladder but in terms of governance there will always be issues when it comes to approvals to be you know sustainable in general for all three of them where does the company stand in that case and do you think that investors will then catch a fancy because this is a problem which is very much in focus at least as far as at countries like India is concerned yes well that's a very very good point because they are companies that do comply with good environmental and social standards but fall behind on the corporate governance side right so what we do is we go into a company and say look you are not getting very much in terms of your share price people are not investing your company mainly because the way you treat Cheryl this is not in line with good standards for example are you paying dividends it's a very important aspect of treating your shelters properly secondly how many independent directors you have on your board how many women do you have on your board all right questions like that we ask and then we try to persuade them to make changes so that when the rankings are done the ESG rankings are done they will then climb that ladder into a higher and higher ranking and of course once they have a higher ranking more investors will pay attention they know best in the fund but there is also the aspect about corruption let's say if a company is paying your dividends it has enough number of women on board they are doing everything else that is in their power in terms of governance but then then it comes to dealing with authorities that always remains the challenge so that is something that they are going to have to tide over that that remains a challenge there oh yeah well we look at this very very carefully in fact one of the most important parts of our research is to look at the backgrounds of the people running the company sure have they been involved in any fraudulent activities is the company under their direction being involved in these sort of things right and we will absolutely reject these sorts of companies because we know eventually they will get into trouble right okay all right mark you know I'm gonna move on to another example and again this is where the book cites you know an es g rated microfinance company in botswana you know a mcafee apply the same example to india well this particular space is in a little bit of a flux there are a lot of changes in regulations and oftentimes what happens in microfinance sector can can become a scapegoat to government policies my question then is that will these companies have to reach a certain critical mass or a certain size before they can actually be taken seriously especially when it comes to this aspect I'm not really in fact we look at smaller companies with the potential to become larger okay so that is really the focus other words we love a company that is improving their environmental social and governance standards and is willing to listen to us make these improvements in conjunction with our advice because we then know that the share price will begin to appreciate alright and they will then also be able to raise more capital to expand so this all fits together when we are looking at these companies so small companies can be very very valuable in our eyes okay so it's always going to be a challenge when it comes to the government's point of things the government will always want to want what will give priority to growth as against well following certain environment standards or you know social initiatives this is where the government may not care about industries in general well they follow certain standards you know and as is the case in India in many of the local states my question then is then what are the challenges here and what does the government do and how does it you know pitch itself between growth against when following some of these standards well this is what is being countered by India and other countries around the world they begin to realize that their desire for rapid growth results in lots of pollution lowering of social standards poor worker health etc etc and then the long term results in higher costs of the government so this realization is beginning to hit home to countries around the world and for that reason they're beginning to think well maybe we should not be doing what we're doing maybe we should move in another direction and multilateral institutions like the World Bank and so forth are paying attention to this so when they make loans they say look you're not complying to in any environmental standards here we're not gonna make this loan unless you comply right and the same thing is true with big institutional investors they're asking these countries and companies to comply okay mark so you know I'm gonna come back to your past experience when writing the book you all decided that you would set up a fund an investment business based on ESG investing and right book well as a journalist who writes articles myself my thought process big crystallizes further when I have well certain thoughts and I put them down on paper and write them what is your experience your been your experience when it comes to writing this book well that's the same thing that happened to us we're gonna put it down it crystallized a lot of ideas right and more importantly in the book we recalled many instances in the past where we encountered all kinds of governance and environmental social problems and the reason why we want to put these instances in the book was to make a book interesting number one sure and number two to illustrate to people exactly what happens on the ground all right some specific real-life examples right well of course we all know the book is full of examples are then some very very interesting stories as well but well perhaps a final question then marker I want to you know as a concluding on so could you just tell us about the power of invest is the investments that the investors can influence on companies again when it comes to you know this particular aspect and also keep a global integration in mind why should emerging market companies were climb the ESG ladder well I think the key is share price appreciation that is really attractive to companies should be attractive to the management's of companies and of course to investors so our basic premise is that if we can improve ESG and particularly improve governance then share prices will appreciate right now in order to do that you've got to get the cooperation of the company you know there are two ways you can go about this you can be very aggressive you know by 20 30 40 % of a company and then say look I want somebody on the board and I'm gonna demand these changes be made right we found in the past that approach is not really that effective what's more effective is to buy it of course you got to be a shareholder but sit down with the management say look let's work together to improve your company prove the governance and improve your share price and also improve your business in general so it's a sort of a win-win situation okay well there you have it guys don't forget to go through this very very interesting and a very different take on investing that is you have what investing for good well a healthier world and a wealthier you of course the mark is one of the core contributors so there you have it Mach Mobius thank you so much for joining us thank you very you wish you the best for the future thank you thank you thank you
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