退休基金導入ESG永續投資之策略分析

Abstract

ESG概念其實早在2004年聯合國全球盟約所提出的報告就被提出，強調在財務分析、資產管理的流程內整合環境、社會和公司治理議題，而近幾年因為全球氣候變遷、人權等議題的關注度愈來愈高，以及國際公約的推動，加上COVID-19疫情引發嚴重的經濟影響，使ESG投資於近兩年受到極大的重視。\n退休基金作為ESG責任投資資產管理最大的投資法人機構，將ESG納入投資框架已成為趨勢，透過識別ESG風險與機會，來控管整體基金的風險並提升投資績效。目前許多國外政府退休基金已將ESG概念納入投資流程及投資標的中，並有許多值得可借鏡的作為，如日本GPIF、美國CalPERS、加拿大PSP、挪威GPFG、荷蘭ABP，透過投資於ESG相關指數、制定排除政策、投資於幫助低碳轉型的企業、進行另類資產投資的ESG管理、履行盡職治理、參與國際倡議與活動等作法，來落實退休基金的ESG投資。\n然而國內退休基金仍處於ESG投資剛起步的階段，許多作法可以再加強，故本研究最後提出幾點建議，對臺灣退休基金在ESG永續投資作為的建議包括追蹤更多元的指數、完備排除政策、另類資產投資管理納入ESG因素、盡職治理的規劃需更完整、多參與國際活動與世界接軌等；對政策的建議包括制定相關法規促進退休基金的ESG投資、退休基金管理機構法人化有助於ESG策略的推動、建立ESG揭露平台等。希望臺灣退休基金未來在ESG永續投資上能夠有更多的作為，發揮正向影響力改變環境與社會。

The concept of ESG can date back to the report published by The United Nations Global Compact in 2004. It emphasizes the integration of environmental, social and governance issues in the process of financial analysis and asset management. Due to the public awareness of climate change and human rights, the promotion of international covenant, and the economic impact caused by the COVID-19, ESG investing receives great attention in the past two years.\nAs the largest institutional investor in the field of ESG in asset management, it has become a trend for pension funds to integrate ESG in their investment frameworks. By identifying risks and opportunities, they can control the risk and improve the performance of the fund. Many pension funds have integrated ESG into their investment processes, such as GPIF in Japan, CalPERS in the United States, PSP in Canada, GPFG in Norway, and ABP in Netherlands, and there are many practices that we can take as reference. For example, they invest in ESG-related indices, make exclusion lists, invest in companies that contribute to the low-carbon transition, integrate ESG issues into the management of alternative assets, make stewardship principles, and participate in international initiatives.\nHowever, pension funds in Taiwan are just getting started in ESG investing, and many practices can be improved. Therefore, the research puts forward several recommendations to the pension funds in Taiwan, including tracing various indices, completing exclusion policy, integrating ESG factors into alternative investment, completing stewardship principles, and participating in international initiatives. For the policy recommendations, including making regulations, corporatization of pension funds, and establishing ESG disclosing platform.