The last article systematically combs the framework of ESG information disclosure. Information disclosure is the first step, and it is necessary to establish a set of evaluation indicators and a suitable evaluation model to comprehensively evaluate the ESG comprehensive governance level of an enterprise. This paper will continue to sort out the ESG evaluation system.
? First of all, comments on ESG rating:
The first is to enhance the enthusiasm of enterprises to practice ESG. As regulators and investment institutions pay more and more attention to non-financial factors such as sustainability and climate risk. ESG rating results are an important reference for reference at present. Therefore, in order to meet the requirements of regulators, attract investors, including issuing green bonds to reduce financing costs, and guide enterprises to improve their ESG rating according to certain standards through ESG evaluation results.
Second, it is conducive to investment institutions to better invest in ESG. Many institutional investors, especially some pension funds and sovereign funds in Europe and America, are more willing to invest in ESG theme investment and set up ESG ETF index funds, mainly based on the ESG rating of companies or funds.
? Rating results need to establish evaluation indicators first, and then establish evaluation methods.
? Among them, the evaluation index is the carrier of description, and there are dozens of evaluation index systems on the market at present:
( 1)KLD
KLD is one of the earliest indicators, and it is also a positive and negative indicator still used by many institutions in the market. At present, many institutions will declare that they have established a negative investment list in their company's responsible investment or ESG investment statement. The general negative list first sets the regional/national laws and regulations as the minimum threshold; Secondly, because the origin of ESG/ responsible investment comes from religion, the negative list generally contains names such as liquor, pornography, gambling and weapons. The negative list is actually controversial, mainly due to religion. If properly used, nuclear energy is currently used by many countries in the world to replace fossil energy.
(2) Asset 4 index system
ASSET4 covers four dimensions of economy, environment, society and governance, 18 first-level indicators and more than 250 second-level indicators. The first-level indicators are as follows:
(3)FTS T4 good indicator
? FTSE4Good is an index series launched by FTSE Russell Group, which is a tradable index specially provided for ESG investors. , one of the earliest transnational ESG evaluation systems. The index system includes three dimensions of environment, society and governance, 14 first-level indicators and more than 300 second-level indicators. Details are as follows:
The index system covered by FTSE4Good is basically consistent with the current mainstream evaluation index system and the main ideas covered by ESG.
? (4) Thomson Reuters index structure.
As the largest ESG data provider in the world, the index system includes four dimensions: environmental, social, governance and controversial indicators, covering 18 first-level indicators and more than 70 second-level indicators.
(5) Dow Jones environmental, social and governance indicators
? DJSI ESG evaluation model includes 80- 100 indicators, including cross-industry general indicators and industry-specific indicators. Because each industry faces different problems, it is reasonable to set indicators according to specific industries. DJSI divides the company into 6 1 big industries. Including environmental, social and economic dimensions, 1 1 general indicators, and some industry-specific indicators.
(6) Morgan Stanley Capital International IVA Index
MSCI IVA index is a widely used evaluation index system at present. It includes three dimensions: environment, society and governance, and it is also the dimension represented by ESG. 10 first-level indicators and 37 second-level indicators. It was specifically mentioned in the article previously disclosed by MSCI.
(7) World Bank environmental, social and governance index system.
This index system is different from other mainstream systems and is mainly used to evaluate the ESG level of stock prices. Taking the country as the research object, we use 17 sustainable development goals and 67 secondary indicators from three dimensions of environment, society and governance. 17 sustainable development goals, also known as sustainable development goals.