全球化研究报告-PDF版

印孚瑟斯（Infosys）：2023年ESG雷达报告（英文版）（34页）.pdf

ESG RADAR 2023|1 External Document 2022 Infosys LimitedESG RADAR 2023ESG REDEFINED:FROM COMPLIANCE T.

2023-01-17 34页 5星级

Positive Luxury：2023ESG政策指南-奢侈品可持续发展立法的未来（英文版）（21页）.pdf

ESG POLICY GUIDETHE FUTURE OF SUSTAINABILITY LEGISLATION FOR LUXURYCONTENTSPOSITIVE LUXURYESG POLICY.

2023-01-16 21页 5星级

GLG格理：2022全球行业趋势调查报告-半导体产业、绿色法规的影响、石化市场、航空业、ESG投资、高等教育及教育科技（英文版）（41页）.pdf

MARCH 2022MARKET INSIGHTSGlobal Surveys of Industry TrendsSemiconductor Industry,Impact of Green Reg.

2023-01-09 41页 5星级

波士顿咨询：2022全球ESG、合规与风险报告（英文版）（13页）.pdf

2022 GLOBAL ESG,COMPLIANCE&RISK REPORT Value creation amid rising global uncertaintyJEANNE KWONG BIC.

2022-12-30 13页 5星级

中央结算公司：2022中国ESG实践白皮书（英文版）（56页）.pdf

WHITE PAPER ON ESG PRACTICES IN CHINAWHITE PAPER ON ESG PRACTICES IN CHINAShui RuqingChina Central D.

2022-12-30 56页 5星级

华夏理财：2022年度中国资管行业ESG投资发展研究报告（英文版）（110页）.pdf

Shenzhen Finance Institute,The Chinese University of Hong Kong,Shenzhenand Huaxia Wealth Management .

2022-12-30 110页 5星级

世界钢铁协会：2024年版可持续发展指标报告-钢铁行业的可持续发展绩效（2003-2023年）（英文版）（9页）.pdf

1Sustainability Indicators 2024 reportSustainability performance of the steel industry2003-2023Novem.

2022-12-30 9页 5星级

Fraunhofer-ISE：2024光伏市场研究报告：2013-2023年复合年增长率分析与未来展望（英文版）（57页）.pdf

Photovoltaics ReportFraunhofer Institute for Solar Energy Systems,ISEwith the support of PSE Project.

2022-12-30 57页 5星级

IEA PVPS：2023年瑞士光伏发电应用全国调查报告（英文版）（50页）.pdf

National Survey Reportof PV Power Applicationsin SWITZERLANDTask 1 Strategic PV Analysis and Outreac.

2022-12-30 50页 5星级

国际清洁交通委员会（ICCT）：2023年全球私人飞机空气与温室气体污染研究报告（英文版）（53页）.pdf

JUNE 2025Air and greenhouse gas pollution from private jets,2023 DANIEL SITOMPUL AND DAN RUTHERFORD,.

2022-12-30 53页 5星级

思略特（Strategy&）：首席执行官（CEO）的ESG困境（英文版）（17页）.pdf

The CEOs ESG dilemma Finding their own authentic true north on ESG can help companies navigate socie.

2022-12-23 17页 5星级

思略特（Strategy&）：2022碳捕获和碳储存研究报告-碳减排投资框架（英文版）（16页）.pdf

Carbon capture and storageA carbon removal investment framework Strategy&|Carbon capture and storage.

2022-12-20 16页 5星级

毕马威（KPMG）：价值投资中的价值-亚太地区资产管理公司的ESG机遇（2022）（英文版）（68页）.pdf

Dec 2022The Value of Investing in ValuesThe ESG opportunity for APAC asset managers2 2022 KPMG Advis.

2022-12-08 68页 5星级

波士顿咨询（BCG）：2022年全球ESG合规与风险报告（英文版）（13页）.pdf

2022 GLOBAL ESG,COMPLIANCE&RISK REPORT Value creation amid rising global uncertaintyJEANNE KWONG BIC.

2022-12-07 13页 5星级

中欧国际工商学院（CEIBS）：2022年ESG白皮书（英文版）（153页）.pdf

*Formerly known as Corporate Social Responsibility White PaperESGWHITE PAPER2022Guest EditorsWang Ho.

2022-12-06 153页 5星级

毕马威：2022年欧洲、中东、非洲地区ESG尽职调查研究报告（英文版）（26页）.pdf

2022 EMA ESG Due Diligence StudyHow leading M&A teams are managing ESG DDhome.kpmg/esg-dd November 2.

2022-11-18 26页 5星级

NielsenIQ：2022年ESG报告：可持续性-新的消费支出前景（英文版）（14页）.pdf

Copyright 2022 Nielsen Consumer LLC.All rights reserved.Sustainability:the new consumer spending ou.

2022-11-14 14页 5星级

胡佛研究所：2022年投资者、退休储蓄和ESG调查报告（英文版）（34页）.pdf

2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG TA BLE OF CONTENTSExecutive Summary and Key Findings 3Review of Findings 8Environmental 15Social 18Governance 21Average Market Return Expectations 26Demographics 27Methodology 30About the Authors 31About Us 33Contact Information 343EXECUTIVE SUMMARY AND KEY FINDINGSOLDER INVESTORS WHO RELY ON RETIREMENT SAVINGS TO PAY FOR LIVING EXPENSES ARE LARGELY OPPOSED TO ESG INITIATIVES AND UNWILLING TO SUFFER FINANCIAL LOSS TO ADVANCE ENVIRONMENTAL AND SOCIAL GOALS.ESG IS OVERWHELMINGLY SUPPORTED BY YOUNG INVESTORS WHO WANT INVESTMENT MANAGERS TO TAKE AN ACTIVE STANCE ON CLIMATE CHANGE,DIVERSITY,AND OTHER STAKEHOLDER INITIATIVES.THE STARK DIFFERENCE ACROSS AGE GROUPS UNDERSCORES THE CHALLENGE INVESTMENT MANAGERS FACE IN BALANCING THE GOALS OF INVESTORS WITH DIFFERENT VIEWS AND FINANCIAL NEEDS.“We see extreme differences in investor support for ESG driven largely by age and stage of life,”says Professor David F.Larcker,Stanford Graduate School of Business and Rock Center for Corporate Governance.“Older investors who are living off their retirement savings are much less concerned with environmental and social issues and much more concerned with making sure fund managers focus on generating financial returns to support their spending needs.Older investors oppose fund managers taking activist positions on ESG issues and are unwilling to see their investment balances decline to advance these objectives.”“ESG activism is clearly driven by younger investors,”adds Professor Amit Seru,Stanford Graduate School of Business and the Hoover Working Group on Corporate Governance at Stanford University.“Investors under 40 want to see companies make progress across a broad range of environmental and social initiatives and claim to be willing to suffer personal financial losssometimes very large lossto see those changes realized.The many years they have until retirement and high expectations for future stock market growth might encourage them that any cost to ESG activism can be recovered.”“The vast differences across age demographics means that institutional managers are going to have to think hard about the stances they take on environmental 2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESGand social proxy proposals,”observes Professor Stephen Haber,School of Humanities and Sciences Stanford University and Hoover Working Group on Corporate Governance at Stanford University.“While some investors favor these,many others strongly oppose them.More and more fund managers might find that the best solution is to poll their investor base on how to vote and split votes to reflect the divergent views of various groups.”In summer 2022,Stanford Graduate School of Business,the Hoover Working Group on Corporate Governance at Stanford University,and Rock Center for Corporate Governance at Stanford University jointly conducted a nationwide survey of 2,470 investorsdistributed by gender,race,age,household income,and state residenceto understand how American investors view environmental,social,and governance(ESG)priorities among the companies in their investment portfolio.Respondents run the spectrum of personal investment assets from less than$10,000 to more than$500,000(average$200,000)in retirement and personal savings accounts.Their investments are held through a variety of major institutional investors,including Fidelity(47 percent),American Funds(40 percent),Vanguard(31 percent),Invesco(18 percent),BlackRock(16 percent),and State Street(16 percent),among others.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 4KEY FINDINGS INCLUDE THE FOLLOWING:INVESTORS HAVE DIAMETRICALLY OPPOSED VIEWS OF ESG BASED ON THEIR AGE.Young investors(41 years and younger)express high concern about environmental issues.70 percent say they are very concerned about issues such as carbon emissions and renewable energy sourcing,while 30 percent are somewhat or not at all concerned about these.By contrast,older investors(58 years and older)have almost the exact opposite view.Only 35 percent are very concerned about environmental issues,while 65 percent are somewhat or not at all concerned.The same pattern is true for social issues.Two-thirds(65 percent)of young investors are very concerned about issues such as workplace diversity,income inequality,and workplace conditions,compared with only 30 percent of older investors.70 percent of older investors express little or no concern for these.Reflecting these preferences,most young investors(78 percent)own at least one mutual fund or exchange-traded fund that restricts itself to socially responsible investing,while only 19 percent of older investors are invested in such a fund.Importantly,wealth differences only seem to account for the differences in preferences for ESG among younger investors.While the views of older investors are uniformly opposed to ESG without regard to their savings,the preferences of younger investors change significantly with wealth.Younger investors with very high investment balances express the most support for ESG initiatives,while support among those with little savings is much lower.“There are clearly generational differences when it comes to perceptions of ESG,”says Professor Seru.“Young investors express high levels of concern for social and environmental causesparticularly young investors who are very wealthywhile older investors express very little concern for these.These differences pose challenges to fund managers and corporate executives alike when it comes to deciding which stakeholder interests to pursue or support,and how much to invest in them.”2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 5YOUNG INVESTORS WANT FUND MANAGERS TO ADVOCATE FOR ENVIRONMENTAL AND SOCIAL CAUSES.OLDER INVESTORS WANT THEM TO STICK WITH GENERATING FINANCIAL RETURNS.Investors express a strong preference for fund managers to use their size and voting power to maximize the economic value of their investments.Over three-quarters(77 percent)say this is extremely or very important,while only 8 percent say it is slightly or not at all important.Most young investors also want investment companies to use their size and voting power to influence the environmental practices of the companies they are invested in.Almost 80 percent of young investors say this is extremely or very important.By contrast,only 42 percent of older investors say it is important that fund managers influence the environmental practices of companies.In this same vein,85 percent of Millennial and Gen Z investors(41 years and younger)say they support fund managers advocating for environmental causes even if it decreases the value of their investment.By contrast,only 35 percent of older investors support fund managers doing so,and 65 percent oppose it.This pattern is the same when it comes to social issues,with 82 percent of young investors wanting to see investment managers use their size and voting power to influence the social policies and practices of the companies they are invested in,while only 35 percent of older investors want to see this.80 percent of Millennial and Gen Z investors are willing to suffer a decrease in investment value in support of social activism.Only 29 percent of older investors are willing to suffer losses,and 71 percent are not.YOUNG INVESTORS CLAIM TO BE WILLING TO LOSE BETWEEN 6 AND 10 PERCENT OF THEIR RETIREMENT SAVINGS TO SUPPORT ESG CAUSES.OLDER INVESTORS DO NOT WANT TO LOSE ANYTHING.When asked about a number of prominent environmental issuesincluding reduction in carbon emissions,renewable energy,and product sustainabilitythe average Millennial and Gen Z investor says they are willing to lose between 6 and 10 percent of their investment dollars in order to see companies improve their current practices to industry-leading levels.Approximately one-third say they are willing to lose more than 10 percent of their wealth to bring about environmental improvements.Baby Boomer investors(ages 58 and older),on the other hand,overwhelmingly oppose the idea of forfeiting large portions of their retirement savings to bring about environmental change.The average Baby Boomer is unwilling to lose any investment savings for environmental improvements and only 5 percent are willing to lose more than 10 percent of their wealth.Baby Boomers are similarly unwilling to realize investment losses to bring about change to the social practices of the companies they are invested in.Over half(57 percent)are unwilling to lose any retirement savings to fund a significant expansion in employment benefits,66 percent are unwilling to lose retirement savings to bring about gender wage equality,and 70 percent oppose losing money to increase racial and gender diversity among the companies they are invested in.By contrast,Millennial and Gen Z investors claim to be highly willing to incur significant investment losses to bring about these social changes,with approximately a third willing to lose more than 10 or 15 percent of their retirement savings.“The cost of ESG initiatives is,and will continue to be,the largest sticking point,”says Professor Haber.“No one really knows the cost-benefit trade-off of environmental or social initiatives.What is clear from our study is that older investors are not willing to bear the risk of having to pay the cost of these,while younger investors say that they are.”2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 6YOUNG INVESTORS CLAIM TO BE MUCH MORE KNOWLEDGEABLE THAN OLDER INVESTORS ABOUT THE STOCK MARKET.THEY ALSO HAVE HIGHER EXPECTATIONS FOR FUTURE GROWTH.The eagerness that young investors express in support of ESG might be due in part to their optimistic expectations for future stock market growth.Young investors claim to have higher knowledge about markets than older investors and higher expectations for future returns.Most young investors(78 percent)describe themselves as extremely or very knowledgeable about the stock market;only 8 percent say they are slightly or not at all knowledgeable.By contrast,only 20 percent of older investors say they are extremely or very knowledgeable and 40 percent say they are slightly or not at all knowledgeable about markets.Young investors expect the stock market to generate significantly higher returns than older investors.Young investors expect to realize,on average,15.9 percent over the next year and 16.8 percent annually over the coming decade.Older investors expect only 4.6 percent over the next year and 10.7 percent annually over the next decade.INVESTORS INVEST WITH MANAGERS WHO SHARE THEIR VIEWS.The largest institutional investorsthose that have taken public stances to advance ESG initiatives among portfolio companieshave an investor base that supports environmental and social activism.For example,BlackRock,which vocally advocates for environmental sustainability among its portfolio companies,has an investor base that is highly concerned about environmental issues,with 76 percent saying so.Similarly,State Street,which has supported boardroom diversity,has an investor base(76 percent)that is very concerned about social issues.These figures are far higher than even the most concerned age demographic groups and higher than our respondent pool overall.Investors in large funds also support their fund managers decision to vote against the directors of companies that are not doing enough to advance ESG.86 percent of BlackRock investors agree with the firms decision to vote against the directors of a company that is not moving fast enough to address climate change,without regard to the financial success of that company.By comparison,only 39 percent of investors that do not invest with the largest institutional fund managers agree with this decision.Similarly,79 percent of BlackRock investors support that firms decision to vote against certain directors if the board of that company does not have at least one director from an“underrepresented group”(in terms of racial background or sexual orientation).By contrast,among investors that do not invest with the largest institutional fund managers,only 35 percent support this decision.It might be the case that investors are attracted to these funds because of their recent activism toward ESG.Alternatively,it might be that these fund managers are reacting to the interests of their investor base in taking these stances.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 7WITHOUT REGARD TO THEIR VIEW OF ESG,INVESTORS WANT FUND MANAGERS TO TAKE THEIR PERSONAL VIEWS INTO ACCOUNT WHEN VOTING SHARES.Over 80 percent of investors believe that fund managers should take into account their views of environmental and social issues when voting on proxy proposals regarding these topics.This view is fairly consistent across age demographics,with 89 percent of Millennial and Gen Z investors,80 percent of Gen X investors,and 76 percent of Baby Boomers saying so.This does not seem to be influenced by a perception of the political leanings of fund managers.Investors across all age demographics tend to have a balanced view of the political preferences of their fund managers,with fairly even numbers thinking that the average fund manager is conservative or liberal.“This points to the fact that investment managers should spend more time soliciting the opinions of their investor base before making important decisions on how to vote proxy proposals involving ESG,”says Professor Larcker.“The likely solution for fund managers is to start splitting votes to reflect the preferences and investment objectives of their investor base.Fund managers have a fiduciary duty,and part of that duty is to put the interests of their investors first.Its hard to see how they can do so if they are making one-sided decisions when it comes to tricky environmental or social proposals.”2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 8REVIEW OF FINDINGSDistribution of Respondants by AgeDo you have money invested in mutual funds or exchange-traded funds managed by the following investment firms?(select all that apply)53606982848478471%None of theseState Street(SPDRs)BlackRock(iShares)InvescoVanguardAmerican FundsFidelitybgmMILLENNIAL GEN ZGEN XBOOMERS bgmbgm52$# 22 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 9Approximately how much money in total do you have invested in the stock market,across all of your accounts?ALL RESPONDANTS84838478848616%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000MILLENNIAL GEN Z85848277848815#%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000GEN X81818779848819!%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000BOOMERS 88828579858112!%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000$198,856.28MEAN$125,000.00MEDIAN2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 10How knowledgeable are you about the stock market and the companies you are invested in through the stock market?MILLENNIAL GEN Z5468879398462%7%2%Not at all knowledgeableSlightly knowledgeableModerately knowledgeableVery knowledgeableExtremely knowledgeableGEN X677576869633%$%4%Not at all knowledgeableSlightly knowledgeableModerately knowledgeableVery knowledgeableExtremely knowledgeableBOOMERS 96855971894A)%Not at all knowledgeableSlightly knowledgeableModerately knowledgeableVery knowledgeableExtremely knowledgeableAMERICAN FUNDS21829779%3%Not concernedSomewhat concernedVery concernedBLACKROCK(ISHARES)24819576%5%FIDELITY33729567(%5%INVESCO20839780%3%STATE STREET19839781%3%VANGUARD30769470$%6%NONE OF THESE65558035E %How concerned are you about environmental issues(e.g.,carbon emissions goals,renewable energy sourcing)?MILLENNIAL GEN Z70%4%Not concernedSomewhat concernedVery concernedGEN X436790573%Not concernedSomewhat concernedVery concernedBOOMERS 65548135F%Not concernedSomewhat concernedVery concerned2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 11AMERICAN FUNDS27779673#%4%Not concernedSomewhat concernedVery concernedBLACKROCK(ISHARES)35719465)%6%FIDELITY386993621%7%INVESCO27769773$%3%STATE STREET24809776 %3%VANGUARD377093630%7%NONE OF THESE68567632D$%How concerned are you about social issues(e.g.,workplace diversity,income inequality,workplace conditions)?MILLENNIAL GEN Z357094650%6%Not concernedSomewhat concernedVery concernedGEN X466589545%Not concernedSomewhat concernedVery concernedBOOMERS 70547530F%Not concernedSomewhat concernedVery concernedAMERICAN FUNDS24799676!%4%Not concernedSomewhat concernedVery concernedBLACKROCK(ISHARES)28779472#%6%FIDELITY376994631%6%INVESCO22829678%4%STATE STREET20829780%3%VANGUARD357095650%5%NONE OF THESE73477927S!%How concerned are you about governance issues(e.g.,CEO also serving as board chair,independence of the board,and board members not overly busy in terms of outside obligations)?MILLENNIAL GEN Z36719464)%6%Not concernedSomewhat concernedVery concernedGEN X476390537%Not concernedSomewhat concernedVery concernedBOOMERS 72468228T%Not concernedSomewhat concernedVery concerned2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 12How important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to maximize the economic value of your investment?576684959742.64.0.9%4.5%3.0%Not at all importantSlightly importantModerately importantVery importantExtremely importantHow important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to influence the environmental practices of the companies it invests in for you?MILLENNIAL GEN Z5665859698445%4%2%Not at all importantSlightly importantModerately importantVery importantExtremely importantGEN X617379939439!%7%6%Not at all importantSlightly importantModerately importantVery importantExtremely importantBOOMERS 8473708884160%Not at all importantSlightly importantModerately importantVery importantExtremely importantShould the investment company use its size and power to influence the environmental practices of these companies,if doing so decreases the value of your investment?MILLENNIAL GEN Z158585%NoYesGEN X3763637%NoYesBOOMERS 653535e%NoYes2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 13Should the investment company use its size and power to influence the social policies or practices of these companies,if doing so decreases the value of your investment?MILLENNIAL GEN Z208080 %NoYesGEN X406060%NoYesBOOMERS 712929q%NoYesHow important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to influence the social policies or practices(e.g.,management diversity,income disparity between top management and workers)of the companies it invests in for you?MILLENNIAL GEN Z5365879799475%3%1%Not at all importantSlightly importantModerately importantVery importantExtremely importantGEN X617279949339(!%6%7%Not at all importantSlightly importantModerately importantVery importantExtremely importantBOOMERS 877771867913#)!%Not at all importantSlightly importantModerately importantVery importantExtremely importantHow important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to influence the governance practices of the companies it invests in for you?MILLENNIAL GEN Z5465869699465%4%1%Not at all importantSlightly importantModerately importantVery importantExtremely importantGEN X637377939437#%7%6%Not at all importantSlightly importantModerately importantVery importantExtremely importantBOOMERS 897767858111#3%Not at all importantSlightly importantModerately importantVery importantExtremely important2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 14Should the investment company use its size and voting power to influence the governance practices of these companies,if doing so decreases the value of your investment?MILLENNIAL GEN Z208080 %NoYesGEN X415959A%NoYesBOOMERS 742626t%NoYesPublic companies in the United States are required to hold an annual vote with shareholders on certain proposals that shareholders would like management to implement at the company.Should a mutual fund manager take into account your personal views when it uses shares owned by you to vote on environmental or social issues?MILLENNIAL GEN Z118989%NoYesGEN X208080 %NoYesBOOMERS 267476$%NoYes178383%NoYesALL RESPONDENTS In general,what do you think are the political leanings of the individuals who manage most mutual funds?MILLENNIAL GEN Z606377407#%They tend to be evenly balancedbetween conservative and liberalThey tend to be liberalThey tend to be conservativeGEN X676171339)%They tend to be evenly balancedbetween conservative and liberalThey tend to be liberalThey tend to be conservativeBOOMERS 676171339)%They tend to be evenly balancedbetween conservative and liberalThey tend to be liberalThey tend to be conservative2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 15Environmental Carbon emission reductionsAssume you have retirement savings of$100,000.How much would you be willing to lose in retirement savings to have the companies you are invested in change from industry-standard carbon emission levels to a“net zero”by 2050?MILLENNIAL GEN Z91757078859%0%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneGEN X717281849229(%8%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneBOOMERS 437291979857(%9%3%2%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000None2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 16Renewable energy sourcing in supply chainAssume you have retirement savings of$100,000.How much would you be willing to lose in retirement savings to have the companies you are invested in change from industry-standard levels of renewable energy usage by suppliers to requiring 100%renewable energy?MILLENNIAL GEN Z91756980879%1 %More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneGEN X717183829329)%7%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneBOOMERS 417193979859)%7%3%2%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneProduct sustainabilityAssume you have retirement savings of$100,000.How much would you be willing to lose in retirement savings to have the companies you are invested in change from industry-standard levels of product sustainability to requiring 100%sustainable products?MILLENNIAL GEN Z897571798711%)!%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneGEN X697182849431)%6%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneBOOMERS 4270929799580%8%3%1%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000None2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 17Wealth&AgePercentages represent average percent respondents are willing to lose,based on midpoints.Carbon emission reductionsMILLENNIAL GEN Z9491866%9%$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$50K2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 24Recently,a large investment firm said it will vote against the directors of companies that are not moving fast enough to address climate change,without regard to the financial success of that company.Do you agree with this decision?MILLENNIAL GEN Z5167889697493%4%3%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeGEN X607285939040(%7%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBOOMERS 837778887417#&%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeAMERICAN FUNDS407393979760%7%3%3%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBLACKROCK(ISHARES)417393979659%7%3%4%FIDELITY5269899594481%5%6%INVESCO407193989860)%7%2%2%STATE STREET367593979864%7%3%2%VANGUARD4862919693528%9%4%7%NONE OF THESE847773887716# 22 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 25Recently,a large investment firm said it will vote against certain members of the board of directors if the board does not have at least one director from an underrepresented community,meaning a director who self-identifies as Black,African American,Hispanic,Latino,Asian,Pacific Islander,Native American,Native Hawaiian,Alaska Native,gay,lesbian,bisexual,or transgender.They will vote this way without regard to the financial success of that company.Do you agree with this decision?MILLENNIAL GEN Z5966859496414%6%4%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeGEN X657781908735#%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBOOMERS 848177877116#)%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeAMERICAN FUNDS5168899695492%4%5%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBLACKROCK(ISHARES)5368899495472%6%5%FIDELITY6068869293402%8%7%INVESCO5068899597502%5%3%STATE STREET4967929597513%8%5%3%VANGUARD5870889292420%8%8%NONE OF THESE848172897416(&%Do you currently own any mutual funds or exchange-traded funds that restrict themselves to socially responsible investing(or ESGe.g.,iShares Global Clean Energy,Vanguard FTSE Social Index Fund)?MILLENNIAL GEN Z227878%NoYesGEN X3862628%NoYesBOOMERS 811919%NoYes2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 26Average Market Return ExpectationsExpected market returnMILLENNIAL GEN ZGEN XBOOMERS Over the next 12 months16%5%Over the next 12 months,excluding so-called“sin”stocks16%6%Over the next 12 months,for“sin”stocks only16%7%Average annual market return expectedMILLENNIAL GEN ZGEN XBOOMERS Over the next 10 years17%Over the next 10 years,excluding so-called“sin”stocks17%9%Over the next 10 years,for“sin”stocks only17%9 22 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 27DemographicsAge50AVERAGE 49MEDIANGenderOtherFemaleMaleMALEFEMALEOTHEROtherFemaleMaleOtherFemaleMale57C%0 22 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 28What state do you live in?Political Affiliation467582999854%1%2%NoneOtherIndependentRepublicanDemocrat2.3%0.4.7%0.8%0.3%0.1%0.3%0.7%0.1%1.1%2.5%0.2%0.9%0.3.9%0.6%1.5%0.3%NA0.2%0.9%2.7%2.4%2.7%1.5%7.5%3.4%1.6%0.7%0.8%0.2%1.8%1.3%2.9%1.9%4.4%0.8%7.2%0.6%2.5%0.4%1.8%0.2%0.2%0.4%1.1%0.6%1.3%0.3%NA2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 29Education998786897069101%Graduate or professional degreeBachelors degreeAssociate or technical degreeSome college but no degreeHigh school diploma or GEDSome high school or lessHousehold Income949393939193858889826%7%7%7%9%7%$150,000 $125,000 but less than$150,000$100,000 but less than$125,000$75,000 but less than$100,000$60,000 but less than$75,000$50,000 but less than$60,000$40,000 but less than$50,000$30,000 but less than$40,000$20,000 but less than$30,000Less than$20,0002022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 30METHODOLOGYIn summer 2022,Stanford Graduate School of Business,the Hoover Working Group on Corporate Governance at Stanford University,and the Rock Center for Corporate Governance at Stanford University.hired Lucid Theorem to conduct a nationwide survey of 2,470 individual investorsbroadly distributed by gender,race,age,household income,and state residenceto understand how American investors view environmental,social,and governance(ESG)priorities among the companies in their investment portfolio.Respondents were screened to include only individuals with investments in the stock market through retirement or taxable accounts.Stanford University is solely responsible for the contents of this survey.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 31ABOUT THE AUTHORSSTEPHEN HABERStephen Haber is the A.A.and Jeanne Welch Milligan Professor in the School of Humanities and Sciences and Peter and Helen Bing Senior Fellow of the Hoover Institution at Stanford University;Professor of Political Science,Professor of History,and Professor of Economics(by courtesy);a senior fellow of the Stanford Institute for Economic Policy Research;and a senior fellow of the Stanford Center for International Development.Habers research spans a number of academic disciplines,including comparative politics,financial economics,and economic history.Email:haberstanford.edu Full Bio:https:/politicalscience.stanford.edu/people/stephen-haberJOHN D.KEPLERJohn Kepler is Assistant Professor of Accounting at Stanford Graduate School of Business.His research focuses on the interrelated nature that firms explicit and implicit contracts play in shaping firms financial reporting and corporate governance practices.Other recent work has examined the role of executive bonus plans in facilitating cooperation among management team members and how corporate insiders exploit their private information advantage about corporate audit findings for personal gain.Email:jdkeplerstanford.edu Full Bio:https:/www.gsb.stanford.edu/faculty-research/faculty/john-d-keplerDAVID F.LARCKERDavid F.Larcker is the James Irvin Miller Professor of Accounting,Emeritus,at Stanford Graduate School of Business;director of the Corporate Governance Research Initiative;distinguished visiting fellow at the Hoover Institution;and senior faculty of the Arthur and Toni Rembe Rock Center for Corporate Governance.His research focuses on executive compensation and corporate governance.He presently serves on the Board of Trustees for Allspring Funds.He is coauthor of the books A Real Look at Real World Corporate Governance and Corporate Governance Matters.Email:dlarckerstanford.edu Twitter:stanfordcorpgov Full Bio:http:/www.gsb.stanford.edu/faculty-research/faculty/david-f-larcker2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 32AMIT SERUAmit Seru is the Steven and Roberta Denning Professor of Finance at Stanford Graduate School of Business;a senior fellow at the Hoover Institution and Stanford Institute for Economic Policy Research(SIEPR);and a research associate at the National Bureau of Economic Research(NBER).His research focuses on corporate finance with an emphasis on financial intermediation and regulation,technological innovation and incentive provision,and financing in firms.Email:aserustanford.edu Full Bio:https:/www.gsb.stanford.edu/faculty-research/faculty/amit-seruBRIAN TAYANBrian Tayan is a member of the Corporate Governance Research Initiative at Stanford Graduate School of Business.He has written broadly on the subject of corporate governance,including boards of directors,succession planning,compensation,financial accounting,and shareholder relations.He is coauthor with David Larcker of the books A Real Look at Real World Corporate Governance and Corporate Governance Matters.Email:btayanstanford.edu Full Bio:http:/www.gsb.stanford.edu/contact/brian-tayanACKNOWLEDGEMENTSThe authors would like to thank Shannon Fries and Erin Do of the Research Hub at Stanford Graduate School of Business for design and layout assistance in the preparation of these materials.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 33ABOUT USCORPORATE GOVERNANCE RESEARCH INITIATIVE The Corporate Governance Research Initiative at Stanford Graduate School of Business focuses on research to advance the intellectual understanding of corporate governance,both domestically and abroad.By collaborating with academics and practitioners from the public and private sectors,we seek to generate insights into critical issues and bridge the gap between theory and practice.Our research covers a broad range of topics that include executive compensation,board governance,CEO succession,and proxy voting.Website:gsb.stanford.edu/cgriTHE ROCK CENTER FOR CORPORATE GOVERNANCEThe Arthur and Toni Rembe Rock Center for Corporate Governance is a joint initiative of Stanford Law School and Stanford Graduate School of Business.The center was created to advance the understanding and practice of corporate governance in a cross-disciplinary environment where leading academics,business leaders,policy makers,practitioners,and regulators can meet and work together.Website:rockcenter.stanford.eduTHE HOOVER WORKING GROUP ON CORPORATE GOVERNANCEThe Hoover Working Group on Corporate Governance brings together scholars,industry practitioners,and policymakers to engage in constructive and open debate about the logical consistency,treatment of evidence,and policy implications of proposed reforms to the regulatory systems that impact corporations.It also generates and disseminates research investigating the optimal conditions that allow corporations to sustain their crucial role in contributing to American economic growth and innovation.Website:https:/www.hoover.org/research-teams/working-group-corporate-governanceCONTACT INFORMATIONFor more information on this report,please contact:Elizabeth Lee Associate Director of CommunicationsStanford Graduate School of Business Knight Management Center Stanford University 655 Knight Way Stanford,CA 94305-7298 eslee123stanford.edue123stanford.

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