普华永道：2022年全球投资者调查

49%

44%

Wesurveyed227investorsandanalystsacross43territoriesglobally,andconductedovertenin-depthinterviews,tofindoutwhatmatterstothemtoday,howtheyassesscorporateperformanceandwhatgivesthemconfidenceincorporatereporting.

Thisiswhattheytoldusaboutwhattheyseeasanexecutiongap.

PwC’sGlobalInvestorSurvey2022

TheESGexecutiongap

Theroleofhigh-qualityinformationinbuildingtrust

Investorsuseawidearrayofsourcestogetinformationabouthowcompaniesmanagerisksandopportunities,withfinancialreportingtoppingthelist.

%ofrespondentswhousethesourcetoamoderate,largeorverylargeextentinassessinghowcompaniesmanagerisksandopportunities

Financialstatementsandnotedisclosures

89%

Dialoguewiththecompany

81%

Narrativereporting(asidefromsustainabilitydisclosures)

80%

Third-partydatasources

79%

Materialityassessmentdisclosures

78%

Newsmedia

73%

Sustainabilitydisclosures

61%

ESGratingsandscores

Alternativedata

Source:PwC’sGlobalInvestorSurvey2022

Investors’concernsaboutgreenwashingerodetrustinwhat

companiessayabouthowtheyareaddressingthesustainabilityrisksandopportunitiesfacingtheirbusiness.Theseconcernsalsomake

itdifficultfortheinvestmentprofessiontoallocatecapitaltowhereitneedstogo.

%ofrespondentswhothinkcorporatereportingcontainsunsupportedclaimsaboutacompany’ssustainabilityperformancetothisextent

87%

thinkcorporatereporting

containsatleastsome

greenwashing

11%

2%

9%

20%

26%

32%

NotatallToalimitedextentToamoderateextentToalargeextent

ToaverylargeextentDon’tknow

Source:PwC’sGlobalInvestorSurvey2022

Iwonderwhethercompaniesarejustdrawingpictures

abouttheUN’sSustainableDevelopmentGoalsto

makeitlookgoodortheyaresincerelytaking

actionstowardthem.

Japan-basedinvestor

36%

43%

51%

49%

44%

36%

29%

27%

25%

19%

56%

47%

2PwC’sGlobalInvestorSurvey2022

Investorsaremostlyconcernedaboutthethreatsbusinessesfaceintheneartermfrominflationandeconomicvolatility.

Climateandcybersecurityrisksmoveupinvestors’listof

concernsinthemediumterm.

%ofrespondentswhothinkcompanieswillbehighlyorextremelyexposedtothethreatinthenext12monthsor5years

Next12monthsNext5years

Inflation

40%

67%

Macroeconomicvolatility

49%

62%

Geopoliticalconflict

37%

37%

Cyberrisks

Climatechange

22%

37%

Healthrisks

16%

14%

Socialinequality

11%

14%

Source:PwC’sGlobalInvestorSurvey2022

Investorshaveanexpectationthatbusinessesshouldprioritise

beinginnovativeandprofitable.Afterall,ifacompanycan’tadaptorrunsoutofcash,itwon’tsurvivelongenoughtoaddresstheotherissuesitfaces.

%ofrespondentswhoselectedtheoutcomeasatopfivepriority

Beinnovative

83%

Seekprofitablefinancialperformance

69%

Ensuredatasecurityandprivacy

Ensureeffectivecorporategovernance

Reducegreenhousegasemissions

Ensureresponsiblesupplychainpractices

Minimiseimpactonnatureandbiodiversity

Protectworkerhealthandsafety

Improveworkforceandexecutivediversity,equityandinclusion

Ensurepositivelabourrelations

Respondentscouldselectuptofiveissues;thetenmostchosenareshownhere.Otheroptionsincludedimprovecorporateboarddiversity,ensuregenderandracialpayequity,ensuretaxtransparencyandreducewateruse.

Source:PwC’sGlobalInvestorSurvey2022

Changesinregulationandcustomerpreferencestopthelistof

disruptorsinvestorsthinkwillhaveanimpactonprofitabilityoverthelongerterm.

%ofrespondentswhothinkthesewillhavealargeorverylargeimpactonprofitabilityinthenexttenyears

Asexposuretothethreatofclimatechangerises,investorshave

ideasforactionscompaniescantaketomanagetheriskeffectively.

%ofrespondentswhothinktheseactionswillbeeffectiveinpreparingfortheriskofclimatechange

Changesinregulation

85%

Implementinitiativestoreduceemissions

75%

Changingcustomerdemand/preferences

85%

Technologydisruptors(e.g.,advancedtech,metaverse)

83%

Supplychaindisruption

81%

Labour/skillsshortages

76%

Transitiontonewenergysources

75%

Newentrantstotheindustryfromadjacentindustries

70%

Source:PwC’sGlobalInvestorSurvey2022

Innovatenew,climate-friendlyproductsorprocesses

73%

Developadata-driven,enterprise-levelstrategyforreducingemissionsandmitigatingclimaterisks

69%

Implementinitiativestoprotectphysicalassetsand/orworkforcefromthephysicalimpactsofclimaterisk

Applyaninternalpriceoncarbonindecisionmaking

Source:PwC’sGlobalInvestorSurvey2022

Capitalallocationiseffective(%)Businessactioniseffective(%)

3PwC’sGlobalInvestorSurvey2022

Investorsthinkgovernmentscanplayapartbyimplementingmeasurestoincentivisesustainablecorporatebehaviour.

54%

thinkimposingtaxeson

unsustainableactivities

wouldbeeffective

54%

thinkadoptingcorporatedisclosurerequirements

thatprovidetransparencyoncorporateactionstakentoaddresssustainability-relatedrisksand

opportunitieswouldbe

effective

48%

thinkprovidingsubsidiestocompaniesthatundertakeactivitiesorinitiatives

thataddressgovernment

sustainabilityprioritieswouldbeeffective

We’retryingtodowhatwecantogetourportfoliotonetzeroandinvestcapitalinsustainableactivities,butthat’snotgoingtosolvetheworld’sbiggerproblems.

Andsoweneedanintegratedapproachfromthepolicymakers,thelegislature,

thebusiness,thecommunitiesinwhich

weoperateinordertoreallyachievenetzero.Investorscaninfluencethebroadermarkets,butweneedeveryoneswimminginthesamedirection.

US-basedinvestor

Thereisanexecutiongapbetweenhowwellinvestorsthinkbusinessisdoingtodeliveronsomeofthetoppriorities.Areportinggapalso

emerges,highlightingthechallengeinvestorsfaceinassessinghowwellbusinessisachievingthem.Thismayexplainwhyinvestorsprioritisesomeinformationsourcesoverothersinassessinghowwellcompaniesmanagerisksandopportunities,ashighlightedabove.

InvestorviewsoneffectivenessofbusinessactionvsrelativepriorityforbusinesstoInvestorviewsoneffectivenessofcorporatereportingvsrelativepriorityforbusiness

TheeffectivenessgapTheeffectivenessgap

deliveroutcomestodeliveroutcomes

100

90

80

70

60

50

40

30

20

10

0

Seekprofitable

financialperformance

Protectworker

healthandsafety

Ensureeffectivecorporate

governance

Ensuredatasecurityandprivacy

Reducegreenhousegasemissions

EnsureresponsiblesupplychainpracticesMinimiseimpactonnatureandbiodiversity

Improveworkforceexecutivediversity,equityandinclusion

Ensurepositive labourrelations

Beinnovative

0102030405060708090100

Theoutcomeshouldbeapriority(%)

Source:PwC’sGlobalInvestorSurvey2022

Ifinvestorsviewcorporatereportingasinsufficientinhelpingthemassesssomeoftheirtopprioritiesforbusinesstodeliver,itis

difficultforthemtoallocatecapitaltothosepriorityareas.

Investorviewsoneffectivenessofcapitalallocationvsrelativepriorityforbusinesstodeliveroutcomes

Theeffectivenessgap

100

90

80

70

60

50

40

30

20

10

0

Seekprofitable

financialperformance

Beinnovative

ImproveworkforceEnsureeffectivecorporate

executivediversity,governance

equityand

worker

healthReducegreenhousegasemissions

positive

labourEnsuredatasecurityandprivacy

relationsMEnsureresponsiblesupplychainpractices

Ensureandsafety

inclusionProtect

onnature

andbiodiversity

0102030405060708090100

Theoutcomeshouldbeapriority(%)

Source:PwC’sGlobalInvestorSurvey2022

Corporatereportingiseffective(%)

100

90

80

70

60

50

40

30

20

10

0

Seekprofitable

financialperformance

Protect

worker

Ensureeffective

corporategovernance

Beinnovative

Reducegreenhousegasemissions

Ensuredatasecurityandprivacy

Ensureresponsiblesupplychainpractices

Improve

workforce executivediversity,equityandinclusion

impactonnatureandbiodiversity

Ensurepositive labourrelations

health

andsafety

Minimise

010

203040506070

Theoutcomeshouldbeapriority(%)

8090

100

Source:PwC’sGlobalInvestorSurvey2022

56%

56%

53%

4PwC’sGlobalInvestorSurvey2022

Investors’willingnesstoacceptalowerrateofreturnoninvestmentincompaniestakingactiontoaddresssustainabilityissuesislikelytobelinkedtotheneedforassetmanagerstorespondtoclientdemandforESGinvestingproductsthathelpclientsmeettheirfinancialgoals,andadheretoaregulatoryenvironmentthatprioritisesfiduciaryduty.

Iwouldbewillingtoaccepta

lowerrateofreturnoninvestmentinacompanythatundertakes

activitiesthathaveabeneficialimpactonsocietyorthe

environment.

Iwouldbewillingtoaccept

alowerrateofreturnon

investmentinacompanythat

undertakesactivitiesthataddresssustainabilityissuesrelevanttoitsbusiness’sperformanceandprospects.

29%

27%

40%

46%

28%

31%

YesNeutralNo

Source:PwC’sGlobalInvestorSurvey2022

Attheendoftheday,investors,asagents

fortheirclientsandinstitutions,havea

simplemissiontheyhavetofulfil,which

istomakereturns.

Europe-basedinvestor

%ofrespondentswhothinkthesefactorsmoderately,largelyorverylargelydriveinvestorinterestinESGinvesting

Clientdemandforthetopic

82%

Regulatoryriskmanagement

78%

Societalinterestintheseissues

76%

Potentialtoprotectinvestmentreturns

68%

Potentialtoincreaseinvestmentreturns

64%

Anopportunityforthecapitalmarketstohavea

positiveimpactontheenvironmentorsociety

Potentialtoreducemarket(beta)risk

Anopportunityforthecapitalmarketstoplayarolein

protectingtheenvironmentorsociety

Source:PwC’sGlobalInvestorSurvey2022

Howcompaniescanrespond

Togosomewaytowardbridgingthereportinggap,investorshavesomerequestsforinformationtheywantcompaniestodisclose.

73%

wanttoseethecosttomeetthesustainabilitycommitmentsthecompanyhasset

70%

wanttoseetheeffectof

sustainabilityrisksand

opportunitiesonthecompany’sfinancialstatementassumptions

69%

wanttoseetherelevanceofsustainabilityfactorstothecompany’sbusinessmodel

66%

wanttoseethegovernanceandoversightoversustainabilityriskandopportunities

Asanoutsideshareholder,I’mnotnecessarilyverywellplacedtodeterminewhetheracompany’sESGfactorstobereportedarerelevanttothecompany’sbusinessandpurpose.SoIwouldrelyheavilyonthecompanydeterminingthat.

UK-basedinvestor

Havinginformationaboutacompany’simpactontheenvironmentorsocietyinwhichitoperatesisimportantforinvestmentanalysisand

decisionmaking.

60%

wantcompaniestoreport

theimpacttheyhaveonthe

environmentorsocietynow

andinthefuture

66%

ofthosewhowantimpact

informationalsowanttosee

companiesdisclosethemonetaryvalueofthatimpact

%ofrespondentswhowantcompaniestodisclosethemonetaryvalueoftheirimpactthatalsoagreeorstronglyagreethatthisiswhyacompanyshoulddoso

Itwouldhelpcompaniesunderstandthefulleconomiceffectoftheirbusinessdecisions

81%

Itwouldencouragecompaniestoaddressenvironmentaland/orsocialissuestowhichtheycontribute

79%

Itwouldencouragecompaniestofocusonlong-termsolutionstoaddressingsustainabilityissues

77%

Source:PwC’sGlobalInvestorSurvey2022

54%

50%

59%

56%

54%

46%

41%

30%

14%

5%

5PwC’sGlobalInvestorSurvey2022

Investorsvalueassuranceasawaytogivethemconfidenceincorporatereportingonsustainability.Topoftheirlistisreasonableassurance,whichisthesamelevelasthefinancialstatementaudit.Theyalsowanttoknowthatacompanyhasactuallydonewhatitsaysithasdone,aswellasthatthereportingisinlinewitharecognisedreportingframework.

%ofrespondentswhogetamoderate,largeorverylargeextentofconfidencefromthese

Independentreasonableassuranceopinion(i.e.,thelevelofassuranceobtainedinanauditofthefinancialstatements)

75%

Externalcertificationorvalidationreportbyasustainabilityconsultancy,certificationagencyoraprofessionalservicesorganisationthatisnotanauditingfirm

69%

Independentlimitedassuranceopinion(alowerlevelofassurancethanwhatisobtainedinanauditofthefinancialstatements)

Reviewbytheinternalauditfunctionofthecompany

Source:PwC’sGlobalInvestorSurvey2022

Ifthereisassuranceonsustainabilityreporting,Ithinkthepurposeshouldbethesameastheauditof

thefinancialstatementssothatthereadercanbe

comfortablethatwhat’sreportedisreasonablyaccurateandrelevant.

UK-basedinvestor

%ofrespondentswhowouldgetamoderate,largeorverylargeextentofconfidencefromtheseactionsbyanassurancepractitioner

Assurethatacompany’smanagementhasdonewhatthey’vereportedthatthey’vedone

79%

Assurethatthereportingisinlinewithagenerallyrecognisedreportingframework

77%

Assurethereportingasawhole,notasubsetofwhatisreported

74%

Assurethattheactionsacompany’smanagementistakingtoaddresstheissuesfacedbythebusinessareappropriateactionstobetaking

72%

Assurethatthereportingisinlinewithareportingframeworkdevelopedbythereportingentity

70%

Source:PwC’sGlobalInvestorSurvey2022

Theorganisationthatprovidestheassuranceislessimportanttoinvestorsthanthequalitiestheyexpectoftheassurancepractitioner.

Asthelevelofassurancegetsmorerigorousovertime,investorswillfirstlooktounderstandthereasonsforanyqualifiedassuranceopinionsbeforetheywilltakeactiontoselltheirshares.

%ofrespondentswhothinktheseareimportantqualitiesforanassurancepractitionertohave

Havingaccessto(ortheabilitytoaccess)expertswiththenecessarysubjectmatterknowledge

78%

Beingexpertsinapplyingprofessionalscepticismandtheabilitytoassessthereasonablenessofmanagement’sestimatesandjudgements

73%

Beingsubjecttoregulationthatrequiresindependenceandethicalstandards

72%

Theabilitytoassessandverifyforward-lookinginformation,includingscenarioanalysis

71%

Havingexperienceinperformingauditsofcomplexorganisations

(e.g.,performingmaterialityassessments,checkingforcompleteness,identifyingthereportingboundary)

71%

Beingabletohaveacomprehensiveviewofthebusinessacrossalltypesofcorporatereporting(e.g.,financialstatements,sustainabilityreporting,othernarrativereporting)

71%

Beingtrainedinusingauditmethodologies

67%

Source:PwC’sGlobalInvestorSurvey2022

%ofrespondentswhoarelikelyorverylikelytotakethisactionifacompanyreceivedaqualifiedassuranceopiniononitssustainabilityreporting

Viewthisasawaytounderstandthematurityofthecompany’ssustainabilityreportingprocesses

Beconcernedthatthecompany’sreportingprocessesandoversightarenotsufficient

Seekmoreinformationfromtheauditcommitteeofthecompany

Beconcernedthattheremaybeaprobleminthebusiness

Beconcernedaboutthevalueofaninvestmentinthecompany

Takenoaction

Selltheinvestmentinthecompany

Takeashortpositioninthecompany’sshares

Source:PwC’sGlobalInvestorSurvey2022

80%

Male

14%

Female

6%

Prefernottosay

52%

Whatisyourrole?

Whereareyoubased?

35%

27%

6%

31%

1%

6PwC’sGlobalInvestorSurvey2022

Researchmethodology

InSeptemberandOctober2022,PwCconductedanonlinesurveyinwhichwereceivedresponsesfrom227investmentprofessionalsacross43

territories.Wealsoconducted13in-depthinterviewswithinvestorsandanalystsinfiveterritories.Therespondentstotheonlinesurveywerespreadacrossarangeofindustries,rolesandspecialisms,withassetsundermanagementrangin