| 關 鍵 詞： |
受託義務；機構投資人；盡職治理；責任投資 |
| 中文摘要： |
ESG 投資在近年來成為顯學，投入 ESG 相關金融商品的資金更是逐年成長。機構投資人作為投資人與公司間之中介角色，一方面有足夠的股份可以影響公司經營階層的決策，另一方面也需要回應客戶的要求，因此在 ESG 議題的實踐扮演著關鍵的角色。當機構投資人採行 ESG 投資時，其將有可能因為考量 ESG 議題，而未優先考量投資報酬率，這樣的作法與機構投資人的受託義務出現潛在的衝突。此緊張關係也導致部分機構投資人，因為受託義務之不確定性，對於 ESG 投資躊躇不前。是以，受託義務與 ESG 投資之間的關係為何，實為必須要面對的先決問題。對此問題，外國學說已有相當豐富之討論，惟我國學說之討論卻相對稀薄。有鑑於此，本文希冀能夠補足此一學術上之空缺，藉由探討受託義務之內涵，釐清受託義務與 ES 投資之關係，使機構投資人能夠無後顧之憂地深化我國 ESG 投資，真正地達到改善環境、社會、公司治理之目標。此外，本文同時將探討我國機構投資人盡職治理守則對於受託義務之問題應如何做出調整，以使盡職治理守則能夠成為機構投資人實踐 ESG 投資的助力。
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| 英文關鍵詞： |
ESG Investing；Fiduciary Duty；Institutional Investor；Stewardship；Responsible Investing |
| 英文摘要： |
As more and more capital flows into ESG-related investments, ESG investing has become mainstream in recent years. Institutional investors, being the intermediary between the investors and companies, on one hand, have the shares to influence the company management decision-making; on the other hand, they have to respond to the needs of their clients. For this reason, institutional investors play a central role in ESG investing. However, when institutional investors practice ESG investing, ESG issues may sometimes be prioritized over investment returns. In such circumstances, tensions will arise between the institutional investors’ fiduciary duties and their practice of ESG investing. The relationship between fiduciary duty and ESG investing is therefore a critical issue. This issue has been a topic of great academic interest internationally, but it has rarely been discussed in Taiwan. To that end, this article aims to fill this gap in the academic literature. By discussing the contours of fiduciary duty and clarifying the relation between fiduciary duty and ESG investing, this article hopes to encourage more institutional investors to adopt ESG investing so that the goals of ESG investing can truly be achieved. This article also touches upon the potential revisions to the Taiwan Stewardship Principles in response to the issue of fiduciary duty, hoping that it can support the adoption of ESG investing among institutional investors.
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| 目 次： |
1. 前言
2. 機構投資人與 ESG 投資
2.1 機構投資人之定義
2.2 ESG 投資之起源與發展
2.3 聯合國責任投資原則
2.4 將 ESG 議題納入投資策略
3. 機構投資人 ESG投 資之問題與規範
3.1 公司 ESG 資訊揭露之問題
3.2 ESG 漂綠之問題
4. 機構投資人之受託義務
4.1 受託義務之發展與內涵
4.2 美國 1974 年僱員退休收入保障法（ERISA）下的受託義務
4.3 受託義務面為 ESG 投資之阻礙？
5. 21 世紀下之受託義務
5.1 2005 年 Freshfields Report
5.2 2019 年 21 世紀下之受託義務最終報告
5.3 受託義務要求考量 ESG 議題？
6. 對我國盡職治理守則下之啟發
7. 結論
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