| 關 鍵 詞： |
ESG 投資；信託；受託人；受託義務；忠實義務；審慎義務；公正義務；美國聯邦受雇者退休所得安全法 |
| 中文摘要： |
「環境、社會與治理」（ESG）已為投資界的主流概念。投資人運用 ESG 指標選擇標的可達成其財務目標，並能對第三人帶來附加利益。但由於 ESG 投資涉及第三人利益或其他道德理由，與信託忠實義務要求受託人管理信託僅能考慮受益人利益或有違背。因此在信託關係下，受託人投資時是否能把 ESG 指標納入？似有疑義。近年來，我國上至政府部門下至企業、投資人、消費者等皆大力鼓吹 ESG，信託受託人是否能為 ESG 投資？似無人會加以質疑。即使如此，規範上是否能當然允許此種投資策略仍有探討空間，尤其是，受託人明顯出於環境或道德因素之投資決定。本文擬以比較法為方法，先介紹與梳理ESG 投資在美國法下之爭議與討論，並探討我國法的解釋與適用，再於文末就未來法制改革提供一個可能方向。
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| 英文關鍵詞： |
ESG Investing；Trust；Trustee；Fiduciary Duty；Duty of Loyalty；Duty of Prudence；Duty of Impartiality；Employee Retirement Income Security Act (ERISA) |
| 英文摘要： |
Environmental, Social, and Governance (ESG) considerations have become a prevailing paradigm within contemporary investment practice. By employing ESG metrics in the selection of investment targets, investors are not only able to pursue their financial objectives but may also generate ancillary benefits for third parties. Nevertheless, because ESG Investing may implicate considerations beyond the interests of beneficiaries—such as broader social or ethical concerns—it raises potential tensions with the fiduciary duty of loyalty, which traditionally requires trustees to manage trust solely for the benefit of the beneficiaries. The question, therefore, arises as to whether, and to what extent, trustees may legitimately incorporate ESG factors into their investment decisions within the framework of trust law. In Taiwan, the normative debate appears to have been muted in practice. Over the past several years, ESG has been vigorously promoted across multiple constituencies, ranging from government agencies to corporations, investors, and consumers. Within this context, the legitimacy of ESG investing by trustees is almost unchallenged. Yet it is still unclear whether Taiwan’s existing legal framework allow investment strategies which are explicitly premised upon ESG considerations. This article employs a comparative law methodology. It begins by examining the controversies and debates that have arisen under U.S. law regarding the permissibility of ESG investing by trustees, then turns to an analysis of the interpretive and practical implications under Taiwanese law. The article concludes by offering tentative reflections on possible directions for future legal reform.
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| 目 次： |
壹、前言
一、ESG 投資與崛起背景
二、ESG 投資與信託受託義務契合問題
貳、美國法受託義務與 ESG 投資
一、忠實義務
二、審慎義務
三、公平義務
四、小結
參、我國信託規範下之解釋與適用
一、受託義務與 ESG 投資
二、受託義務應非強制性義務
三、可能的法制改革探索
肆、結論與建議
參考文獻
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