环境、社会和治理101

更新: 2020年1月16日

Environmental, 社会, and Governance (环境、社会和治理) 101


Nova is excited to announce a series of articles that will cover important areas in Environmental, 社会, and Governance (环境、社会和治理) criteria as it is increasingly becoming a popular way for investors to evaluate companies. The first article introduces what 环境、社会和治理 is and the importance of 环境、社会和治理 to Nova’s clients.



什么是环境、社会和治理?

环境、社会和治理 Investing is the consideration of environmental, 社会, and governance factors alongside financial aspects in the investment decision-making process.


环境、社会和治理 is rapidly growing in importance across the entire spectrum of the financial community. The practice of 环境、社会和治理 investing began in the 1960s as 社会ly responsible investing (SRI), excluding stocks or entire industries from portfolios based on business activities such as tobacco production or involvement in South African apartheid.


Today, ethical considerations and value alignment are key motivations. 然而, the adoption and use of 环境、社会和治理 factors across all forms of business, and in particular the commercial real estate sector, are rapidly growing and evolving.


环境、社会和治理 data analysis is used by investors to evaluate the future financial performance of companies and help avoid companies and properties that may pose a greater financial risk. Companies that use 环境、社会和治理 standards are often seen as more conscientious, 风险更小, and more likely to succeed.


E – Environmental

This takes into account a company’s energy use, 碳足迹, 浪费, 污染, natural resource conservation, and even treatment of animals. It may also include environmental risks a company might face.


S -社会

The 社会 criteria is based on the company’s working conditions (e.g., health and safety) and business relationships, including relationships with employees, 供应商, 客户, and the communities where the company operates.


G -治理

This refers to whether a company uses accurate and transparent accounting methods and avoids conflicts of interest and illegal practices.



Why is 环境、社会和治理 Important?

环境、社会和治理 integration in the decision-making process has evolved beyond what is 社会ly responsible or morally aligned with investor values. Understanding and integrating 环境、社会和治理 consideration can provide investors and companies with a competitive advantage and lead to long-term financial performance.


环境、社会和治理 has multiple benefits for most of Nova’s clients who are owners, 运营商, 和投资者, 哪一个 expand across internal operations and the real estate assets in 哪一个 they invest. Nova typically does not get involved in the day to day operation of clients’ businesses; however, Nova is closely involved in the due diligence procedures and the individual assets clients evaluate for potential investment. 环境、社会和治理 has many benefits; however, Nova believes that the following will have an impact on clients’ operations:

  • 开始, 环境、社会和治理, when done correctly, is synonymous with risk mitigation—it is effectively a go/no go screen for a project. It allows Nova and its clients to identify well managed, 运行良好的资产, to discount sites with unacceptable operations or liabilities, and to identify 环境、社会和治理 improvement measures that will, 在一般情况下, increase a site’s value. This scope is typically wider than a standard Environmental Due Diligence scope.

  • Second, investors are looking to put money into companies that employ 环境、社会和治理 assessment. Nova is seeing this become more prevalent at an extraordinarily fast rate. Nova clients that employ strong 环境、社会和治理 policies and procedures can find that this helps them raise equity.

  • 第三, 环境、社会和治理 is becoming more commonplace in the industry and is dictating whether or not Nova’s clients are investing in assets that have poor 环境、社会和治理. As this becomes the new norm, the value of poor 环境、社会和治理 rated sites will likely be affected and the appetite to finance poor 环境、社会和治理 sites will diminish, thus resulting in lower site valuations, less competition to refinance an asset, and increased CAPEX costs to improve the asset’s 环境、社会和治理 rating.

  • Last, but definitely not least, assets with good 环境、社会和治理 ratings typically generate good returns. Nova clients say that higher 环境、社会和治理 ranked assets attract better tenants, 哪一个 drives higher rents. They also have reduced building operating expenses and improved building condition, 哪一个, as a result of all of the above, creates a higher exit value.


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