How conscious investors can turn up the heat and make companies change | Vinay Shandal

翻译人员: duan JiGang 校对人员: Tianji (Homer) Li

We love to engage on the issues of the day.

我们热衷于讨论当今的问题，

We love it.

我们喜欢这样。

We comment on the news,

我们评论新闻，

we post our views on social media,

在社交媒体上发表自己的观点，

we march, we protest ...

我们示威，抗议，

But who among us is working on solutions,

但是我们当中有谁在解决问题，

big solutions to big issues,

为重大问题提供大型解决方案，

like gun violence,

比如枪支暴力，

mistreatment of workers,

员工不公平待遇，

flood, famine, drought?

洪灾，饥荒，干旱？

Who is on it?

谁在忙于这些？

Boom!

看看吧！

These guys.

是这些人。

(Laughter)

(笑声)

What? You were hoping for Peter Parker?

什么？你们希望是 彼得 · 帕克（蜘蛛侠）？

The Avengers?

还是复仇者联盟？

You don't expect this beacon of diversity,

你们不期望是这些具备 多样性的标杆人物，

these good-looking, nicely dressed dudes just oozing charisma to solve the issues?

这些相貌堂堂，穿着光鲜， 散发着魅力的人去解决问题？

Well good, because they're actually not going to solve the issues.

那就对了，因为他们 也不是来解决问题的。

But before you dismiss them,

但是，在你们解雇他们之前，

let me say, they're not going to solve the issues,

我想说，他们不会去解决问题，

but they will show us how.

但是他们将向我们 展示该如何解决问题。

So who are they?

那么他们是谁？

They're activist investors:

他们是激进投资者。

Carl Icahn, Dan Loeb, Paul Singer, Barry Rosenstein.

卡尔 · 伊坎，丹 · 罗伯， 保罗 · 辛格，巴里 · 罗森斯坦。

These are the modern-day OGs of Wall Street.

他们是当下华尔街的大佬。

(Laughter)

（笑声）

These are scary dudes.

这些都是可怕的家伙。

I don't mean Green Goblin scary.

我不是说像绿恶魔那种可怕，

I mean real scary.

我是说真正的可怕。

The fear they strike in the hearts of a company's CEO and board

是当他们进入到一个 公司的股票行业后，那种会打击

when they enter its stock

一个公司CEO和董事会内心的可怕，

is the same fear you feel when you hear a bear outside your tent,

和你在夜晚的帐篷中听到 外面有熊的那种恐惧感

and it's dark,

如出一辙，

and you're sitting there with a mouthful of Doritos --

你正坐在帐篷中，嘴里 塞满了多力多滋玉米片——

(Laughter)

（笑声）

that just moments ago,

也就是不久前

you had snuck out of the tent to pull down from the bear hang,

你刚潜出帐篷从熊挂的 地方取下来的那包，

因为你想吃点心了。

because you had the munchies.

就是那种恐惧。

That fear.

And in that moment, you are praying,

在那一刻，你祈祷着，

"Oh Lord, please let this bear be passing through."

“噢，上帝，请让这只熊赶紧离开吧！”

That bear is not passing through!

这只熊不会走开！

That bear made a detour for you.

那只熊绕道走向了你，

Bears like Doritos!

熊喜欢吃玉米片！

(Laughter)

（笑声）

Activists like money.

激进投资者喜欢钱。

Some activists also like Doritos, but they definitely want money.

一些投资者也喜欢玉米片， 但是他们绝对更想要钱。

And the way they make money, the way they create value,

并且他们赚钱的方式， 他们创造价值的方式，

is by getting management of corporations

是通过企业的管理

to make changes.

去制造改变。

Now, some will argue that the changes they create,

有些人会争辩， 认为他们创造的这种改变，

the value they create, is too short-term in nature.

他们创造的价值， 在自然中周期太短。

And others will say the tactics they use are egregious.

其他人则认为他们 使用的策略太过分。

I agree.

我同意。

Long, drawn-out lawsuits,

长期，持久的诉讼，

public smear campaigns --

公然的恶意营销——

there is no need for that.

是没有必要的。

But I must say, there's a small handful of activists,

但是我必须说，有少数的投资者

very small,

非常之少，

that go to great lengths to be constructive and collaborative.

他们付诸很大努力来 保持建设性和协作性。

总体上来说，我们需要在 需要信任的地方给予信任。

And overall, we have to give credit where credit is due.

As a group, they have managed to catalyze large-scale change

作为一个团体， 他们设法在大公司中

in large corporations,

制造了大规模的变革，

这可不是什么不起眼的成就。

and that's no small feat.

Now, imagine a world

现在设想一下，在一个社会中，

where all investors were working with management to make change,

所有的投资者都在 通过管理来创造改变，

not just to make more money,

不只是赚取更多的钱，

but to improve the environment and society.

而是为了改善环境和社会。

Imagine what a greener and better world this would be.

想象一下，那将是一个 多么环保并且美好的世界。

Now, why? Why would an investor bother?

然而，为什么投资者会 不厌其烦的这么做？

And at first, blush I'm with you: Why would an investor care?

首先，我跟你们一样纳闷儿： 为什么投资者会在意这件事儿？

因为如果在 ESG 的问题上——

Because if doing well on ESG issues --

environmental, social and governance issues --

即环境问题，社会问题 和管理问题上——表现很好，

was just an act of good corporate citizenship,

这只是一个好的企业公民的行为，

then I agree, investors would not care.

那么我同意，投资者不会在意。

But the good news,

但是好的消息，

and perhaps the saving grace for our collective futures,

或者说我们共同未来的救赎，

is that it's so much more than an act of good corporate citizenship.

远比一个好的企业的 公民行为具有更深远的意义，

It's good business.

那就是好的业务。

There's now enough evidence that shows a clear correlation

有很多证据可以证明

between ESG performance and financial performance.

好的财务表现和ESG的 表现之间存在明显的关联。

Companies that do good for the environment and society

那些在环境和社会 问题上做的很好的企业，

also do well financially.

通常在财务上也表现的很好。

And some of the best companies are catching on.

一些最好的公司也在迎头赶上。

Like Adidas:

比如阿迪达斯：

Adidas is cleaning up the ocean and making money in the process.

阿迪达斯正在清洁海洋， 同时也在这个过程中赚钱。

Adidas teamed up with an organization called Parley for the Oceans.

阿迪达斯成立了一个 组织叫做 “海洋会谈”。

Parley goes out and collects plastic waste from the ocean.

这个组织致力于搜集 海洋中的塑料垃圾。

Adidas uses the plastic waste to make shoes.

阿迪达斯利用这些 塑料垃圾制造鞋子。

Shoes made with plastic from the ocean:

从海洋中获取的 塑料垃圾制作的鞋子：

good for the environment and good for business.

对环境和业务都有好处。

Because if you know that rapidly growing consumer segment known as hipsters --

因为如果你知道有一群迅速增长的 消费者群体叫做时尚族的话——

and I know you know hipsters --

我知道你们都了解时尚族——

then you know that a hipster faced with the choice between a no-name shoe

你就知道当一个时尚族 在一个无名品牌的鞋子

和一个阿迪达斯生产的用海洋 塑料垃圾制作的鞋子之间做选择时，

and an Adidas made with plastic from the ocean

will pick the Adidas every day of the week and twice on Sunday,

他一周中每天都会挑选一次 阿迪达斯，周末会挑选两次，

and then walk around like it's no big deal

然后出去转转，表现得没什么特别 ，

but look for every opportunity to talk about them.

但是却会见缝插针的找机会跟人 讨论关于鞋子的话题，

Like, in an Uber Pool.

比如跟人共享打车的时候。

(Laughter)

(笑)

"Hey, I noticed you looking at my feet."

“嘿，我注意到你在看我的脚。”

"What? Dude, no, I'm just making slides. I'm a consultant. I make slides.

“什么？老兄，不，我只是在做幻灯片， 我是一个咨询顾问，我在做幻灯片。

I'm making PowerPoint slides, I'm not looking --"

我在做 ppt 幻灯片，我没有看——”

"No, it's fine.

“噢不，没关系的。

I get why you'd be looking.

我知道你们为什么一直在看了。

我鞋上的塑料一定让你觉得奇怪。

The plastic on my shoe must be bothering you.

好的，在我们下车前 可以讨论一下这个话题。

Well, let me talk about it for the rest of this ride.

实际上我鞋上的塑料来自海洋，

You see, the plastic on my shoe is from the ocean,

on my feet, not in your fish,

在我的脚上，并不在 你吃的鱼的肚子里，

being walked on, not being munched on.

在脚上穿着走，没有被吃进嘴里。

Happy feet. Happy fish. Happy ocean.

幸福双脚，幸福鱼类，幸福海洋。

Doing my part. I got eco-shoes. I got eco-shoes.

保护海洋人人有责， 我买了双环保鞋。

You need some eco-shoes?"

你也来几双怎么样？”

And so on, just cornering him. We've all been there.

诸如此类，别太当真。 我们都有过这样的时刻。

“把手机给我，给您一个折扣码吧。

"Hey, pass me your cell phone. I'll give you a discount code.

Let me give you a discount code."

让我给您一个折扣码。”

我们曾经都——

We've all been --

Folks, I have jumped out of moving Uber Pools.

伙计们，这会儿我已经跳下车了。

(Laughter)

（笑）

就是在高速公路上飞驰的时候， 我忍不住坚持要下车。

Just, moving, highway, I'm out. I'm out.

But we've got to forgive the hipsters, we need to love the hipsters.

但是我们需要原谅时尚潮人， 我们需要爱护这些时尚族。

We need hipsters, and we need companies like Adidas,

我们需要潮人，也需要 像阿迪达斯这样的企业，

and what we need most is for investors to convince other companies

我们最需要的是 让投资者说服其他公司

to behave like Adidas.

向阿迪达斯学习。

And herein lies the challenge.

这就是挑战所在。

There's a growing group of investors, call them "conscious investors."

有这么一群数量不断增长的投资者， 我们称之为 “有意识的投资者”。

Conscious investors care about ESG issues.

有意识的投资者关注ESG问题。

And they talk a lot about engaging management on ESG issues.

他们讨论许多关于参与到 ESG问题管理的话题。

But they don't actually get management to make changes

但是他们并不会实际参与到 这些管理工作中来，这些工作

that will improve the environment and society.

将来会改善环境和社会状况。

And this is where conscious investors can take a page from the playbook

这就是有责任意识的投资者 可以从激进投资者的

of the activist investors,

剧本中学习的一页，

because the activist investors have no issues getting management to make changes.

因为激进投资者在管理层 做出改变方面没有任何问题。

They have no issues turning up the heat.

他们在搞事情方面也没有任何问题。

Take Paul Singer.

以保罗 · 辛格尔为例。

He's an old-school Wall Street OG,

他是一位华尔街的老家伙，

now in his 70s, loves Doritos, loves making money.

已经70多岁了，喜欢玉米片，喜欢赚钱。

Argentina owed Paul 600 million dollars

阿根廷欠保罗6亿美金

and would not pay.

并且想赖账。

Big mistake.

真是大错特错了。

You can't take money from an OG and not pay it back.

你不可能从一个老家伙 那里拿钱而不还回去。

Paul went to war with Argentina.

保罗于是和阿根廷开战了。

I am not inventing.

我并没有胡说八道。

这确实是一个巨大的错误，

This is big. This was huge.

This was bigger than Tyson vs Holyfield,

比泰森和霍利菲尔德的，

Ali vs Foreman.

比阿里和福尔曼的问题还严重。

This was man vs country.

这是一个人和一个国家的矛盾。

Paul Singer started going around the world trying to seize up Argentinian assets.

保罗 · 辛格尔周游世界，尝试去 没收阿根廷在各处的资产。

At one point, he tried to seize an Argentinian navy vessel

曾经有一次，他尝试 在加纳海岸没收一艘

off the coast of Ghana.

阿根廷的海军潜艇。

He tried to take over a 350-foot ship

他尝试去拿走一艘350英尺的船，

while big navy officers with big guns were on the ship.

而在那艘船上有 全副武装的海军军官。

He got the police in Ghana to show up with a crane

他雇佣加纳的警察 调来一台起重机

and threaten to board the ship,

并威胁要登船，

and it wasn't until the navy officers drew their weapons

直到海军军官亮出了武器，

that they called off the operation.

他们才罢休。

That's what I call turning up the heat.

这就是我所说的 “搞事情”。

Now, you may say

你可能会说，

Paul lost the battle.

保罗在这场对抗中失败了。

And I'll say, Paul won the war,

但我却认为，保罗赢了这场战争，

because Paul didn't get paid one time,

因为保罗拿到的不是同倍的赔偿，

he got paid 20 times his original investment.

他拿到了他最初 投资额20倍的赔偿。

Then you have Barry Rosenstein.

接着我们再看看 巴里 · 罗森斯坦的事迹。

His fund, Jana Partners,

他的基金， Jana Partners，

started stealth-mode buying up stock in Whole Foods,

开始在全食超市（Whole Foods） 陷入困境时，悄悄地

购买它的股票。

at a time when Whole Foods was struggling.

They got to eight percent, came out,

当他的持股占比达到8%时，他站出来

and pushed Whole Foods to sell itself to Amazon,

推动全食超市把公司卖给亚马逊。

and not because Barry wanted same-day delivery of his organic Doritos.

并不是因为巴里想要他喜欢的 有机玉米片能当天发货。

(Laughter)

（笑）

He wanted to make some money.

他是想要赚钱。

Now, the CEO of Whole Foods, John Mackey, and the board

不过全食超市的CEO 约翰 · 麦基和董事会

did not want to sell themselves to Amazon,

不想把自己的公司卖给亚马逊，

because that would be the prime example of selling out.

因为这将是企业出售的典型案例。

But in the end, they caved.

但是最终，他们屈服了。

Why? Because Barry turned up the heat,

为什么？ 因为巴里不断施压，

and he made 300 million dollars in the process.

并且在这个过程中赚了3亿美刀。

And he did not leave a very nice impression on John.

他也并没有给约翰留下一个好印象。

You're not going to see John and Barry just hugging it out

你不会在全食超市的咖啡店看到

at the Whole Foods café.

约翰和巴里拥抱。

Let's take a very different example now:

让我们再看另外 一个截然不同的例子：

the Chicago Teachers' Pension Fund,

芝加哥的教师养老基金，

a $10 billion conscious investor.

一个价值100亿美金的责任意识投资。

They recently came out hard against private prisons in the US,

他们最近对美国的私人 监狱进行了严厉的打击，

and good for them.

并且对他们是有利的。

As a new parent, I tell you, I am troubled by devastating images

作为一个父亲， 我告诉诸位，我很讨厌那些

of young children being ripped out of the arms of their parents

发生在美国边境的把年轻孩子从父母

at the US border

怀抱扯走的虐心照片，

and being placed in private detention facilities that did too little

或者那些年轻孩子被放在 私人拘留中心的照片，

to help the kids maintain contact with their parents.

这些拘留中心在帮助孩子和父母 保持联系方面几乎毫无作为。

So what did the Chicago teachers do?

那么芝加哥的教师们做了什么？

Did they get management to make changes?

他们设法让管理层做出改变了吗？

Did they turn up the heat?

他们施压了么？

Did they look management in the eye and say,

他们有看着管理层的眼睛说

"This is no way to run a business.

“这不是做事情的方法。

There's a different way to do things. Let me show you"?

存在另外一种做事的方式， 让我展示给你看"这些话吗？

No. They just sold their stock.

没有，他们只是在卖他们的股票。

Selling did nothing.

售卖做不了任何事情。

It's not like management woke up the next day

管理层并不可能第二天起床后

and had an epiphany and said,

忽然顿悟并且说，

"Gosh, the teachers sold their stock. We'd better be nice to the kids."

“天呐，教师们卖了股票， 我们还是对孩子好些吧。”

No. That didn't happen.

不，这并没有发生。

And despite a decade of several high-profile divestitures

尽管过去十年美国的 私人监狱股票发生了

in private prison stock in the US,

几次受人瞩目的资产剥离，

the stock has continued to climb.

他们的股票依然在爬升。

The stock over that same period has outperformed the market.

这些公司的股票在 同一时期的表现超过了市场。

And the biggest issue is,

并且最大的问题是，

we went from a set of conscious investors owning the stock

我们从一开始一帮有责任意识的 投资者拥有这些股票，

to it potentially being owned by investors who don't care about these issues

走到这些股票很有可能 被那些不在乎这些问题，

and don't care what you think about these issues.

不在乎人们对这些问题看法的 投资者所拥有的地步。

And this is my issue with conscious investors.

这是我对有责任意识的 投资者抱有的问题。

Their MO is to divest

他们的目标是撤资

or divert money into ESG-focused funds.

或者把资金转入 ESG关注的基金中。

You can't divest your way to a greener world.

你不能按照自己的方式把 资金转入一个更绿化的世界。

You can divest your way to a greener portfolio,

你不能按照自己的方式把资金 转入一个更绿化的投资中去，

not to a greener world.

也不能到一个更绿化的世界中。

So what's it going to take?

那么要怎么办呢？

怎么才能反转剧本，

What's it going to take to flip the script,

来让有责任意识的投资者 从撤资转向参与，

to get conscious investors to go from divesting to engaging,

从仅仅讨论如何参与， 到加入实际的管理工作中来，

to go from talking about engaging to actually working with management

to make changes that will improve their ESG performance?

以便能制造改变，从而 提高他们的ESG表现？

Because there's a lot suggesting they should and they could.

因为有一堆他们应该 并且可以采纳的建议，

因为ESG表现和财务表现之间

They should, given the clear correlation between ESG performance

and financial performance.

有明显的相关性。

They could because the activists have shown us they could.

他们应该可以做到，因为他们 已经证明了他们可以的。

A shareholder can drive change in a company.

一个持股人可以驱动 一个企业发生改变。

The difference is, Paul and Barry do what they do to make money.

不同之处在于，保罗和巴里 做这些事情是为了赚钱。

The conscious investors would do it to improve society and the environment

有责任意识的投资者做这些事情 则是为了改良社会和环境，

and make money in the process

顺便从中获利，

and do it a little more collaboratively and constructively.

并且会以一种更具有合作性 和建设性的方式来做事。

And they have the backing of the some of the largest investors.

他们还有一些 大的投资者支持着。

Vanguard and BlackRock -- together, they manage trillions.

先锋集团和黑石集团， 他们一起管理着百亿的资产。

They've been increasingly vocal about the importance of ESG.

他们对ESG的重要性 越来越直言不讳。

The CEO of BlackRock has been increasingly vocal in his annual letters

黑石集团的CEO在他的 年度来信中越来越直接的

about this issue.

谈论这一问题。

Even Jana Partners, the same OGs that John called "greedy bastards,"

甚至连 Jana Partners，也就是被约翰 称之为 “贪婪匪徒” 的老家伙们，

recently co-wrote an open letter to the board of Apple,

近期也联合起来给苹果 董事会写了一封公开信，

saying, "Hey, your smartphones are addictive for children.

信中说到：“嗨，你们的 手机容易让小孩子上瘾。

Fix it."

解决这个问题。”

Apple is working on it.

苹果公司现在已经 在解决这个问题了。

So what it's going to take is some pressure.

所以需要做的就是施加一点点压力。

It's going to take some pressure on conscious investors

就是给有责任意识的 投资者们一点压力，

to, in turn, put some pressure on management

以顺便给管理层施压，

to make changes that will improve the environment and society.

使得他们能够做出改变 来改进环境和社会。

And where do they start?

那么他们要从哪里开始呢？

They start by picking an issue that matters to them

他们从重视一个会 影响自己的问题开始，

and taking a stand on it.

并且坚持自己的立场。

Take a stand on an issue that lines up with your purpose:

在一个问题上坚持自己的立场， 该立场与你的目的一致：

water preservation, labor rights, diversity.

节约用水，劳动权利，多样性。

As long as it lines up with your purpose, you are golden.

一旦它与你的目的战线 一致，你就成功了。

And the biggest unlock?

最大的发现是什么呢？

Get the senior-most investment professionals focused on this.

让最资深的投资专家专注于此。

Today, when an activist shows up to a campaign,

今天，当一个激进投资者 参与一个活动时，

it's the senior investment professional talking to the CEO and the board

是他们的高级投资专家与 CEO和董事会进行对话，

and everyone hears about it.

每一个人对此都有所耳闻。

When a conscious investor shows up to talk about an ESG issue,

当一个有责任意识的投资者 出面谈论ESG问题的时候，

it's some junior person in the risk department

却是风险部门的低级职员去和

talking to some junior person in the investor relations department,

投资关系部门的资历 较浅的职员对话，

并且大家对此一无所知， 这种情况应该被改变。

and nobody hears about it, and that needs to change.

And it's not some massive leap.

这不是什么巨大的飞跃。

Today, when a company underperforms financially,

今天当一个公司财务表现不佳时，

who is on the hook?

谁是受害者？

The senior investment professional.

资深的投资专业人士。

So what do they do?

所以他们会做什么？

They drop everything and work with management,

他们会放下所有事情去参与管理，

带有合作性和建设性的去参与，

collaboratively and constructively,

to make changes to improve the company's financial performance.

以期做出改变来提高 公司的财务表现。

The same should be true when the company underperforms on ESG issues.

当公司在 ESG问题上表现 欠佳时，情况也应如此。

And yes, that requires standardization on how we measure ESG,

是的，这就要求我们以 标准化的方式来衡量ESG问题。

but we're on it.

但是我们已经在努力了。

So folks, here's my call to action:

所以各位，我想发出这样的呼吁：

it's your money.

这是你的钱。

It's your pension fund,

这是你的养老基金。

it's your sovereign wealth fund.

这是你至高无上的财富基金。

it's your university's endowment.

这是你们对大学的捐款。

It's your money.

这是你的钱。

And it's your right to have your money managed in line with your values.

你有权让你的钱财以一种和你 价值观相符的方式被管理起来。

So use your voice

所以，使用你的呼声，

and trust that it matters.

并且相信这很重要。

It was your voice that got the investors more conscious in the first place.

是你的呼声第一时间 让投资者更有觉悟。

You protested for years,

你抗议了很多年，

because you didn't feel right about your money being invested

因为你感觉到不对劲， 对于你的钱财被投资在

in companies whose values don't line up with yours.

那些和你价值观不符的公司，

It's time to use that voice again.

是时候再次使用该呼声了。

But this time, instead of pushing them to divest,

但是，这次不是推动他们撤资，

push them to engage, truly engage, truly work with management

而是推动他们参与其中， 真正的参与，真正的从事管理工作，

to make changes that will improve their ESG performance.

以便做出改变来提高ESG的表现。

You made them aware of the issues.

是你让他们意识到了这些问题。

You can now focus them on fixing them.

你现在也可聚焦于让 他们解决这些问题。

Thank you.

谢谢。

(掌声，呐喊)

(Applause)