世界經濟論壇：2020年投資者領導力：適應未來自我顛覆 （英文版）（21頁）.pdf

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1、In collaboration with Bain however, there is significant room for the industry to make this a core and consistent part of how it manages its investments, as well as to witness demonstrable links to the financial upside. The social agenda has experienced the most growth in terms of focus from investo

2、rs in recent years, but it remains an area for which there is not yet a proven playbook for financial returns. COVID-19 coincided with, and indirectly contributed to, widespread protests and activism focused on racial equity in the US and across the world. Several investors have embraced this as an

3、opportunity to support broader social agendas through the evaluation of their own operations and those of their portfolio companies. Actions include providing training, maintaining a focus on diversity and inclusion (both within their own organizations and those in which they invest), partnering wit

4、h the public sector to provide funding or making targeted investments that support social goals. Blackstone, for example, has taken a firm stance to increase the diversity of its workforce. It has altered its recruiting strategy to cut back on hiring from investment banks, which have traditionally l

5、acked diversity, and expanded its on-campus recruiting. It recently announced plans to recruit from 44 schools this year, up from nine schools in 2015, including historically black colleges and universities, and womens colleges.9 Vista Equity Partners founder Robert Smith has also used his position

6、in the investor community to issue a broad call for the USs largest companies to donate or invest 2% of their earnings towards closing racial opportunity gaps across financial services, healthcare, telecommunications and other parts of the economic infrastructure that have historically underserved m

7、inority communities. For example, he suggests that the USs largest banks devote those funds to fund the core Tier 1 capital of community development banks and minority depository institutions in African American and Latinx communities.10 These and other examples suggest that a more holistic approach

8、 to ESG is likely as stakeholder expectations about investor responsibility continue to increase. Playing a leadership role in governance Accelerating momentum on existing environmental and sustainability commitments Driving a step change in the social agenda Investor Leadership: Retooling for a res

9、ilient future7 Leaders across the investor space are taking action to prepare for the new normal and make their firms more resilient. While their approaches to this retooling vary by investor type, the first step for all was to revisit their portfolios and their approach to investing. Does our inves

10、tment strategy or thesis still hold? Are the reasons for our investments still true today versus before COVID-19? Only once those questions were answered could firms turn to the critical task of retooling their own operations and their investment strategies for the long term. For leading investment

11、firms, retooling within their own organizations includes a variety of actions: Revisiting investment strategy, and improving risk management through more active involvement. Investors are revisiting their approach to asset allocation (re-evaluating their asset and geographic exposures) and embracing

12、 more active approaches to management in order to maintain greater responsibility over outcomes. Investors are seeing the benefits of more active management. This is especially true in select asset classes such as private equity, where a simplified ownership structure and governance framework enhanc

13、es the investors control of outcomes and the ability to implement changes quickly to their benefit. As COVID-19 highlights new forms of disruption, investors are also redefining their approach to diligence to prepare for and manage future risks. Embracing virtual ways of working, moving from analogu

14、e to digital. In forcing a move to remote ways of working and an increased reliance on technology, COVID-19 has highlighted, for many firms, that a significant number of the processes in the industry are performed manually and therefore less efficiently. Most organizations found the transition to a

15、virtual model easier than they anticipated, and they are rigorously looking for opportunities to embed these changes more permanently into their businesses. Such changes will affect operating models, relationship management and approaches to investment. Defining advanced analytics, data and digital

16、transformation as the new frontier for top performance. The shift towards digital and the use of data and analytics, accelerated in part by COVID-19, has forced investors to rethink their approach along the entire value chain, from deal- sourcing through to exit strategies. Leading firms are increas

17、ingly using artificial intelligence (AI) and algorithms in sourcing and diligence, adopting a more venture capital-based mindset to value creation with technology at the core and are exploring new ways in which digital technologies can unlock efficiencies along the value chain. Acquiring a more holi

18、stic skill set and approach to talent management for the world of tomorrow. COVID-19 has fuelled the understanding that new skills are required in order to remain resilient and compete in an industry that continues to face disruption. This requires a more holistic view of talent, one that encompasse

19、s teams with hard and soft skills, and is comprised of both executors and visionaries who can pre-empt and address anticipated disruptive forces. Leaders are tapping into new sources of talent to strengthen their internal capabilities, and are adapting their operating models and culture to attract,

20、retain and ensure resilience among their people. Retooling for a resilient future Retooling within investment firms themselves 2.3 Among firms that have portfolio companies or invest directly in real assets, such as private equity firms, hedge funds or venture capitalists, leaders also are taking ac

21、tion to build resilience across the businesses they own or invest in: Defining a range of macro scenarios to serve as guideposts. The first step in revising strategic planning is defining these scenarios and their leading indicators or triggers. Deriving industry-specific demand curves. The effects

22、of COVID-19 on consumer behaviour and the magnitude of the downturn vary widely by industry. Identifying likely demand trends enables investors to focus on the right priorities. 11 Designing defensive and offensive strategies to grow share. Defensive strategies include adapting the operating model,

23、retooling supply chains to be more resilient and adjusting costs to match the pace of recovery. Offensive strategies focus on gaining share in existing markets or expanding into attractive adjacent markets. Preparing for accelerated disruption. The pandemic significantly accelerated disruptive trend

24、s such as online retail and e-health, forcing investors to adjust their level of investment in digital transformation, new channel penetration, analytics and other capabilities within portfolio companies. Retooling for direct investments Investor Leadership: Retooling for a resilient future8 Support

25、ing broader recovery efforts of society Many investors took a leading role in supporting recovery outside of their immediate businesses, through partnerships with governments to support crisis relief efforts, or through contributions; for instance, one firm gave $200 million to support response effo

26、rts in regions with underfunded national healthcare systems. But the largest impact investors will have on the global recovery will be through the choices described above how they invest and where they inject their capital across a broad spectrum of businesses and industries. For example, Singapore

27、state investor Temasek Holdings injected more than SGD$15 billion (USD$10.5 billion) into Singapore Airlines, supporting a larger national economic strategy to be a hub for technology and other industries that depend on a working airline. Private equity firm Brightstar, meanwhile, observed that whil

28、e both small businesses and large public companies received government support in the immediate aftermath of the pandemic, mid-market companies fell through the crisis funding cracks. This offered Brightstar an opportunity to partner with families, founders and entrepreneurs, providing capital for i

29、nvestments in critical system upgrades, helping consolidate fragmented suppliers, and providing expert guidance. At the end of the crisis, Chief Executive Officer Andrew Weinberg wrote in July that investors “will not be measured by how many more deals we picked up at a good price. We will be judged

30、 by how we helped our portfolio companies and their communities succeed in a profoundly changed world.”12 Investor Leadership: Retooling for a resilient future9 There are five key pillars that are important to evaluate when retooling for the future. First, reassessing your investment strategy, and u

31、nderstanding how it should change in the new environment. Thereafter, evaluation of your employees, clients and partners to understand how their needs have evolved and adjust accordingly. Lastly, firms need to keep a strong focus on capital preservation and their raison dtre to ensure resilience thr

32、ough future periods of uncertainty. Lim Chow Kiat, Chief Executive Officer, GIC Case studies 3 GIC At a glance 3.1 GIC manages a diversified portfolio of well over $100 billion of public and private assets across more than 40 countries worldwide. The firm invests for the long term, with a focus on i

33、ntrinsic value and price discipline, to preserve and enhance the international purchasing power of Singapores reserves under its management. Beyond serving as a rainy day and stability fund, returns from GICs funds provide resources for annual government spending to benefit Singaporeans. For Lim Cho

34、w Kiat, Chief Executive Officer of GIC, resilience is the ability to adapt quickly, and is achieved by diversification, quality operations and strong relationships. The pandemic highlighted the importance of building trust with various stakeholders over many years. The firm reaped the benefits of ha

35、ving long-standing relationships with many partners as it navigated the pandemic in a virtual world. GIC also benefitted from having conducted more than 20 years of annual business continuity exercises and having built up the necessary infrastructure that has enabled seamless remote working. These e

36、xperiences have enabled the firm to respond to the crisis in a relatively rehearsed and stable manner. Throughout the crisis and even over longer periods, GIC has found that the companies which weathered downturns better were often those that paid more attention on the ESG front. In recent years, GI

37、C has stepped up its focus on the “E” element, such as climate change, beyond its traditional focus on “S” and “G”. It is more closely integrating ESG aspects into its internal investing process, and working with peers and other stakeholders to encourage companies to accelerate their transition towa

38、rds a more sustainable path. GIC believes that tending to a companys financial performance need not be at odds with ESG efforts. Indeed, it believes the focus on ESG highlights the risk and fragility of those firms that are slow to act. With the right approach and tools, both the finances and ESG ca

39、n thrive over the long term. GIC strives to accomplish this by Investor Leadership: Retooling for a resilient future10 People often look at investors purely as a source of funding for the economy. However, the primary role of investors is, and should be, to identify companies that are fundamentally

40、making a positive impact, and to invest in them to make them even better. Furthermore, the benefits from focusing on ESG and sustainability are not always linear; you often are having to make a large investment in the short term, and only benefit from larger payoffs in the long run a trade-off that

41、we believe is the right one to make. Steve Koltes, Co-Chairman and Co-Founder; Rolly Van Rappard, Co-Chairman and Co-Founder; and Peter Rutland, Managing Partner, CVC CVC3.2 At a glance working closely with investors and other partners in order to promote ESG initiatives, such as reducing the carbon

42、 footprint of portfolio companies around the world. Post-pandemic, GIC expects broad market returns to be much more volatile, and less reliable, than they have been in the past. Across capital markets, the risk-return line has been lowered, and GIC believes returns will fall as interest rates remain

43、 low. While central bank intervention may provide a liquidity boost in the shorter term, GIC does not have confidence that historical return will be easily repeated in the future, given the reliance of asset valuations on lower discount rates rather than increasing cash flows. As a result, GIC sees

44、a shift towards more proactive management and engagement as tools for investors to achieve good investment performance in the future. GIC is pursuing a more active role by closely engaging with and adding value to its investees, external managers and other partners, such as offering its extensive gl

45、obal network and co-investment opportunities, building new platform companies and extending its participation to the earlier parts of the investing value chain. GIC believes that COVID-19 exacerbated many pre-existing problems and imbalances in the market. For example, COVID-19 has brought to light

46、the challenges faced in recent years of looking for yield amid high valuations. In addition, more debt has been added to the already stretched balance sheets of both the public and private sectors. The aggressive policy interventions recently implemented, while necessary to bridge the loss of income

47、s, have also added to the fragilities in the face of potential new shocks. Finally, GIC worries about rising geopolitical tensions that continue to inject uncertainty in the market. At the same time, GIC believes COVID-19 has also brought certain opportunities to the forefront. Beyond obvious invest

48、ing opportunities in growth sectors such as healthcare and online services, GIC sees capital needs in disrupted sectors such as infrastructure and real estate. With continued advancement of technology, it has also been increasingly leveraging on data and “invest- tech” in decision-making in order to

49、 analyse and manage new types of risk and opportunities. New institutional grade asset classes are likely to emerge from such advancements. GIC envisions a world with more divergences and dispersions. Successful investing will require the ability to pick its spots and make a detailed investigation into specific countries, sectors and assets. Granularity and agility will be more prized in the new environment in contrast to the past, when trends were more uniform and persistent. Most importantly, GIC reminds itself to be clear about its mission and values, and