1. What is the agency problem discussed in the chapter?

a) The misalignment and lack of accountability within the investment chain

b) The challenges of ESG investing

c) The role of requests for proposals

d) The importance of client needs in sustainable investment strategies

2. How can clients ensure accountability and alignment in the investment chain?

a) By using screening and portfolio analytics tools

b) By designing mandates focused on long-term horizons

c) By conducting requests for proposals

d) By clarifying client needs and defining sustainable investment strategies

3. What are requests for proposals (RFPs) used for?

a) To assess ESG factors and raise questions about fund managers’ approaches

b) To select potential providers of fund management services

c) To design sustainable investment strategies

d) To balance risk and return in investment portfolios

4. Why is it important to clarify client needs in sustainable investment strategies?

a) To ensure alignment and accountability in the investment chain

b) To select potential providers of fund management services

c) To assess ESG factors and approaches

d) To design investment mandates focused on long-term horizons

5. What factors may shape the overall strategic asset allocation of an asset owner?

a) The risk profile of the fund manager

b) The physical impacts of climate change

c) The investment goals and beliefs of the client

d) The availability of renewable energy investments

6. What is one example of a pension fund’s concern regarding climate change?

a) Investing in new technologies, including renewable energy generation

b) Screening out energy investments in mainstream equity and debt mandates

c) Excluding countries with high greenhouse gas emissions from sovereign bond mandates

d) All of the above

7. What is a major concern for clients when selecting a fund management firm?

a) Ensuring the fund manager is a signatory to PRI

b) Assessing the scalability of the firm’s operations

c) Gaining confidence in the fund manager’s solid ESG philosophy

d) Determining the fund manager’s approach to tactical asset allocation

8. How can asset owners ensure that ESG issues are appropriately considered in the RFP process?

a) By including examples of ESG delivery in the RFP questionnaire

b) By asking high-level questions about accountability and alignment

c) By conducting face-to-face interviews with shortlisted candidates

d) All of the above

9. Which type of clients may find it harder to define their investment goals and beliefs?

a) Pension funds

b) Foundation investment portfolios

c) Institutional clients

d) All of the above

10. What is the first step in the effective design of an investment mandate?

a) Defining the investment goals and beliefs of the client

b) Conducting a detailed RFP process

c) Assessing the alignment of the fund manager with ESG factors

d) Determining the risk-adjusted return target of the client

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