论ESG投资与忠实义务的冲突和协调  

On the Conflict and Coordination between ESG Investment and Duty of Loyalty

作　　者：刘杰勇 Liu Jieyong

机构地区：[1]中央民族大学法学院

出　　处：《法治社会》2025年第1期53-68,共16页Law-Based Society

基　　金：国家社科基金一般项目“新时代民族团结进步的法治保障体系研究”(项目批准号:21BMZ152);中央民族大学“青年教师铸牢中华民族共同体意识研究专项”(项目批准号:2024ZLQN26)的阶段性成果。

摘　　要：ESG投资由环境保护型、社会责任型和公司治理型等三种投资类型构成。忠实义务的意涵存在唯一利益说和最佳利益说之争。以基金经理为主的受托人参与ESG投资时需遵循忠实义务,以受益人的利益为目的行事。ESG投资与忠实义务的冲突在信托法、慈善法和养老基金法中分别体现为:(1)受益人的经济利益服从于附属利益时是否已突破私人信托的目的界限;(2)慈善信托受托人能否参与和慈善目的不相符的ESG投资;(3)养老金信托中存在两个以上风险和回报相同的投资选项时,附属利益能否作为投资选项的决定性因素。ESG投资与忠实义务的协调方式有:(1)信托受托人收到追求附属利益的指示,即便如此将使受益人利益受到实质性损害,受托人也必须遵守;(2)慈善信托受托人满足交易公平性测试后可考虑与慈善目的不一致的附属利益;(3)养老金信托受托人不得将附属利益作为投资选择的决定性因素。ESG investment consists of three types of investment:environmental,social and governance.The meaning of the duty of loyalty lies in the debate between the sole benefit theory and the best benefit theory.Trustees,mainly fund managers,are required to follow the duty of loyalty when participating in ESG investments.The conflict between ESG investment and duty of loyalty is reflected in Trust Law,Charity Law,and Pension Fund Law:(1)whether the economic interests of beneficiaries have broken through the purpose boundary of private trusts when subordinated to subsidiary interests;(2)whether the trustees of charitable trusts can participate in ESG investments that do not align with charitable purposes;(3)When there are two or more investment options with the same risk and return in a pension trust,whether ancillary benefits can be a decisive factor in investment choices.The coordination between ESG investment and loyalty duty:(1)Private trust trustees receive instructions to pursue ancillary interests,even if this will cause substantial harm to the beneficiaries'interests,the trustees must comply;(2)The trustee of a charitable trust may consider ancillary interests that are inconsistent with the charitable purpose after meeting the fairness test of the transaction;(3)The trustee of a pension trust shall not use affiliated interests as a decisive factor in investment choices.

关 键 词：ESG投资 忠实义务 慈善信托 养老基金信托 冲突和协调 

分 类 号：D92[政治法律—法学]