胡佛研究所-2022年投資者、退休儲蓄和ESG調(diào)查

2022SURVEY

OFINVESTORS,

RETIREMENT

SAVINGS,AND

ESG

TABLEOFCONTENTS

ExecutiveSummaryandKeyFindings3

ReviewofFindings8

Environmental15

Social18

Governance21

AverageMarketReturnExpectations26

Demographics27

Methodology30

AbouttheAuthors31

AboutUs33

ContactInformation34

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG3

EXECUTIVESUMMARYANDKEYFINDINGS

OLDERINVESTORSWHORELYONRETIREMENTSAVINGSTOPAYFORLIVINGEXPENSESARELARGELYOPPOSEDTOESGINITIATIVESANDUNWILLINGTOSUFFERFINANCIALLOSSTOADVANCEENVIRONMENTALANDSOCIALGOALS.

ESGISOVERWHELMINGLYSUPPORTEDBYYOUNGINVESTORSWHOWANTINVESTMENTMANAGERSTOTAKEANACTIVESTANCEONCLIMATECHANGE,DIVERSITY,ANDOTHERSTAKEHOLDERINITIATIVES.

THESTARKDIFFERENCEACROSSAGEGROUPSUNDERSCORESTHECHALLENGEINVESTMENTMANAGERSFACEINBALANCINGTHEGOALSOFINVESTORSWITHDIFFERENTVIEWSANDFINANCIALNEEDS.

“WeseeextremedifferencesininvestorsupportforESGdrivenlargelybyageandstageoflife,”

saysProfessorDavidF.Larcker,StanfordGraduateSchoolofBusinessandRockCenterforCorporateGovernance.“Olderinvestorswhoarelivingofftheirretirementsavingsaremuchlessconcernedwithenvironmentalandsocialissuesandmuchmoreconcernedwithmakingsurefundmanagersfocusongeneratingfinancialreturnstosupporttheirspendingneeds.OlderinvestorsopposefundmanagerstakingactivistpositionsonESGissuesandareunwillingtoseetheirinvestmentbalancesdeclinetoadvancetheseobjectives.”

“ESGactivismisclearlydrivenbyyoungerinvestors,”addsProfessorAmitSeru,StanfordGraduateSchoolofBusinessandtheHooverWorkingGrouponCorporateGovernanceatStanfordUniversity.“Investorsunder40wanttoseecompaniesmakeprogressacrossabroadrangeofenvironmentalandsocialinitiativesandclaimtobewillingtosufferpersonalfinancialloss—sometimesverylargeloss—toseethosechangesrealized.ThemanyyearstheyhaveuntilretirementandhighexpectationsforfuturestockmarketgrowthmightencouragethemthatanycosttoESGactivismcanberecovered.”

“Thevastdifferencesacrossagedemographicsmeansthatinstitutionalmanagersaregoingtohavetothinkhardaboutthestancestheytakeonenvironmental

andsocialproxyproposals,”observesProfessorStephenHaber,SchoolofHumanitiesandSciencesStanfordUniversityandHooverWorkingGrouponCorporateGovernanceatStanfordUniversity.“Whilesomeinvestorsfavorthese,manyothersstronglyopposethem.Moreandmorefundmanagersmightfindthatthebestsolutionistopolltheirinvestorbaseonhowtovoteandsplitvotestoreflectthedivergentviewsofvariousgroups.”

Insummer2022,StanfordGraduateSchoolofBusiness,theHooverWorkingGrouponCorporateGovernanceatStanfordUniversity,andRockCenterforCorporateGovernanceatStanfordUniversityjointlyconductedanationwidesurveyof2,470investors—distributedbygender,race,age,householdincome,andstateresidence—tounderstandhowAmericaninvestorsviewenvironmental,social,andgovernance(ESG)prioritiesamongthecompaniesintheirinvestmentportfolio.

Respondentsrunthespectrumofpersonalinvestmentassetsfromlessthan$10,000tomorethan$500,000(average$200,000)inretirementandpersonalsavingsaccounts.Theirinvestmentsareheldthroughavarietyofmajorinstitutionalinvestors,includingFidelity(47percent),AmericanFunds(40percent),Vanguard(31percent),Invesco(18percent),

BlackRock(16percent),andStateStreet(16percent),amongothers.

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG4

KEYFINDINGSINCLUDETHEFOLLOWING:

INVESTORSHAVEDIAMETRICALLYOPPOSEDVIEWSOFESGBASEDONTHEIRAGE.

Younginvestors(41yearsandyounger)expresshighconcernaboutenvironmentalissues.70percentsaytheyareveryconcernedaboutissuessuchascarbonemissionsandrenewableenergysourcing,while30percentaresomewhatornotatallconcernedaboutthese.Bycontrast,olderinvestors(58yearsandolder)havealmosttheexactoppositeview.Only35percentareveryconcernedaboutenvironmentalissues,while65percentaresomewhatornotatallconcerned.

Thesamepatternistrueforsocialissues.Two-thirds(65percent)ofyounginvestorsareveryconcernedaboutissuessuchasworkplacediversity,incomeinequality,andworkplaceconditions,comparedwithonly30percentofolderinvestors.70percentofolderinvestorsexpresslittleornoconcernforthese.

Reflectingthesepreferences,mostyounginvestors(78percent)ownatleastonemutualfundorexchange-tradedfundthatrestrictsitselftosociallyresponsible

investing,whileonly19percentofolderinvestorsareinvestedinsuchafund.

Importantly,wealthdifferencesonlyseemtoaccountforthedifferencesinpreferencesforESGamongyoungerinvestors.WhiletheviewsofolderinvestorsareuniformlyopposedtoESGwithoutregardtotheirsavings,thepreferencesofyoungerinvestorschangesignificantlywithwealth.YoungerinvestorswithveryhighinvestmentbalancesexpressthemostsupportforESGinitiatives,whilesupportamongthosewithlittlesavingsismuchlower.

“ThereareclearlygenerationaldifferenceswhenitcomestoperceptionsofESG,”saysProfessorSeru.“Younginvestorsexpresshighlevelsofconcernforsocialandenvironmentalcauses—particularlyyounginvestorswhoareverywealthy—whileolderinvestorsexpressverylittleconcernforthese.Thesedifferencesposechallengestofundmanagersandcorporateexecutivesalikewhenitcomestodecidingwhichstakeholderintereststopursueorsupport,andhowmuchtoinvestinthem.”

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG5

YOUNGINVESTORSWANTFUNDMANAGERSTOADVOCATEFORENVIRONMENTALANDSOCIALCAUSES.OLDERINVESTORSWANTTHEMTOSTICKWITHGENERATINGFINANCIALRETURNS.

Investorsexpressastrongpreferenceforfundmanagerstousetheirsizeandvotingpowertomaximizetheeconomicvalueoftheirinvestments.Overthree-quarters(77percent)saythisisextremelyorveryimportant,whileonly8percentsayitisslightlyornotatallimportant.

Mostyounginvestorsalsowantinvestmentcompaniestousetheirsizeandvotingpowertoinfluencetheenvironmentalpracticesofthecompaniestheyareinvestedin.Almost80percentofyounginvestorssaythisisextremelyorveryimportant.Bycontrast,only42percentofolderinvestorssayitisimportantthatfundmanagersinfluencetheenvironmentalpracticesofcompanies.

Inthissamevein,85percentofMillennialandGenZinvestors(41yearsandyounger)saytheysupportfundmanagersadvocatingforenvironmentalcausesevenifitdecreasesthevalueoftheirinvestment.Bycontrast,only35percentofolderinvestorssupportfundmanagersdoingso,and65percentopposeit.

Thispatternisthesamewhenitcomestosocialissues,with82percentofyounginvestorswantingtoseeinvestmentmanagersusetheirsizeandvotingpowertoinfluencethesocialpoliciesandpracticesofthecompaniestheyareinvestedin,whileonly35percentofolderinvestorswanttoseethis.80percentofMillennialandGenZinvestorsarewillingtosufferadecreaseininvestmentvalueinsupportofsocialactivism.Only29percentofolderinvestorsarewillingtosufferlosses,and71percentarenot.

YOUNGINVESTORSCLAIMTOBEWILLINGTOLOSEBETWEEN6AND10PERCENTOFTHEIRRETIREMENTSAVINGSTOSUPPORTESGCAUSES.OLDERINVESTORSDONOTWANTTOLOSEANYTHING.

Whenaskedaboutanumberofprominentenvironmentalissues—includingreductionincarbonemissions,renewableenergy,andproductsustainability—theaverageMillennialandGenZinvestorsaystheyarewillingtolosebetween6and10percentoftheirinvestmentdollarsinordertoseecompaniesimprovetheircurrentpracticestoindustry-leadinglevels.Approximatelyone-thirdsaytheyarewillingtolosemorethan10percentoftheirwealthtobringaboutenvironmentalimprovements.

BabyBoomerinvestors(ages58andolder),ontheotherhand,overwhelminglyopposetheideaofforfeitinglargeportionsoftheirretirementsavingstobringaboutenvironmentalchange.TheaverageBabyBoomerisunwillingtoloseanyinvestmentsavingsforenvironmentalimprovementsandonly5percentarewillingtolosemorethan10percentoftheirwealth.

BabyBoomersaresimilarlyunwillingtorealizeinvestmentlossestobringaboutchangetothesocialpracticesofthecompaniestheyareinvestedin.Overhalf(57percent)areunwillingtoloseanyretirementsavingstofundasignificantexpansioninemploymentbenefits,66percentareunwillingtoloseretirementsavingstobringaboutgenderwageequality,and70percentopposelosingmoneytoincreaseracialandgenderdiversityamongthecompaniestheyareinvestedin.

Bycontrast,MillennialandGenZinvestorsclaimtobehighlywillingtoincursignificantinvestmentlossestobringaboutthesesocialchanges,withapproximatelyathirdwillingtolosemorethan10or15percentoftheirretirementsavings.

“ThecostofESGinitiativesis,andwillcontinuetobe,thelargeststickingpoint,”saysProfessorHaber.“Noonereallyknowsthecost-benefittrade-offofenvironmentalorsocialinitiatives.Whatisclearfromourstudyisthatolderinvestorsarenotwillingtobeartheriskofhavingtopaythecostofthese,whileyoungerinvestorssaythattheyare.”

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG6

YOUNGINVESTORSCLAIMTOBEMUCHMOREKNOWLEDGEABLETHANOLDERINVESTORSABOUTTHESTOCKMARKET.THEYALSOHAVEHIGHEREXPECTATIONSFORFUTUREGROWTH.

TheeagernessthatyounginvestorsexpressinsupportofESGmightbedueinparttotheiroptimisticexpectationsforfuturestockmarketgrowth.Younginvestorsclaimtohavehigherknowledgeaboutmarketsthanolderinvestorsandhigherexpectationsforfuturereturns.

Mostyounginvestors(78percent)describethemselvesasextremelyorveryknowledgeableaboutthestockmarket;only8percentsaytheyareslightlyornotatallknowledgeable.Bycontrast,only20percentofolderinvestorssaytheyareextremelyorveryknowledgeableand40percentsaytheyareslightlyornotatallknowledgeableaboutmarkets.

Younginvestorsexpectthestockmarkettogeneratesignificantlyhigherreturnsthanolderinvestors.Younginvestorsexpecttorealize,onaverage,15.9percentoverthenextyearand16.8percentannuallyoverthecomingdecade.Olderinvestorsexpectonly4.6percentoverthenextyearand10.7percentannuallyoverthenextdecade.

INVESTORSINVESTWITHMANAGERSWHOSHARETHEIRVIEWS.

Thelargestinstitutionalinvestors—thosethathavetakenpublicstancestoadvanceESGinitiativesamongportfoliocompanies—haveaninvestorbasethatsupportsenvironmentalandsocialactivism.Forexample,BlackRock,whichvocallyadvocatesforenvironmentalsustainabilityamongitsportfoliocompanies,hasaninvestorbasethatishighlyconcernedaboutenvironmentalissues,with76percentsayingso.Similarly,StateStreet,whichhassupportedboardroomdiversity,hasaninvestorbase(76percent)thatisveryconcernedaboutsocialissues.Thesefiguresarefarhigherthaneventhemostconcernedagedemographicgroupsandhigherthanourrespondentpooloverall.

Investorsinlargefundsalsosupporttheirfundmanagers’decisiontovoteagainstthedirectorsofcompaniesthatarenotdoingenoughtoadvanceESG.86percentofBlackRockinvestorsagreewiththefirm’sdecisiontovoteagainstthedirectorsofacompanythatisnotmovingfastenoughtoaddressclimatechange,withoutregardtothefinancialsuccessofthatcompany.Bycomparison,only39percentofinvestorsthatdonotinvestwiththelargestinstitutionalfundmanagersagreewiththisdecision.

Similarly,79percentofBlackRockinvestorssupportthatfirm’sdecisiontovoteagainstcertaindirectorsiftheboardofthatcompanydoesnothaveatleastonedirectorfroman“underrepresentedgroup”(intermsofracialbackgroundorsexualorientation).Bycontrast,amonginvestorsthatdonotinvestwiththelargestinstitutionalfundmanagers,only35percentsupportthisdecision.

ItmightbethecasethatinvestorsareattractedtothesefundsbecauseoftheirrecentactivismtowardESG.Alternatively,itmightbethatthesefundmanagersarereactingtotheinterestsoftheirinvestorbaseintakingthesestances.

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG7

WITHOUTREGARDTOTHEIRVIEWOFESG,

INVESTORSWANTFUNDMANAGERSTOTAKE

THEIRPERSONALVIEWSINTOACCOUNTWHEN

VOTINGSHARES.

Over80percentofinvestorsbelievethatfund

managersshouldtakeintoaccounttheirviewsof

environmentalandsocialissueswhenvotingonproxy

proposalsregardingthesetopics.Thisviewisfairly

consistentacrossagedemographics,with89percent

ofMillennialandGenZinvestors,80percentofGenX

investors,and76percentofBabyBoomerssayingso.

Thisdoesnotseemtobeinfluencedbyaperception

ofthepoliticalleaningsoffundmanagers.Investors

acrossallagedemographicstendtohaveabalanced

viewofthepoliticalpreferencesoftheirfund

managers,withfairlyevennumbersthinkingthatthe

averagefundmanagerisconservativeorliberal.

“Thispointstothefactthatinvestmentmanagers

shouldspendmoretimesolicitingtheopinions

oftheirinvestorbasebeforemakingimportant

decisionsonhowtovoteproxyproposalsinvolving

ESG,”saysProfessorLarcker.“Thelikelysolutionfor

fundmanagersistostartsplittingvotestoreflect

thepreferencesandinvestmentobjectivesoftheir

investorbase.Fundmanagershaveafiduciaryduty,

andpartofthatdutyistoputtheinterestsoftheir

investorsfirst.It’shardtoseehowtheycandosoif

theyaremakingone-sideddecisionswhenitcomes

totrickyenvironmentalorsocialproposals.”

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG8

47%

40%

31%

18%

16%

16%

22%

REVIEWOFFINDINGS

DistributionofRespondantsbyAge

MILLENNIAL+GENZ

52%

GENX

24%

BOOMERS+

23%

Doyouhavemoneyinvestedinmutualfundsorexchange-tradedfundsmanagedbythefollowinginvestmentfirms?(selectallthatapply)

53

Fidelity

60

AmericanFunds

69

Vanguard

82

Invesco

84

BlackRock(iShares)

84

StateStreet(SPDRs)

78

Noneofthese

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG9

16%

12%

87

16%

12%

88

15%

19%

16%

17%

16%

16%

Approximatelyhowmuchmoneyintotaldoyouhaveinvestedinthestockmarket,acrossallofyouraccounts?

ALLRESPONDANTS

84

Lessthan$10,000

83

Between$10,000and$50,000

Between$50,000and$100,000

22%

78

Between$100,000and$250,000

84

Between$250,000and$500,000

14%

86

Morethan$500,000

MILLENNIAL+GENZ

85

15%

Lessthan$10,000

84

16%

Between$10,000and$50,000

82

18%

Between$50,000and$100,000

77

23%

Between$100,000and$250,000

84

Between$250,000and$500,000

88

Morethan$500,000

MEAN

$198,856.28

GENX

81

19%

Lessthan$10,000

81

19%

Between$10,000and$50,000

13%

Between$50,000and$100,000

79

21%

Between$100,000and$250,000

84

Between$250,000and$500,000

88

Morethan$500,000

MEDIAN

$125,000.00

BOOMERS+

12%

Lessthan$10,000

82

18%

Between$10,000and$50,000

85

15%

Between$50,000and$100,000

79

21%

Between$100,000and$250,000

85

Between$250,000and$500,000

81

Morethan$500,000

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG10

46%

54

Extremelyknowledgeable

68

Veryknowledgeable

13%

87

Moderatelyknowledgeable

93

Slightlyknowledgeable

2%

98

32%

7%

14%

33%

67

Extremelyknowledgeable

25%

75

Veryknowledgeable

24%

76

Moderatelyknowledgeable

86

Slightlyknowledgeable

4%

96

Notatallknowledgeable

15%

29%

4%

96

Extremelyknowledgeable

85

Veryknowledgeable

41%

59

Moderatelyknowledgeable

71

Slightlyknowledgeable

11%

89

Notatallknowledgeable

65

5%

95

5%

95

3%97

3%97

6%

94

20%80

Howknowledgeableareyouaboutthestockmarketandthecompaniesyouareinvestedinthroughthestockmarket?

MILLENNIAL+GENZ

Notatallknowledgeable

GENX

BOOMERS+

Howconcernedareyouaboutenvironmentalissues(e.g.,carbonemissionsgoals,renewableenergysourcing)?

MILLENNIAL+GENZ

70%

Veryconcerned

27%

Somewhatconcerned

4%

Notconcerned

GENX

57%

43

Veryconcerned

33%

67

Somewhatconcerned

10%

90

Notconcerned

BOOMERS+

35%

65

Veryconcerned

46%

54

Somewhatconcerned

19%

81

Notconcerned

AMERICAN

FUNDS

BLACKROCK

(ISHARES)FIDELITY

INVESCO

STATE

STREET

VANGUARD

NONEOF

THESE

79%21

76%24

67%33

80%20

81%19

70%30

35%

Veryconcerned

18%

82

19%

81

28%72

17%

83

17%

83

24%76

45%55

Somewhatconcerned

3%

97

Notconcerned

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG11

62%38

73%2776%2463%3732%68

65%35

31%69

24%7620%8030%7044%56

29%71

7%93

3%

24%

3%

7%

97

97

93

76

6%

94

76%24

72%28

21%79

23%77

4%

96

6%

94

4%

96

3%

97

6%94

21%79

Howconcernedareyouaboutsocialissues(e.g.,workplacediversity,incomeinequality,workplaceconditions)?

MILLENNIAL+GENZ

65%

35

Veryconcerned

30%

70

Somewhatconcerned

6%

94

Notconcerned

GENX

54%

46

Veryconcerned

35%

65

Somewhatconcerned

11%

89

Notconcerned

BOOMERS+

30%

70

Veryconcerned

46%

54

Somewhatconcerned

25%

75

Notconcerned

AMERICAN

FUNDS

BLACKROCK

(ISHARES)FIDELITY

INVESCO

STATE

STREET

VANGUARD

NONEOF

THESE

73%27

Veryconcerned

23%77

Somewhatconcerned

4%96

Notconcerned

Howconcernedareyouaboutgovernanceissues(e.g.,CEOalsoservingasboardchair,independenceoftheboard,andboardmembersnotoverlybusyintermsofoutsideobligations)?

MILLENNIAL+GENZ

64%

36

Veryconcerned

29%

71

Somewhatconcerned

6%

94

Notconcerned

GENX

53%

47

Veryconcerned

37%

63

Somewhatconcerned

10%

90

Notconcerned

BOOMERS+

28%

72

Veryconcerned

54%

46

Somewhatconcerned

18%

82

Notconcerned

AMERICAN

FUNDS

BLACKROCK

(ISHARES)FIDELITY

INVESCO

STATE

STREET

VANGUARD

NONEOF

THESE

63%3778%2280%2065%3527%73

Veryconcerned

31%6918%8218%8230%7053%47

Somewhatconcerned

5%

95

Notconcerned

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG12

35%

44%

56

Extremelyimportant

65

Veryimportant

15%

85

Moderatelyimportant

4%

96

Slightlyimportant

2%

98

Notatallimportant

7%

27%

39%

61

Extremelyimportant

73

Veryimportant

21%

79

Moderatelyimportant

93

Slightlyimportant

6%

94

Notatallimportant

27%

12%

16%

84

Extremelyimportant

73

Veryimportant

30%

70

Moderatelyimportant

88

Slightlyimportant

16%

84

Notatallimportant

Howimportantisittoyouthataninvestmentcompanythatpurchasesstocksforyou(throughamutualfundorETF)usesitssizeandvotingpowertomaximizetheeconomicvalueofyourinvestment?

42.6%

57

Extremelyimportant

34.0%

66

Veryimportant

15.9%

84

Moderatelyimportant

4.5%

95

Slightlyimportant

3.0%

97

Notatallimportant

Howimportantisittoyouthataninvestmentcompanythatpurchasesstocksforyou(throughamutualfundorETF)usesitssizeandvotingpowertoinfluencetheenvironmentalpracticesofthecompaniesitinvestsinforyou?

MILLENNIAL+GENZ

GENX

BOOMERS+

Shouldtheinvestmentcompanyuseitssizeandpowertoinfluencetheenvironmentalpracticesofthesecompanies,ifdoingsodecreasesthevalueofyourinvestment?

MILLENNIAL+GENZ

85%15

Yes

15%85

No

GENX

63%37

Yes

37%63

No

BOOMERS+

35%65

Yes

65%35

No

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG13

7%

28%

39%

61

Extremelyimportant

72

Veryimportant

21%

79

Moderatelyimportant

6%

94

Slightlyimportant

93

Notatallimportant

23%

13%

87

Extremelyimportant

77

Veryimportant

29%

71

Moderatelyimportant

14%

86

Slightlyimportant

21%

79

Notatallimportant

7%

23%

27%

73

Veryimportant

77

Moderatelyimportant

93

Slightlyimportant

6%

94

Notatallimportant

23%

15%

11%

89

Extremelyimportant

77

Veryimportant

33%

67

Moderatelyimportant

85

Slightlyimportant

19%

81

Notatallimportant

Howimportantisittoyouthataninvestmentcompanythatpurchasesstocksforyou(throughamutualfundorETF)usesitssizeandvotingpowertoinfluencethesocialpoliciesorpractices(e.g.,managementdiversity,incomedisparitybetweentopmanagementandworkers)ofthecompaniesitinvestsinforyou?

MILLENNIAL+GENZ

47%53

Extremelyimportant

35%65

Veryimportant

13%87

Moderatelyimportant

3%97

Slightlyimportant

1%

99

Notatallimportant

GENX

BOOMERS+

Shouldtheinvestmentcompanyuseitssizeandpowertoinfluencethesocialpoliciesorpracticesofthesecompanies,ifdoingsodecreasesthevalueofyourinvestment?

MILLENNIAL+GENZ

80%20

Yes

20%80

No

GENX

60%40

Yes

40%60

No

BOOMERS+

29%71

Yes

71%29

No

Howimportantisittoyouthataninvestmentcompanythatpurchasesstocksforyou(throughamutualfundorETF)usesitssizeandvotingpowertoinfluencethegovernancepracticesofthecompaniesitinvestsinforyou?

MILLENNIAL+GENZ

46%54

Extremelyimportant

35%65

Veryimportant

14%86

Moderatelyimportant

4%96

Slightlyimportant

1%

99

Notatallimportant

GENX

37%63

Extremelyimportant

BOOMERS+

2022SURVEYOFINVESTORS,RETIREMENTSAVINGS,ANDESG14

Shouldtheinvestmentcompanyuseitssizeandvotingpowertoinfluencethegovernancepracticesofthesecompanies,ifdoingsodecreasesthevalueofyourinvestment?

MILLENNIAL+GENZ

80%20

Yes

20%80

No

GENX

59%41

Yes

41%59

No

BOOMERS+

26%74

Yes

74%26

No

PubliccompaniesintheUnitedStatesarerequiredtoholdanannualvotewithshareholdersoncertainproposalsthatshareholderswouldlikemanagementtoimplementatthecompany.

Shouldamutualfundmanagertakeintoaccountyourpersonalviewswhenitusessharesownedbyyoutovoteonenvironmentalorsocialissues?

ALLRESPONDENTS

83%17

Yes

17%83

No

MILLENNIAL+GENZ

89%11

Yes

11%89

No

GENX

80%20

Yes

20%80

No

BOOMERS+

76%26

Yes

24%74

No

Ingeneral,whatdoyouthinkarethepoliticalleaningsoftheindividualswhomanagemostmutualfunds?

MILLENNIAL