2024年全球投資者調(diào)研-PwCs Global Investor Survey 2024 Cautiously optimistic,investors expect growth

PwC’sGlobalInvestorSurvey2024

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Cautiouslyoptimistic,investorsexpectgrowth

Investorswanttounderstandhowcompaniesareembedding

innovation,managingandfinancingtheclimatetransition,andleveragingtechnologiessuchasAI,allwhilebuildingtrustinthemarketandcreatingandprotectinglong-termvalue.

Investorsappearsanguineaboutglobaleconomicgrowthinthenexttwelvemonths.

Shareofrespondentswhothinktheeconomywillincreaseordecreaseinthenext12months

3%

8%

20%

Declinesignificantly(morethan4%decrease)Declinemoderately(2.1-4%decrease)Declineslightly(0.5-2%decrease)

17%

Staythesame*

31%

Improveslightly(0.5-2%increase)

15%

5%2%

Improvemoderately(2.1-4%increase)Improvesignificantly(morethan4%increase)Don’tknow

*between0.5%decreaseand0.5%increaseSource:PwC’sGlobalInvestorSurvey2024

Investorsratemostofthekeythreatswesurveyedatroughlythesamelevel–requiringcompaniestobeagileandresilient.

Shareofrespondentswhothinkcompanieswillbehighlyorextremelyexposedtothefollowingthreatsinthenext12months

Cyberrisk

GeopoliticalconflictMacroeconomicvolatilityInflation

ClimatechangeTechnologicaldisruption

LoweravailabilityofworkerswithkeyskillsSocialinequality

HighlyexposedExtremelyexposed

Source:PwC’sGlobalInvestorSurvey2024

25%11%36%

26%10%36%

26%8%34% 21%10%31% 21%9%30%

22%8%30% 21%7%28%

17%7%24%

Whennosinglethreatstandsoutamongamajorityofinvestors,itsuggestsacomplexanddynamicoperatingenvironmentwherecompaniesfaceinterconnectedrisks.Maintainingagilityisparamount.

73%

ofinvestorsbelievethat–forthecompaniestheyinvestin–theyshouldenhancetheirresiliencetofutureinternationalcrises

1PwC’sGlobalInvestorSurvey2024

Companiesshouldtakeactioninfourareastoaddressissuesthatmattermosttoinvestors.We’llexploreeachinmoredetailbelow:

Reinventionimperative

Technologyandartificialintelligence(AI)Climatetransitionandadaptation

Trustthroughcommunication

Reinventionimperative

Businessesarefacingpressurefromallanglestocontinuallyadapt.

Morethanhalfofinvestorsbelieveit’sveryorextremelyimportantforbusinessestoreinventtheirbusinessmodelsinresponsetoalleightsurveyedtrends.

Shareofrespondentswhothinkitisimportantthatcompanieschangethewaytheycreate,deliverandcapturevalueinresponsetothefollowing

TechnologicalchangeGovernmentregulation

Changesincustomerpreferences

SupplychaininstabilityCompetitoractions GeopoliticsDemographicshiftsClimatechange

40%31%71% 38%26%64%

40%21%61% 38%22%60%

36%20%57% 35%19%54% 35%17%52%

31%19%50%

VeryimportantExtremelyimportant

Source:PwC’sGlobalInvestorSurvey2024

Businessmodelreinventioninvolvesfundamentallychanginghowa

companymakesmoney,servescustomers,orprovidesnewproductsandservices.Nearlythree-quartersofinvestorsbelievecompanies

shouldsignificantlyinvestinworkforceupskilling,enhanceresiliencetointernationalcrisesanddeployAIatscale.

Shareofrespondentswhothinkthatcompaniesthattheyinvestin,orcovershouldincreasetheiractionstoaddressthefollowing

74%

24%

50%

Upskilltheirworkforce

28%

73%

46%

Enhancetheirresiliencetoafutureinternationalcrisis

31%

42%

73%

DeployAlsolutionsatscale

68%

De-risktheirsupplychains

48%19%

41%23%

64%

Reducetheircarbonemissions

ModeratelyincreaseSignificantlyincreaseSource:PwC’sGlobalInvestorSurvey2024

Ideasinaction

1.Prioritisecustomers

61%

ofinvestorsbelieveitisveryorextremely

importantthatcompaniesrethinktheirbusinessmodelsinresponsetocustomerpreferences

2.Stabiliseyoursupplychain

60%

ofinvestorsbelieveitisveryorextremely

importantthatcompaniesrethinktheirbusinessmodelsinresponsetosupplychaininstability

3.Exploreecosystems

57%

ofinvestorsbelieveitisveryorextremely

importantthatcompaniesrethinktheirbusinessmodelsinresponsetocompetitoractions

TechnologyandAI

Thepotentialofartificialintelligenceingeneral,andGenAIinparticular,continuetoaffectmostareasofconcerntoinvestors.

InvestorsexpectAItoimproveproductivity,revenueandprofitability—mostlywithouteliminatingjobs.

ShareofrespondentsthatbelievethatgenerativeAIwillincrease

thefollowinginthecompaniesthattheyinvestinorcoverinthenext12months

Productivity

32%23%11%

21%

6%

36%

9%

37%

16%

17%11%5%

RevenueProfitabilityHeadcount

Increaseslightly(5-15%increase)Increasemoderately(16-25%)Increasesignificantly(morethan25%increase)

Source:PwC’sGlobalInvestorSurvey2024

ShareofrespondentswhosaidthatgenerativeAIhasincreasedtheirabilitytoanalyseinformationpublishedbycompanies

Notatall9%

Slighltlyincreased24%

Moderatelyincreased33%Significantlyincreased30%Don’tknow4%

Source:PwC’sGlobalInvestorSurvey2024

InvestorsremainoptimisticaboutthepromiseofAI,especiallyaround

scalability,measuringreturnoninvestment(ROI)andworkforceimpact.

Shareofrespondentswhoseethefollowingasachallengeversusanopportunitywhenthecompaniestheyinvestinorcoverare

implementingAI

34%19%

Scalability

MeasuringROI(returnoninvestment)

Workforceimpact

Stakeholderperception(includingcustomers,suppliers,civilsociety)

CapitalexpenditureChangingcompetitorlandscape EnvironmentalimpactRegulatorycompliance

Contentcopyright

5%12%

30%17%

29%28%

16%

17%

5%14%5%18%

28%14%

28%12%

24%15%

5%11%5%16%8%13%3%19%

24%13%

24%10%

8%18%10%17%

AsignificantchallengeSomewhatachallenge

SomewhatanopportunityAsignificantopportunitySource:PwC’sGlobalInvestorSurvey2024

2PwC’sGlobalInvestorSurvey2024

Climatetransitionandadaptation

Nearlyathirdofinvestorsinour2024surveyrateclimatechangeamongthetopthreatsoverthenext12monthstothecompaniesthattheyinvestinorcover.That’satroughlythesameproportionwho

nameinflation,macroeconomicvolatilityandtechnologicaldisruptionastopthreats.

Investorsarelookingforcompaniestoincreasetheirinvestmentinthefollowingclimate-relatedactions:

Shareofrespondentswhowouldmoderatelyorsignificantlyincreasetheir

investmentincompaniesthataretakingthefollowingclimate-relatedactions

Workingwithsuppliersandcommunitiestobuildsustainablevaluechains

Innovatingproductsorservicesthat enablecustomerstoadapttoand/ormitigatetheimpactsofclimatechange

Buildingresilienceagainstphysicalclimaterisks

Increasingtheuseofrenewableenergy

Pursuingopportunitiesthatcontributetoclimate-relatedoperationalefficiences

51%29%80% 42%35%78% 39%34%73% 38%34%72% 42%29%71%

ModeratelyincreaseSignificantlyincreaseSource:PwC’sGlobalInvestorSurvey2024

Formostinvestors,acompany’sroadmaptomeetingitsnet-zerocommitmentisasimportantasthecommitmentitself–asarethecostsandgovernancethereof.

Shareofrespondentswhenassessingacompany’stransitionplanthinkthefollowingareimportantfactorsintheirinvestmentdecision-making

Governance

Capitaloroperatingexpenditure

Roadmaptoachievenet-zerocommitment

Ambitionofnet-zerocommitment

7%

18%41%31%

5%26%

40%27%

6%13%21%39%19%

5%14%

25%37%17%

Don’tknowNotatallimportantSlightlyimportantModeratelyimportant

VeryimportantExtremelyimportant

Source:PwC’sGlobalInvestorSurvey2024

Sustainabilityremainsanimportanttopicforinvestors,withcompanyresilience,riskandopportunitymanagement,andquantificationofimpactbeingimportantfactorsintheirdecision-making.

86%

Agreethattheagilityofa

companyinitsresponseto

crisesandnewdevelopmentsisanimportantfactorin

investmentdecision-making

71%

AgreethatcompaniesshouldembedESG/sustainability

directlyintotheircorporatestrategy

72%

Agreethathowacompany

managessustainability-relatedrisksandopportunitiesisan

importantfactorininvestmentdecision-making

75%

Agreethatquantifyingacompany’ssocietalandenvironmentalimpact

clarifiesitsmaterialrisksandopportunities

Ideasinaction

Asmandatoryclimate-relateddisclosurerequirementscontinuetoevolve,thechallengeformanycompaniesbecomeshowtocommunicatetoinvestorswhatismaterialtothebusiness.

1.Doubledownontransparency

Despitestrongindicationsofinvestortrustinmanagementboardstomakedecisionsforthelongterm,44%ofthosesurveyedagreethattoalarge

orverylargeextent,corporatereportingaboutacompany’ssustainability

performance(e.g.,onenvironmentalandsocialissues)containsunsupportedclaims.

Respondentsagreethatcompaniesshouldprovideassuranceforallmaterialsustainabilitymetrics—notjustahandfulthattheyselect.

Importantly,morethanthree-quartersofinvestors(76%)saytheyputmoretrustinsustainabilityinformationreportedbythecompaniestheyinvestinorcoverifithasbeenassured.

3PwC’sGlobalInvestorSurvey2024

2.Honeyourtransitionplan

Transitionplansarebespokedescriptionsofthegovernance,targets,

actionsandresourcesnecessarytomeetitsnet-zerocommitment,

investorsmayhaveahardtimeassessingwhatgoodlookslike.Almostthree-quartersofinvestorstellusthattheyviewthegovernanceofa

company’stransitionplanasaveryorextremelyimportantaspectofitsnet-zerotransitionplan,two-thirdssaythesameofassociatedcapitaloroperatingexpenditures.

Trustthroughcommunication

Investorsciteinformationoncorporategovernanceasthemostimportant(includingoversight,riskmanagement,controlsandethics).Informationoninnovation,managementcompetence,humancapitalmanagementandcybersecurityroundoutthetopfive.

Butthedifficultyofsortingthroughsomanysourcesofinformation,compoundedbyanabundanceofobfuscation,half-truthsorworsecanmakeanyoneunsureofwhattotrust.

Onmanagementcompetence…

44%

ofinvestorstellusthey

have,toalargeorverylargeextent,sufficientquantitativeinformationtoinformtheir

investmentdecisions

vs.63%

ofinvestorswhosaidthey

have,toalargeorverylargeextent,sufficientqualitativeinformationtoinformtheir

investmentdecisions

Investorsseemtoberelyingmoreonqualitativedatafortheirinvestmentdecisionsthanonquantitativedata.

43%

ofinvestorstellus,toalargeorverylargeextent,they

havesufficientquantitativeinformationtoinformtheirinvestmentdecisions

vs.57%

ofinvestorswhosaidthey

have,toalargeorverylargeextent,sufficientqualitativeinformationtoinformtheir

investmentdecisions

Oninnovation…

44%

ofinvestorsbelievethatcorporatereportingon

sustainabilityperformance

containsunsupportedclaimstoalargeorverylargeextent.

Ireadthemasamatterofcourse

IreadthemifIhaveaspecificinterestorconcern

IreadthemtoseeifthereissomethingIshouldbeawareof

Assuranceandtrust

Shareofrespondentswhothinkthesetopicsareimportantwhenevaluatingthecompaniestheyinvestinorcover

40%

Corporategovernance

37%

37%

37%

36%

31%

Innovation Managementcompetence HumancapitalmanagementCybersecurityanddataprivacyEmergingtechnologies

28%

27%

ClimateSupplychainmanagement

23%

22%

21%

ProductsafetyCustomermanagement/relationsHealth,safetyandwell-being

21%

19%

18%

17%

SocietalimpactsDiversity,equityandinclusionTaxtransparency/responsibilityHumanrights

12%

Natureandbiodiversity

8%

Watermanagement

6%

Wastemanagement

Source:PwC’sGlobalInvestorSurvey2024

Manyinvestorsreadassurancereportsasamatterofcourse,iftheyhaveaspecificinterestorconcernorifthereissomethingtobe

awareof.

Shareofrespondentswhoreadassurancereportsrelatedto

sustainabilityreporting

22%

30%

40%

Source:PwC’sGlobalInvestorSurvey2024

Whenitcomestotheattributesoftheassurancepractitioner,investorsarelookingatanumberofdifferentcharacteristicstoprovidethemwithconfidenceintheinformationassured.

Shareofrespondentswhothinkthefollowingareimportantorveryimportantingivingconfidenceintheworkofanassurancepractitioner

Beingabletohaveacompleteaninterconnectedviewofthebusinessacrossalltypesofcorporatereporting

Involvementof(orhavingaccessto)expertswithnecessarysubjectmatterknowledge

Havingexperienceinperformingauditsofcomplexorganisations

Beingexpertsinapplyingprofessionalscepticism&theabilitytoassessthereasonablenessofmanagement’sestimates&judgments

Beingsubjecttoindependenceandethicalstandards(i.e.,lESBA)andactinginthepublicinterest

Beingtrainedinusingauditmethodologiessimilartothoseusedforfinancialinformation

43%37%81%

43%35%78% 50%28%77%

47%30%77%

42%29%71% 44%27%71%

4PwC’sGlobalInvestorSurvey2024

Source:PwC’sGlobalInvestorSurvey2024ImportantVeryimportant

Mostinvestorsagreethatsustainabilityreportingshouldbeassuredatthesamelevelasfinancialreporting.

Shareofrespondentswhoagreeordisagreewiththefollowingstatements

Assurancereportsshouldaccuratelyreflecttheprogressthatthecompanyhasmadetowardsthecommitmentsthatithasset(e.g.,net-zerocommitments)

IplacemoretrustinthesustainabilityinformationreportedbythecompaniesIinvestinorcoverifithasbeenassured

Assurancereportsonsustainabilityinformationshouldcontainthelevelofdetailprovidedinalong-formauditreportforfinancialstatements

Companies’narrativedisclosures,sustainabilitymetricsandKPIsshouldbeassuredatthesamelevelasafinancialaudit(i.e.,reasonableassurance)

Companiesshouldberequiredtoobtainassuranceonallmaterialsustainabilityinformation,notonasubsetthatthecompanychooses

Source:PwC’sGlobalInvestorSurvey2024StronglydisagreeDisagreeSomewhatdisagreeSomewhatagreeAgreeStronglyagree

2%5%2%6%

4%6%3%7%

29%34%15%

30%31%15%

29%30%13%

31%30%12%

33%29%11%

1%4%

2%

2%

2%

1%

1%

Ideasinaction

1.Knowwhereyourinvestorsgetinformation

Mostinvestorsrelyontargetedinformationdirectlyfromcompaniesthemselves.

Shareofrespondentswhousethefollowingsourcesofinformationinassessinghowcompaniesmanagerisksandopportunitiestoalargeorverylargeextent

Company(Top5)Third-party(Top5)

Investor-focusedcommunications

Dialoguewiththecompany

Financialstatementsandnotedisclosures

Materialityassessmentdisclosures

40%21%

34%23%

38%17%

41%12%

36%13%

Pressrelease/mediastatements/companynews

Source:PwC’sGlobalInvestorSurvey2024

2.Takebroadercontrolofmessaging

Thebestmanagerswillcarefullymonitorallthewaystheycommunicatecompanyactionsandperformance,ensuringconsistentverifiable

informationinqualitativenarrativesandpressdisclosuresaswellas

financialstatementsandregulatorydisclosures.Theyshouldalsotakeabroaderperspectivewhendeterminingwhatneedsthird-partyassurance.

UnderregulationssuchastheCorporateSustainabilityReportingDirective(CSRD),forexample,companieswillneedtodisclosebothquantitative

andqualitativeinformationonmaterialtopicsandshouldbepreparedwhenkeyinvestorsreachoutdirectlyforinformation.

AnalystreportsThird-partydatasources

Newsmedia

RatingsandscoresfromESGratingsproviders

Ratingsandscoresfromcreditratingagencies

39%16%

32%12%

30%14%

31%12%

30%13%

ToalargeextentToaverylargeextent

3.Educatekeyinvestorsarounddisclosurerequirements

Companieswillneedtoincludeplainlanguageexplanationsofregulatory

requirementsintheircommunicationstoensurethatinvestorscanevaluatetheirdisclosures.

55%

Ofrespondentsareatmost

moderatelyfamiliarwiththe

companydisclosuresrequiredundertheIFRSSustainabilityDisclosureStandards

63%

Ofrespondentsareatmost

moderatelyfamiliarwiththe

companydisclosuresrequiredundertheCSRD

Sometimesyouseecompaniesthataredoingtherightthingsbutcommunicatingthembadly.

Othertimes,youseecompaniesthatarenotdoingtherightthingsbutcommunicatethemverywell.Butwhatyoualmostneverseeisacompanydoingtherightthingandcommunicatingeffectively.”

Investor

5PwC’sGlobalInvestorSurvey2024

Mostinvestorsexpecttechnologicaldisruption,governmentregulationandAItodrivechangesinhowcompaniescreate,deliverand

capturevalue,andtopromptare-evaluationofrelationshipswithstakeholders,businessecosystemsandtheclimate.Additionally,withnewregulatoryrequirements,investorsseekgreatertransparencyincompanyperformance.

Researchmethodology

InSeptember2024,wesurveyed345investorsandanalystsacross24countriesandterritoriesandconductedin-depthinterviewswith14investment

professionals.Therespondentstotheonlinesurveywerespreadacrossarangeofindustries,rolesandspecialisms,withassetsundermanagement

(AUM)attheirorganisationsrangingfrom<US$500milliontoUS$1trillionormore;53%ofrespondentsareatorganisations