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纽交所设立新上市载体:自然资产公司

纽交所设立新上市载体:自然资产公司

Declan Harty 2021年09月25日
美国最知名的股票交易所希望在自然与华尔街这座混凝土森林之间架起一座桥梁。

有鉴于投资者如今都在密切关注环境、社会和公司治理(ESG),纽约证券交易所(New York Stock Exchange)在9月14日推出了一个两年期的合作项目,合作方是Intrinsic Exchange Group(IEG),以创造IEG所称的“自然经济”投资机会。

纽约证券交易所的首席运营官迈克尔·布劳格兰德向《财富》杂志透露:“在历史上,我们设立了多个机制来鼓励人们投入保护和重塑自然资产所需的资本,而这些自然资产是地球能够孕育生命的根基。”

因此,纽约证券交易所正在帮助打造这样一家公司。

纽约证券交易所已经开发了一个新的上市载体,该载体将被称之为自然资产公司,简称NAC。借助NAC,政府、农民和其他自然资源所有者将可以设立一种独特的公司,持有特定土地上生态系统的服务权,例如碳捕捉或水处理。然后,这家公司能够像其他任何实体公司一样,通过在纽约证券交易所上市的方式来获取美国公共市场的资金。区别在于,NAC将使用筹集的这些资金来帮助保护雨林或开展其他保护活动,比如将农场的传统农业生产方式转变为可再生模式,而不是用其巩固资产负债表,资助并购或在一段时间后回购股票。

作为回报,投资者将有机会获得新类型的可持续投资,即便这一领域依然存在着巨大的未决问题,但它在过去几年中依然吸引了贝莱德(BlackRock)的首席执行官拉里·芬克等大拿。U.S. SIF Foundation在2020年的一份报告发现,2019年年底,美国由专业公司管理的三分之一投资都采用了可持续的投资策略。

布劳格兰德说:“我们的希望在于,持有一家自然资产公司将让更多行业的投资者有能力投资具有内在价值、但到目前为止完全被金融市场拒之门外的资产。”

在上市之后,NAC与其他任何上市公司一样,都需要按照美国会计准则提交财务报表。然而,IEG——其投资者包括美洲开发银行(Inter-American Development Bank)、洛克菲勒基金会(Rockefeller Foundation,),以及Aberdare Ventures公司,还开发了一个衡量NAC生态绩效的框架,并用其来弥补其与传统指标存在的任何差距。美国财务会计准则委员会(Financial Accounting Standards Board)的前主席罗伯特·赫兹在9月14日的一份声明中表示,这套生态标准将涵盖“涉及NAC生态系统服务产品流程及其自然资本资产股票相关、可靠、易懂的信息。”赫兹与多家会计公司曾经就生态框架开发事宜向IEG提供咨询服务。

9月14日的声明显示,纽约证券交易所亦是IEG的少数股东。不过,这些公司并未披露投资条款。纽约证券交易所称,这笔投资不会对公司的盈利或其母公司洲际交易所公司(Intercontinental Exchange)的资本配置计划带来重大影响。

纽约证券交易所计划在第四季度向美国证券交易委员会(U.S. Securities and Exchange Commission)提交NAC上市标准和会计准则信息,从而为这一载体在明年的正式发布做好准备,前提是能够得到美国证券交易委员会的批准。

IEG已经成功地引发了多个自然资产市场发行商的兴趣。声明称,它计划宣布与“跨国公司”开展合作,以便在今年晚些时候成立一家NAC。与美洲开发银行合作的IEG当前正在与哥斯达黎加政府商谈成立一家NAC。哥斯达黎加的环境与能源部(Minister of Environment and Energy)部长安德里亚·梅萨·穆里略在一份声明中指出:“此举将深化,并将继续推动资金流入这一自然保护事业。”(财富中文网)

译者:冯丰

审校:夏林

有鉴于投资者如今都在密切关注环境、社会和公司治理(ESG),纽约证券交易所(New York Stock Exchange)在9月14日推出了一个两年期的合作项目,合作方是Intrinsic Exchange Group(IEG),以创造IEG所称的“自然经济”投资机会。

纽约证券交易所的首席运营官迈克尔·布劳格兰德向《财富》杂志透露:“在历史上,我们设立了多个机制来鼓励人们投入保护和重塑自然资产所需的资本,而这些自然资产是地球能够孕育生命的根基。”

因此,纽约证券交易所正在帮助打造这样一家公司。

纽约证券交易所已经开发了一个新的上市载体,该载体将被称之为自然资产公司,简称NAC。借助NAC,政府、农民和其他自然资源所有者将可以设立一种独特的公司,持有特定土地上生态系统的服务权,例如碳捕捉或水处理。然后,这家公司能够像其他任何实体公司一样,通过在纽约证券交易所上市的方式来获取美国公共市场的资金。区别在于,NAC将使用筹集的这些资金来帮助保护雨林或开展其他保护活动,比如将农场的传统农业生产方式转变为可再生模式,而不是用其巩固资产负债表,资助并购或在一段时间后回购股票。

作为回报,投资者将有机会获得新类型的可持续投资,即便这一领域依然存在着巨大的未决问题,但它在过去几年中依然吸引了贝莱德(BlackRock)的首席执行官拉里·芬克等大拿。U.S. SIF Foundation在2020年的一份报告发现,2019年年底,美国由专业公司管理的三分之一投资都采用了可持续的投资策略。

布劳格兰德说:“我们的希望在于,持有一家自然资产公司将让更多行业的投资者有能力投资具有内在价值、但到目前为止完全被金融市场拒之门外的资产。”

在上市之后,NAC与其他任何上市公司一样,都需要按照美国会计准则提交财务报表。然而,IEG——其投资者包括美洲开发银行(Inter-American Development Bank)、洛克菲勒基金会(Rockefeller Foundation,),以及Aberdare Ventures公司,还开发了一个衡量NAC生态绩效的框架,并用其来弥补其与传统指标存在的任何差距。美国财务会计准则委员会(Financial Accounting Standards Board)的前主席罗伯特·赫兹在9月14日的一份声明中表示,这套生态标准将涵盖“涉及NAC生态系统服务产品流程及其自然资本资产股票相关、可靠、易懂的信息。”赫兹与多家会计公司曾经就生态框架开发事宜向IEG提供咨询服务。

9月14日的声明显示,纽约证券交易所亦是IEG的少数股东。不过,这些公司并未披露投资条款。纽约证券交易所称,这笔投资不会对公司的盈利或其母公司洲际交易所公司(Intercontinental Exchange)的资本配置计划带来重大影响。

纽约证券交易所计划在第四季度向美国证券交易委员会(U.S. Securities and Exchange Commission)提交NAC上市标准和会计准则信息,从而为这一载体在明年的正式发布做好准备,前提是能够得到美国证券交易委员会的批准。

IEG已经成功地引发了多个自然资产市场发行商的兴趣。声明称,它计划宣布与“跨国公司”开展合作,以便在今年晚些时候成立一家NAC。与美洲开发银行合作的IEG当前正在与哥斯达黎加政府商谈成立一家NAC。哥斯达黎加的环境与能源部(Minister of Environment and Energy)部长安德里亚·梅萨·穆里略在一份声明中指出:“此举将深化,并将继续推动资金流入这一自然保护事业。”(财富中文网)

译者:冯丰

审校:夏林

With investors now closely scrutinizing the environmental, social, and governance or ESG credentials of companies, the New York Stock Exchange on September 14 unveiled a partnership two years in the making with Intrinsic Exchange Group to open up investment opportunities in what IEG calls “nature’s economy.”

“There haven’t historically been mechanisms to encourage the capital formation necessary to preserve and restore the natural assets that ultimately underpin the ability for there to be life on Earth,” NYSE COO Michael Blaugrund told Fortune.

So, the Big Board is helping create one.

The NYSE has developed a new kind of listing vehicle that will be called a natural asset company, or NAC. Using NACs, governments, farmers, and other owners of natural assets will be able to form a specialized corporation that holds the rights to the ecosystem services produced on a given chunk of land, services like carbon sequestration or clean water. Then the company will tap the U.S. public markets by way of the NYSE like any other entity would. The difference is that instead of using the capital raised to shore up a balance sheet, fund M&A, or buy back stock down the road, NACs will use the funds to help preserve a rain forest or undertake other conservation efforts, like changing a farm’s conventional agricultural production practices to regenerative methods.

In return, investors will get access to a new form of sustainable investment—a space that has enthralled the likes of BlackRock CEO Larry Fink over the past several years even though there remain big, unanswered questions about it. A 2020 report from the U.S. SIF Foundation, a nonprofit that advocates for the adoption of sustainable investing, found that one out of every three dollars under professional management in the U.S. at the end of 2019 was managed with a sustainable investment strategy.

“Our hope is that owning a natural asset company is going to be a way that an increasingly broad range of investors have the ability to invest in something that’s intrinsically valuable, but, up to this point, was really excluded from the financial markets,” Blaugrund said.

When public, an NAC will be required to file financial statements in accordance with U.S. accounting rules, just like any other publicly traded company. However, IEG, whose investors include the Inter-American Development Bank, the Rockefeller Foundation, and Aberdare Ventures, has also developed a framework to measure the ecological performance of an NAC as a way to make up for any gaps in the traditional metrics. The ecological standards will include “relevant, reliable, and understandable information on the flows of the ecosystem services [the NACs] produce and their stocks of natural capital assets,” former Financial Accounting Standards Board chairman Robert Herz said in a statement on September 14. Herz and several accounting firms helped advise IEG on the ecological framework’s development.

The NYSE has taken a minority stake in IEG, too, according to the statement on September 14. The companies did not disclose the investment’s terms, though. The NYSE said the investment is not material to the earnings or capital allocation plans of its parent company, Intercontinental Exchange.

The exchange plans to file the listing standards and accounting information for NACs with the U.S. Securities and Exchange Commission in the fourth quarter, setting the stage for the vehicle—if approved by the SEC—to become available as soon as next year.

IEG has already managed to attract issuer interest from several corners of the natural asset market. It plans to announce a collaboration with a “multinational corporation” to form an NAC later this year, according to the statement. And IEG, in partnership with the Inter-American Development Bank, is currently in talks with the Costa Rican government about forming an NAC. “This will deepen the economic analysis of giving nature its economic value, as well as to continue mobilizing financial flows to conservation,” Costa Rica Minister of Environment and Energy Andrea Meza Murillo said in a statement.

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