Emmy, CFA, responsible for proxy voting, is on behalf of her bank's asset management clients. Recently, Emmy performed a cost–benefit analysis that showed the proxy-voting policies might not benefit the bank's clients. Consequently, without informing anyone, Emmy immediately changes the proxy-voting policies and procedures. Except for the major mergers, Emmy now votes client proxies on the side of management on all issues. Emmy least likely violated the CFA Institute Standards of Professional Conduct in regard to: A Cost–benefit analysis. B Proxy-voting policy disclosures. C Voting with management. 老师，我还是不理解这个题

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您现在的坐在位置：首页>智汇问答>CFA一级

刘同学2018-10-23 22:17:26

Emmy, CFA, responsible for proxy voting, is on behalf of her bank's asset management clients. Recently, Emmy performed a cost–benefit analysis that showed the proxy-voting policies might not benefit the bank's clients. Consequently, without informing anyone, Emmy immediately changes the proxy-voting policies and procedures. Except for the major mergers, Emmy now votes client proxies on the side of management on all issues. Emmy least likely violated the CFA Institute Standards of Professional Conduct in regard to: A Cost–benefit analysis. B Proxy-voting policy disclosures. C Voting with management. 老师，我还是不理解这个题

III(A).Loyalty, prudence and care、III(A).Loyalty, prudence and care 查看试题

回答（1）

最佳

Bingo2018-10-24 10:11:50

同学你好。Proxy Voting的含义是代理投票权。基金经理可以代表客户行使代理投票权。基金经理在行使代理投票权时，需要考虑客户的利益。同时，在选择是否参加股东大会执行代理投票权时，基金经理需要做一个性价比分析（Cost-Benefit Analysis）。成本指的是基金经理代表客户参加股东大会所支付的差旅费等等需要客户承担的费用，收益指的是参加股东大会能带给客户的好处。
因此，主人公已经进行过性价比分析了，这是不违反准则要求的。但是，主人公没有站在客户利益的角度上去行使投票权。请注意题目表述，“Emmy now votes client proxies on the side of management”，主人公出于管理层的角度行使了投票权。并且，他没有将这一事项向客户披露。所以Emmy最不可能违反的是A选项。