以责促优，共筑价值：公募基金ESG尽责管理新范式（一）

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Stewardship management is a new model of corporate governance arising from changes in investor structure, emphasizing the role of institutional investors in enhancing corporate governance and protecting minority shareholders [1][2][5] - The primary focus of stewardship management for public funds in the short to medium term should be on improving corporate governance, particularly the protection of minority shareholder rights [5][6] - The report highlights the importance of a soft governance strategy, where public fund managers should primarily participate and propose secondary, aiming to reduce internal friction in corporate governance [4][42] Summary by Sections Introduction - The report introduces the concept of stewardship management as a systematic practice for institutional investors to enhance corporate governance and long-term value creation [12][13] Deep Demands of Stewardship Management - Stewardship management emphasizes the influence and proactivity of institutional investors, distinguishing it from passive holding [13][14] - The evolution of investor structure in capital markets reflects a shift in corporate governance models, with large asset management institutions gaining significant influence [14][22] Three Major Confusions and Answers - The report discusses three main issues faced by public funds in implementing stewardship management: agency problems, investor structure, and portfolio diversification [24][25] - Agency problems can be alleviated through regulatory requirements and the value of stewardship management [25][27] - The investor structure in A-shares is characterized by a dominant controlling shareholder, which necessitates a soft governance strategy for public funds [36][37] Practical Guide for Stewardship Management - The report outlines a three-stage approach for public funds in stewardship management: passive response, active intervention, and proactive governance [60][61] - It emphasizes the need for a robust internal system and team dedicated to stewardship management, integrating ESG research with investment analysis [63][64] Future Outlook - The most universal issue for stewardship management is the protection of minority shareholder rights, particularly in a governance model dominated by major shareholders [72]