enforced by banks, brokers, etc. • Governance by code, not by people – Nobody to hold accountable – Code is not always well-written – Velocity of transactions is very high, e.g., “flash loans” • Reliance on

economic recovery in the next stage would be subject to the situation of the new wave of COVID-19 pandemic, the efficacy and coverage of COVID-19 vaccination, the recovery of foreign tourist arrivals as well

lasted through the quarter. 2. Net marketing margin decreased, compared to the previous quarter, as the retail price was unable to keep up with the velocity of rising cost, combined with the government’ s

Criteria and determining the eligibility of the bond for certification. Eligibility for certification depends on the efficacy and thoroughness of the issuer’s Vulnerability Assessment and Adaptation Plan and

utility measure.” A utility approach is especially apt to evaluate strategies with uncertain results. For example, Scott and Watson (2013) use a utility maximization model to benchmark the efficacy of

issue affect independence of the auditors and the firms, but it also undermines the efficacy of the firms’ client acceptance and continuance process. The SEC believes that it is important that the audit

set out clear definition of related parties. Not only does this issue affect independence of the auditors and the firms, but it also undermines the efficacy of the firms’ client acceptance and

Investor Strategies for Incorporating ESG Considerations into Corporate Interactions www.blackrock.com www.ceres.org Century21st Engagement Investor Strategies for Incorporating ESG Considerations into Corporate Interactions [ 5 ] FOREWORD The Value of Our Voice ......................................................................................................................................... 1 How ESG Megatrends Are Shaping Valuation ...........................................................