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Файл:English Speech Practice. Real Estate. Учебное пособие
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ESG issues, including income inequity, can lead to improved operational metrics such as ROA or stock price. Moreover, steps to tackle
income inequity may go a long way to maintain stability in the economy where the investee companies operate. Economic stability can
indirectly help investee company performance. Firms that focus on
achieving non-financial benefits such as income equity in the near
term may also generate long-term financial benefits.
Actions investment managers can take for narrowing income inequity through ESG.
Two key dimensions to tackling income inequity include increasing the quantity and quality of jobs since quality jobs for the unemployed could have a dramatic impact on income inequity. To increase
the quantity of jobs, investment managers will have to influence the implementation of inclusive labor practices that allow groups with lower
employment rates to participate fully. Practices such as paid parental
leave and workplace family measures that promote higher working parent participation, or expansion of quality apprenticeships to help disadvantaged youth, can help to improve the quantity of jobs. Improving job
quality may require investment managers to influence the implementation of policies that promote equitable wages and safer working conditions. ESG investing that considers investee company policy decisions
about job quality and quantity when crafting their capital allocation and
stewardship plans can help narrow the income inequity gap.
Different kinds of ESG stewardship by various investment managers can impact a range of activities that directly or indirectly influence income inequity. Active and passive mutual fund managers can
influence the investee company’s labor practices through regular dia-
logue, engagement, and proxy voting. Engagement and dialogue may
include communication through letters, one-on-one meetings, meeting
with specific teams or board members, filing or voting on shareholder
resolutions, and seeking commitments. One of the world’s largest in-
vestment managers has taken a step in this direction by updating its
engagement process to increase the accountability of its portfolio
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companies on the prevention of human rights abuses and to encourage
companies to provide robust disclosures about those practices. Hedge
funds, through investor activism, can influence an investee company’s
executive remuneration through non-binding “say-on-pay” vote re-
sults, a part of the Dodd-Frank act. Finally, private equity funds,
through board representation, can assert significant influence on the
portfolio companies to take actions such as conducting pay equity audits that can directly impact income inequity.
Ex. 2. Answer the following questions according to the text.
1. What can directly increase revenue for some investment man-
agers, improve fund performance, and investment flows?
2. What kind of firms may also generate long-term financial ben-
efits?
3. How many key dimensions to tackling income inequity do we
have?
4. What kind of can influence the investee company’s labor
practices through regular dialogue, engagement, and proxy voting?
5. What can hedge funds do?
Ex. 1. Read and translate the text, do the exercise.
Capital allocation represents another potent tool at investment
managers’ disposal to create a long-term impact in the direction of
Text 5
Generate long-term financial benefit. Part II
73
income equity. Well-thought-out capital allocation policies can, over
the long term, help firms increase accessibility of capital and reduce
the cost of capital for companies that support income equity. Take the
example of an investment management firm, which discouraged practices that negatively impacted income equity by refusing access to IPO
capital to a company that was exhibiting weak labor practices related
to minimum wages, sick pay, and holidays. Capital allocation is significantly more relevant for active mutual fund and separate account
managers that, unlike passive mutual funds and exchange-traded funds
(ETFs), have the liberty to favor companies with strong income equity
practices and vice versa. These investment managers have the opportunity to incorporate the long-term consequences of factors that increase income inequity, specifically pay inequity, worker conditions,
and labor rights, into their capital allocation process.
Finally, investment management firms can also promote income
equity by integrating ESG principles that promote income equity into
their own operations. One way to integrate ESG principles in own op-
erations may be to link executive compensation to firm’s performance
on specific diversity and inclusion goals.
Genuine and focused efforts by investment management firms
can help reduce income inequity.
Income inequity can be addressed when investment manage-
ment firms’ guidance to investee companies includes granular details
within the broader ESG context. In order to be genuine, ESG principles should influence the corporate policy of investment management
firms and their investee companies. Investment management firms are
in a unique position to modify their own operations to credibly influence various ESG policies at investee firms through capital allocation
and stewardship. These investment manager interventions can help
support investee company performance in the long term and positively
impact income inequity at a global scale.
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Ex. 2. Fill in the missing words according to the text.
focused
significantly
stewardship
income
inequity
1. Well-thought-out capital allocation policies can, over the long
term, help firms increase accessibility of capital and reduce the cost of
capital for companies that support _________ equity.
2. Capital allocation is _________ more relevant for active mutual fund and separate account managers.
3. These investment managers have the opportunity to incorporate the long-term consequences of factors that increase income
_________.
4. Genuine and _________efforts by investment management
firms can help reduce income inequity.
5. Investment management firms are in a unique position to
modify their own operations to credibly influence various ESG policies at investee firms through capital allocation and _________.
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USEFUL PHRASES
be accomplished – быть выполненным
The project must be accomplished in ten minutes.
Работа должна быть выполнена через десять минут.
be measured – быть рассчитанным
Cost indices must be measured.
Индексы затрат должны быть рассчитаны.
cash flow – денежный поток
It’s vital for any business to improve cash flows.
Для любого бизнеса жизненно важно улучшать денежные
потоки.
it is observed – наблюдается…
It is observed that construction fees are growing too.
Наблюдается, что затраты на строительство тоже растут.
major risks – основные риски
Any field of real estate has its own major risks.
В любой сфере недвижимости есть свои основные риски.
pain point – уязвимое место
Sewage system is a pain point for many old houses and should be
examined carefully before the purchase.
Канализационная система является уязвимым местом во
многих старых домах и должна быть тщательно изучена перед
покупкой.
potential field of investment – потенциальная сфера инвестиций
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Real estate property is one of the potential fields of investment.
Недвижимость – это одна из потенциальных сфер инвестиций.
span of completion – срок реализации
Project has a span of 3−4 years of completion.
Срок реализации проекта составляет 3–4 года.
smth can be negotiable – что-либо открыто для обсуждения
Rental fee can be negotiable.
Арендная плата открыта для обсуждения.
smth can go wrong – что-либо может пойти не так
When you test new materials, much can go wrong.
Когда вы пробуете новые материалы, многое может пойти
не так.
smth determines – что-либо определяет
Your renovation skills determine the quality of house remodeling.
Ваши навыки ремонта определяют качество реконструкции
дома.
smth improves – что-либо улучшает
Strong management improves the work of construction brigade.
Качественное управление улучшает работу строительной
бригады.
smth includes – что-либо включает в себя
Real estate management includes many steps.
Управление недвижимостью включает в себя множество
шагов.
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smth is a great way to – что-либо является отличным способом
для того, чтобы
House flipping is a great way to earn income.
Флиппинг – это отличный способ заработка.
smth is a very critical component of – что-либо является важным
компонентом
To take a potential property damage into account is a very critical
component of tenant management.
Учет потенциального материального ущерба является важ-
ным компонентом работы с арендаторами.
smth is a very important aspect – что-либо является важным аспектом
To choose proper approach is a very important aspect of real estate
valuation.
Выбор правильного подхода является очень важным аспек-
том оценки недвижимости.
smth is associated with – что-либо связано с
The project span is associated with your management skills.
Сроки выполнения проектных работ связаны с вашими управ-
ленческими навыками.
smth is dependent on – что-либо зависит от
Materials expenses are dependent on a relationship with your sup-
pliers.
Расходы на материалы зависят от отношений с вашими по-
ставщиками.
smth is distinct from – что-либо отличается от
Landlords are obviously distinct from property managers.
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Арендодатели явно отличаются от управляющих недвижи-
мостью.
smth is only a fraction of – что-либо является лишь частью
Planning construction budget is only a fraction of real estate devel-
opment process.
Планирование бюджета строительства – это лишь часть
процесса развития недвижимости.
smth is required – что-либо требуется
Media management skills are very required now.
Навыки медиа-менеджмента сейчас очень востребованы.
smth relates to – что-либо относится к
Making a virtual replica for a building relates to construction inno-
vations.
Создание виртуальной копии здания относится к строитель-
ным инновациям.
the ability to oversee – возможность контролировать
The ability to oversee tenants is an important skill for a landlord.
Способность контролировать арендаторов является важ-
ным навыком для арендодателя.
there’s always a chance that – всегда есть шанс, что
There’s always a chance that a buyer needs a video-tour to a house.
Всегда есть вероятность, что покупателю нужна видеоэкс-
курсия по дому.
to absorb unforeseen costs – покрывать непредвиденные расходы
You need to plan your construction budget carefully to absorb un-
foreseen costs.
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Вам необходимо тщательно спланировать свой бюджет на
строительство, чтобы покрыть непредвиденные расходы.
to add value by renovation – повышать стоимость за счет ремонта
Real estate manager should know how to add value by renovation.
Менеджер по недвижимости должен знать, как повысить
стоимость за счет ремонта.
to afford smth – позволить что-либо
Many landlords don’t know how to afford a house renovation.
Многие арендодатели не знают, как позволить себе провести
реновацию дома.
to analyze with a critical eye – критически анализировать
Construction budget should be analyzed with a critical eye.
Бюджет строительства следует анализировать критически.
to ascertain – определять
By doing this you can ascertain the price behaviors of the curren-
cies you want to invest on.
Таким образом, вы можете определить поведение цен валют,
в которые вы хотели бы инвестировать.
to assign unit costs – определять затраты на единицу продукции
To assign unit costs is a first priority goal.
Определение затрат на единицу продукции является перво-
очередной задачей.
to become a landlord – стать арендодателем
Buying a house for further leasing doesn’t mean to become a land-
lord.
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Купить дом для дальнейшей сдачи в аренду – не значит стать
арендодателем.
to book a tour – забронировать тур
During the COVID it’s better to book an online tour than to visit
a house physically.
Во время COVID лучше забронировать онлайн-тур, чем посе-
тить дом лично.
to break down the project into tasks – разделить проект на этапы
If you break down the project into tasks, it will help you to plan
budget carefully.
Если вы разобьёте проект на задачи, это поможет вам тща-
тельно спланировать бюджет.
to buy up undervalued property – скупать недооцененную собственность
To buy up undervalued property is a way to earn income that not
every person can manage.
Скупка недооцененной недвижимости – это способ получения
дохода, который под силу далеко не каждому человеку.
to carry insurance – иметь страховку
It’s important for every property manager to carry insurance.
Для каждого управляющего недвижимостью важно иметь
страховку.
to change irrevocably – измениться бесповоротно
With the technologies development building construction changed
irrevocably.
С развитием технологий строительство зданий беспово-
ротно изменилось.
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