# （一）MSCI ESG Ratings

MSCI是全球最具影響力的ESG評級之一，也是眾多指數基金與投資機構的決策依據。其評鑑方法除了年度性的審查，更包含一套即時的爭議事件監控機制。

MSCI的評鑑框架中，在「治理面」下設有「企業行為」主題，其中特別強調「商業倫理」。在「商業倫理」項目下，MSCI會嚴格審視企業是否涉及反競爭行為、貪污、證券違規或高階主管不當舉措等爭議。<sup>3</sup>

在爭議事件追蹤機制方面，MSCI的ESG Research程序，每日皆監控著全球數千個媒體與非政府組織的資訊，以便對於企業的 ESG 爭議事件，進行動態更新與評級調整。若爭議事件屬於可能引發未來重大風險的「結構性問題」，將導致企業評級被嚴重扣分甚至除名<sup>4</sup>。例如福斯汽車曾因「柴油門」的造假事件，遭MSCI降至最低的CCC評級<sup>5</sup>，並受到富時羅素指數及道瓊永續指數（DJSI）除名。

{% hint style="info" %}
3\. MSCI ESG Ratings Methodology - MSCI, accessed July 7, 2025,
\
<https://www.msci.com/documents/1296102/34424357/MSCI+ESG+Ratings+Methodology.pdf>
4\. MSCI ESG Controversies and Global Norms Methodology - MSCI, accessed June 23, 2025, <https://www.msci.com/documents/1296102/14524248/ESG-Research-Controversies-Methodology.pdf>
5\. Volkswagen Downgraded To CCC - Long Finance, accessed June 26, 2025,
\
<https://www.longfinance.net/programmes/sustainable-futures/london-accord/reports/volkswagen-downgraded-to-ccc/>
{% endhint %}


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