That’s not ESG’s only challenge. It’s not yet clear whether investors understand the strategy. Contrary to popular perception, ESG isn’t about values or promoting change. Instead, it’s a quantitative strategy positing that companies with fewer environmental, social and governance risks have a less volatile or better-performing stock, or both. In other words, it’s about making money. ESG cares about green policy or community impact or board diversity only insofar as they benefit shareholders. Otherwise, out they go, never mind your values. 

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