ESG is just a money pit big companies love. A large multinational with a massive portfolio hire some specialists that keep the civil servants happy and produce thick reports that management can wield at anyone objecting. They are masters at a game that serves no purpose but crushing their smaller competitors. Small companies cannot afford a large and specialized ESG department which means they wing it and often lose out in the process. ESG helps the big fish to crush the small fish.
Ethical investing has attracted a lot of attention and funds in recent years, but the debate continues on whether it delivers superior investment returns.