on incomplete information, public shaming, and shunning wrapped in moral rhetoric,” said Hester Peirce, a straight-talking commissioner at America’s main financial regulator, the Securities and Exchange Commission, in June. She was taking aim at the scoring systems that purport to assess firms’ performance based on environmental, social and governance factors. Yet love them or hate them,scores are becoming ever more important in the world of investing and capital markets.
Mark Carney, the governor of the Bank of England, has championed better disclosures by firms on climate change. Chris Hohn, the head of, a London-based hedge fund famous for its hard-headed approach, has outlined plans to vote against the directors of companies that fail to reveal their carbon emissions.All this is fuelling demand forratings, which create a single score from disparate non-financial indicators, such as a firm’s carbon emissions or the share of its board members who are female.
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