For those who care about environmental, social and governance considerations, watching the glacial progress towards standardised ESG disclosures has been frustrating.

There are more working groups, task forces, frameworks and roadmaps than you could shake a stick at (I have never tried shaking a stick at a working group, and it would probably get me fired, but you get the idea).

Dare I suggest that we might even spare some sympathy for the Financial Conduct Authority, which has the job of turning all the reams of recommendations and principles by such authorities as the Task Force on Climate-Related Financial Disclosures, International Sustainability Standards Board, International Organisation of Securities Commissions, and a score of others into a disclosure regime that is both straightforward and nuanced, stringent but flexible, endorsed by experts yet clear to consumers?

It is a tough job, but a hugely important one. What is at stake is the credibility of ESG itself. Is it a movement, or a marketing ploy?

Our own research suggests that advisers are not cynical about the notion of ESG itself (four-fifths think investments should make a positive difference as well as a financial return), but they are sceptical about ESG claims, and if the FCA’s ‘Dear Chair’ letter last year is anything to go by, they are right to be.

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