Commentary
This is the second installment of a three-part commentary on ESG investing. The first installment, “The USA Should Clarify the ‘E’ in ‘ESG’ and Use Carbon Standards to Our Advantage,” was published on May 25.
SOURCE:  “Through the Looking Glass” by Lewis Carroll. (Wikimedia Commons, public domain.) 
After that statement in the illustration, Lewis Carroll went on to write:
“The question is,” said Alice, “whether you can make words mean so many different things.
“The question is,” said Humpty Dumpty, “which is to be master—that’s all.”
As we explained in May, when we discussed the “E,” or the “environmental” aspect of ESG investing, the standards for “environmental, social, and governance” investing  are nebulous, and allow wide interpretation, even sophistry. As Humpty Dumpty goes on to explain to Alice about words, “… adjectives you can do anything with.” And the first two of the three words in “environmental, social, and governance” are adjectives, while “governance” is a noun….