I will look at each of these questions in turn but before I do it is critical to understand the background and context for the ESG debate. There are four parts to this. First, that ignoring ESG red flags is risky. Second, that high ESG rankings can signal financial outperformance. Third, that existing capital allocation is not aligned with a sustainable world, and hence needs to change. Fourth, that because most capital allocation happens within firms, investors as owners can and should influence this through stewardship.