ESG Investing

Online
Essay
Aggregating Values: Mutual Funds and the Problem of ESG
Adriana Z. Robertson
Adriana Z. Robertson is the Donald N. Pritzker Professor of Business Law at the University of Chicago Law School.
Sarath Sanga
Sarath Sanga is a Professor of Law at the Northwestern University Pritzker School of Law and the William Nelson Cromwell Visiting Professor of Law at Harvard Law School.

We thank Jill Fisch, Kate Judge, Elizabeth Pollman, Christina Skinner, David Weisbach, and the University of Chicago Law Review Online team for valuable suggestions and discussions. This Essay benefited from comments by workshop participants at the 1st Annual Women in Law & Finance Conference. Talla Khelghati provided exceptional research assistance. All errors are our own.

What does it mean for a fund to deliver ESG results to its investors?