
In June 2004, at the invitation of the UN, a group of asset managers, banks and insurance firms launched a 60-page report called “Who Cares Wins”. In the introduction, a phrase was used for the first time that would change the face of investing.
“Analysts are asked to better incorporate environmental, social and governance (ESG) factors in their research where appropriate,” it said, marking the first mainstream mention of the term ESG.
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