Ian, thank you for doing a review of our book. I particularly appreciate your opening reference to the PRI framework, which is a useful reminder of the clarity available on this subject if one does some homework.

We don't argue with your view that our book 'creaks' under the strain of attempting to keep ESG and SRI separate. In our review of academic research we tried to separate ESG from SRI papers, but different researchers use the terms differently, and we felt it was unwise to change their terminology.

One important clarification we'd like to make. You state in your review that '"...it assumes that an SRI approach is preferable and more impactful than an ESG integration plus engagement/proxy voting approach. This is opposite to early results from my own research on institutional investors’ proxy voting."
We are actually wholeheartedly in agreement with you and your research - we do not believe an SRI approach is more impactful. It might be that some investors prefer an SRI approach, but our point was that they then would be preferring to align their own views rather than drive corporate change.