I have a couple of questions:

1. To what extent do you think government regulation and policy influence the capacity for ESG investing to generate alpha? That is, will early adopters of sustainability programs outperform their less proactive counterparts primarily due to minimizing the costs of forthcoming regulation, or are there other reasons to believe they will outperform?

2. There are now multiple indices incorporating ESG issues. Dow Jones, MSCI, FTSE4good, Calvert Social Index, etc. Is there any information sharing happening to create a more unified index that overweights corporations with best practices and underweighting those that are lagging? Are there major differences between these indicies?