I would like to pick up on the point that Jeroen made that "firms that do “full” ESG integration in its overall research and investment process are in the minority."

I agree with him but am continually frustrated by asset managers who, in my view devalue the term 'integrate' by applying it to all manner of post-trade analytics and quantitative back-testing.

How can definitions and then market mechanisms be developed that differentiate between:
* fundamental, bottom-up, stock-by-stock / sector-by-sector adjustments to 'fair values' / 'target prices' based on the application of sustainability and corporate governance information (what I believe to be 'integration') to valuation models and...
* all of the other ways that sustainability and corporate governance information is applied to investment processes (e.g. ratings, engagement strategies, proxy voting, screening etc.) - all valid strategies but not 'integration'