This is a good article and refreshingly authentic.

And it is understandable that investment professionals - trained to look for alpha and paid to do so - would focus on "ESG alpha".

What is often ignored is that the "ESG beta" may be what adds most value to end beneficiaries, especially in emerging markets where the public are arguably at most immediate risk from unsustainable development paths.

As I said this is a good piece but it, rather typically, ignores the stewardship angle.

I wrote the following about the emerging water crisis in 2012 and things have only got worse:

http://www.ipe.com/long-term-matters-its-the-water-stupid/43515.fullart…

As we have recently seen in Brazil:

http://www.ipe.com/analysis/long-term-matters/long-term-matters-can-inv…

It would be really good to see the CFA Institute widens its viewpoint on this question whilst these "surprises" are still preventable.