There has been a broad-based increase in ESG investing in recent years, with a proliferation of ESG products, funds, and metrics. According to Morningstar, 256 funds repurposed or rebranded as ‘sustainable’ in 2020, and in Q1 of 2021, the total is already over half of the previous year’s increase. Part of the rebranding is to attract and invigorate fund flows. But something remains to be answered: how do we differentiate between meaningful and ‘ESG light’ investing? Complicating this new wave of socially conscious investing is the fact that the SEC does not regulate how the ESG label is applied. Independent measurement and rating companies are trying to fill the gap. In this dialogue, we will evaluate the complexities and opportunities in bringing rigor to ESG investing, with a focus on S.