According to an academic study conducted in 2020, five of the major environmental, social and governance (ESG) ratings agencies differ greatly in how they treat different underlying ESG issues when determining their ESG scores. Looking at the ESG frameworks of Sustainalytics, Vigeo, RobecoSAM, Asset4 and MSCI, it can be seen that the overall scores only have a correlation of 0.54 (where one is a perfect match). Looking at each category separately (the E, S and G) shows even greater divergence, with social issues being the lowest at only 0.46. Note this is an aggregated score - the distinction between each provider is even greater.
Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category
Characteristic
Correlation (1 = perfect match)
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Statista. (May 18, 2020). Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category [Graph]. In Statista. Retrieved July 16, 2024, from https://www.statista.com/statistics/1268025/correlation-esg-scores-category/
Statista. "Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category." Chart. May 18, 2020. Statista. Accessed July 16, 2024. https://www.statista.com/statistics/1268025/correlation-esg-scores-category/
Statista. (2020). Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category. Statista. Statista Inc.. Accessed: July 16, 2024. https://www.statista.com/statistics/1268025/correlation-esg-scores-category/
Statista. "Correlation of The Environmental, Social and Governance (Esg) Scores of Five Major Ratings Agencies Worldwide in 2017, by Category." Statista, Statista Inc., 18 May 2020, https://www.statista.com/statistics/1268025/correlation-esg-scores-category/
Statista, Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category Statista, https://www.statista.com/statistics/1268025/correlation-esg-scores-category/ (last visited July 16, 2024)
Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category [Graph], Statista, May 18, 2020. [Online]. Available: https://www.statista.com/statistics/1268025/correlation-esg-scores-category/
