Except 1. 'Environmental' covers being net-good for the environment, neither meaning not damaging the environment at all nor meaning resilient against environm

Except 1. 'Environmental' covers being net-good for the environment, neither meaning not damaging the environment at all nor meaning resilient against environmental changes. So it doesn't hedge anything. 2. 'Social' covers increasing the percentage of employees that are of disadvantaged minority groups, not decreasing the percentage of employees that are anonymously observed to be overpaid/incompetent. It's fun to pretend the one leads to the other, but in reality the exact opposite happens, as minority preference almost perfectly supplants network preference doing exactly the same thing in the same way. This one may as well be the 'G' of ESG, for 'Goodhart'. 3. 'Governance' is the only one that is actually a shareholder value, instead of a progressive-social-club value, and basically is there to launder the other two.