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ESG is in the eye of the beholder
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The ESG universe has expanded dramatically in recent years and it looks like it is here to stay. The sustainability motto proliferated very quickly and the various market participants eagerly embraced ESG integration, but its definition and consolidation lagged behind. The initial voluntarism brought out the subjectivities and nuances of each law, culture and national institutions resulting in enhanced heterogeneity and sometimes incompatibility between jurisdictions. In this context, it is especially noticeable that fiduciary law may represent an obstacle to the receipt of ESG factors according to the legal system in question. Alongside the diversity of approaches to sustainability issues, typical phenomena arise from the ESG framework's ambiguity and lack of planning, namely the contradictory corporate performance scores presented by distinct rating agencies and the greenwashing practices. In this sense, as more and more supporters of sustainable policies emerge, proportionally the skepticism among the dogmatic ones grows due to confusion and uncertainty which weaken the credibility of ESG practices. On top of that, only recently a concern to regulate the ESG market has arisen, so its real potential is yet to be explored.