BIS paper finds benefits from ‘deconstructing’ ESG scores

ESG investment

Asset managers can overcome the inconsistencies of environmental, social and governance (ESG) scores by “deconstructing” them, a working paper published by the Bank for International Settlements finds.

Authors Torsten Ehlers, Ulrike Elsenhuber, Anandakumar Jegarasasingam and Eric Jondeau note aggregated ESG scores combine “fundamentally different” factors that can offset each other. Instead, they propose building ESG-focused portfolios using the underlying data.

The paper uses data on 186

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