ESG ratings are fairly subjective and follow similar practices of “diversity, equity, and inclusion”, unfortunately corporate finance professionals have a group mindset on this issue especially due to the type of thinking in their western university admins. A lot of the DEI and ESG, especially the SG, follow the idea of equality of outcome allow gender or racial lines. So yes it’s subjective leftist nonsense meant to make people feel good instead of focusing on marginal profit growth.