A recent study found that ESG investment fund portfolio companies had significantly more labor and environmental violations than non-ESG funds portfolio company. Aneesh Raghunandan & Shivaram Rajgopal, Do ESG Funds Make Stakeholder-Friendly Investments?, Harvard Law School Forum on Corporate Governance (May 15, 2021), https://corpgov.law.harvard.edu/2021/05/15/do-esg-funds-make-stakeholder-friendly-investments/. The supposedly ESG friendly portfolio companies also paid higher fines for those violations than the non-ESG fund portfolio companies. Id. The former also exhibited worse performance on carbon emissions. The authors conclude that their “results undermine such funds’ claims that they are picking socially responsible stocks for inclusion and suggest substantial greenwashing on the part of ESG funds.” Id. Noting that “ESG funds (i) obtain lower stock returns but (ii) charge higher management fees, the authors posit that “ESG funds may simply represent a way for asset managers to command higher management fees in what has increasingly become a low-fee industry.” Id.