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16 Va. L. & Bus. Rev. 423 (2021-2022)
Toward Enhanced Corporate Sustainability Disclosure: Making ESG Reporting Serve Investor Needs

handle is hein.journals/valbr16 and id is 437 raw text is: VIRGINIA LAW & BUSINESS REVIEW VOLUME 16 SUMMER 2022 NUMBER 3 TOWARD ENHANCED CORPORATE SUSTAINABILITY DISCLOSURE: MAKING ESG REPORTING SERVE INVESTOR NEEDS Dan Estyt and Todd Corttt ABSTRACT Interest in metrics that track corporate sustainabiity performance has nsen dramatically in recent years. Driven in part by sustainability- minded investors who want to better align theirporfolios with their values and in part by corporations that seek to show how they have folded afocus on sustainabiity into their business models, the growth of corporate Environmental, Social, and Governance (ESG) reporting has become a topic offocus and concern in the finance world. Notably, in the absence of nidey appl cable and consistent ESG reporting requirements, those aspiring to make sustainable investments face a dizjying array of corporate ESG disclosures as well as sustainabiity metrics produced by third-par y data firms. And they have come to recognize that the available ESG data are both incomplete and inconsistent-and sometimes even outright misleading. With the demand for firmer foundations for sustainable investing in mind, this article maps the ESG terrain-laying out the critical issues, highlighting the shortcomings of existing ESG reporting, and identifying what investors want in the way of sustainabiity data. Building on this analysis and a survey undertaken by the Yale Initiative on Sustainable Finance, the Article concludes with a set of recommendationsfor improved corporate ESG metrics and methodologies. t Hillhouse Professor of Environmental Law and Policy, Yale University; Co-Director, Yale Initiative on Sustainable Finance. tt Lecturer in Sustainability, Yale School of Management; Co-Director, Yale Initiative on Sustainable Finance. Copyright © 2022 Virginia Law & Business Review Association 423

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