“Daniel Cash’s timely book pivots around the importance of Signalling Theory to the nascent and evolving field of ESG ratings. From the humblest of beginnings, ESG could be framed as “hit or miss” signalling theory to the complex global investment chain. In 2004, we had zero idea where ESG would end up, but we were determined to change the investment conversation so that evolving systemic risks – climate, ecosystems destruction, extreme global inequality, social injustice – were seen as material and relevant to fiduciary duty, as well as investment policy and investment decision-making. Nor was ESG just about risk: from the outset our thinking was that if you understand new, evolving, converging risks well, then the investment and business worlds would have a better understanding of the multi-trillion-dollar sustainability markets emerging from clean energy, through regenerative agriculture and on to resilient infrastructure and so much more besides. ESG was and always has been both sides of the risk-reward coin.”