Figure 4 The ESG information flow Large investors Industry Lobby regulators Investors and asset for mandatory Regulators managers fund Associations non-financial industry bodies reporting related to ESG Require ESG Impose investing non-financial reporting to issuers and asset managers Invest and Change Publish Asset engage regulation to ESG Corporations limit negative indices Manager externalities Deliver financial returns and Obtain ESG report on ESG data from corporations, directly and indirectly Advise on engagement Provide ESG ESG Index analysis to managers, Analysis Publishers investors and Providers other service providers Source: Barclays Research 14