Comparing ESG standards begins with reciting the sustainability alphabet. In 1988, Friedman’s doctrine exalting shareholders over social responsibility was challenged by a concept called social capital, which persuaded companies their public image could affect profitability as much as the cost of production. The worldwide condemnation of Apartheid and businesses allowing it proved this point. After the Exxon Valdez oil spill in 1997, companies became acutely ...