I'm talking about every institutional investor. They're all subject to the same pressures to improve relative performance compared with each other. The energy and time they put into improving the outcomes in one company will raise the value of the index they're being marked against, but they tend not to be involved in firm-specific governance of any kind.
ESG is not unusual in this respect. They just don't do it. When we look at the way they do ESG investing, we see a similar sort of lack of attention. They tend to be more focused on picking stocks and trading them.