There is no doubt the investment industry is changing. Over the past few years, private markets and passive strategies have grown rapidly. New asset classes, including green bonds and natural capital, have emerged. Regulation has shifted. And ESG and sustainable finance have come under greater global scrutiny. In the US, political actors have shown a willingness to use litigation to interfere in markets and prop up industries such as fossil fuels. That has created compliance uncertainty in some states, constrained collective engagement, and somewhat disincentivised the setting of formal ESG commitments.