"But ESG appears to isolate non-fundamental attributes that have real earnings impact: these attributes have been a better signal of future earnings volatility than any other measure we have found… US financials that did not survive the global financial crisis saw disproportionate ranks for diversity, shareholder rights and compensation policy."

[COMMENTARY] Finally, what is common sense –that poor ESG factors can have a negative influence on corporate financial performance — has been found to be true in this Bank of America Merrill Lynch study.
ESG ‘best signal′ for future risk in equities, by Jessica Tasman-Jones, June 29, 2017, Fund Strategy, USA.