A fund manager friend of mine once showed me two ESG rating reports on the same Indian cement company, from two different global rating agencies. One had the company near the top of its sector. The other had it near the bottom. Same company. Same quarter. Same publicly available data. "Which one do I trust?" he asked. "Neither, fully," I said. "But that's the job, isn't it?" This is the strange world ESG ratings live in. They carry huge influence — investors use them to alloc