Evolution Rather Than Revolution — Integration of ESG into the Fundamental Value Equity Investment Process

The Fundamental Value Equity team at State Street Global Advisors has a long history of ESG investing. The team has run a number of exclusion-based mandates since the 1980s, while our long-standing fundamental investment approach and governance activities involved implicit consideration of ESG issues across our broader suite of products. This paper explores the evolution of our process in a changing environment.