will be unaffected by gender. 13 The gender binary disappears discussions of gender diversity (men, women, trans-people, gender-diverse people) will emerge for inclusion. What is the future of GESI

factors when they select funds: funds with higher expense ratio tend to experience greater 11 inflows. When the subsamples are partitioned by tax status, the relationship disappears for tax- privileged

Investor Strategies for Incorporating ESG Considerations into Corporate Interactions www.blackrock.com www.ceres.org Century21st Engagement Investor Strategies for Incorporating ESG Considerations into Corporate Interactions [ 5 ] FOREWORD The Value of Our Voice ......................................................................................................................................... 1 How ESG Megatrends Are Shaping Valuation ...........................................................