The market for ESG ratings is in a state of flux. Morningstar recently acquired Sustainalytics, CVC invested in Ecovdais, and RobeccoSAM's ESG business was acquired by S&P earlier this year. Previously, Moody's major shareholder of Vigeo Eiris and Oekom Research was acquired by voting rights advisor ISS. This illustrates the future importance of ESG ratings. They will probably soon take on a similar position to equity research and credit ratings.