Should corporations be managed to benefit society overall or solely to benefit their shareholders? The modern trend toward “environmental, social, governance” (ESG) investing has breathed new life into one of the oldest debates in corporate law. Ann M. Lipton, Michael M. Fleishman Associate Professor in Business Law and Entrepreneurship and Associate Dean for Faculty Research at Tulane University, situates ESG investing within the broader field of corporate & securities law and explores the controversies surrounding its use.