[MUSIC] I grew up with VCRs kind of date me, right. I mean, but I grew up with VCRs and box cable and we didn't have internet at all, right. We had landlines. We didn't have cell phones. And so I could never, at that time imagine an environment in which all of this existed or could exist. So, I mean from that basis, what do you imagine is being the future of big data, ESG, technologies, regulation? How do you see or or how do you imagine this discipline and say five or 10 years? I understand it's going to evolve and there's a big question mark. But how do you imagine it? And I'd love to hear your view and I know you mentioned. Blockchain, you mentioned your analogy with Kickstarter Ari. I'd love to hear your take on what you see as being the vision for ESG and big data in the future and how investors might be participating or making decisions within that framework. >> Sure, well, in the next couple of years, especially if there's support with regulators. I mean, that's really going to change the conversation a lot. But it's certainly it's not going to be in a couple of years, it's not going to be a footnote or as a matter of fact, yes. We are compliant. I think it's going to become a requirement. If it's not going to be a requirement, I think it's going to come pretty close to being a requirement to the point where people are going to have to kind of come on board in order to be able to get the investor at the end of the day. So I think it's, again, it's not a question of if, it's a question of when and as new technologies evolved, I mean, we didn't even touch upon quantum computing. What is quantum look like when you try it? And with machine learning and NLP and all the other kind of different technology, what kind of outputs are we going to be? Are we going to be looking out the ESG? So I think the conversation is going to continue to evolve. It's certainly in the next couple of years. Again, if there's or from regulators, it's just going to speed that process up, I think, considerably. But I think we're definitely heading the right direction and certainly there's no going backwards. So, I think I'm to the industry. >> Yeah, that's terrific. It's really interesting you brought up a quantum computing as a part of this. I mean, if quantum computing becomes a more mainstream type of technology, then I think what surely mentioned earlier about having real time data would certainly be the case, not only real time, but cross currents of information real time. That would be really, really amazing. Sherly what do you see as your imagination and viewing ESG in five to ten years? I mean how do you see the landscape possibly transforming? >> But for ESPN I feel what's going to happen is more requirements for ESG metrics, so more reporting requirements and we are moving there. It's just been a very slow process. So currently we don't specifically have any generally accepted standards for what's required or some mentally line item reporting requirements. So without this, as Elena and Eddie mentioned, we are subject to immense greenwashing by companies so they can report what they want and similarly with hold what they want. So where I see the future moving is the mandatory requirement and in that same process, what I'm seeing now as well as what I anticipate will be in the future is what we call the ESG composite score. So investors won't just be focused on one view which is the company reported view of the EGS. The information that's coming from the companies themselves, but now we're going to see a composite score that incorporates that as a metric of what companies are saying as well as a metric of what they're doing. So does what they're saying align with what they're doing? And in order to capture what they're doing, investors are seeking this high quality data that goes beyond this company disclosures. And so using this unstructured data that exists and by incorporating technology to extract meaningful insights from that data, that's how we can really capture what companies are doing. So basically in addition to the required reporting standards there's going to be more input more they put on this concept of composite ESG score that indicates is a company doing what it's saying and vice versa. So are they in alignment? >> So do you think that if a company doesn't say there are rules that get established? Perhaps even laws that get established that compel companies to report exactly what it is that they're doing to eliminate any risk of greenwashing or misperception or otherwise distrust in their stakeholders. What do you see them getting fined for these kinds of things if they breach them somehow? Kind of like how Amy did with its biodiesel fuel or do you think that that would be some some kind of added deterrent to keep them aligned or in compliance with the rules that would be set out? >> The companies will no longer be able to be their exclusive author of their narrative. So if they're doing something wrong that's going to be captured by the external stakeholders. So there will be fines and there will be reasons for companies to actually do what they're supposed to do. And in other words to make sure that investors can invest responsibly because the companies are actually aligning with what they've promised to do. So my goal, my news is that greenwashing will no longer exist and that companies will hopefully be truly reporting what they're claiming they're doing. >> Yeah, that's it, it's really terrific. I mean you can really start to see a landscape start to take shape or start to form within a more discreet framework. I know mentioned impact being very different or on an individual level it can be simple or it could be complex. How do you foresee big data on ESG and technology regulations? How do you see the ESG investing framework given all these variables shaping out in say 5, 10 years? What's your vision of it, Elena? >> I mean my vision is that regulation and big data is going to wipe out ESG. [LAUGH] It will no longer be necessary because it will be part of everyday decision making for us as consumers, as investors, as business leaders. And I think it's about time that we get the accounting standards reviewed and introduce fourth main financial statement which would capture the most important ESG considerations and factors translated in financially material metrics. And then further details will be provided in the notes just like they are today for financial data. So I firmly believe, and that's my vision that within the next 5 to 10 years we'll get there. >> So this is really fascinating. This also eliminates, I suppose the whole idea of caveat emptor, right. I mean, it really eliminates as you would say with for greenwashing I suppose. The idea that there's buyer beware because the buyer would have every bit of information at their disposal to be able to know exactly what it is that they're buying. >> Exactly, they should. >> Yeah. Yeah, that's great, Eddie, what do you see as the future for ESG investing and big data and its role, technologies regulations, etc, five, ten years? >> Yeah, I think that my panel is pretty much summed up everything that I wanted to say. I just want to add a couple of more points. Big data is definitely in the technology, you're going to continue to play an enormous role. And I think it's going to help investors because it's going to provide a much fuller picture and and it's going to assist with ESG. It's going to just make it wholesome picture. And that's going to allow people to make more informed decisions and the regulatory environment for sure I think it's going to be required here in the US. Is just a matter of time. It's already happening in jurisdiction just as Selena mentioned before. So it's here to stay I think it's going to happen globally honestly. And finally you know in 5 to 10 years I do see sort of emerging as Elena alluded to of ESG metrics into overall analysis. I think it's going to be one of the manufacturers that people are going to take a look at. And the importance put into it is going to be invaluable because we're already seeing how it affects in the longer term for companies and the performance. So yeah, I think it's here to stay in it's going to become part of the everyday analysis. >> My takeaways from this is that ESG investing along with technology and big data is evolving. And as it evolves we can see perhaps along the way vision towards transparency, greater reporting requirements, regulatory requirements standards. That helps to eliminate greenwashing, helps to eliminate the idea of buyer beware. And perhaps even technological advancements in the directions as Ari had mentioned earlier about Blockchain and perhaps even quantum computing.
