In recent years, a new movement has shaken the world of finance. Many investors are no longer interested in the financial return on their investments alone, but they want to feel that they are investing in companies that align with their ethical values. In response, a new metric was created: the ESG score, which attempts to measure the environmental, social, and governance factors and attitudes present in any given company.

A few years ago, it was discovered that Morningstar, one of the most prominent of the agencies that create and rank ESG scores, was disproportionately giving companies that are located in or do business with Israel lower scores. After discovering this systemic practice, Scott Shay, the chairman of Signature Bank, worked together with leaders in the Jewish institutional world to confront Morningstar and persuade it to stop. On this week's podcast, in conversation with Mosaic editor Jonathan Silver, he tells the whole story.

Musical selections in this podcast are drawn from the Quintet for Clarinet and Strings, op. 31a, composed by Paul Ben-Haim and performed by the ARC Ensemble.