Rate the Raters 2023ESG Ratings ata CrossroadsTheSustainAbilityInstitutebyERMContentsForewordpage 4Executive Summarypage 51.The ESG Ratings Landscapepage 10Who (and What)Are ESG Ratings For in 2023?10Investors:The Top ESG Ratings Audience and Customer12Corporations:ESG Ratings'Main Target-and Key Partner122.Investor and Corporate Surveyspage 143.The Investor Surveypage 15Investor Views on Quality and Usefulness:Key Charts15Wide Variation in How Familiar Investors Are With Specific ESG Raters19Investor Assessments of ESG Rater Quality and Usefulness Are Changing20Investors Increasingly Use ESG Ratings and Data Because They Are Expected To Do So22Investors Use ESG Rating Products and Data Services More,but Rely on ESG Ratings Less224.The Corporate Surveypage 25Corporate Familiarity With ESG Raters Varies Widely28Investors Motivate Corporate ESG Ratings Participation29Corporations Seek Commonality Between ESG Raters30Corporate Perceptions Have Changed315.The Evolution of Investor and Corporate Perceptionspage 34Investors Have More Trust34Changing Perceptions over a Decade36March 2023Page 2 of 56