Three large pension funds have issued a statement that companies and asset managers need to start taking ESG and sustainability seriously.

The California State Teachers’ Retirement System, The Japanese Government Pension Investment Fund and USS Investment Management have each signed a statement saying that companies that look to maximize revenue without taking into account ESG factors are not attractive investments for them. It also states that asset managers that look only at short term results and don’t take into account longer-term sustainability risks are not attractive investment partners. The statement goes on to say that while progress has been made, resistance to change remains strong and meaningful ESG disclosure and analysis is still the exception rather than the rule.

The statement was signed by Christopher J,. Ailman, CIO of The California State Teachers’ Retirement System. Hiromichi Mizuno, CIO of The Japanese Government Pension Investment Fund and Simon Pilcher, Chief Executive of USS Investment Management.