One of the City’s top stewardship figures has said the term ‘ESG’ should be consigned to the history books, following a fierce backlash, which has prompted some of the industry’s highest-profile figures to stop using the initialism.

“I have never liked the letters ESG. I think they have been so misused and abused that it wouldn’t harm for them to quietly go away,” Leon Kamhi, head of responsibility at Federated Hermes Limited told Financial News.