Traditional investment analysts most often take into consideration governance factors among the three ESG factors. Governance factors are typically viewed as critical to the operational and financial stability of a company.

Corporate Governance: Governance factors include the structures and processes for the direction and control of companies, such as board composition, executive compensation, audit practices, and shareholder rights. These elements are directly linked to a company's accountability and integrity.

Risk Management: Effective governance practices help mitigate risks related to fraud, mismanagement, and regulatory non-compliance. Analysts focus on governance to ensure that the company is managed in a way that protects shareholders' interests and enhances long-term value.

Performance Indicators: Strong governance is often correlated with better financial performance and reduced volatility. Companies with robust governance structures are perceived as more reliable and are thus more attractive to traditional investment analysts.