没理解题意

问题如下：

A fund management entity that advances clients' engagement activities even if not investing the clients' funds is best described as:

选项：

A.a proxy firm.

B.an overlay service provider.

C.an ESG investment consultant.

解释：

B is correct. Overlay service providers (such as Columbia Threadneedle Investments and Sustainalytics) provide stewardship overlay services, such as voting advice and direct engagement activities, for clients regardless of whether they invest funds on the clients' behalf. Proxy advisers (such as ISS and Glass Lewis) provide voting advice and assist with processing votes but don't directly advance engagement on their clients' behalf. ESG investment consultants (such as Mercer) typically rate the ESG expertise of fund managers.