Which of these is NOT an ESG integrated valuation technique?

The technique of adjusting cash flows due to cash tax adjustments does not directly integrate ESG factors into the valuation process. This approach focuses more on financial aspects, such as tax liabilities and cash flow management, rather than social, environmental, or governance considerations that are central to ESG integration.

In contrast, the other options all involve making adjustments to valuation metrics in response to ESG-related factors. Factors such as employee engagement, governance ratings, and sustainability scores are essential components of ESG assessments, influencing an entity's long-term performance and risk profile. By considering these aspects, investors can better align their valuation techniques with sustainability objectives, thereby adhering to ESG-integrated valuation practices.