And while we are on the subject, remember that if you put a GEC inside a metallic (not just ferrous) raceway, you need to bond the GEC to the electrically continuous raceway at both ends.
If the raceway (or metal protective sleeve which looks suspiciously similar to raceway) is not itself continuous, you would need to bond the GEC to each end of each segment or bond the segments together.
Reason: A metallic raceway will allow a flow of current around the circumference of the raceway which causes it to act as a choke (inductive impedance) which can decrease the conductivity of the GEC for lightning spikes and other high current events and to potentially heat up drastically from the circulating current. The raceway is a one turn transformer secondary linked to the fractional turn of the GEC itself.
If the raceway is ferrous as well, there are other possible effects, also bad.
Allowing the fault current to flow through the sleeve instead of the GEC inside it avoids these effects.