The past two years have seen a surge of interest in environmental, social and governance, or ESG, issues. That surge came with many companies talking up, productising and event-branding ESG. The net result is to have made the moment rather faddish. ESG critics have labelled the practice "woke". It is time to set the record straight: ESG is not a "woke" exercise. It is trust-building, it is boring work, and it is good for us.

There are widespread expectations for businesses to act, as the pressing issues of our time - climate change, social inequality, and ethical business behaviours - need sustained commitment to resolve. Regulators across Asia are stepping up ESG disclosure requirements: for example, financial institutions in Japan, Hong Kong and Singapore have announced climate reporting policies. Beyond increasing disclosure requirements, stakeholders are demanding real actions from businesses.