As political backlash against the Environmental, Social and Governance (ESG) framework intensifies, the real questions facing corporate leaders are no longer about terminology or disclosure but about strategy, legitimacy, and resilience. Ioannis Ioannou, Associate Professor of Strategy and Entrepreneurship and Anna Lungley, Head of Sustainability Consulting at Fujitsu, join host Sergei Guriev, Professor of Economics and Dean of London Business School, to explore what the backlash reveals about deeper market failures and the evolving role of business in society. We examine how capital markets remain structurally misaligned with ecological and social realities, why many corporate commitments have proven fragile under pressure, and how sustainability has become a proxy for deeper power struggles within firms. With global standards in flux and investor expectations shifting, the conversation turns to what it means to lead through uncertainty and why silence, hesitation, or superficial rebranding may no longer be viable options. Rather than treating ESG as a compliance issue or communications challenge, this episode explores it as a systemic and strategic fault line – one that tests corporate purpose, governance, and the capacity to act with foresight in an era of disruption. For more thought leadership and business insights from London Business School faculty and alumni, visit ⁠⁠⁠london.edu/think⁠⁠⁠. Sign up to receive a curated selection of articles, podcasts and films direct to your inbox twice a month at ⁠⁠⁠london.edu/think/subscribe⁠⁠⁠. Follow us on social media: ⁠⁠⁠X.com/LBS⁠⁠⁠ ⁠⁠⁠linkedin.com/school/london-business-school⁠⁠⁠ ⁠⁠⁠facebook.com/LondonBusinessSchool⁠⁠⁠