In case you have not noticed, we are not a fan of the framework that guides stakeholders in determining the best method to minimize risks and maximize returns associated with sustainability initiatives known as Environmental, Social and Governance (ESG). Although most listed companies have embraced the ESG framework as shown by the notable compliance rate, we should remember that everything that shines is not gold. Greenwashing has been a common practice by some listed companies as they use ESG as a marketing platform to promote themselves rather than to serve stakeholders. It conveys a false impression or deceptive information about products, services and business practices and makes the most of the ESG investing movement. But we should neither be obsessed nor absorbed by the dark side of ESG. We should give the benefit of the doubt by accepting something that is deserving of our trust despite the doubts. One of these is the ESG project of a listed company that is for the greater good of the greatest number and should be judged whether the results of the policies benefit the majority. Brought about by land degradation, garbage pollution and waste accumulation, we want to acknowledge the social impact of the environmental cleanup and pollution control advocacy project of San Miguel Corporation (SMC) known as Better River Philippines. It is worth mentioning that this is considered the most extensive river dredging activity by a non-governmental organization as it has removed 7,746,723 cubic meters of waste and silt covering 127.86 kilometers of waterways as of 30 September 2024. The resolution is understandable, the execution is commendable and the outcome is admirable as it would decrease flooding, increase waterways and protect ecosystems for future generations. This extensive river dredging by SMC is a laudable ESG project worthy of emulation by the other listed companies because it is implemented at no cost to the government or the taxpayers. Although the ESG projects of the other listed companies deserve to be mentioned, most of them can be considered as minimum practices such as reaction to industry trends, baseline standards and nominal commitment. Whereas the extensive river dredging by SMC can be regarded as a next-level practice because it is the total integration of ESG into its company strategy and business operations. This shows beyond doubt that not all ESG are created equal. Some of them are for real while some of them are for reel.
