The ‘S’ in ESG must stand for social well-being that includes mental health

IN BUSINESS boardrooms and sustainability reports, ESG (environmental, social and governance) has become mainstream. Investors and policymakers now routinely demand disclosures on carbon footprints, labour practices and board diversity. Yet within the “S” of ESG, one vital element remains under-analysed and under-disclosed: mental wellness.

Since the acronym entered the corporate lexicon two decades ago, ESG’s social dimension has often defaulted to easily quantifiable metrics – injury rates, wage levels, gender or ethnic diversity metrics.

For example, the International Labour Organization and the World Health Organization (WHO) have long tracked workplace injuries, rights violations and gender parity as indicators of workplace fairness. While these measures are undeniably important, they neglect the subtler, yet no less material, dimension of mental well-being.