The article delves into the complexities of governance within the framework of environmental, social, and governance (ESG) criteria, emphasizing that governance is a critical area often overlooked in discussions about business ethics and performance. It highlights the cultural context of Mexico, referencing Brozo, a national character who famously stated that power should be questioned rather than applauded, which underscores a broader principle that applies not only to governments but also to corporate governance. The piece notes that while the concept of separating ownership and control in businesses is over ninety years old, it became a mainstream conversation only recently, particularly after Larry Fink's influential letter about financial reshaping.

The article points out that in Mexico, discussions surrounding ESG have gained traction, yet there is still a significant gap in understanding and implementing effective governance practices. It suggests that for companies to truly embrace ESG principles, they must identify governance as a key component, ensuring that governance structures are robust, transparent, and accountable. This necessity is particularly crucial in the wake of growing scrutiny from investors and the public regarding corporate responsibilities and ethical standards.

Ultimately, the article emphasizes that neglecting the governance aspect of ESG can lead to vulnerabilities for companies, akin to an Achilles heel. Without a strong governance foundation, businesses risk undermining their sustainability efforts and alienating stakeholders, which is increasingly critical in today's corporate environment.