Pension funds are increasingly incorporating ESG (Environmental, Social, and Governance) criteria into their investment strategies as stakeholder expectations evolve. However, there is still debate about the extent and approach to ESG integration. The key question remains: "ESG to what end?"

While some argue that ESG factors can enhance performance and mitigate risk, others question whether these investments prioritize ethical "values" or financial "value." This ongoing conversation underscores the need for pension funds to align their ESG objectives with regulatory requirements and the pursuit of long-term returns.