Ivey Alumni Confront ESG Headwinds at 16th Global Ivey Day
On May 8, Ivey alumni and corporate sustainability leaders gathered at BDC’s headquarters in Toronto for the 16th Global Ivey Day to explore the future of ESG in a changing world. The session, Corporate Sustainability in a Time of Turbulence, addressed how organizations are navigating sustainability commitments amid rising political, regulatory, and market pressures.
Keynote: Has the Financial Sector Ghosted ESG?
Sandra Odendahl, Senior Vice President and Head of Sustainability, Diversity & Partnerships at BDC, opened the event with a keynote titled Has the Financial Sector Ghosted ESG? Or Is It Just Taking a Breather?
Odendahl traced the financial sector’s decades-long relationship with ESG — highlighting the environmental risk assessments in the 1990s and the rise of green bonds in the 2000s. While recent years have brought public backlash, she emphasized that the core drivers of ESG remain intact.
“Climate risk isn’t disappearing,” she said, noting that insurance companies are already warning about uninsurable regions due to extreme weather. “We’re seeing a return to basics — integrating environmental risk into core financial practices.”
She described a shift toward “green-hushing,” with companies downplaying ESG messaging amidst tumultuous political narratives while continuing to invest in clean energy, climate resilience, and sustainable infrastructure.
Panel: A Frank Conversation on Sustainability’s Future
A panel of Ivey alumni unpacked how Canadian organizations are navigating the evolving ESG landscape. Moderated by Eric Saarvala, EMBA '17, Co-lead Ivey Alumni Sustainability Community & Head, Corporate Sustainability, Raymond James Ltd, the panel featured:
- Jeremiah Pariag, EMBA ’25, Indigenous Engagement Practice Lead, HDR and Sustainability Instructor, Western University
- Lisa Annabel Ellis, MBA ’06, Founder and President, YellowYellow Advisory
- Teanne von der Porten, MBA ’05, Executive Director, ESG Services, KPMG
Noting that within a turbulent and fast-changing environment, there are humans working each day, Saarvala brought this humanity to the discussion, beginning with a candid “mental health check-in” to explore how sustainability practitioners are feeling and staying resilient amid uncertainty.
“I’m happy the ESG fanfare is over,” von der Porten admitted. “Now we can get back to work. Climate risk isn’t going away.” Ellis echoed this steady resolve, noting global markets like Japan and Europe continue pushing forward. Meanwhile, Pariag acknowledged initial discouragement but found inspiration in those resisting rollbacks of sustainability efforts.
The Evolving ESG Landscape: Greenwashing, Green-Hushing, and Adaptation
The ESG landscape is in flux, with many organizations scaling back their public-facing commitments. In some cases, companies are rebranding their efforts under new terminology or removing explicit ESG references altogether — particularly in the U.S. “There’s fear and reactivity,” said Pariag. “Some companies are retreating from sustainability messaging, but those who understand its long-term value are finding ways to integrate it more strategically.” Von der Porten added, “Companies that were only checking a box are pulling back. Many lacked a forward-thinking vision from the start — but those with ESG embedded into their core are doubling down.”
A key part of this shift is linguistic. “We’re calling it ‘sustainability’ again because it’s less politically charged,” said Von der Porten. “Public communication may be quieter, but the work is still happening.” This perspective was echoed by a financial sector audience member who shared, “It’s business as usual in banking — the language has changed, but priorities like vehicle electrification and supply chain decarbonization remain firmly in place.”
This rebranding, however, raises questions about transparency and accountability. “When commitments are rescinded but the actions remain the same, it starts to look like green-hushing,” Ellis cautioned. She noted that despite a “total reversal in all public-facing ESG projects,” regulatory frameworks are still compelling companies to comply. Some business leaders, she added, are driven by more than regulation: “They want to leave a legacy for their children and see sustainability not just as a responsibility, but as a competitive advantage.”
DEI programs have been among the first visible casualties. The panel noted that some organizations have skipped publishing a corporate responsibility report this year, despite continued efforts. They explained it as a “reframing,” one many companies are navigating amid polarization. They’ve observed that, in some U.S. regions, ESG is seen as a liability and companies are trying to find a middle ground. Pariag echoed this “fear and confusion,” especially among organizations with operations in geographies that are more politically charged, some of which are scrubbing messaging entirely.
Yet two areas show resilience: companies retaining DEI efforts are better positioned to attract and retain talent, and Indigenous engagement remains robust. “Indigenous reconciliation is not optional,” said Pariag, citing legal and constitutional obligations. An audience member working in First Nations economic development confirmed this, pointing to increased hiring and training efforts—evidence that Indigenous engagement is holding steady even as other DEI initiatives waver.
The “Buy Canada” Opportunity
U.S. political and regulatory shifts are influencing how Canadian organizations approach ESG. Panelists noted a rise in regionally focused strategies—some companies are producing Canada-only impact reports or delaying traditional ESG disclosures. “Environmental reports started small and grew,” said Von der Porten. “Now they’re being pared back—less storytelling, more focus on core metrics. That’s not necessarily a bad thing.”
This reset includes rethinking language, tactics, and value propositions. “We can’t just rely on sustainability messaging alone,” said Ellis. “We need to demonstrate bottom-line impact and be clear about why this work matters.” Amid this recalibration, U.S. tariffs have also triggered a shift in supply chain thinking, giving rise to what several panelists described as a growing “Buy Canada” movement.
There’s also momentum around local and Indigenous sourcing as procurement priorities evolve. “Tariffs create space for innovation. They also force us to focus on circularity and on building local partnerships, especially with Indigenous communities, the original stewards of our land,” said Ellis.
Looking Ahead: ESG’s Next Chapter
As the panel looked to the future, a clear theme emerged: ESG is maturing. No longer just about optics, it’s increasingly about operational relevance and long-term resilience. “ESG still matters to investors,” said Ellis. “But to create real value, it has to matter to customers too — and that means making it tangible. Climate risk, certification, transparency — those are what drive decisions now.”
Von der Porten emphasized that climate-related risk management will be a critical value lever going forward. “If you haven’t analyzed your climate risk, you’re already behind,” she said. “That’s where the value is.”
As disclosure frameworks evolve, companies are under pressure to do more — and prove it. But panelists and audience members alike expressed fatigue with the reporting treadmill. “Reporting had become a marketing exercise,” said von der Porten. “Now, we’re scaling back to core metrics and operational impact. It’s a more practical — and arguably healthier — approach.”
Attendees echoed the need for authenticity: “These are decision-making documents, not promotional brochures. We should be able to report setbacks too — and explain why they happened.”
In a rapid-fire close, panelists predicted that ESG success will hinge on:
- Resilience planning: Companies that prepare for disruption will gain an advantage
- Authenticity and transparency: Stakeholders value clarity over perfection
- Strategic focus: Those scaling back ESG risk losing talent and relevance
One participant captured the mood: “This isn’t about ESG for the sake of ESG. It’s about economics, risk, and competitive advantage. That’s what will separate the leaders from the laggards.”
Closing Thoughts: From Reporting to Results
Despite the turbulence surrounding ESG, the session affirmed that sustainability is not a passing phase — it’s a core business imperative. While language may shift and political pressures rise, the fundamentals remain: stakeholder trust, risk mitigation, and long-term value creation.
“The micro of the ‘E’ and the ‘S’ are deeply connected,” Saarvala noted. “When climate events happen, it’s people who are impacted. That interdependence is only becoming more visible.”
The clear takeaway? This moment is not a retreat — it’s a reset. Companies that double down on strategic, authentic ESG practices will be the ones best equipped to navigate uncertainty and lead with impact.
Acknowledgments
The event concluded with thanks to BDC for providing a welcoming venue that fostered meaningful dialogue among Ivey Alumni attendees. Appreciation is also extended to Ivey’s Multi-Media Specialist, Brandon MacIntosh, for photo capturing the event.
16th Global Ivey Day
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