Twenty years in sustainability, and nearly ten with Leaders Arena

By Heather Keough

Two milestones have prompted me to reflect on what has changed in sustainability, and what has not. In 2026, it is 20 years since I made sustainability and ESG the focus of my career, while Leaders Arena is celebrating its tenth anniversary. I joined the firm just a few months after Miguel founded it in 2016, and have had the privilege of working alongside him to help shape and grow Leaders Arena ever since.

Coming to this work from a finance background, I’ve seen a field reinvent itself several times. I’ve watched the terminology change, investor approaches evolve, corporate buy-in ebb and flow, regulatory efforts advance and retreat, global adoption grow, and stakeholder expectations shift. I’ve also seen the conversation around value creation become much more sophisticated, even as sentiment has moved between enthusiasm, expectation and skepticism, sometimes encompassing all three at once.

I started in ESG on the investment side, where many of the expectations placed on companies were taking shape. Much of the work was about figuring out what these emerging issues meant for companies, portfolios and long-term value, and then translating an evolving set of expectations for investment teams and the wider organization. I spoke directly with many companies that had no clue what ESG was and why it was important to them. Some of those are leading on ESG today. I also sat in on meetings with portfolio managers and companies where, when asking an ESG question, I had to be careful to be sure it was relevant to both sides - the PM’s evaluation and the companies strategy.

ESG was also often a chicken or egg issue - both sides knew they had something to say, but neither wanted to be the first to bring it up for fear of the other side not caring. That’s where I came in – to break that barrier.

Now, for nearly the past 10 years, I’ve had the opportunity to see the other half of that equation, working with companies through Leaders Arena. From that perspective, the picture looks different: competing priorities, imperfect data, questions about who owns what, operational constraints, and the simple reality that every new commitment or expectation ultimately has to be carried out by someone.

I have also watched companies adapt. What often began as a largely reporting-led exercise has become a broader management challenge involving governance, data, investor communication, customer expectations, reputation and decisions about where limited resources can create the most value.

Seeing both sides has given me a much deeper appreciation for the gap between what sounds straightforward from the outside and what it actually takes to make change happen inside an organization. Change that may not look fast enough for investors, but is happening fast and furious within the company.

Several reflections stand out.

The terminology matters less than the work

We spend a lot of time in this field debating what things should be called. Sometimes those debates matter. But companies still need to understand risk, respond to customers and investors, comply with regulations, manage their supply chains, support their people, and make thoughtful decisions about long-term value.

The terminology will keep evolving, but most of the underlying business questions won’t. The important test is whether the work helps an organization make better decisions, retain stakeholder confidence and strengthen its ability to create value over time.

More isn’t always better

More reporting. More metrics. More goals. More frameworks. More initiatives.

Sometimes more is exactly what is needed to drive change. Other times, it simply creates more work without creating more value.

We have to keep asking ourselves: Why are we doing this? What problem are we trying to solve? Who actually needs this information? What decision will it inform? And will this make the business better?

A strategy only becomes valuable through sustained execution

Developing a credible plan with internal buy-in and a story that can be communicated externally is only the beginning.

After that, someone still has to gather the data, call Procurement, work with Finance, draft and revise the policies, respond to the questionnaires, explain a new regulation to leadership, and figure out who owns what. And then do it all again when something changes.

This is why companies need more than a strategy, report or benchmarking exercise. They need the internal capability, clear ownership and cross-functional cooperation required to keep the work moving.

Good judgment includes deciding what not to do

Every company has a different starting point, culture, business model, risk profile and set of stakeholders.

The answer that looks perfect in a framework, benchmarking exercise or stakeholder request may make very little sense for a particular organization.

When we work with companies, we don’t start with a standard recommendation. We start by understanding what they are actually trying to solve, what matters to the business and what is realistic.

Sometimes experience means knowing what to recommend, and sometimes it means knowing what not to. Restraint can be as valuable as ambition when it allows management to concentrate attention and resources on the issues that genuinely matter.

Progress isn’t a straight line

In some ways, ESG work is not that different from building a business. There are periods of growth and momentum, periods of uncertainty, and plenty of moments when you have to adjust course without losing sight of where you are trying to go or how far you’ve already come.

Over time, I’ve come to think that success in this space is less about having all the answers and more about knowing which questions to ask, recognizing patterns, being comfortable with uncertainty, and surrounding yourself with people whose judgement you trust.

Twenty years in, I still find the work genuinely fascinating and challenging. I’ve seen thoughtful attention to environmental, social and governance issues lead to meaningful improvements in how businesses operate. I’ve also seen the value of restraint: not every new expectation requires a new initiative, and saying yes simply for the sake of saying yes rarely produces the best outcome.

What has kept me engaged is the opportunity to help companies make sense of change and translate it into practical decisions. At its best, sustainability work can strengthen governance, build trust with stakeholders and support relationships with investors and customers. But it does so only when it is connected to how the business actually operates.

The field will keep evolving. We will too. After 20 years in sustainability and nearly 10 with Leaders Arena, that feels less like uncertainty and more like the nature of the work. Partnerships and working together are so important. So is listening. And sometimes finding a compromise. I’m looking forward to the next chapter.

Get in touch at support@leadersarena.global.