It’s undeniable that governance is the forgotten or neglected one among the three ESG letters representing environmental, social, and governance. However, if real change is to take place, it may be the most important letter in the abbreviation. Governance examines how an organisation polices itself, focusing on internal system controls and practices to maintain compliance. It looks at transparency, industry best practices, leadership management and associated growth initiatives. With global ESG investment now exceeding 30 trillion US dollars, improvements in ESG execution are vital as strong and transparent governance underpins the planning, execution and reporting of any ESG strategy. Bohuslav Lipovsky, managing partner at EIM Executive Interim Management CEE, speaks with Andrew Wrobel about the state of governance in the emerging Europe region. They also look at practical steps that can be taken to improve governance, especially in small and medium companies. They also discuss why doing business in and with Russia since the country’s invasion of Ukraine is contradictory to the ESG agenda and the UN’s Sustainable Development Goals.