Semarang, October 6, 2025 — The Business Strategy Research Group of the Business Administration Program, Faculty of Social and Political Sciences (FISIP), Universitas Diponegoro (UNDIP), successfully held an online public lecture titled “Debunking the Myth of ESG: Has Sustainability Been Hijacked?”. The event featured internationally renowned scholar Prof. Charles H. Cho, PhD, CPA, and was supported by faculty funding as part of FISIP UNDIP’s strategy to strengthen international academic engagement and critical discourse on pressing global business issues.
Prof. Cho is Professor of Sustainability Accounting and Erivan K. Haub Chair in Business & Sustainability at the Schulich School of Business, York University, Canada. His research spans sustainability accounting, corporate social responsibility (CSR) reporting, and social and environmental disclosure. With publications in leading journals such as The Accounting Review and Accounting, Organizations and Society, and a Scopus h-index of 37, Prof. Cho is widely recognized as one of the leading voices shaping contemporary debates on corporate accountability, environmental governance, and the politics of disclosure.
The lecture attracted around 70 participants, including lecturers and students, via Zoom. The event was formally opened by Dr. Teguh Yuwono, Dean of FISIP UNDIP, who underscored the faculty’s commitment to bringing global perspectives into academic discussions. In addition, Dr. Hari Susanta Nugraha, S.Sos., M.Si., Head of the Business Administration Department, delivered a welcoming remark. He emphasized the importance of integrating critical perspectives on sustainability and ESG into the department’s curriculum and research agenda, highlighting the strategic role of academic forums in deepening intellectual engagement.
In his lecture, Prof. Cho challenged the widespread assumption that ESG (Environmental, Social, and Governance) frameworks are equivalent to genuine sustainability. He argued that ESG has often been co-opted by corporations as a strategic tool to protect business interests, while projecting an image of responsibility. According to Prof. Cho, “ESG often acts as a societal placebo, delaying the policy reforms that are truly needed”.
He illustrated how, despite the proliferation of ESG reporting, many corporations with poor environmental records engage in extensive disclosure and optimistic language as a form of greenwashing—a façade that limits the transformative potential of sustainability reporting. He also examined the historical waves of sustainability accounting research, warning that emerging international reporting standards, such as those set by the ISSB (International Sustainability Standards Board), risk narrowing sustainability to investor-focused materiality, thereby sidelining broader social and ecological imperatives.
The lecture also featured Dr. Andi Wijayanto as discussant, who highlighted the importance of engaging with ESG discourse critically rather than passively adopting global narratives. Participants raised thoughtful questions on the role of accountants in sustainability, corporate reporting practices, and implications for research in Indonesia.
This event reaffirmed UNDIP’s role as a platform for globally informed and critically engaged academic dialogue, especially at the intersection of business, policy, and sustainability.