An impassioned debate about environmental, social, and governance (ESG) issues took center stage last week, when the Department of Labor downgraded the economic relevance of ESG investments—just as companies and investors gathered at an event to discuss their importance.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...