For the better part of two decades, corporate sustainability has been defined largely through the lens of ESG—environmental, social and governance. Boards became conversant in carbon disclosures, diversity statistics and governance scores. A sprawling infrastructure of standards and rankings has grown up around these metrics, with much of it focused on what regulators, investors or stakeholders wish to see.

In today's global polycrisis, boards and executive teams alike must integrate a wider array of perspectives into their decision-making...