The collapse of Silicon Valley Bank was about ESG — the now-controversial moniker for Environmental, Social and Governance measures — just not in the way that critics have portrayed it.

Why it matters: The bank’s undoing had everything to do with the “G” in the acronym (i.e. governance, or how a business manages itself).

How it works: SVB’s risk management procedures — a key component of the G — clearly didn’t function. The bank was even without a chief risk officer for months last year.