Publicly-traded companies face increasing accountability to the socially-conscious general and investing public to promote public good on environmental, social, and corporate governance, so-called "ESG" issues. Recent activity at the Securities and Exchange Commission (SEC) suggests that it is also scrutinizing how companies are handling ESG issues. There are signs that the SEC is taking an increased interest in companies' disclosure of business risks that that could impact their reputation. If true, it would mark an expansion beyond the SEC's traditional focus on false or misleading disclosures about business operations or financial performance. However, even though the public at large has scrutinized corporate behavior and ESG policies in recent years, a question remains whether such behavior and policies are indeed material to investors, the threshold for requiring disclosure. The SEC's focus on corporate behavior comes amidst a period of unprecedented access to advertising and information about companies attributable to social media platforms, as well as unprecedented access to investing. Recent events suggest that the SEC may bring enhanced scrutiny to companies' disclosure on issues like reputational impact, arguably a more subjective area than business operations and financial performance.