The chapter aims to deepen whether environmental, social, and governance (ESG)–related regulation really improves ESG corporate processes toward substantive accountability. To this aim, it employs a theoretical framework derived from Habermas’ theory of communicative action (Habermas, J., The Theory of Communicative Action, Vol. 1, Reason and the Rationalization of Society. Polity Press, Cambridge, 1984). It examines the current and upcoming regulation (broadly conceived as a mixture of hard and soft laws) to discuss whether it provides adequate ground for an ESG-based holistic management of the firms able to assure greater accountability toward value creation. Methodologically, it embraces a quite novel approach, allowing the development of a praxis-oriented methodology for practitioner-based research, namely, Accidental Ethnography (AccE). The analysis offers critical conclusions and basis for further inquiry of special relevance to practice and for policymaking.