We are living through a period of profound economic uncertainty, marked by a cost-of-living crisis and widening income inequality. These pressures are reshaping consumer behaviour, labour dynamics and political priorities—creating a complex risk landscape for investors. While corporate governance has long been central to our investment process, an emerging risk is gaining traction: social license to operate. Rising living costs, wage pressures and affordability challenges can trigger labour unrest, regulatory intervention and reputational damage. By understanding these dynamics, investors can better anticipate emerging risks and position for resilience.