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A governance approach that evaluates whether sequences of actions remain coherent with the mission graph, rather than asking whether a particular use of funds complies with a rule at a moment in time. Especially important for long-horizon systems where impact emerges through cumulative effects.
Instead of auditing whether each investment meets ESG criteria independently, path-based governance asks: 'Has this capital's 10-year trajectory strengthened or weakened its alignment with the original conservation mission?'
SF Section 5.3