This study delves into the mechanisms of effective collaboration among governments, enterprises, and executives to achieve the dual goals of environmental conservation and economic growth within the framework of oversight on environmental, social, and governance (ESG) performance. A tripartite game-theoretic model is developed, and a numerical simulation is carried out using MATLAB 2016a. The findings reveal that enterprises and executives may choose passive participation in environmental protection strategies or engaging in free-riding behaviors because of weak government supervision when the government’s regulatory benefits is less than the subsidy costs, primarily due to insufficient government punishment. Conversely, the positive participation is chosen when the incentives surpass the costs of active engagement among the trad. This suggests enhancement of government monitor and evaluation mechanisms to guarantee the effective allocation of subsidies, coupled with substantive environment actions by enterprises and executives. Forster a strategic shift towards sustainable development, thereby improving the company’s ESG performance.