ESG-Transformation in Russia: Turning to a Social Direction of Business Development

Abstract

Relevance. Obviously, there is a direct relationship between the implementation of the company's sustainable development goals, its movement in ESG directions and strategic business development. In general, as practice has shown, the first attempts at ESG transformation made in Russia revealed a number of shortcomings in the formulation of the ESG direction in companies, among the main ones noted: weak methodological elaboration, lack of understanding of problems, lack of elaboration of individual areas and fragmented data provision. In the current conditions, it is difficult to talk about the environmental E-component of ESG as the flagship of the sustainable development of companies, as it was before. In this connection, many experts are now talking about the upcoming ESG transformation towards ESG-S. It became possible to assess the level of work of companies in this area based on the analysis of information provided on the companies' website, disclosure of non-financial reports on the RSPP site, as well as sociological studies of the BEAC and HSE, which formed the information base of this consolidated study.The purpose of this study is to analyze the main directions of companies' work in the context of the Scomponent of ESG as a basis for strategic business development in Russia.The objectives are to analyze the social aspects of the activities of most large Russian companies in the main areas: staff turnover, gender equality and interaction with stakeholders, as well as consideration of their assessment issues and partner requirements.Methodology. The following research methods were used: inductive/deductive, normative-analytical, system method and generalization method. Results. The results obtained will be the basis for a systematic assessment of the level of ESG-S results achieved by business at the present stage, as well as a vector of further business movement towards the national specifics of ESG.Conclusions. As a result of the conducted research, conclusions were obtained about the achieved level of ESG-S, and on their basis, further steps towards ESG transformation in today's conditions were outlined.