SUSTAINABLE DEVELOPMENT PRACTICES OF RUSSIAN COMPANIES

The problem of sustainable development of a company is currently of interest to both practitioners and academics. In modern conditions, an increasing number of companies in their activities adhere to the concept of sustainable development, which is based on ESG standards. ESG transformation is a fairly long process that involves the introduction of sustainable development principles into all business processes and management activities of the company, into the corporate governance system and corporate culture, as well into the company’s innovation policy with the aim of flexible and prompt response to changes in the external business environment. The purpose of the study is to analyze the practice and results of applying the principles of sustainable development by Russian companies. The factors influencing the development of ESG approach in modern business management are highlighted. Thus, the system of government regulation and non-governmental organizations, as well as the interest of business in increasing the efficiency of their operations and brand recognition, force companies to actively implement all elements of the triune approach in their activities. In recent years, issues of the concept of sustainable development have become increasingly popular not only in the business environment, but also receive special attention from government and the public. The article, based on data from leading rating and analytical agencies, examines Russian companies that bring the greatest benefit to society with minimal impact on the environment. The results of sustainable development ratings are presented. The industry affiliation of companies determines differences in the level of ESG business efficiency. Highly efficient companies are those that specialize in information technology. In the ferrous and non-ferrous metallurgy, oil and gas and energy industries, the environmental load is high, which causes their efficiency in this area. The number of Russian companies adhering to the concept of sustainable development is increasing, the quality of disclosed information is improving. All Russian companies considered in the article interact quite actively with stakeholders. The article may be useful to practitioners dealing with sustainable development issues, entrepreneurs and business leaders, teachers, graduate students, interested in these issues.