On responsible behavior of investors in corporate governance

The article examines the phenomenon of responsible investing within the context of con-temporary Russian corporate governance practices. Special attention is paid to the dual role of retail investors: on the one hand, they serve as the primary source of stock market liquidity, and on the other, they exhibit short investment horizons and low involvement in corporate oversight. The evolution of approaches from socially responsible investing (SRI) to the integration of ESG factors and the active ownership paradigm is consid-ered. The authors analyze the regulatory initiatives of the Bank of Russia, including the updated Responsible Investment Code, as well as instruments (such as auto-voting) aimed at bridging the gap between the economic significance of retail capital and its governance potential.