ESG Principles Implementation in the Russian Corporate Governance Model: Conditions, Issues and Prospects
Abstract
The practice of implementing ESG principles related to the environment, society and corporate governance and aimed at achieving sustainable development goals is rapidly spreading around the world. These principles are increasingly considered as guidelines for managers, financial analysts, investors and other stakeholders in the development of socially oriented business. The authors present the features of the implementation of principles mentioned in the Russian corporate governance. It is noted that the emergence and widespread use of ESG principles maintains the development of social and environmental entrepreneurship focused on the common good. It is emphasized that ESG principles are interconnected with the principle of good faith in entrepreneurial activity and the principle of freedom of contract. Attention is drawn to the fact that the development of legal regulation governing responsible supply chains contributes to the spread of the practice of introducing ESG principles into corporate governance. The purpose of the study is to characterize the emerging model of implementing ESG principles in Russian corporate governance, review the practice of implementing these principles in Russian companies, identify issues and prospects for their development.
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