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“Now, several projects have emerged that are rethinking global challenges, placing more emphasis on social responsibility, and even adding an element of ‘competition’ through the ‘ECG Rating’,” says Anastasia Gorelkina. “Ultimately, this will have a positive impact on businesses and their approaches to both project initiation and quality. Indeed, everyone aspires to achieve a high ranking, and to attain that, it’s essential to align with the most effective practices.”

The expert notes that the list of basic indicators for sustainable development reporting, published by the Ministry of Economic Development last November, currently includes only financial indicators in the social block, such as “expenditures on organizing and conducting social, fitness, and medical events for employees and their families.” This needs to be more detailed, showcasing the number and scope of the programs, and who they are intended for. It is also necessary to broaden the block of social indicators, considering new forms of care for employees, their families, overall demographics, and to provide data on inclusion, talent development and support, and programs aimed at fostering spiritual and moral values. Additionally, Gorelkina emphasizes the importance of communication in social projects, as sometimes even people within companies are unaware of such projects’ existence. Businesses often are not informed that they can promote their social projects using governmental support such as social advertising. Integrating communication metrics would greatly complement the existing indicators.

The expert highlights that it is the social focus that differentiates the Russian approach from the widely accepted international ESG practices, which Russia has also been following until recently. “There is significant demand in our society for knowledge and information about social and environmental projects,” concludes Anastasia Gorelkina.

It is the social focus that differentiates the Russian approach from the widely accepted international ESG practices, which Russia has also been following until recently.