Russian enterprises have the opportunity to use the services of domestic rating agencies, such as Expert RA, ACRA and NRA, to assess their activities related to sustainable development (ESG). To do this, it is necessary to conclude an agreement with the agency and provide all the necessary non-financial information.
Most often, it turns out that at the time of the request, the company already has a basic understanding of ESG principles, as well as a developed sustainable development strategy and ongoing projects that are subject to analysis.
For a more precise ESG strategy, it is recommended to use a materiality map. In particular, the Sustainability Accounting Standards Board (SASB) has developed a map that usa phone data identifies financially significant ESG aspects for various economic sectors. This approach can be especially useful for smaller companies, for which the requirement to individually assess ESG risks may not be appropriate.
In the Russian Federation, the preparation of reports based on ESG criteria is voluntary, since there is currently no legislative regulation in this area. Despite this, the practice of preparing non-financial reports has become widespread among public companies.
Below are some guidelines for preparing ESG reports:
The preparation of a sustainability report requires compliance with the principles of objectivity, consistency and comparability of the information provided. An important aspect is to demonstrate the company's focus on achieving strategic goals, taking into account the interests of all stakeholders. To do this, it is necessary to disclose information about the company's strategic plans for sustainable development, its business model, corporate governance system, adopted policies and procedures, as well as the results of their application.
The document should contain information about the environmental and social initiatives implemented by the company. Particular attention should be paid to highlighting issues of labor relations, strict observance of human rights, an active position in the fight against corruption, commercial bribery and bribery of officials of other countries. In addition, evidence of effective supply chain management should be demonstrated, taking into account environmental, social and governance aspects.
When preparing the report, it is recommended to rely on recognized international standards and approaches, such as SASB, CDP, GRI, IIRC, CDSB.
The publication of the report can be carried out both as part of the annual report and as a separate document. The most common names are: "Corporate Social Responsibility Report" or "Sustainable Development Report for the Calendar Year".
Once the documentation is approved, the company publishes it on its website. Organizations are given a two-day period to do so. In order to increase confidence in ESG reporting, it is advisable to engage an independent auditor.
How to achieve multiple growth in traffic and sales from your website?
Alexey Boyarkin
Dmitry Svistunov
Head of SEO and Development
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