ESG Strategy in Contemporary Companies as a Corporate Governance Trend

Abstract

Nowadays, the problem of ensuring sustainable development at the national level and the level of functioning of individual enterprises and organizations is of particular importance and is at the peak of its relevance. This is due to the fact that for quite a long period (one might say, “historical”), the agenda for complying with ESG principles came from Western countries. In today’s realities and an aggravated geopolitical situation, questions about the direction of ESG development on Russian territory and compliance with these principles by the authorities and economic entities are becoming open. The ambiguous future of the ESG agenda in the Russian Federation determines the purpose of this scientific study: to determine the current state of the institutional framework for sustainable development. This paper provides a formal approach to understanding the principles of ESG, presents the conditions on which the sustainable development of economic entities in Russia is built, reviews the legal framework governing sustainable development at all levels of legal authority, provides an overview of the financial market in the context of ESG transformation, and presents the main companies and associations that actively lobby the interests of sustainable development.