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International ESG standards have not lost their relevance even now, since their substantive content is applicable to Russian, Western and Asian businesses alike. We recommend our portfolio companies to be guided by recognised standards and we see from the market that no one plans to abandon them.
A discussion is now under way in Russia on the formation of national ESG standards: many professional and industry associations are concerned about formulating and fixing them. Sistema Joint Stock Financial Corporation and our group companies are actively involved in this process.
However, we have seen that the sustainability recommendations issued by the regulator are meaningfully in line with international requirements. There is a consensus among all stakeholders that there is no need to reinvent the wheel when one can take examples of the best existing global standards as a basis.
All that is needed is to look at them with fresh eyes, adapt them to Russian realities and synchronise them with the company’s operations to ensure that the transition to sustainable management goes as smoothly as possible.
Cover photo: AerialPerspective Works / iStock
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