ESG-ОТЧЁТНОСТЬ КАК ФАКТОР ПОВЫШЕНИЯ ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТИ КОМПАНИИ
Authors: Лисовская И.А. , Константинов К.Б. 
Published: February 2025

Рассмотрены значение и сущность ESG-отчётности с позиции её влияния на инвестиционную привлекательность компании. Представлены важнейшие нормативные документы, определяющие правила формирования и представления ЕSG-отчётности в России. Дан анализ различных точек зрения на целесообразность достижения ESG-целей с позиции соответствия роста рыночной стоимости компании.

Introduction. Over the last years, ESG reporting has been the focus of growing attention of investors and society as a whole both in Russia and abroad. ESG reporting acts as an innovative model of companies’ public corporate reporting, combining financial and non-financial information into a single integrated report on their activities. By now, ESG reporting practices have been embraced by large Russian corporations. However, most Russian organizations prepare their financial statements only and thus are almost unfamiliar with the methodology and format of the presentation of integrated reporting, which is confirmed by the survey data. The aim of the article is to investigate the influence of ESG factors on the investment attractiveness of the company. Results. Within the framework of the present study, an analysis was undertaken with respect to the emergence, evolution, and the main objectives of ESG reporting that publicly discloses a company’s environmental, social development and corporate governance achievements from the perspective of identifying their impact on the investment attractiveness of the company. Many investment platforms and brokers have begun to offer capital owners an opportunity to choose the company type with an appropriate ESG profile, which allows the investors to contribute their capital while taking into account their own preferences in terms of the key objectives of both financial and non-financial nature. According to these preferences, a specific investment portfolio can be recommended to the investor. The study made it possible to draw a number of conclusions: 1) ESG-reporting is integrated reporting aimed at the organic combination of financial information with non-financial data on sustainable development, reflecting progress in solving urgent tasks in the area of environmental and social development, corporate governance of the company; 2) Despite all the difficulties encountered in economic development in recent years, Russia has adopted a number of regulatory documents related to the introduction of procedures for the formation and public presentation of ESG reporting. The study revealed growing attention of regulatory bodies to the analysis and evaluation of ESG factors in selecting investment objects and tools, which should be aimed at both ensuring sustainable growth of the business beneficiaries’ welfare and addressing socially important issues facing for the whole society; 3) It was found that a few recognized scholars believe that business pursues only financial goals. Moreover, despite the public declaration of recognition and support of non-financial goals, business owners and top managers are actually unwilling to pursue these goals if their achievement is associated with financial losses, which was confirmed by the data of conducted surveys.