The Central Bank wanted to “wake up” the Russian economy, making the prescriptions of heads and top managers of large companies, write “Vedomosti”.
The basis of the recommendations is the Popular ESG principle (environment, social responsibility, corporate governance) in recent years in the world. In order for the companies to check the compliance with the wishes of the Central Bank, the regulator made a list of seven criteria.
Among them competence in ESG subjects, the definition of its own sustainable development goals and their integration into a corporate strategy, the creation of a separate profile committee as part of the Board of Directors and regular disclosure of sustainable development information.
The main burden in companies that decide to follow the recommendations of the Central Bank will fall on the board of directors. They will have to regularly analyze the dynamics of the development of the company in the ESG field, develop a system of key indicators of business assessment in this direction (KPI) and monitor their executions.
will also have to prepare and implement a number of internal documents, including Corporate Ethics and Corporate Governance Codes, Information Security and Labor Protection Policy, Climate Strategy.