Sustainable Development Shall Become Part of the Company's DNA
Maria Konovalova, Director of Strategic Communications in Metafrax Group, took part in the conference "ESG-day of the Expert Rating Agency: from Transparency to Benefit". The annual event for leading companies of ESG transformation took place in early October in Moscow.
The conference was attended by more than 150 delegates: top managers of leading companies in the ESG market, directors and specialists in sustainable development, corporate finance and investor relations. The discussion focused on the disclosure advantages of non-financial reporting and prospects for its development in Russia, the upcoming regulation and growth of the number of reporting standards, the willingness of companies to publish non-financial data, their role in the formation of supplier chains in the practice of responsible procurement and many other issues.
After the main program, analysts of the Expert Rating Agency conducted a workshop "ESG Banking: from Ratings to Financing", and then presented the ESG transparency ranking of Russian companies.
The conference experts highlighted that the field of sustainable development is undergoing transformation, but still raises significant interest of business and regions. ESG transparency in Russia is becoming a core value of corporations.
Volumes, quality and disclosure standards are still an area of recommendations and not standards for all except exporters and companies from quotation lists.
The popularity of ESG ratings and rankings is still growing. An important milestone was the release of recommendations from the Central Bank of the Russian Federation on the methodology and assignment of ESG ratings. Federal ministries and industry alliances are working on regulatory incentives.
While preparing reports, experts note a trend towards greater automation of the data collection process and adherence to the principle of double materiality: not only how the company's activities affect the planet, but also how ESG risks affect the company.
"It’s true that today the release of reports on sustainable development, the implementation of policies and strategies in this area for non–public companies is visionary, voluntary responsibility. For successful implementation, sustainable development goals shall become part of the company's DNA, an element of our awareness. I think that in developing the basic documents we shall focus on sustainable development goals adopted by the UN and compliance with national goals of the Russian Federation. I’m sure that Metafrax Group will continue to successfully implement the best practices in this area," commented Maria Konovalova.
Metafrax Group companies have accumulated considerable experience in implementing ESG principles when solving issues in fields of occupational safety, health and environmental protection, social policy, and corporate governance.
“Recently, Metafrax Chemicals has published a sustainability report for 2022. It reflects the company's achievements in reducing the production impact on the environment, as well as the results of our work to preserve the health of the company's employees and residents of the towns, where our production sites are located. This work will continue, we will look for new tools and approaches, that’s why it’s so important to be inspired by the experience of Russian ESG leaders, to study their practices and nuances of implementing existing ESG projects," commented Maria Konovalova.
As per results of 2022, for the second time Metafrax Chemicals was rated "above average" in the ESG index of Russian business from the research agencies National Credit Ratings and RosBusinessConsulting.
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The special partner of the conference was the ONKOLOGIKA Charity Foundation, which organizes service support for adults with an oncological diagnosis, including examination and rehabilitation, legal and psychological support. Following the conference results, the Expert Rating Agency announced the agency's readiness for systematic financial support of the Foundation’s activities.