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Russian ministry offers new standard of reporting on sustainable development to business

The document was presented at a meeting of an expert council on sustainable development at the Economic Development Ministry headed by Minister Maksim Reshetnikov

MOSCOW, May 3. /TASS/. Russia’s Economic Development Ministry has offered a new standard of reporting on sustainable development to business.

The document was presented at a meeting of an expert council on sustainable development at the Economic Development Ministry headed by Minister Maksim Reshetnikov, the ministry’s press service reported.

The document will help companies disclose information assessing the contribution of business to the country’s strategic development and modernization, as well as implementation of sustainable development targets and national priorities, the ministry noted.

"Preparation of non-financial reporting forms the perception of companies by society through the prism of its responsible behavior, which has already become important for attracting additional investment and participation in ratings. What is notably different in the Russian standard is that it is aimed at helping assess the company’s contribution to implementation of the country’s national development goals. In this part it is suggested to reflect the participation of entities both in external social projects (for example, in healthcare, education, volunteering activities) and in implementation of internal projects aimed at additional support of employees," First Deputy Economic Development Minister Ilya Torosov was quoted as saying.

The list of indicators reflecting the contribution to implementation of national development targets includes 20 indicators, with programs on family support, public health, socially disadvantaged population groups, volunteering programs among them.

According to the standard, reporting on sustainable development contains information on the organization’s profile, management and strategy, on its contribution to achievement of sustainable development targets and national development goals. The list of indicators recommended to be disclosed includes environmental, social, administrative and economic indicators that are recommended to be reflected consistently over time for the period of at least three years after preparation of reporting started. The standard may be used on a voluntary basis by state and public entities interested in disclosing information on sustainable development and improving information transparency of their activities.

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