References

voprecotest

Вопросы экономики

Voprosy Ekonomiki

0042-8736

Voprosy Ekonomiki, NP

10.32609/0042-8736-2024-10-42-76

voprecotest-4185

Research Article

ФИНАНСОВАЯ ЭКОНОМИКА

FINANCIAL ECONOMICS

Советы директоров российских компаний в контексте ESG-трансформации

Boards of directors in Russian companies in the context of ESG transformation

https://orcid.org/0000-0003-1409-5250

Ивашковская

И. В.

Ivashkovskaya

I. V.

Ивашковская Ирина Васильевна - д. э. н., ординарный проф., руководитель школы финансов НИУ ВШЭ.

Москва

Irina V. Ivashkovskaya.

Moscow

iivashkovskaya@hse.ru

https://orcid.org/0000-0002-5821-4496

Макеева

Е. Ю.

Makeeva

E. Y.

Макеева Елена Юрьевна - к. э. н., доцент школы финансов НИУ ВШЭ.

Москва

Elena Y. Makeeva.

Moscow

emakeeva@hse.ru

https://orcid.org/0000-0002-0328-6230

Попов

К. А.

Popov

K. A.

Попов Константин Александрович - стажер-исследователь научно-учебной лаборатории корпоративных финансов НИУ ВШЭ.

Москва

Konstantin A. Popov.

Moscow

kpopov@hse.ru

Национальный исследовательский университет «Высшая школа экономики»РоссияHSE UniversityRussian Federation

2024

04102024

0104276

2024

Voprosy Ekonomiki, NP

https://www.vopreco.ru/jour/about/submissions#copyrightNotice

https://www.vopreco.ru/jour/article/view/4185

Достижение Целей устойчивого развития ООН в глобальном и национальном масштабах невозможно без внедрения бизнесом принципов ESG (Environmental, Social, Governance) — управления компанией, основанного на принципах защиты окружающей среды, социальной ответственности, качественной и открытой системы корпоративного управления. Важным фактором эффективности ESG-трансформации является состав совета директоров как высшего органа корпоративного управления. Проведен сравнительный анализ состава и человеческого капитала, аккумулируемого в советах директоров крупнейших российских компаний, являющихся лидерами и аутсайдерами ESG-трансформации, эффективность управления которой измерена с использованием ESG-рэнкинга от RAEX Europe. Выявлено, что более высокий уровень независимости и представленности иностранцев в совете директоров связан с более высокой оценкой успешности ESG-трансформации. Подтверждено, что советы директоров в компаниях — лидерах ESG-рэнкинга характеризуются более высокой долей независимых директоров с ученой степенью, а также более высоким уровнем диверсификации образования среди них. Выявлены значимые различия профессионального опыта независимых директоров и директоров-иностранцев в компаниях из разных кластеров ESG-рэнкинга. Полученные результаты ценны как для развития корпуса исследований, посвященных роли совета директоров в ESG-трансформации, так и с практической точки зрения в условиях значительных изменений в структуре корпоративного управления крупнейших российских компаний в 2022—2023 гг.

Achievement of the UN Sustainable Development Goals at global and national levels is possible only in case of successful implementation of ESG principles in corporate strategies, meaning development of corporate environmental responsibility, social responsibility, high quality and transparency of corporate governance. Characteristics of board of directors as a superior corporate governance body are among the key determinants of corporate ESG transformation. This research includes comparative analysis of board composition and human capital characteristics in the largest Russian public non-financial companies, qualified as “leaders” and “outsiders” in terms of ESG transformation basing on corporate ESG rankings by RAEX Europe. According to obtained results, companies with higher ESG rankings are characterized by higher level of board’s independence and national diversity. Moreover, higher presence of independent directors with academic degrees and diversified educational majors in “leading” companies is proved. Finally, significant difference in board members’ professional experience is identified for companies from different ESG ranking clusters. These results not only broaden an evidence on board role inц corporate ESG transformation, but also are relevant in the context of considerable changes of corporate governance composition in large Russian companies in 2022 and 2023 years.

корпоративное управлениесовет директоровагентская теориястейкхолдерская теорияресурсная теорияустойчивое развитиечеловеческий капиталESG

corporate governanceboard of directorsagency theorystakeholder theoryresource-based theorysustainable developmenthuman capitalESG

Статья подготовлена в рамках реализации в НИУ ВШЭ стратегического проекта «Социальная политика устойчивого развития и инклюзивного экономического роста».

This research is part of Strategic project “Social policy for sustainable development and inclusive economic growth” at HSE University.

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The authors declare that there are no conflicts of interest present.