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FBK Hosts Webinar on Sustainability Reporting

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Vladimir Skobarev, FBK Partner and Head of the Corporate Governance and Sustainability Services Department, has hosted a webinar titled ‘New Non-Financial Reporting Regulations: Recommended Practice approved by the Ministry of Economic Development of Russia’.

The Recommended Practice (approved on 1 November 2023) is intended for voluntary application by state corporations, state-owned companies, public not-for-profit organisations, and other Russian majors. It may also be used by any companies that want to disclose their sustainability details and improve information transparency of their operations.

Vladimir provided an overview of the relevant general provisions related to the preparation and publication of statements, the list of key indicators, and some calculation methods. He also reviewed potential issues related to compliance with the key recommendations and answered numerous questions. 

The webinar specifically focused on the consistency of the Recommended Practice with other standards. As part of the comparative trend analysis of the Recommended Practice, UNCTAD Guidelines, GRI Standards, and Recommendations of the Bank of Russia, the expert outlined similarities and discrepancies between multiple indicators in terms of scope, calculation, and names.

Vladimir Skobarev provided some recommendations on how to get ready for reporting.

“Recommended Practice encompasses both global best practice and Russian specific requirements. It will allow scaling up sustainability reporting by Russian companies, providing for the improved comparability of reporting throughout them, and will demonstrate the progress made by Russian companies in terms of SDGs on the international stage,” Vladimir believes.