Corporate Social Responsibility and Sustainable Development of Modern Russian Companies As A Challenge of Business Globalization

Saint-Petersburg State University, Faculty of Economics, Department of Economic Theory and Social Policy, 191194 Tchaikovskogo str. 62, Saint Petersburg, Russian Federation

^* Corresponding author: belloussov@mail.ru

Abstract

This paper investigates comparative analysis in order to trace approaches to interpretation of the content and principles of sustainable development due to increasing number of companies, declaring their commitment to the principles of sustainable development. I review a degree of compliance of Russian companies to international and national standards, relevant to practices of leading companies, a degree of involvement of Russian companies in general sustainable development. Particular interest lays in the study of influence of social responsibility of business, socially responsible sustainable development on the company. This line of research is only beginning to emerge in Russia. Interpretation of corporate social responsibility role allows a different look at the phenomenon of social responsibility and its role in sustainable development. Russian companies quickly accepted the concept of sustainable development, as well as the corresponding terminology. It is important to trace now how basic ideas and principles of sustainable development are reflected in the company’s strategy and implemented in practice. By analyzing non-financial reporting I will introduce ways, tendencies and problems of corporate social responsibility implementation by Russian companies.