Practical Aspects of Preparing Sustainability Reports by Power Generation Companies

The world economy is developing in the way that corporate managers are eagerly paying attention to the questions that are not clearly related to profit-making. Corporate responsibility is one of such “non-economic” issues. The extensive and long-term theoretical development of the issue of corporate responsibility is reflected in the concepts of sustainable development and ESG. The issues identified in these concepts cannot be fully addressed through traditional methods of maintaining corporate transparency, i.e., financial reporting, what leads to the emergence of sustainability reporting. Specific standards outline approaches to preparing such reports. Currently, GRI and IFRS-ISSB international standards are the main standards for preparing sustainability reports. Existing corporate reporting practices are being supplemented by governments’ efforts as governments have begun to develop their own standards for disclosing information on sustainability, which aims to make sustainability reporting practices mandatory. This study shows that, under the specified conditions, Russian and foreign power generation companies are trying to focus on both the specified international standards and the state standards that are being developed.