CORPORATE SOCIAL RESPOSIBILITY: RUSSIAN COMPANIES EMPHISIZE THE ROLE OF THE ENVIRONMENTAL COMPONENT

Recently, the problem of the environment responsibility of a business organization has become more urgent. Many works concerning corporate social and environmental responsibility indicate that this concept is well established in the theory and practice of corporate governance. It has commonly been assumed that efficient use of resources indicates a positive effect on three levels of sustainability i.e. environmental protection, accelerated economic growth and social development. Great attention of the community and politicians is attracted to the corporate social and environmental liability of business organizations as well as to the role of business in achieving sustainable development. The findings of this study proved that the Russian business community recognizes the strategic value of CSR (Corporate Social Responsibility). Some Russian companies contribute to society, encourage innovation and distribute some part of revenue to social and environmental projects. However, environmental programs and projects do not attract attention of every Russian business organization. The leadership in environmental programs is concentrated in the hands of extractive industries, as well as forest industry, pulp and paper industries and electric power industry. However, the environmental liability of business organizations does not receive sufficient attention. The results of the study provide important insights into the role of the environmental component in the socially responsible practices of Russian companies. (c) 2019 Published by Future Academy www.FutureAcademy.org.UK