14.10.2021
RUSAL presents the first impact study in Russia of social and environmental business programs
Moscow, October 14, 2021 - RUSAL (trade code on the Hong Kong Stock Exchange 486, on the Moscow Exchange RUAL), one of the world's largest aluminum producers, has initiated the first Russian study on the effectiveness of corporate social and environmental programs and their impact. Experts discussed the results of the study on the Skolkovo School of Management platform.
It is important to remember that to evaluate the results of large-scale business programs focused on systemic changes in the social and environmental spheres is based not only on quantitative indicators (the amount of funds invested, the number of grantees, etc.), but also on qualitative indicators. In addition, the results are increasingly dictated by an active role played by the corporate sector in addressing the overall challenges of sustainable development. In order for the set goals to be achieved and for the socially significant activities of corporations resulting in long-term benefits, social impact needs to be measured, evaluated and managed.
On October 13, RUSAL and the Institute for Emerging Markets Research (IEMS) of the Skolkovo Moscow School of Management, with the support of the Donors Forum Association, presented the Gold Standard Impact study, which incorporates the best Russian cases and practices in measuring sustainable development programs, social and environmental impact of business. This is the first such study in Russia that systematized approaches to assessing the effectiveness of such impact programs and managing them.
The authors of the study analyzed international methodologies and conducted in-depth interviews with representatives from leading Russian companies. The toolkit developed within the framework of the study entitled, "Impact Navigator", as well as the three-level system of SKOLKOVO IEMS indicators will be useful to all practitioners in the field of sustainable development (ESG), corporate social and environmental responsibility.
One of the key findings of the study by RUSAL and the Skolkovo School of Management is that an effective social performance management system needs to be implemented at all corporate levels to reduce the negative impact on the environment and have a positive impact on social development. This also results in an improvement in the quality of project management.
Rustam Zakiev, Director of the Social Policy Department of RUSAL, noted: “The Gold Standard Impact Study, which summarizes the world's best impact assessment methods and the experience accumulated by Russian companies in this area, is an important step for the expansion and development of social and environmental impact practice. Whilst it is too early to consider this project completed: the study should become a starting point for the development of a universal methodology for assessing the impact, adapted to our realities, accessible and understandable for professionals s, including in the public sector. This will allow in the long term to form a single platform for the creation of clear industrial benchmarks."
It is important to remember that to evaluate the results of large-scale business programs focused on systemic changes in the social and environmental spheres is based not only on quantitative indicators (the amount of funds invested, the number of grantees, etc.), but also on qualitative indicators. In addition, the results are increasingly dictated by an active role played by the corporate sector in addressing the overall challenges of sustainable development. In order for the set goals to be achieved and for the socially significant activities of corporations resulting in long-term benefits, social impact needs to be measured, evaluated and managed.
On October 13, RUSAL and the Institute for Emerging Markets Research (IEMS) of the Skolkovo Moscow School of Management, with the support of the Donors Forum Association, presented the Gold Standard Impact study, which incorporates the best Russian cases and practices in measuring sustainable development programs, social and environmental impact of business. This is the first such study in Russia that systematized approaches to assessing the effectiveness of such impact programs and managing them.
The authors of the study analyzed international methodologies and conducted in-depth interviews with representatives from leading Russian companies. The toolkit developed within the framework of the study entitled, "Impact Navigator", as well as the three-level system of SKOLKOVO IEMS indicators will be useful to all practitioners in the field of sustainable development (ESG), corporate social and environmental responsibility.
One of the key findings of the study by RUSAL and the Skolkovo School of Management is that an effective social performance management system needs to be implemented at all corporate levels to reduce the negative impact on the environment and have a positive impact on social development. This also results in an improvement in the quality of project management.
Rustam Zakiev, Director of the Social Policy Department of RUSAL, noted: “The Gold Standard Impact Study, which summarizes the world's best impact assessment methods and the experience accumulated by Russian companies in this area, is an important step for the expansion and development of social and environmental impact practice. Whilst it is too early to consider this project completed: the study should become a starting point for the development of a universal methodology for assessing the impact, adapted to our realities, accessible and understandable for professionals s, including in the public sector. This will allow in the long term to form a single platform for the creation of clear industrial benchmarks."
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