The transformation of corporate sustainability model in the context of achieving the UN SDGs: evidence from the leading Russian companies

• Pages: 307-321
• DOI: https://doi.org/10.1108/CG-01-2020-0047
• Date: 10 November 2020
• Published date: 10 November 2020
• Subject Matter: Corporate governance,Strategy
• Author: Yury E. Blagov,Anastasia A. Petrova-Savchenko

The transformation of corporate

sustainability model in the context of

achieving the UN SDGs: evidence from

the leading Russian companies

Yury E. Blagov and Anastasia A. Petrova-Savchenko

Abstract

Purpose –The purpose of this paper is to explore the current status and identify the main trends in

leading Russiancompanies’ corporate sustainability modeltransformation in the context of achieving the

UnitedNations Sustainable Development Goals (UNSDGs).

Design/methodology/approach –A theoretical approach is based on the interpretation of corporate

sustainability model transformation within the corporate social performance (CSP) framework. The

corporate sustainabilitymodel is described according to Dyllick and Muff (2016) business sustainability

(BST) 1.0-3.0spectrum. The analysis is settled on survey datacollected from leading Russian companies

participatedin the ‘‘Report on Social Investmentsin Russia’’ project conducted by the RussianManagers

Associationfrom 2008 to 2019.

Findings –This paper finds that the BST 2.0 is becoming a dominant model based on the ‘‘creating

shared value’’ goal. The related CSP is characterized by their orientation to the principles of the UN

Global Compact; by the emergence of a coordinating role for specialized departments of corporate

social responsibility(CSR) and/or sustainability;and by the regular sustainabilityreporting. The SDGs are

generally correlatedwith responsible business practicesthat are already in existence in companies.The

emerging trend towards the advanced BST 3.0 model including the SDGs integration into the main

businessprocesses is constrained by the lack of active cooperationbetween companies.

Research limitations/implications –The research sampleincludes only large Russian companies with

a significant industry diversity, participating in the ‘‘Report on Social Investments in Russia’’ project,

therebyrestricting the analysis of non-participants.The relatively low repetition of participantsin this long-

term project does also restrict the degree of generalization. Future research could be based on the

findings of thispaper to create and test hypotheses via a nationwide studyof Russian businesses as well

as cross-nationalcomparative studies.

Practical implications –The analysis of the corporate sustainability model transformation through

studying the key CSP framework elements could support Russian companies in creating systemic changes

of their principles, processes and outcomes measurements in the contextof achieving the UN SDGs.

Originality/value –This study contributes to existing literature by combining the corporate sustainability

model transformation analysis with the CSP framework. It describesthe experience of large Russian companies

that publicly position themselvesas national leaders in the field of CSR and sustainable development.

Keywords Corporate sustainability, Corporate strategy, Corporate social performance,

Corporate social responsibility, Sustainable development goals, Russia

Paper type Research paper

1. Introduction

The concept of corporate sustainability has undergone significant changes o ver the past

decade. The adoption of the UN Sustainable Development Goals (SDGs) as a globa l agenda

Yury E. Blagov and

Anastasia A.

Petrova-Savchenko are

both based at the Graduate

School of Management,

Saint Petersburg State

University, Saint

Petersburg, Russian

Federation.

Received 31 January 2020

Revised 29 May 2020

14 July 2020

Accepted 22 July 2020

DOI 10.1108/CG-01-2020-0047 VOL. 21 NO. 2 2021, pp. 307-321, ©Emerald Publishing Limited, ISSN 1472-0701 jCORPORATE GOVERNANCE jPAGE 307