Environmental transparency of Russian mining and metal companies: Evidence from independent ranking system

Abstract

This article examines the current state and drivers of environmental transparency in the Russian Mining and Metals sector. The study is based upon 2016–19 successive annual rankings calculated transparently, using publicly available information and a third-party-verified ranking system. Ranking results reveal a definite increase in the transparency level of one of the most closed industries in Russia. The findings from the study show that a company's presence in the stock markets has a positive impact on its openness in environmental matters. However, a company’s listing on an international stock exchange does not guarantee high environmental transparency. Some evidence of a correlation between ranking positions and participation of diversified financial-industrial groups in the share capital was also found. Overall, our analyses suggest that ESG (environmental, social and governance) management in the Russian mining and metals sector is only in the process of development. To overcome this, the environmental transparency ranking of mining and metals companies in Russia creates a new mechanism for raising public awareness and dialogue between the public and one of the most closed industries. The ranking initiated calculation of industry‐average quantitative impact indicators that, as the sample grows, will transform into an important benchmark for corporate self‐assessment when comparing Russian practices with those of the largest international and foreign mining and metal companies across the globe.

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