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Bank of Russia recommends that financial institutions disclose information on sustainable development

17 July 2023

The recommendations define the structure and content of information, provide quantitative and qualitative description of financial institutions’ activities in the area of sustainable development, and the procedure and deadlines for disclosing information.

Publishing such information will raise awareness among all stakeholders of the involvement of financial institutions in the sustainable development agenda and help understand how they manage ESG risks and what prospects are associated with this.

The recommendations are addressed to banks, insurers, asset management companies, non-governmental pension funds, and brokers. In their preparation, the Bank of Russia took into consideration approaches used by the IFRS Foundation in developing International Financial Reporting Standards (S1 and S2), as well as information disclosure standards in friendly countries such as China and Brazil.

Preview photo: Galigrafiya / Shutterstock / Fotodom
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