September 2026 (published: 15.09.2026)
Number 3(66)
UDC 005.35
DOI 10.17586/2310-1172-2026-19-3-53-61
Transformation of stakeholder demands for sustainability ratings:
from investors to clients and counterparties
Reference for citation: Izmaylov M.K., Pupentsova S.V. Transformation of stakeholder demands for sustainability ratings: from investors to clients and counterparties. Scientific journal NRU ITMO. Series «Economics and Environmental Management». 2026. № 3. Р. 53-61. DOI: 10.17586/2310-1172-2026-19-3-53-61.
Abstract. The article explores the transformation of requests in Russian management practice for sustainability ratings. The subject of the work is the changes in the structure of expectations of various groups of stakeholders – investors, clients and counterparties – regarding the content and functions of non-financial assessment. The purpose is to identify the key directions of this transformation and determine its impact on corporate management practices and rating methodology. The empirical base was formed by scientific publications by Russian authors for 2022–2026, devoted to rating in the field of sustainable development, non-financial reporting and interaction with stakeholders. Methods of content analysis, comparative analysis and systematization were used, which allowed to identify and structure the differences in expectations in five parameters: the assessment horizon, the level of detail, the priority of sustainable development components, quality criteria and the ratio of formal and substantive. It has been established that customer and counterparty requests differ systematically from investment requests: they are focused on the short- and medium-term horizon, require detail at the product and process level, shift the priority towards environmental and social components, and emphasize verifiable results rather than formal policies. The divergence of ratings is interpreted not as a methodological flaw, but as a natural consequence of the multiple legitimate perspectives. The practical significance of the results lies in the justification of the need to transition from universal rating scales to modular assessment systems that take into account the specific needs of different user groups. For Russian companies, the findings provide guidelines for differentiating sustainable development strategies based on the composition of key stakeholders. For regulators, the feasibility of creating "umbrella" standards that allow for specialized assessment modules is justified.
Read the full article
Keywords: ESG ratings, stakeholder demand transformation, investor expectations, client demands, counterparties, corporate governance, sustainable development, Russian practice, assessment methodology, non-financial reporting.
References:
1. Izmailov M.K. Rol' ESG menedzhmenta v strategii razvitiya predpriyatiya // Beneficium. 2024. № 1(50). S. 47-53. DOI 10.34680/BENEFICIUM.2024.1(50).47-53.
2. Izmailov M.K., Pupentsova S.V. ESG-transformatsiya v Rossii kak instrument strategicheskogo razvitiya // Nauchnyi zhurnal NIU ITMO. Seriya: Ekonomika i ekologicheskii menedzhment. 2024. № 4. S. 105-115. DOI 10.17586/2310-1172-2024-17-4-105-115.
3. Noskov P.A. Analiz metodologii prisvoeniya ESG-reitingov na rossiiskom rynke: voprosy prozrachnosti i konvergentsii // Sovremennaya mirovaya ekonomika. 2024. T. 2, № 2(6). S. 60-75. DOI 10.17323/2949-5776-2024-2-2-60-75.
4. Zhatikova D.V., Shcherbachenko P.S. Metodologiya prisvoeniya ESG-reitingov // Vestnik universiteta. 2023. № 8. S. 99-108. DOI 10.26425/1816-4277-2023-8-99-108.
1. Efimova O.V. ESG-reitingi: aktual'nye problemy formirovaniya i ispol'zovaniya // Vestnik Akademii znanii. 2023. № 4(57). S. 104-109.
5. Korzovatykh Zh.M. ESG-reiting kak instrument otsenki finansovoi ustoichivosti ekonomicheskogo sub"ekta // Ekonomika i upravlenie: problemy, resheniya. 2025. T. 9, № 1(154). S. 98-106. DOI 10.36871/ek.up.p.r.2025.01.09.012.
6. Kuz'mina M.A. ESG-transformatsiya: rol' reitingovoi sistemy v otsenke biznesa // Teoreticheskie i prikladnye voprosy ekonomiki, upravleniya i obrazovaniya: Sbornik statei VI Mezhdunarodnoi nauchno-prakticheskoi konferentsii, Penza, 12–13 iyunya 2025 goda. – Penza: Penzenskii gosudarstvennyi agrarnyi universitet, 2025. S. 379-384.
7. Efimova O.V. ESG-reitingi: aktual'nye problemy formirovaniya i ispol'zovaniya // Vestnik Akademii znanii. 2023. № 4(57). S. 104-109.
8. Nosov D.S., Chakhkiev G.G. ESG-transformatsiya korporativnogo upravleniya: novaya paradigma vzaimodeistviya so steikkholderami // Vestnik evraziiskoi nauki. 2025. T. 17. № 5.
9. Bekbuzarova M.I. Transformatsiya korporativnoi otchetnosti v kontekste ESG-povestki: integratsiya printsipov ustoichivogo razvitiya // Vestnik evraziiskoi nauki. 2025. T. 17. № S3.
10. Kovrizhnykh A.A. Realizatsiya ESG-povestki v regionakh Rossiiskoi Federatsii // Ekonomika ustoichivogo razvitiya. 2025. № 3(63). S. 90-93.
11. Vorontsova N.D., Rezvykh I.V. Otsenka konkurentosposobnosti predpriyatiya cherez ESG-reiting // Aktual'nye voprosy sovremennoi ekonomiki. 2024. № 5. S. 464-470.
12. Trubchenko T.G., Solomina M.S. ESG-transformatsiya biznesa, ee vliyanie na modernizatsiyu korporativnoi strategii i povyshenie finansovoi ustoichivosti otechestvennykh kompanii // Sibirskaya finansovaya shkola. 2025. № 4(160). S. 103-111. DOI 10.34020/1993-4386-2025-4-103-111.
13. Kozhaeva E.A. ESG-transformatsiya sistemy upravleniya predpriyatiyamiv industrial'nom domostroenii: analiz bar'erov i upravlencheskaya model' // Mezhdunarodnyi nauchnyi zhurnal. 2025. № 6(106). S. 109-120. DOI 10.34286/1995-4638-2025-106-6-109-120.
14. Burkova A.D. Razvitie ESG-reitingov v Rossii // Research and development – 2025 : Sbornik statei II Mezhdunarodnoi nauchno-prakticheskoi konferentsii, Petrozavodsk, 26 maya 2025 goda. – Petrozavodsk: Mezhdunarodnyi tsentr nauchnogo partnerstva "Novaya Nauka" (IP Ivanovskaya I.I.), 2025. S. 369-374.
15. Dovbii I.P. Audit ESG-otchetnosti predpriyatii energeticheskogo i promyshlennogo sektora Rossiiskoi ekonomiki: vyzovy i problemy // Vestnik Yuzhno-Ural'skogo gosudarstvennogo universiteta. Seriya: Ekonomika i menedzhment. 2025. T. 19.№ 1. S. 63-77. DOI 10.14529/em250105.
