ALROSA is the first Russian company to join the World Economic Forum’s (WEF’s) Stakeholder Capitalism Metrics initiative and adopt a formal commitment to implementing its new ESG reporting standard.
According to the concept of ‘stakeholder capitalism’ which was developed by Klaus Schwab, founder and executive chairman of the World Economic Forum, companies should aim both to make a profit and to meet the needs of and create value for all stakeholders, including shareholders, employees, clients, local communities and others.
In 2020, in collaboration with international audit and consulting firms and experts from the Bank of America, WEF published a report entitled ‘Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation’, which aims to develop a universal international standard for nonfinancial reporting, including a set of concise, consistent and comparable ESG metrics that can be applied to companies across different industries and regions.
The proposed standard includes 55 universal indicators and disclosures, drawn from existing voluntary sustainability standards such as SASB, GRI, CDP and TCFD.
Sergey Ivanov, ALROSA’s CEO and Chairman of the Executive Committee, said: “As a partner of the World Economic Forum, ALROSA adheres to the highest international ethical business standards and is constantly seeking to improve the quality of our information disclosure in relation to sustainable development. Joining this WEF initiative is another important step in the company’s efforts to promote and adopt an effective approach to managing ESG issues in the diamond industry, with due consideration to the needs and interests of a wide range of stakeholders. We believe that information disclosure standards must be constantly improved and reflect the latest development trends in the ESG-focused economy. In this context, expanding international collaboration and exchanging information is becoming increasingly important.”
As a member of the WEF’s specialised working groups, ALROSA was also involved in developing this set of metrics. In its 2020 Sustainability Report, ALROSA disclosed information in accordance with the WEF’s metrics and recommendations. From 2021, ALROSA plans to disclose these indicators on an annual basis. Furthermore, ALROSA has also joined the WEF’s ESG Practitioner Group to share its experiences in implementing ESG metrics and improving its non-financial reporting system.