Why is it advantageous for business to be responsible?

On January 17, within the framework of the 10th Anniversary Gaidar Forum, an expert discussion was held on the topic: Standards for the responsible conduct of business (RCB) are in-house rules for transparent activities of companies allowing companies risks minimization and are being implemented through introduction of the compliance systems in 11 fields (taxes, competition, environment protection, etc.).

Standards affect considerably both transnational enterprises and small and medium-scale business. The majority of developed countries impose requirements to companies practices and to their contractors selection.

Elena Stoyanova, Deputy Director of the Department of Europe, North America and International Organizations, Ministry of Economic Development of the Russian Federation. noted: “In the given system, the standards of business conduct are in transition stage from the voluntary system to the mandatory one”.

In the discussion, the issues of the responsible conduct of business as a new trading standard and of the influence of the RCB standards to the business in the particular branches: textile manufacture. agriculture, extractive industry, financial markets.

Antonina Levashenko, Head of the RANEPA Center of Competence and Analysis of OECD standards, discussion moderator, said: “We regard the standards of the responsible conduct of business as the standards of international trading. The standards of the responsible conduct of are the most important rules of companies operations.”

Assistance on the part of the state like in the majority of the developed countries is essential for Russian companies for introducing of Responsible Business Standards in Russia. The development of methodology and standards implementation promotion measures are needed. This allows to increase the productivity of an enterprise, will help small and middle-scale companies to penetrate foreign markets and simplify the attraction of foreign capital into Russian companies.

Summarizing the discussion, all experts came to the conclusion, that the competent development of a strategy for the responsible conduct of business leads to actually worth outcome and justifies its investment costs.

Anna Dityakina, RANEPA

All records of live broadcasts from the Gaidar Forum 2019

10th Gaidar Forum Organizers:

The Russian Presidential Academy of National Economy and Public Administration (RANEPA);
The Gaidar Institute for Economic Policy (Gaidar Institute);
The Association of Innovative Regions of Russia (AIRR).

The general partners of the Gaidar Forum are Gazprom and Gazprombank; strategic partners include Prosveshcheniye publishing house, Coca-Cola, Pharmstandard group, ACIG Group of Companies, the Russian Textbook Corporation, SANOFI, Novartis, Johnson & Johnson, Russian Railways, MSD, and Mastercard; EY, Cisco and Russian Direct Investment Fund are partners. This discussion’s partners are Philips, Cherkizovo and RVC.

The general information partners of the Gaidar Forum include the Rossiya 24 TV channel, Forbes global media company, RBC and TASS news agencies. The official information agency is Rossiya Segodnya. The general radio partner is Business FM. The strategic information partners are Kommersant Publishers, the RT TV channel, Interfax and Gazeta.RU. The main information partners are Profil weekly, FederalPress news agency, and Invest Foresight online magazine. The international information partners are Sputnik and Cision. Other media partners include PRIME news agency, Rossiyskaya Gazeta, RNS news agency, Radio Ekho Moskvy, News.Ru, Polit.ru, Parlamentskaya Gazeta, the PRO BUSINESS TV channel, Strategia magazine, AK&M, BRICS, Ekonomika i Zhizn weekly, National Banking Journal, Expert Tatarstan magazine, the Smart Country information platform, Financial One, Naans Media, and the Public Administration scientific political journal.

The Gaidar Forum on social media: FacebookTwitterYouTubeInstagram