From Corporate Social Responsibility to Corporate Sustainable Management: the Retrospective of Legal Regulation

Abstract

When forming institutions of social responsibility of participants in market relations, as well as sustainable corporate governance, the Russian business community, lawyers and legislators could not rely on domestic traditions, experience and concepts, due to their absence. This predetermined the orientation towards Western experience, which was adapted with significant features associated with the weakness of civil society institutions, the lack of incentives for Russian business to demonstrate social responsibility and the transition to sustainable corporate governance. The presence of codes and declarations, the holding of one-time actions, even among large companies, does not indicate a systematic approach to the implementation of social responsibility, and the single inclusion of directors for sustainable development on the staff indicates a transition to a new form of corporate governance. The state, as the author believes, takes a generally passive position, leaving these issues in the sphere of soft regulation. The author offers his own vision of further legal construction of a conceptual model of sustainable corporate governance.