SOCIAL RESPONSIBILITY OF AGRIBUSINESS AND ESG PRACTICES AS WAYS TO ACHIEVE SUSTAINABLE DEVELOPMENT GOALS

Анотація

The need to solve the problems of sustainable development and gain strategic competitive advantages has led to the active dissemination of socially responsible business initiatives. This is also highly relevant for the agri-food sector, the role of which is vital for the global tasks of sustainability and the national economy of Ukraine. The article examines the main essential features of social responsibility of business and modern ESG practice in the example of the agricultural sector. Studies have shown that corporate social responsibility (CSR and ESG) is an example of a modern sustainable management business model with standard features. Both models aim to raise the level of corporate culture and achieve sustainable development goals. At the same time, the key feature of corporate social responsibility is its qualitative dimension, while the characteristic feature of ESG is qualitative assessment. ESG management practice is one of the priorities for Ukraine's agricultural business. It creates opportunities to achieve competitive advantages in attracting additional financial flows necessary for the sustainable development of agriculture and rural areas. The strategic bonuses formed for agricultural companies by using the principles of CSR and ESG in practice are defined. Among the main ones are: building up the image capital of agricultural companies; increasing market share; rapid and effective response to climate change risks and other environmental and social business risks; improving the understanding of future business development opportunities and finding effective mechanisms for their use; increasing the level of investment attractiveness of business. The key indicators for assessing the ESG rating in the context of three factors are studied: economic, social, and managerial. The current trends and social responsibility problems of Ukraine's agrarian business are analyzed. It is determined that voluntary, socially responsible initiatives take place mainly in large-scale agricultural companies. The potential possibilities of the influence of ESG practice on the financial results of agrarian formations are determined. The main promising directions and tools of CSR and ESG in the activities of business entities in the agricultural sector are outlined.

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