Russia launch of Regional Integrated Reporting Network in Moscow shifts focus to opportunity and development prospects
At the first official Integrated Reporting <IR> event in Russia, Moscow hosts RosAtom led the launch of the Russian <IR> Regional Network. The event, attended by members of industry, academia, and government focused on ‘Integrated Reporting ― Opportunities and Development Prospects in Russia’.
Deputy Finance Minister, Alexei Moiseev, opened the event and welcomed the launch of the network in Russia. He highlighted Russia’s continued commitment to adopting international best practice in various areas, including IFRS implementation, WTO membership, and corporate governance.
Speakers from pilot programme members RosAtom and Rosneft outlined the concept and aims of <IR> and explained how it fits with existing Russian reporting practices. They shared their rationale behind adopting <IR> and provided details of existing reporting activities.
Marina Galushkina, <IR> project leader at RosAtom, spoke about the challenge of opening the company to greater stakeholder scrutiny through more transparent reporting practices. She conceded that the ‘sensitive and historically secretive nature of our core nuclear business’ presents barriers to adopting <IR>, but she was adamant that ‘<IR> is now established in Russia and RosAtom is intent on making it a success’.
Rosneft’s Neal Potapov, head of the Consolidated Financial Statements, was confident about Russia’s ability to overcome its undeserved image of being ‘closed, investor unfriendly, and corrupt’. He added that adopting <IR> was a step in the right direction, promoting transparency and more effective stakeholder engagement. Mr Potapov stressed Rosneft’s leading role in bringing more sustainable practices to the Russian oil and gas industry with the hope that ‘our IR practices will set a positive trend across our industry’.
Panel sessions followed, with IIRC’s Relationship Manager for the Russian Federation, Henning Drager, leading the first panel in a discussion on the need to develop a robust <IR> framework to enable optimization of companies’ financial, social, and environmental impact. Key themes were Russia’s need for greater urgency in tackling its sustainability challenges, overcoming transparency obstacles in the business community and establishing deeper stakeholder engagement. Drager also touched on next year’s G20 meeting in Moscow, emphasizing that wider industry adoption of <IR> within Russia will provide an opportunity to showcase the country’s commitment to sustainability, deepening its progressive footprint in the global landscape.
The event ended with a shared belief that the Russian <IR> Regional Network will create a ‘community of IR practice’ enabling interested stakeholders to share reporting experiences and provide a Russian perspective for the on-going development of the global <IR> framework. Finally, Russian representatives expressed their commitment to promoting <IR> throughout industry, address regulatory hurdles to wider adoption, and promote best practice through an open, transparent regional stakeholder network.