Integration of the ESG factor into the development strategies of mining companies: from rating to social responsibility management

A.V. Sharkova, T.M. Mazurchuk, E.P. Petukhova
Financial University under the Government of the Russian Federation, Moscow, Russian Federation
Russian Mining Industry №4/ 2026 p. 212-219

Abstract: The study addresses the transition from the rating-based ESG assessment to integration of the ESG factors into strategies of the Russian mining companies. A hypothesis is made that the integration depends on the consistency of the “factor – instrument” link (13×10 matrix), not the aggregate score. The objective is to justify the shift from ratings to social responsibility management in the Russian mining industry, based on the practices of the top 10 companies in the ESG rankings. Based on the sustainable development reports of 21 companies for 2022–2024 (RAEX ESG top-10), it is established that the top-5 social investments grew from RUB 33.3 to 50.7 billion (+52.3%); the S score reached 67.04 (1.37× the cross-industry average); leaders’ LTIFR ranged 0.12–0.64; for tailings dam management the industry (50.0) lags the average ranking value (55.52). Three critical gaps are identified, i.e. the climate adaptation, the board structure, and the sustainable finance instruments.

Keywords: ESG factors, corporate social responsibility, mining companies, rating assessment, sustainable development strategy, LTIFR, non-financial reporting, GRI 14

For citation: Sharkova A.V., Mazurchuk T.M., Petukhova E.P. Integration of the ESG into the development strategies of mining companies: from rating to social responsibility management. Russian Mining Industry. 2026;(4):212–219. (In Russ.) https://doi.org/10.30686/1609-9192-2026-4-212-219

Article info

Received: 07.03.2026

Received after revision: 28.05.2026

Accepted: 15.06.2026

Information about the authors

Antonina V. Sharkova – Dr. Sci. (Econ.), Professor, Head of the Department of Industrial Markets, Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow, Russian Federation; https://orcid.org/0000-0002-9773-0450; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Timofey M. Mazurchuk – Cand. Sci. (Econ.), Associate Professor, Department of Industrial Markets, Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow, Russian Federation; https://orcid.org/0000-0002-6209-5055; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Ekaterina P. Petukhova – Cand. Sci. (Econ.), Associate Professor, Department of Industrial Markets, Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow, Russian Federation; https://orcid.org/0000-0002-9298-7468; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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