The following report has been compiled in accordance with the recommendations of the Sustainable Stock Exchanges (SSE) initiative. The SSE is the Sustainable Stock Exchanges initiative, an international UN partnership program organized as part of the United Nations Conference on Trade and Development (UNCTAD), the UN Global Compact, the United Nations Environment Programme Finance Initiative (UNEP FI), and the United Nations Principles for Responsible Investment (PRI).

Business strategy


How does your exchange define and view the rationale for corporate sustainability and the exchange’s role in promoting it?

Moscow Exchange recognizes the importance of sustainable development, including the growing importance of non-financial risks and ESG investing for companies.

Moscow Exchange aims to improve efficiency in environmental, social and corporate governance in cooperation with investors, companies (issuers), regulatory authorities, and relevant international organizations. It also promotes sustainable investment, including the financing of the UN Sustainable Development Goals.

As a platform for the circulation of financial capital, Moscow Exchange primarily promotes corporate sustainability by disseminating knowledge about sustainability principles, advising issuers on the disclosure of ESG information in their reporting, and promoting constructive dialogue on responsible investment with its stakeholders.


How does your exchange’s senior leadership and organizational structure support the promotion of corporate sustainability in its market(s)?

Corporate sustainability issues are addressed at meetings of the Supervisory Board of Moscow Exchange, and they are reflected in its decisions.

In 2021, the Supervisory Board discussed challenges associated with reducing greenhouse gas emissions and creating infrastructure for carbon accounting and trading in Russia. These meetings led to the Supervisory Board approving a new project for Moscow Exchange in this area.

The 2024 Group Strategy, approved by the Supervisory Board, continues to be implemented in 2021. Sustainability initiatives, including responsible investment and the promotion of ESG practices on financial markets, are integrated into the Group’s strategic objectives. As part of this initiative, in 2021 the Group developed and promoted a guide for issuing companies on how to integrate ESG principles into their activities.


What goals/objectives does your exchange have in regards to advancing sustainability in your market?

Moscow Exchange conducted an in-depth analysis of the 17 UN SDGs and prioritized seven of them in relation to which it can make the greatest contribution.

In addition, Moscow Exchange has set corporate objectives for each of the prioritized UN SDGs.

As part of the “Responsible Investment” initiative, Moscow Exchange has set the following corporate objectives, which correspond to UN SDG 12.6 (“Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate information on sustainable development into their reporting cycle”):
  • Raise companies’ awareness of trends, standards, and practices in sustainable development;
  • Develop tools for applying the principles for responsible investment;
  • Improve the quality and quantity of ESG information disclosed by issuing companies.

Detailed information is given in this Report in the statement “Moscow Exchange’s Contribution to the UN SDGs”.

Transparency and issuer reporting


Describe your exchange’s approach to promoting sustainability disclosure by companies.

Moscow Exchange monitors trends in sustainability disclosure and organizes events dedicated to corporate reporting. Recently, Moscow Exchange, together with UN PRI, SASB, and several other organizations, held a number of events dedicated to the disclosure of non-financial information.

In 2021, Moscow Exchange published the guide “How to Comply with Best Practices in Sustainable Development”, which it developed in cooperation with the expert community. Companies can use the guide to develop their corporate sustainability reporting practices.


What is your exchange’s process for reviewing listing standards in general? Are there opportunities for stakeholders to comment during this process?

Amendments to listing standards are developed in close cooperation with market participants and the Central Bank of Russia.

After such amendments are drafted, the new listing rules are reviewed by committees of Moscow Exchange and approved by the Supervisory Board. Market participants and other stakeholders take part in the work of the committees.

Finally, the amendments are submitted to the supervisory authorities of the Russian Federation for registration.


How do you track sustainability reporting of your listed companies?

In 2021, the Listing Rules of Moscow Exchange did not include mandatory requirements to publicly disclose information on sustainable development. Nevertheless, Moscow Exchange monitors sustainability disclosure trends in the public reporting of issuing companies.

The main monitoring tool is the Responsibility and Transparency Index of Moscow Exchange and the Russian Union of Industrialists and Entrepreneurs (RUIE). When selecting securities for inclusion in this index, more importance is assigned to the quality of the corporate information disclosed in public reporting than to liquidity and capitalization. Companies are chosen to be included in the index based on ESG factors as well as corporate governance indicators.

Detailed information is available in this Report in the subsection “Responsible investing and sustainable growth” of the section “2021 Sustainability Performance Highlights”.


What incentives (i.e., public recognition/awards) and sanctions do you have in place to encourage disclosure and discourage non-compliance/lower levels of transparency?

Moscow Exchange regularly conducts educational and other events to encourage the disclosure of corporate non-financial information.

Moscow Exchange has been holding an annual report competition since 1997. In 2008, the Group came up with new categories for the competition in order to recognize excellence in disclosure of non-financial information. As of 2021, these categories are “Best annual report on corporate responsibility and sustainable development” and “Best sustainability disclosure in an annual report”.

In 2021, Moscow Exchange did not penalize companies for failing to disclose sustainability information.


What connections have you made between national sustainable development frameworks and goals, and your exchange’s existing standards and norms?

The initiatives of Moscow Exchange incorporate the national goals defined in a number of federal documents, as well as the sustainable development objectives of government programs and projects, including:

National Projects of RussiaThe National Projects of Russia have been developed in accordance with Decree of the President of the Russian Federation No. 204 “On National Goals and Strategic Objectives of the Development of the Russian Federation to the Year 2024” of 7 May 2018.. These projects aim to improve the situation in Russia in terms of the environment, demography, education, health and other areas. Moscow Exchange offers financial instruments in specific sectors for the circulation of special-purpose securities. These sectors include the Sustainability sector (a segment of national and adaptation projects) and the Growth sector (to support small and medium-sized enterprises).

Strategy for socioeconomic development of the Russian Federation with a low level of greenhouse gas emissions until 2050. Moscow Exchange, in cooperation with its partners, is developing an infrastructure project for carbon trading and accounting in Russia.

Detailed information is available in this Report in the subsection “Responsible investing and sustainable growth” of the section “2021 Sustainability Performance Highlights”.

Issuer capacity building


If your exchange offers sustainability guidance for companies, please provide a description of the process for its creation

Moscow Exchanged created the guide “How to Comply with Best Practices in Sustainable Development”, published in 2021, in cooperation with the expert community, stakeholders (including issuing companies), and partners such as Deloitte, ERM, EY, KPMG, PwC, PRI, Citigate Dewe Rogerson, and Zebra Corporate Communications.


Do you and/or your regulator provide guidance on externally assuring ESG disclosures? In your market, how common is external assurance of ESG disclosures?

Recommendations on obtaining external assurance for ESG disclosures are set out in the guide “How to Comply with Best Practices in Sustainable Development”.

External assurance of ESG disclosures is not mandatory for companies listed on Moscow Exchange; however, many companies obtain such assurance in order to comply with best practices and meet investors’ expectations. More than 50% of companies included in the RUIE Responsibility and Transparency Index have obtained external assurance of their non-financial disclosures (from either professional auditing companies or through public assurance).

Collaboration and engagement


Who does your exchange view as its key stakeholders and how does it engage and collaborate (or plan to do so) with these and potentially other stakeholders?

Moscow Exchange continuously interacts with stakeholders in order to gain a comprehensive understanding of the context of the organizations’ activities and the results of their decision-making.

Moscow Exchange communicates with various stakeholder groups, including employees, legislators, monetary regulators, the Russian government and federal authorities, international organizations, development institutions, professional associations and unions, shareholders and investors, bidders and customers, legal entities and individuals, issuers, international organizations, news agencies and the media, civil society, local communities, suppliers, and contractors.

Detailed information is available in this Report in the subsection “Genuine partnership and engagement” of the section “Sustainability Approaches and Procedures”.

Sustainable products


How has your exchange supported the development of financial products that address sustainability-related issues (e.g., ESG Indices, carbon markets, social/environmental bonds, sustainable development funds, etc.)?

Moscow Exchange continues to develop ESG products and services, including special-purpose securities to support small and medium-sized enterprises (Growth sector), green and social bonds (Sustainability sector). It has also developed ESG indices and ESG exchange-traded mutual investment funds. In 2021, Moscow Exchange launched a project in partnership with a major Russian bank to create a Russian Carbon Market.

Detailed information is available in this Report in the subsection “Responsible investing and sustainable growth” of the section “2021 Sustainability Performance Highlights”.

Exchange needs


Are there specific resources (meetings, commissioned research, webinars etc.) that you would like from the SSE or other relevant groups to help you in your sustainability work?

Moscow Exchange is interested in learning more about mechanisms for identifying climate risks and finding opportunities to manage them. Such research could potentially be conducted by the SSE or individual exchanges.

A training course on using market data and debt financing instruments/services in sustainable development projects could also be very useful.


Are there any specific requests you have of investors, issuers and regulators in terms of their role in advancing sustainability in the market?

Discussions are underway with issuers and regulators on the role of stock exchanges in mitigating and adapting to climate change.