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INTEGRATION OF CORPORATE SOCIAL RESPONSIBILITY IN CORPORATE GOVERNANCE: GUIDELINES AND IMPLEMENTATION ISSUES

I. Beliaeva

Abstract

In the article the factors influencing formation of system of corporate governance and corporate social responsibility in Russian companies. Considering corporate social responsibility as a subsystem of corporate governance is confirmed by the international trends of strengthening the strategic nature of corporate social responsibility, focused on creating value for business and society as a result of interaction of stakeholders. The authors propose a universal algorithm for integration of corporate social responsibility in corporate governance. The algorithm is based on compliance with certain principles on which to rely in the course of implementing corporate social projects. In relation to a particular company, the algorithm can be complemented by activities, in accordance with the specific activities of the company and peculiarities of development of territories of its presence. The study confirms the fact that in the formation of socially-oriented corporate strategy, it is advisable the creation of new corporate institutions, committees for corporate social responsibility in the framework of the Board of Directors. For efficient operation it is important to establish close links between the Executive management and Board of Directors. The authors suggest the best solutions to problems based on formation of a special type of management.

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DOI resolver: doi.org/10.5593/sgemsocial2017/15/S05.068

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