On June 30, 2022, the first open meeting of the ESG Club of the Corporate Governance Professional Association (CGPA) was held. The topic of the meeting was: “Perspectives of sustainability and compliance with ESG principles in wartime”.

CGPA ESG Club is implemented in cooperation with the CSR Ukraine Center with the support of the International Finance Corporation (IFC).

Among the participants of the meeting were CGPA members, representatives of companies, associations, and state institutions, for whom issues of ESG principles and standards remain on the agenda and for whom these issues have become decisive in the process of recovery and continuation of Ukrainian business activities.

Oleksandr Okuniev, Chairman of the CGPA Management Board, welcomed the participants and emphasized the importance of compliance with environmental, social, and good corporate governance standards both in peacetime and in times of great threats and challenges.

Yulia Kholodkova, IFC Expert in ESG, Lead for IFC ECA ESG Program in Ukraine and Bosnia&Herzegovina, addressed the participants with a welcoming speech, noting that the International Finance Corporation (IFC) is glad to support its partners in the implementation of important tasks aimed at supporting Ukrainian business in such a difficult time. Yu. Kholodkova noted that IFC pays great attention to the issues of compliance with ESG principles and standards by companies with which IFC already cooperates or considers as an object for investment.

Maryna Saprykina, Chairman of the Board of the CSR Ukraine Center, member of the Supervisory Board of SOS Children’s Village Ukraine, acted as the moderator, facilitator, and ideological inspiration of the meeting. Maryna noted that ESG is an essential tool for sustainable development, which allows the company to integrate environmental, social, and governance standards at the highest level. During the country’s recovery period, almost all investments will come to Ukraine considering ESG principles. Therefore, the drivers of sustainable development will increase. Therefore, in these difficult times, companies today need help to understand and implement the mentioned standards. The CGPA ESG club and the CSR Ukraine Center will be an important element of such assistance.

Among the participants were representatives of large Ukrainian and international companies, representatives of small and medium-sized businesses, business associations, international organizations, and teachers of Ukrainian universities. During the discussion, the participants highlighted a number of problems that should be focused on at future meetings. First, this is insufficient understanding of ESG issues by a wide range of the business environment, which provokes a lack of awareness of the benefits and bonuses that large, small, and medium-sized businesses can receive from compliance with ESG principles and standards. Second, there is a lack of available sources on the concept of ESG. The participants expressed their desire to have a compendium of the best practices in applying ESG principles to both international and Ukrainian companies. Such a compendium could become an example to follow and facilitate the difficult path of introducing ESG standards and policies in Ukrainian companies. All participants agreed that it would be good to develop some guidance on the implementation of ESG standards in the activities of Ukrainian companies based on the best international practices.

At the end of the meeting, O. Okuniev noted that the discussion about ESG issues and their importance for Ukrainian business started. In addition, it will be continued, especially during the period of extremely difficult challenges, which are now in wartime and post-war recovery. CGPA considers it is a duty to help and support Ukrainian businesses and society in difficult times and is willing to be a platform for such discussions.

The event was in cooperation with the IFC’s Integrated Environmental, Social and Governance (ESG) Standards Program in Europe and Central Asia,  implementing with the financial  support of the Government of Switzerland (SECO). The goal of the Program is to encourage and assist companies in adopting the best ESG and corporate governance practices, contributing to their ability to attract sustainable investments.

Video from the conference is here