Concepts of Sustainable Development in Corporate Law: the Experience of Russia and African Countries

The purpose of the study is to identify new features of corporate social responsibility and ESG standards as a factor of sustainable development and competitive growth of business and public sectors. Trend analysis of formation corporate social responsibility in Russian and foreign business practice, determination of the features of the formation and development of socially responsible business in African countries, including the oil and gas industry, as well as, a study of the systems of interrelations of corporate social responsibility concept with concepts of sustainable development, socially responsible investment, corporate efficiency, corporate citizenship, a creation of common values, environmental responsibility allowed to come to the following conclusions. Conclusions. In order to optimize a sustainable development strategy, a national model of corporate social responsibility is needed, that is based on uniform rules of social responsibility for all participants in entrepreneurial and social interaction. State regulatory policy should focus on improving the legislative framework that encourages companies and organizations to develop social responsibility strategies. To create prerequisites for sustainable development in the oil and gas industry, it is necessary to develop a model of corporate social responsibility that takes into account both national and international aspects. There is a proposal to consider the ESG concept as a tool by which companies integrate the principles of social responsibility into their core activities.