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Характеристики независимых директоров как фактор раскрытия ESG-информации российскими публичными компаниями
Purpose: this study aims to assess the impact of independent directors’ characteristics on voluntary ESG disclosure by Russian public non-financial companies. Methodology: this study conducts an econometric analysis of panel data on 56 large Russian public non-financial companies listed on the Moscow Stock Exchange, which published standalone ESG and sustainability reports from 2017 to 2023. Findings: the significant positive impact of female independent board members on voluntary ESG disclosure has been identified, while greater representation of foreign independent directors prompted Russian companies to continue publishing standalone ESG reports in the period of massive sanctions in 2022–2023. The results do not support hypothesis on the positive impact of independent directors with an MBA and higher academic degrees on voluntary ESG disclosure. A higher percentage of independent board members with technical professional experience negatively affected voluntary ESG disclosure by Russian public companies. Companies with greater percentages of independent directors with CEO-level managerial experience tended to continue publishing ESG-reports in 2022–2023, while the effects of independent directors’ experience in finance and public services were insignificant. Originality and contribution: the findings confirm the significant impact of knowledge and competencies brought by independent directors on ESG disclosure by public companies. These findings are highly relevant for business practitioners in the context of requirements for mandatory non-financial disclosure by Russian public companies, as well as for researchers investigating the impact of corporate governance characteristics on the ESG disclosure by Russian companies.