MMK strengthens position in AK&M ESG-reporting rating
Federal rating agency AK&M raised the ESG reporting rating of Magnitogorsk Iron & Steel Works to RESG 1 - the highest level of sustainability disclosure.
MMK was assigned the highest rating level following the publication of the Integrated Annual Report for 2020, which contains detailed information on the Company's environmental, social and corporate governance (ESG) performance. Last year, AK&M assigned MMK a reporting rating of RESG 2, upgrading it after more in-depth disclosure in 2021, to the highest rating category (numerical score of 84.6 points, one of the highest among the companies participating in the rating).
"Being one of the largest metallurgy companies, MMK closely links its strategy with the principles of sustainable development and publishes its reports in accordance with the best international practices according to GRI and SASB standards", the rating agency commented in a press release. AK&M also emphasised the Company's special attention to environmental data – the agency rates MMK's disclosure of information on the Company's environmental impact as one of the best in Russia.
“The implementation of sustainable development principles in MMK Group is not a separate project or even a series of goals, but an approach at the core of the Group,” said Yaroslava Vrubel, MMK’s Head of Sustainable Development. "MMK’s continued focus on sustainable development and ESG principles is confirmed by independent assessments as well as collaboration with international companies and agencies”. An important milestone for MMK in terms of sustainability disclosure was the publication in 2021 of the ESG Data Pack – the most comprehensive database on MMK’s environmental, social and corporate governance indicators, complementing the information from the Integrated Annual Report.
AK&M Rating Agency has been publishing its ESG reporting rating since 2020. The study focuses on the completeness of sustainability information in reports (annual and sustainability reports), as well as its accessibility. The study takes 88 indicators into account. The main purpose of the rating is to show the professional community the best practices of disclosure of information on social and environmental activities of companies.