Ukrainian businesses are gradually moving from declarative corporate social responsibility to the systematic implementation of ESG principles (Environmental, Social, Governance). The first Sustainable Development Programs Ranking, conducted by the business publication The Page, demonstrated that even amid a full-scale war, companies continue to invest in strategic risk management, energy efficiency, decarbonization, data transparency, and non-financial reporting.
For the market, this is an important signal – sustainable development is no longer merely a reputational tool but is becoming an integral element of corporate governance, risk management, and long-term competitiveness.
Top 5 companies by consolidated jury score
Following the evaluation of 15 participants, the expert jury identified five leaders:
- Deloitte Ukraine
- Metinvest Group
- SoftServe
- Enzym Group
- Astarta-Kyiv Agro-Industrial Holding
The assessment was based on the following criteria:
- availability of an approved ESG strategy and transition plan;
- defined and measurable KPIs;
- management involvement in ESG processes;
- preparation of non-financial reporting;
- availability of audits and independent verification;
- innovation of solutions and transparency of communications.
Key trends demonstrated by the ranking
ESG Is being integrated into corporate strategy
Leading companies view sustainable development as part of their long-term business strategy. ESG components are integrated into financial planning, internal control systems, and risk management frameworks. This indicates a shift from declarative initiatives to a structured management approach.
The growing role of non-financial reporting
Ranking participants increasingly report in accordance with international standards (GRI, SASB, TCFD, CDP). Harmonization of reporting with European requirements is gaining strategic importance in the context of implementing EU directives, particularly the CSRD. Data quality and comparability are becoming decisive factors in building investor trust.
Decarbonization and energy efficiency in focus
Leading companies actively invest in the development of their own renewable energy generation, improving production energy efficiency, and reducing greenhouse gas emissions. Climate policy is becoming part of operational strategy and financial planning.
Independent assurance becomes the new standard
A key indicator of ESG maturity is the engagement of independent auditors to verify non-financial indicators. The reliability and transparency of data are increasingly becoming mandatory prerequisites for access to international financing and partnerships.
ESG in wartime: a resilience factor
Despite challenging macroeconomic conditions, companies continue to invest in social initiatives, support national defense capabilities, and contribute to the country’s reconstruction. In this context, the ESG approach serves as a tool for ensuring long-term business resilience.
The ranking confirms that Ukrainian companies are at different stages of ESG transformation; however, the overall direction is clear – systematization, measurability, and transparency.
Astarta-Kyiv Agro-Industrial holding: a case of systemic ESG transformation in cooperation with Kreston Ukraine
Among the ranking leaders, Astarta-Kyiv Agro-Industrial Holding deserves special attention. As one of Ukraine’s largest vertically integrated agribusinesses, the company demonstrates a comprehensive approach to implementing sustainable development principles.
The company is implementing a Climate Corporate Governance Action Plan developed in cooperation with the EBRD and EY, integrating ESG into financial planning, risk management systems, and strategic decision-making.
A key element of this framework is the independent verification of non-financial information performed by Kreston ITH, a Cyprus-based member of the Kreston Global network, in close cooperation with Kreston Ukraine.
Kreston acts as the independent auditor of Astarta’s non-financial reporting and ESG data, providing assurance in accordance with international standards and best disclosure practices.
Independent verification of ESG indicators:
- enhances investor and bank confidence in reporting;
- ensures transparency for international financial institutions;
- minimizes regulatory and reputational risks;
- supports preparation for the implementation of European non-financial reporting requirements.
Decarbonization is a central element of the holding’s ESG strategy. Astarta conducts detailed monitoring and calculation of greenhouse gas emissions across all business segments – from crop production and sugar manufacturing to livestock farming.
The company invests in renewable energy sources, develops bioenergy capacities, and implements sustainable agricultural practices.
Cooperation with Kreston demonstrates how Ukrainian businesses are moving from declarative statements to a structured, verified, and transparent sustainable development management system.
Implications for business: preparing for new regulatory requirements
As Ukrainian legislation gradually aligns with EU standards, companies should:
- implement a formalized ESG strategy;
- establish systems for collecting and controlling non-financial data;
- integrate ESG risks into the overall risk management framework;
- ensure independent assurance of reporting.
A comprehensive approach enables companies not only to meet regulatory requirements but also to build long-term investment attractiveness.
The position of Kreston Ukraine
Kreston Ukraine systematically supports Ukrainian businesses in implementing ESG practices, preparing non-financial reporting, and conducting independent assurance in accordance with international standards.
We believe that ESG is an integral component of a modern corporate governance system that builds investor trust, strengthens financial resilience, and provides access to international capital markets.
The first Sustainable Development Programs Ranking confirmed that transformation is already underway. The next stage involves improving data quality, strengthening reporting requirements, and reinforcing the role of independent audit as a key element of trust.
