Modern investors and financiers are increasingly considering a wide range of non-financial factors when making investment decisions. ESG investment (investing), which considers environmental (E), social (S) and governance (G) aspects of companies activities, has been gaining momentum for quite a while. At the same time there is no clear definition or understanding of the boundaries of ESG investing now. That explains the relevance of the research with its purpose to examine the essence of the ESG investment concept and the basic features distinguishing it from other kinds of investing. This purpose is fulfilled through the methodology of system analysis, methods of historical and comparative analysis. As a result, the authors concluded that, despite its comprehensive nature and growing relevance, ESG investing cannot be considered an umbrella term for all types of values-based investment. This is due to the concepts semantic emphasis on the three groups of ESG factors, ESG risks and their impact on financial results. Arguably, the growing use of the similar terms ESG investing, sustainable investing and responsible investing reflects the interest of various stakeholders in the characteristic features of these concepts.
With the evolution of sustainable development and the spread of its principles to the financial sector, non-financial disclosures have gained particular importance. The author investigates the role of stock exchanges and ESG accounting standards in promoting the concept of ESG disclosures. For this purpose, the article examines the activities of stock exchanges, the growth rates of their supporters, and analyses the evolution of accounting standards. The author concludes that corporations’ interest in non-financial data dis-closure is growing, and stock exchanges and accounting standards may have substantial potential to influence companies’ non-financial disclosure activities.
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