Evolution and Challenges of Environmental, Social, and Governance Practices: An Analysis of the Brazilian Stock Exchange’s Corporate Sustainability Index

Abstract

Environmental, social, and governance (ESG) practices are increasingly recognized as critical for corporate sustainability and market competitiveness, driven by heightened expectations from investors, governments, and consumers. This study examines the evolution of ESG practices among companies listed on the Brazilian Stock Exchange’s Corporate Sustainability Index (ISE B3) from 2005 to 2022. We analyzed the index portfolio’s composition, focusing on changes in ESG dimensions over time. The only six long-lived companies in this index, from retail, banking, and energy sectors, were selected for in-depth analysis. We further evaluated the quality and consistency of ESG disclosures in company reports. Findings indicate relevant fluctuations in the number of companies included in the ISE B3 and variations in ESG scores for the companies. These variations may be attributed to the voluntary nature of ESG practices and the absence of standard disclosure. This study reveals a lack of homogeneity in ESG reporting, which could be addressed by establishing more straightforward guidelines and global standards. This research underscores Brazilian companies’ challenges navigating diverse ESG frameworks to align with evolving societal and environmental expectations.

1. Introduction

In 2022, the 50th anniversary of sustainability’s prominence in global discourse was marked by the United Nations’ ambitious 2030 Agenda for Sustainable Development [1]. Despite critiques, this agenda has received widespread acceptance [2,3,4]. The term environmental, social, and governance (ESG) emerged in the “Who Cares Wins” report [5], following efforts by the International Finance Corporation and the Swiss government to integrate corporate social responsibility (CSR) into corporate practices [6,7,8,9].

Consumer demand for ESG-compliant products has driven brand value and market growth [10]. Meanwhile, investors’ focus on responsible investing has embedded sustainability into the fiduciary duties of shareholders and corporate leadership [11,12]. Companies increasingly showcase their social and environmental practices, measured by various institutional indicators [7,8,13].

Consumers rely on ESG and financial performance information released by companies in the stock market [10] to determine the ESG achievements that balance environmental, social, and economic goals [11,14,15,16]. Consumers are ready to punish corporate brands when they distance themselves from corporate social reliability [17] while perceiving that ethical compliance positively affects a company’s valuation [18].

The Brazilian Stock Exchange (B3) is the largest Latin American financial market, and its stocks are traded simultaneously in other world markets, such as the New York Stock Exchange. Before the COVID-19 pandemic, the Brazilian economy was one of the ten most prominent in the world [19]. The Corporate Sustainability Index (ISE B3) is a stock market index created to measure the performance of companies listed on the Brazilian stock exchange (B3). The ISE B3 comprises 69 companies committed to corporate sustainability and ESG issues. The selection process for inclusion in the ISE B3 is based on a comprehensive questionnaire that evaluates companies’ practices in climate change, biodiversity, labor practices, human rights, corporate governance, and transparency.

This present study analyzes the profile and ESG performance of long-lived companies in Brazil’s ISE B3 index. The overall scenario of evaluating companies using the EGS concept led us to two research questions: (1) What was the ESG evolution of the most long-lived stock market companies in the Corporate Sustainability Index (ISE B3)? Moreover, (2) are the ESG information and achievement configurations aligned with the UN 2030 Agenda?

2. Background

Using the ESG principles, several socially responsible indexes (SRIs) were developed to allow investors to negotiate companies’ stock in compliance with the ESG concepts. The world stock market has several socially responsible indexes (Dow Jones Sustainability Index, FTSE4Good Index Series, Johannesburg Stock Exchange, and ISE B3) [20,21,22]. By investing in socially responsible indexes, investors can support companies committed to sustainability, social responsibility, and best practices in corporate governance while potentially achieving their economic and financial goals. Moreover, the companies’ inclusion criteria in each index differ for each sector they stand for [21,22,23].

Previous studies [24,25,26,27] have emphasized the different metrics used to analyze the performance of ESG companies. Eskantar et al. [28] showed that the significance of ESG criteria differs substantially across sectors and between developed and developing nations. This finding underscores the need for tailored ESG strategies considering specific economic and sectoral contexts. The authors indicate that further research revealed that effective ESG practices can lead to operational efficiencies. The scoring method clarifies the corporate state in different assessment dimensions, while the cluster analysis can avoid deviations generated by simply adding assessment scores to such diverse dimensions [29].

Oh et al. [30] studied how the financial sector was evaluated and rated using the Dow Jones Sustainability Index and noticed that financial institutions are underperforming from the CSR point of view as compared to companies in other industry sectors. Stakeholder demands pressure companies to improve their corporate social performance and integrate ESG factors into the business approaches [6,7]. Although such compliance may lead to increased expenses, Humphrey et al. [31] presented empirical evidence that investors and managers can implement a social performance investment strategy without experiencing any high financial cost concerning risk.

Although ESG reporting standardization is progressing, experts expect continued diversity in reporting practices, demanding the adaptation of universal standards to sector-specific needs and common themes [32]. Korzeb et al. [33] examined the influence of ESG policies on a bank’s default risk (DR), considering macroeconomic conditions and bank-specific factors. Their study highlighted the rising significance of ESG concerns among investors and the public, which has prompted increased corporate attention to sustainability issues. Seker and Sengür [34] investigated the relationship between ESG performance and financial disclosure quality (FRQ). The results reveal that companies’ ESG performance positively impacts FRQ, with a significant relationship between FRQ and the environmental and governance pillars of ESG.

Brazilian Corporate Sustainability Index (ISE B3)

The Brazilian Corporate Sustainability Index (ISE B3) was started in 2005 by the São Paulo Stock Exchange (B3), a leading Brazilian financial market infrastructure company operating in the exchange and over-the-counter environment. The ISE B3 emerged in response to market demand for creating an index comprised only of companies that stand out in social responsibility and sustainability. The companies’ shares must be traded with liquidity on the stock exchange to participate in the ISE B3 portfolio. The index aims to identify the extent to which a company has sustainability incorporated in a reasoned and structured way in its business models, strategies, and practices [35].

The ISE B3 evolution over the last 18 years added the analysis of the ESG practices with a new methodology reinforcing transparency of the process. A simplified questionnaire was adopted by reducing 40% of the questions, classified into six dimensions (human capital, corporate governance and high management, business model and innovation, social capital, environment, and climate change); specific questions for each industry, an evaluation of two external suppliers (Carbon Disclosure Project–CDP and RepRisk); public disclosure of an overall score for all companies participating in the index selection process; and quarterly rebalancing. The CDP scoring assessed the climate change dimension and incorporated ESG risk data and metrics calculated by RepRisk [36]. Currently, there is no limitation on the number of participants in the ISE B3; even though companies listed on B3 are interested in investing in sustainable practices and social responsibility, on average, only 16% of companies enrolled voluntarily in the Brazilian ISE B3 and were classified as suitable for ISE [35,37].

3. Methods

The companies were selected within the São Paulo stock exchange, composed of 113 eligible classified companies from 27 sectors, considering their longevity linked to the ISE B3. We adopted an exploratory multi-method study [38], and the longevity of the companies was checked when selected [39]. A long-lived company in the exchange market has typically demonstrated sustained operations, stability, and profitability over an extended period. While no universally agreed-upon number of years defines a long-lived company, it is generally considered a publicly traded company that has been actively operating for several decades [40,41].

The selection criteria included all companies from three sectors (retail, banking, and energy) from the beginning of the ISE B3 (2005) until 2022. This encompasses the most long-lived companies listed on B3 (ISE B3) for 18 years (since the ISE B3 started).

Firstly, we checked these companies’ ISE B3 published index [35]. The company’s base score in the ISE B3 2021/2022 selection process is the percentage of points obtained through self-declared information compared to the total points established. The total score on each item varies according to the sector in which it operates. The score is calculated according to the relative weight of each company comprising it in economic groups.

The ISE B3 Score serves as a selection criterion for companies in the portfolio and as a basis for determining the weighting of its assets. The value is calculated by applying the qualitative factor (FQ) to the base score–the sum of the scores obtained in the qualitative assessment through the ISE B3 questionnaire and the CDP–Climate Score ([36] Equation (1)), formerly the Carbon Disclosure Project.

FQ = ∑ qualitative auto-evaluation + CDP score

(1)

Secondly, the company’s evolution through time was described, presenting the company’s trend, role, and performance in the retail, banking, and energy sectors. Figure 1 shows the schematic composition of the steps to answer the proposed research questions.

Sustainability fundamentals were studied, the companies with longevity in the ISE B3 index were analyzed, and the six chosen companies (with the most longevity within the ISE B3) were evaluated by comparing their performance in 2021 and 2022.

The evolution of the companies in the ISE B3 from 2005 until 2022 was presented to answer the questions. The variations in the six companies with higher longevity within the index were analyzed, and the reliability of the comparison among companies using different ESG indexes and measures was discussed.

4. Results

Brazilian companies participated in the ISE B3 (number = 113) during the studied period (2005–2022). The ISE B3 timeline (

Table 1. Index ISE B3 Portfolio stock from 2005 to 2022.

Portfolio ISE B3	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	Average
Launch year	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2005–2022
Number of companies	28	34	32	30	36	38	38	37	40	40	34	34	30	28	30	40	46	69 **	37
Number of sectors	14	14	13	12	15	18	18	16	18	19	16	15	12	12	15	15	27	27	16
Total market value ISE B3 (BRL 109) *	ND	996	927	372	730	1170	961	1000	1140	1220	961	1310	1280	1475	1641	1800	1740	1740	1204
Total market value B3 (%)	ND	43	40	31	32	46	44	45	47	50	55	52	42	39	38	38	38	41	42
Variation (%)
Company quantity (%)	-	21	−6	−6	20	6	0	−3	8	0	−15	0	−12	−7	7	33	15	50	146
Sector quantity (%)	-	0	−7	−8	25	20	0	−11	13	6	−16	−6	−20	0	25	0	80	0	93
Total market value ISE B3 (%)	-	-	−7	−60	96	60	−18	4	14	7	−21	36	−2	15	11	10	−3	0	75

* 1 BRL = 0.2036 USD (in 19 April 2023); ** Number of companies listed on B3 in 21 April 2023: 692 (at ISE B3: 10%).

), from its first portfolio to the 18th (2005–2022), presents significant increases over the years (from the first to the last portfolio) in the number of companies (4146%) and sectors (93%) and the market value (75%). The subprime crisis (2007) impacted the permanence of companies in the ISE B3, with a reduction of approximately one-third of the index’s market value. It indicates the companies that participated (or participate now), the participant sectors, the market value, and the percentage of the market value of all companies with shares traded on B3.

The values in the environment, social, and governance columns in

Table 2. Score ISE B3 of companies’ portfolio stock for 18 years (2021 and 2022).

Score (2021 vs. 2022)
ESG Index		Company	Sector	Environ-Mental	Social	Governance	Score
ISE B3	ISE B3						ISE B3
Jan/22	Jan/23
5	26	Natura & Co Holding SA.	Retail	78–84	78–72	86–79	81–78
7	20	Itaú Unibanco Holding S.A.	Banking	73–73	80–81	86–87	80–80
10	10	Engie Brasil Energia S.A.	Energy	82–80	71–81	82–88	78–83
12	8	Banco Bradesco S.A.	Banking	72–81	76–81	84–89	77–83
25	24	Cia. Energética De Minas Gerais–Cemig	Energy	66–75	73–75	81–87	73–79
29	23	Banco do Brasil S.A.	Banking	65–74	73–80	77–85	72–79
Score (2022 vs. 2021)
Jan/23	Jan/22
8	12	Banco Bradesco S.A.	Banking	81–72	81–76	89–84	83–77
10	10	Engie Brasil Energia S.A.	Energy	80–82	81–71	88–82	83–78
20	7	Itaú Unibanco Holding S.A.	Banking	73–73	81–80	87–86	80–80
23	29	Banco do Brasil S.A.	Banking	74–65	80–73	85–77	79–72
24	25	Cia. Energética De Minas Gerais–Cemig	Energy	75–66	75–73	87–81	79–73
26	5	Natura & Co Holding SA.	Retail	84–78	72–78	79–86	78–81
Sectorial Score (2022 vs. 2021)
Jan/23	Jan/22
8	12	Banco Bradesco S.A.	Banking	81–72	81–76	89–84	83–77

The red arrow pointing downward indicates a decrease in the ISE B3 rate, while the green arrow pointing upward indicates a rise in the ISE B3 rate.

are the average of the values from the extended related questions for each dimension, which composes the new ESG expanded index disclosure only for 2021 and 2022 for the six Brazilian companies that have remained since their first portfolios on the ISE B3, released in 2005. Before 2021, the presence in the ISE B3 was based on the answers to voluntarily filled-out questionnaires without showing the calculated and ranked ESG score.

From the companies during the studied period (2005–2022) (Table 1), only six companies remained in this portfolio for 18 years (Table 2). There were 28 companies in 2005 in the ISE B3 portfolio and 69 in 2022; on average, there were 37 companies.

In 2005, the ISE B3 portfolio included 14 sectors, expanding to 27 by 2022, with an average of 16 sectors represented over the years. The total market value of companies in the index portfolio was 43% in 2006 and 41% in 2022, averaging 42% during the period. Despite the variation, there was an increase in the number of companies and sectors and the total market value B3 in the score, indicating that companies discovered the potential market acceptance advantage of being included in the index.

The Long-Lived Companies’ ISE B3

In the ISE B3 index disclosure (Table 1), we verified that the leadership of Natura & Co Holding SA decreased from fifth in 2022 to 26th in 2023 compared to the remaining studied companies. The Itaú Unibanco Holding SA occupied the seventh position in 2022 and decreased to the 20th in 2023. The third company, Engie Brasil Energia SA, remained in the 10th position. Banco Bradesco S.A., Cemig, and Banco do Brasil S.A. increased in scoring from 2022 to 2023 (12 to 8, 25 to 24, and 29 to 23, respectively). We focused on these six long-lived companies described in Table 2. Three companies from the banking sector (Banco do Brasil S.A., Itaú Unibanco Holding SA, and Banco Bradesco SA), two from the energy sector (Engie Brasil Energia SA and Cemig), and one in retail (Natura & Co Holding SA) were found. They had an average of 113 years in the market, representing an average of BRL 773 10⁶ total assets and occupying nearly 50,000 employees. Three companies, one of each sector (Banco do Brasil S.A., Engie Brasil Energia SA, and Natura & Co Holding SA), adopted a new market concept.

At the same time, the other three companies had level 1 in governance. Natura is the leading multinational Brazilian company operating in the development and retail of the cosmetic, personal care, and beauty industries. Created in 1969, the company has a sustainability vision, which assumes the commitment to integrating environmental and social impacts into Natura’s financial results. Natura’s unique position as the sole publicly traded company in its sector on the B3 exchange during the analyzed period limits our ability to assess the broader sectoral evolution of ESG practices. Although Natura’s ESG score experienced minor fluctuations following its initial public offering in the early 2000s, this is attributed to the normalized mean calculation and the influx of new companies into the index. This fluctuation exemplifies the potential for score variation over time. Notably, the score changes for the selected companies remained within a 10% point range (Table 2). Detailed profiles of these companies can be found in

Table 3. Long-lived company profiles in the case study of the companies in the ISE B3 in Brazil.

Company	Sector	Level of Governance	Longevity (Years)	Total Assets (BRL 109) *	Market Value ** (BRL 109) *	Number of Employees (103)	Prioritized SDG	The Reference Base for SDG Compliance
Banco Bradesco SA.	Banking	1	80	1350	130	97	4, 5, 8, 9, 10, 13	[38,39,42,43,44]
2. Itaú Unibanco SA.	Banking	1	78	1700	214	95	1, 2, 4, 5, 7, 8, 9, 10, 11, 12, 13, 15, 16, 17	[38,39,45]
3. Banco do Brasil S.A.	Banking	New Market	215	1470	107	93	1, 2, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 15, 16, 17	[38,39,46]
4. Engie Brasil Energia S.A.	Energy	New Market	161	38	32	4	3, 5, 7, 8, 9, 11, 12, 13, 14, 15, 16, 17	[38,47,48]
5. Cia. Energética de Minas Gerais–Cemig	Energy	1	71	54	28	5	7, 8, 9, 13,	[38,47,49,50]
6. Natura & Co Holding SA	Retail	New Market	54	25	19	6	5, 8, 9, 10, 12, 13, 14, 15,17	[38,47,51]
Average	-	-	110	773	88	50	-

* 1 BRL = 0.2036 USD (in 19 April 2023); ** Companies represent 16% of the total market value at B3 on 27 March 2023.

.

The Itaú Bank merged with Unibanco in 2008, giving rise to a new company named Itaú Unibanco SA (7th position on the ISE B3 score). Both banks started in ISE B3 in their first portfolio stock (2005/2006). Itaú Unibanco is the largest private financial conglomerate and one of the world’s largest banks in market value, with units in 19 countries. To build a global economy with zero greenhouse gas emissions, Itaú Unibanco adhered to the Net-Zero Commitment by 2050. The main contribution of the banking sector, which includes other larger companies such as Bradesco Bank (12th) and Brasil Bank (29th), is the adherence to the United Nations Principles for Responsible Investment, respectively, in 2008 and 2010.

Engie and Cemig are included in the ISE B3 index in the energy sector, ranking 10th and 25th, respectively. Of the 31 energy companies listed on B3, only 13 are represented in the ISE B3, indicating a 39% participation rate for the sector. The commitments are compliance with the Carbon Neutral Programme, social responsibilities, and transparency with actions for a better world that complies with the United Nations Sustainable Development Goals (UN SDGs) [1]. At ISE B3, six companies started as the second portfolio stock, with Energias do Brasil SA scoring number one.

The six companies consistently included in the ISE B3 portfolio since 2005 have been assessed for their alignment with the UN’s SDGs. We found that these long-lived companies have different priorities when complying with the UN SDGs, and the only common goals found were 8, 9, and 13 (Table 3). This analysis reveals disparities in SDG prioritization across sectors and companies, shedding light on how businesses engage with the global sustainability agenda.

5. Discussion

This present study results revealed the volatility in the entries and exits of companies within the ISE B3 portfolio (Table 1). Despite this, there was an overall growth in the number of companies, the average total market value, and the number of sectors over time. There was a positive trend in the number of companies included in the index. However, only six companies remained consistently present throughout the 18-year study period. These results agree with those of Clout and Willett [39], who studied long-lived companies in Australia. Most academic research focuses on the link between corporate ESG actions, investors’ assignation and stock revenues, and company value [8], and markets seem now to evaluate ESG performance in equity and bond prices. The significant increase in companies listed on the ISE B3 suggests a growing awareness among Brazilian firms of the potential financial benefits associated with ESG practices. This trend aligns with the notion that ISE B3 membership enhances perceptions of brand impartiality and social responsibility, which resonate with consumers and contribute to increased profitability [11].

However, the ISE B3 index reveals significant score fluctuations for some corporations within its two-year implementation period. Notably, while improving in environmental aspects, Natura saw a decline in social and governance factors, leading to a substantial drop in its ranking (from 5th to 26th). This fluctuation is partly attributable to the changing composition of companies in the index. Despite limited public awareness of the value of sustainability reports, consumer behavior is influenced by perceived environmental risks associated with brands, potentially leading to altered purchasing habits [10,15,18].

The ESG practices described in this present exploratory study represent companies’ conscious and permanent commitments to the search for the necessary conditions for their sustainable survival, also considering humankind in a dignified way in the present and future. It is expected to have contributed to disseminating innovative and long-lasting companies with ESG practices aligned with their business models, strategies, and SDGs [52]. In the banking sector, two companies increased in all dimensions; one maintained stability in the two years, and its performance was proportional to longevity. For instance, Banco do Brasil, the most important government bank, has been in the market for over two centuries and is relatively stable in the score position. According to Yao et al. [53], green credit policy is a way banks can contribute to decreasing polluting companies’ performance by expanding financing restrictions and decreasing investment levels. Sonnenberg and Hamann [20] indicate that many companies have yet to learn that an annual document is insufficient for communicating sustainability measures to all stakeholders. Companies must invest in social aspects of information to reach stakeholders.

Corporate sustainability performance can be crucial in advancing the UN SDGs [54,55]. Many of the goals require the participation of the private sector to achieve them, as businesses can significantly impact the environment and society. Companies can contribute to achieving the UN SDGs by aligning their business strategies and practices with the goals, integrating sustainability into their operations and supply chains, and developing innovative solutions to social and environmental challenges. In turn, the UN SDGs can also provide a framework for companies to prioritize their sustainability efforts and measure progress [3]. By focusing on the UN SDGs, companies can ensure that their sustainability initiatives are aligned with global priorities and address the most pressing social and environmental challenges, answering our second question.

The six studied companies prioritized common UN goals 8, 9, and 13. Goal 8 refers to decent work and economic growth, which promotes inclusive and sustainable economic growth, employment, and decent work for all. Despite improvements in labor productivity and a decrease in the global unemployment rate to 5.4% in 2022, multiple crises threaten the global economy, leading to a rise in informal employment [56]. Significant efforts are still needed to create employment opportunities, especially for young people, reduce informal work and labor market inequalities, ensure safe working environments, and improve access to financial services to maintain sustained and inclusive economic growth. Goal 9 refers to industry, innovation, and infrastructure. Investments significantly influence economic growth, social development, and climate action in infrastructure, sustainable industrial development, and technological advancement. In response to the rapidly evolving global economic environment and rising inequalities, achieving sustained growth needs an industrialization approach that prioritizes making opportunities accessible to everyone and that is supported by innovation and robust infrastructure. Inclusive and sustainable industrialization, innovation, and infrastructure can unleash dynamic and competitive economic forces that generate employment and income. UN SDG 13 is related to climate action. Human activities are driving climate change, threatening life on Earth with rapid and severe impacts, including extreme weather and rising sea levels. It will reverse development progress and trigger mass migrations, instability, and wars if not addressed. Immediate and transformative actions are essential, requiring ambitious, economy-wide efforts towards climate-resilient development and a clear path to reduce emissions to avoid devastating consequences and ensure a sustainable future.

Even though our results indicate that, on a two-year basis, only the banking and the energy sectors improved in the environmental, social, and governance dimensions, theoretically meeting UN SDG 17, which refers to revitalizing the global partnership for sustainable development [57], the company in the retail sector remained within the sustainable level. Overall, the interaction between the UN SDGs and corporate sustainability performance is a mutually beneficial relationship that can help to drive progress toward a more sustainable and equitable future. The ESG strategies lead to policies that companies apply to reach objectives related to the environment and society that converge to the demands of stakeholders [11,31].

Furthermore, the UN SDGs provide a common language and metrics for companies to communicate their sustainability performance to stakeholders, including investors, customers, and employees [56]. However, as Ortiz-de-Mandojana and Antolín-López [58] pointed out, many measures for assessing the companies’ performance have been built using a different approach and set of statements. The value of these indices rests on whether the stakeholder applies them to gain a comprehensive understanding of the assumptions on which each measure is built and what each measure represents. Although there is a ranking based on questions related to environmental, social, and governance practices, the rating agencies use different methods and theories. Consequently, the resulting index measures often do not converge [59,60]. The focus of these indices should be on enhancing their accessibility and relevance to both the public and stakeholders. This can be achieved by refraining from relying solely on sustainability reports produced by activist organizations to influence corporate behavior or ensure accountability.

This present study was limited to analyzing the ESG companies participating in the ISE B3 portfolio for the 18 years since it started. The companies in the study were large corporations, which limited the ability to oversimplify based on the findings, although some smaller companies were included in the 18-year sample. Furthermore, some sample companies diversified their operations during the study period, settling other interests to focus on a core area. Future research could extend this analysis to encompass other companies within the ISE B3 portfolio, diverse sectors, alternative sources of sustainability indicators, and international stock exchanges. Additionally, our reliance on ESG metrics to gauge companies’ adherence to the UN Sustainable Development Goals presents a potential limitation. The ESG index, based on voluntary questionnaire responses and susceptible to varied interpretations across sectors, may not comprehensively assess the alignment of UN SDGs.

Sustainability represents a transformative paradigm for businesses, offering a pathway to redefine their societal role and address pressing global challenges. By integrating social and environmental considerations into their core operations, companies can achieve a higher purpose while ensuring long-term resilience. Exploring contemporary corporate success stories can offer valuable lessons for navigating the complexities and opportunities of this transformation.

6. Conclusions

The evolution of ESG companies in Brazil was presented. There has been a growing interest in participating in the ISE B3 portfolio. Our findings indicate fluctuations in the number of companies included in the ISE B3 and variations in ESG scores for the long-lived companies. The ESG practices described in this study represent long-lived companies’ conscious and permanent commitments to search for the requirements for their sustainable presence.

This present study showed that companies in the banking and energy sectors partially met the UN SDGs. The studied retail company endured sustainably and remained behind in all ESG dimensions.