ABSTRACT
Transforming business for sustainable development is the most important challenge facing companies around the world today. The study and dissemination of best practices allow all economic agents from different industries to implement a strategic approach to the management of corporate social activities, as well as to integrate the principles of responsible business management into the system of basic management functions. The technologies of the Fourth Industrial Revolution are rapidly changing the structure of markets and the strategies of companies, but they cannot be considered outside the context of the interaction of business, society, and nature. To implement more sustainable business models and address the main issues of the current decade related to social and environmental risks, an open dialogue between the state, science, and business is necessary. The article shows the features of corporate social responsibility (CSR) in Russia at the present stage, identifies the problems, and prospects for its development. The analysis of trends in the adaptation of Russian realities to the UN concept of sustainable development is carried out. The methodology used in the study contained a set of methods and approaches. In addition to general scientific methods of analysis and synthesis, induction and deduction, system, situational, process, and dynamic approaches were used. As a result of the research, several conclusions were drawn and practical recommendations were proposed to the state and the private sector for organizing and improving the effectiveness of the CSR system following current global trends. Also, the reaction of Russian companies to the Covid-19 pandemic is shown. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.