Corporate Governance in the ESG Context: A New Understanding of Sustainability

The authors consider the issue of corporate governance of industrial parks in the context of ESG. The authors point out that industrial parks include ESG aspects in their activities and manage the impact on the environmental and social components. Little attention is paid to management aspects that are crucial for parks with an ESG agenda and the effectiveness of environmental and social projects. The research aims to form a new understanding of sustainable corporate governance and determine the importance of the concept for the effective management of industrial sites. During the research, the authors identified the areas of mutual development of digital and ESG transformation: the formation of digital solutions for the environmental aspect of ESG activities, the creation of a management system and developing expertise, the development of ESG practices within companies, the increase in digital solutions for ESG by industrial parks, the methodology for evaluating the effects of implementing digital solutions for ESG. The research considers that sectoral industrial parks can become the basis for corporate governance. The ESG includes measures to assess environmental, social, and governance performance, which determines the amount of investment. Industrial parks are undergoing a structural transformation; sustainable development issues are becoming strategic. Sustainable development that meets the needs of the present enables future generations to meet the needs. In the ESG context, corporate site management addresses the roles and responsibilities of residents in today’s environmental, social, and economic challenges, sets comprehensive goals, and applies new principles for industrial site management. The goal is to increase profits and create value for stakeholders, including them in decision-making processes.