Subject. Indices and ESG ratings as elements of the financial market infrastructure, methodological and institutional reasons for discrepancies in ESG assessments between providers. Objectives. Identifying the causes of divergence in ESG ratings and indexes, as well as the limitations that hinder their proper use in investment, regulatory, and research practice. Methods. Methods of logical analysis, typologization, and systematization were used. Results. It has been shown that the divergence of ESG ratings is of a structural nature and is mainly due to differences in the measurement of indicators, thematic coverage, and aggregation mechanisms. It has been established that aggregated ESG scores cannot be considered as universal indicators of sustainability. The specifics of the Russian ESG ratings market have been identified, and institutional constraints on the participation of Russian companies in global ESG frameworks after 2022 have been revealed. Conclusions. A typology of ESG instruments is necessary, and it is required to increase the transparency of assessment methodologies and the quality of non-financial data. An important task is the development of disclosure standards and external assurance of ESG information.
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