In Armenia, discussions on the topic of ESG—environmental, social, and corporate governance—are held for a maximum of two years, and the least of them refer to the corporate governance component. Deputy General Director and Director for Sustainable Development at the Zangezur Copper Molybdenum Combine, Armen Stepanyan, on Saturday stated this during the Mining Armenia Forum 2026 in Tsaghkadzor, Armenia.

Stepanyan explained that in international practice, the “corporate governance” component is the one that receives the most attention, since for many financial institutions it is the primary “filter” of investments.

As per Stepanyan, the “corporate governance” component is practically absent from the discussions taking place in Armenia.

“This is a serious problem, and it is necessary to raise the importance of this component with joint efforts, since it is from it that environmental and social governance indicators arise. At the same time, we, as a mining company, prefer to use the term ‘sustainable development.’ Our goal is to leave a good legacy behind us. And for banks and financial institutions, ESG is the only criterion by which they can evaluate business activities in environmental and social issues,” Stepanyan added.

According to him, investors demand the introduction of ESG components even in management systems that at first glance do not contain any environmental or social elements.

As key tasks for mining companies, Stepanyan identified the management of tailings, water resources and emissions, interaction with local communities, and some other domains.

“It is these criteria that distinguish good mining companies from bad ones. If you are a responsible mining company, you should not be limited only to legislative requirements or investor dictates. There is a need to strive for more,” Stepanyan added.

The co-organizers of Mining Armenia Forum 2026 are the Mining Forum Development Foundation and the Armenian Mining and Metallurgy Association. The strategic sponsors of the forum, which is being held for the third time, are the Zangezur Copper Molybdenum Combine and the Lydian Armenia company, and the main sponsors are Ameriabank and Teghout CJSC.