Year: 2022 | Month: October | Volume 67 | Issue 4s
The Role of EU Legal Regulation in the Responsibility of Private Business for the Implementation of Sustainable Development Concepts
Victoria Shekhovtsova
Olena Guzenko
Oksana Soldatenko
Oksana Borysiuk
DOI:10.46852/0424-2513.4s.2022.32
Abstract:
The study considers the mechanism of legal regulation of the practical implementation of sustainable development by private business. The main periods of implementation of this mechanism are determined and it is indicated that the practical implementation began in 2015-2017. The implementation trends were quite peaceful, without administrative pressure and legal abuses. Despite numerous scientific studies of this scientific problem, it should be noted that the implementation of EU legal requirements by international companies outside the EU legal area has not been sufficiently studied. Therefore, the purpose of the study was to assess the EU legal requirements in the development of sustainable development through the information content of financial and non-financial reporting of TNCs operating in Ukraine. The analysis of compliance with the conditions for the implementation of Directive 2014/95/EU in Ukraine is carried out. It is established that in the modern period the concept of sustainable development is realized by the management of private business structures. They realize that it is necessary to disseminate and convey information about the activities of enterprises to a wide range of society. It is noted that according to Directive 2014/95/EU, business structures do not submit financial statements in an arbitrary form, but the practice has developed three forms: Sustainability report (SR), Integrated report (IR), Corporate Social Responsibility (CSR) report. The evolution of changes in the approach to non-financial reporting is traced. It is indicated that the main efforts in these reports companies focus on the social and environmental component. It corresponds to the global trends of international political cooperation of developed countries. At the same time, the social responsibility of corporations is focused on their own staff in terms of compliance with international human rights and labor laws. It has been proven that the environmental aspects of non-financial reporting are mainly declarative in nature and act as a significant lever for changing public opinion on the public image
Highlights
- The study considers the mechanism of legal regulation of the practical implementation of sustainable development by private business.
- The value of the study concerns the theoretical aspects of the implementation and responsibility of the legal framework for the development of the concept of sustainable development by private business structures.
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