European principles of integrated reporting of socially responsible business

Abstract

Implementation of the European principles of accountability, publicity and transparency of business, corporate reporting regulations and social responsibility practices in Ukraine is important for the dissemination of European values in the business environment, realization of the progressive impact of corporate social responsibility on sustainable development of so­ciety, strengthening of European integration processes, expansion of the business worldview and integrated thinking. The purpose of the article is to highlight the principles and prac­tices of integrated reporting of socially respon­sible business in the EU for their implementation in Ukraine. The research methodology is based on a systematic approach, comparative analysis, analogy, synthesis, induction and deduction, and assessment of corporate social responsibility reporting practices and principles. The analysis of key international standards, frameworks, and guidelines allowed us to identify a significant list of principles and requirements for corporate social responsibility disclosure. The difference in the recognition of principles in different regulatory and guiding documents depends on the emphasis, focus and attention to certain aspects of information disclosure. The most com­mon principles in international practice are materiality, completeness, stakeholder engage­ment, comparability, timeliness, neutrality, cla­rity, reliability, and consistency. At the same time, other principles that differ in different standards do not contradict but complement each other. Therefore, in practice, European companies are guided by several standards simultaneously when disclosing information on social responsi­bility and their own initiatives. Due to reporting requirements, European companies are actively implementing the principles of social responsi­bility. Implementation of the European princip­les and practices of integrated reporting in Ukraine will ensure transparency, openness of business, increase the level of trust, visibility and market reward for corporate social respon­sibility.