OVERVIEW OF TRENDS IN THE DEVELOPMENT OF SOCIALLY RESPONSIBLE BUSINESS IN THE EU

Abstract

The paper analyzes the approaches of scientists and the essential characteristics of corporate social responsibility as a factor in increasing its attractiveness and public confidence. The purpose of the study is to define the definition of "Social responsibility of business", to study the historical aspects of its formation. A separate analysis of foreign experience, namely the EU countries, in the development of ethical business principles of conduct of economic entities and tools for their systematic compliance. In the course of the research, it was established that socially oriented business monitors the implementation of codes of ethics and regulations adopted in its own corporate strategy. Social principles of interaction relate to a responsible attitude to the environment, compliance with labor laws on working conditions for employees, social investment in educational, sports, environmental and scientific programs for the growth of social, innovative and cultural capital in the country. It was found that the socially oriented activity of companies forms a trusting attitude towards themselves on the part of international partners and investors, which ultimately affects the financial result. cooperation between business, the public sector and government agencies in shaping social sustainability. Based on the analysis of indicators of social activity of business in European countries, a rapidly growing dynamics of social investment, given the reduction in the number of socially oriented projects to support corporate and socially oriented business. Emphasis is placed on the increased relevance of the introduction of corporate social responsibility by Ukrainian entrepreneurs and communication with society due to the lack of dissemination of ethical practices and low interaction. It is critical for Ukraine to adopt the European experience to develop its own model of socially responsible governance, which can be the subject of further research, and to combine it with national traditions and interactions to reduce the negative consequences for all stakeholders.