The Role of EU Legal Regulation in the Responsibility of Private Business for the Implementation of Sustainable Development Concepts

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.