Legislative basis for corporate social responsibility reporting

Economic Annals-ХХI: Volume 139, Issue 3-4(1), Pages: 58-61

Citation information:
Šneidere, R., & Vīgante, I. (2014). Legislative basis for corporate social responsibility reporting. Economic Annals-XXI, 3-4(1), 58-61. https://ea21journal.world/index.php/ea-v139-15/

Ruta Šneidere
PhD (Economics),
Associate Professor,
University of Latvia
5 Aspazijas Blvd, Riga, LV-1050, Latvia
ruta.sneidere@lu.lv

Inese Vīgante
PhD Student,
University of Agriculture of Latvia
18 Svetes Str., Jelgava, LV-3001, Latvia
inese_vigante@inbox.lv

Legislative basis for corporate social responsibility reporting

Abstract. There is a growing tendency towards increasing the requirements of compulsory corporate social reporting. These requirements are increasingly reflected in EU and its member state legislation. Governments and stock exchanges require the companies to report the non-financial information of their business activities. The authors investigate the requirements for corporate social responsibility (CSR) reporting as specified in EU member state legislative enactments and the development of CSR basic principles in Latvia. The authors give an overview of the first steps towards developing a sustainable CSR national strategy, starting with the national action plan, which consolidates the public and private initiatives already in place, with the aim to increase the general capacity for CSR development in Latvia. Simultaneously it is necessary to reinforce the legislative framework, requiring and motivating the companies to disclose their environmental and social information.

Keywords: Corporate Social Responsibility (CSR); CSR Reporting; Disclosure of Non-Financial Indicators; Disclosure of Environmental and Social Indicators

JEL Classification: M41; M48

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Received 17.02.2014