practice generally affects business strategy, business model, social behavior, and environmental protection.

The common features of the norms of international and financial law within the EU are determined due to the

adaptation and policy of integration of the norms into the national legal framework. Member States have

adapted the new provisions of Directive 2014/95/EU, companies make public social and environmental

operations following the new requirements. The implementation of financial law standards provides the

company with several advantages. CSR reporting may not be in line with the actual business focus on

environmental sustainability, as it stems from the voluntary nature of this type of reporting, which is contained

not only in the law of Directive 2014/95/EU but also in the reporting of Italian, Spanish, Ukrainian

companies. Sustainability reports do not guarantee effective management practices for the company’s

environmental and environmental issues. The theoretical value of this study lies in complementing the concept

The concept of corporate social responsibility is

integrated into the activities of financial markets,

accountability of organizations for the management

of social and environmental challenges. However,

the preconditions for the development of the rule of

law concern the formation of a single financial

market within the EU and the provision of

sustainable economic growth, especially after the

2008 financial crisis. The rules of financial law

ensure the leveling of financial instability risks, in

particular through the assessment of the regulation

of companies to ensure the compatibility of rules

of various stakeholders. However, this requires

companies to implement a responsible approach to

doing business (Manes-Rossi et al., 2018), as well

as additional costs for environmentally friendly

production technologies. Traditional financial

statements do not provide complete information to

control and audit bodies. Therefore, the European

Union has approved Directive 2014/95/EU (EU

Directive) and EU Guidelines 2017/C215/01 to

strengthen corporate accountability and

international investment in Ukraine ensure

compliance with financial law and how this practice

generally affects business strategy, business model,

social behavior, and environmental protection.

The scientific literature actively discusses the

implementation of the European Union Directive

2014/95 on non-financial and diversity information

(European Parliament and of the Council, 2014a),

compliance with the content of financial statements

of companies and the requirements of Directive

2014/95. The most open are social and employee

Table 1: The compliance level for content

environmental responsibility related to

harmonization of accounting by companies in the

field of non-financial disclosure.

and the specific disclosure requirements (what) and

information structure (where). Due to the low level

of specification of the EU Directive, other studies

and international recommendations have been

studied in detail. In particular, the GRI G4 and

IPIECA/API Recommendations were considered.

These recommendations are widely used by

companies to report on sustainable development. In

information disclosure assessment system was

used, i. e. an analysis technique that involves

classifying information by pre-selected categories

and subcategories and further measuring the

appropriate levels of disclosure. This technique is

considered a partial form of content analysis.

documents mentioned above, in particular, EU

of disclosure and definition of rules of

identification of separate variables relating to

categories and subcategories;

of integrated reports, sustainability reports,

financial statements, audit reports, management

reports with an emphasis on the sustainability

section and the corporate governance section based

on the reporting of Philip Morris International

companies (2021); Imperial Tobacco (2021);

(2021).

descriptive inaccurate content that can not

responsibility of companies (Table 3). Imperial

management of the activity most fully. The

business strategies and models. At the same time,

the adaptation of the law takes into account the

interests of stakeholders. Companies ensure cost

Table 4: Tools for implementing the norms of international financial law by companies in Ukraine:

technologies, standards, legal norms, research, strategies, and approaches to operation

access to VAT refunds due to competitive

advantages (scale of activity, professionalism of

employees in the refund mechanism, etc.),

possession of the most qualified labor resources,

environmental protection.

the official websites of companies shows that large

companies with foreign investment in Ukraine are

differences found among companies belonging to

different sectors can be explained by the greater

focus on the disclosure of information provided by

businesses operating in environmentally sensitive

industries. According to the legality approach,

of environmental, social, employee-related

information, human rights information, and anti-

corruption information provided in the

sustainability report. However, the results showed

that there was some information that was still little

disclosed: information on environmental and labor

issues, risks related to social and human rights

issues, and KPIs on combating corruption and

bribery. The strategy and business model are

disclosed in the report. The results indicate the

to these issues (Benlemlih et al., 2018). Recent

global environmental scandals have highlighted that

CSR reporting may not be in line with the actual

focus of the business on environmental

sustainability. The potential discrepancy between

the two aspects related to sustainability stems from

the voluntary nature of this type of reporting, which

is contained not only in the law of Directive

2014/95/EU but also in the reporting of Italian,

Spanish and Ukrainian companies. Reporting and

negatively related to the company's ability to

generate income. Lack of control over the impact

on the environment harms the economic and

financial performance of the company.

Management implications are the ability for the

analyst to provide additional information on the

impact of firms on the environment. In fact,

according to previous research, managers tend to

disclose only positive information (Scalet & Kelly,

2010). In this sense, sustainable development

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