Norms of International and Financial Law: General Features and

Problems in the Context of Sustainable Development (Aspects of Public

Administration)

VICTORIA SHEKHOVTSOVA1, OLENA GUZENKO2, OKSANA SOLDATENKO3,

VALERIIY VOROTIN4, ZORIANA BURYK5, OLEG DIEGTIAR6

1Department of Organization of Scientific Work, Donetsk Law Institute of the Ministry of Internal

Affairs of Ukraine, UKRAINE

2Department of Civil and Economic Law, Krivorizhkiy Education and Scientific Institute, Donetsk

Law Institute of the Ministry of Internal Affairs of Ukraine, UKRAINE

3Department of Law, Poltava University of Economics and Trade, Poltava, UKRAINE

4Institute of Legislation of the Verkhovna rada of Ukraine, Kyiv, UKRAINE

5,6Department of Management and Business Administration, Vasyl Stefanyk Precarpathian National

University, Ivano-Frankivsk, UKRAINE

Abstract: - The rules of financial law in connection with the worldwide spread of sustainable development

concept apply to the social and environmental aspects of the operation of companies. EU legislation provides for

accountability of organizations for the management of social and environmental challenges. This study aims to

highlight the common features and issues of financial law at the international and national levels on the example

of companies with international investment. Results of the research. The study highlights how companies with

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 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 of social responsibility: the concept of social responsibility applies to

reporting to investors, not society, helping to create business value and increase investment opportunities and

maintain profitability.

Key-Words: - Financial Law, Sustainable Development, Sustainability Reporting, EU Directives, Corporate

Social Responsibility, Management

Received: May 26, 2021. Revised: March 17, 2022. Accepted: April 25, 2022. Published: May 10, 2022.

1 Introduction

The concept of corporate social responsibility is

integrated into the activities of financial markets,

which leads to the development of socially

responsible investment [1]. The rules of financial law

in connection with the worldwide spread of the

concept of sustainable development apply to the

social and environmental aspects of the operation of

companies. EU legislation provides for

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 between different countries

[2]. An additional factor in the development of these

norms is the policy of combating money laundering

through additional non-financial information of large

international companies. Disclosure of non-financial

information meets the information needs of various

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stakeholders. However, this requires companies to

implement a responsible approach to doing business

[3], 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 and EU Guidelines 2017/C215/01 to

strengthen corporate accountability and governance

[4; 5].

This study aims to highlight the common features

and issues of financial law at the international and

national levels on the example of companies with

international investment.

The research highlights how companies with

international investment in Ukraine ensure

compliance with financial law and how this practice

generally affects business strategy, business model,

social behavior, and environmental protection.

2 Literature review

The scientific literature actively discusses the

implementation of the European Union Directive

2014/95 on non-financial and diversity information

[4], which came into force in 2017 to strengthen

corporate accountability and increase the legitimacy

of non-financial accountability [6]. EU member

states are adapting legislation to the new rules of

financial law. Legal norms are partly an incentive for

the formation of links between the concepts of

intellectual capital, corporate social responsibility,

environmental protection, sustainability, ethics in the

modern world [7]. Manes-Rossi et al. argue that

European companies in non-financial accountability

cover information on social issues, personnel issues,

and the environment [3]. This ensures that the

legitimacy of companies operating within the EU is

preserved. To meet the needs of investors,

organizations provide comprehensive information on

management and business risks. Corporate Social

Responsibility Report, Sustainability Report and

Integrated Report (CSR) Report, Sustainability

Reporting (SR), and the Integrated Report (IR) are

the main forms of corporate accountability [8].

Venturelli et al. examine information gaps in the

reporting of 223 Italian companies to propose

amendments to Directive 2014/95/EU and confirm

the high level of compliance with EU financial law,

improving the quality of information disclosure [9].

Content analysis of non-financial information of

Romanian listed companies for 2017-2019 shows a

slight increase in disclosure [10]. An analysis of the

publication of Spanish companies' reports in early

2018 shows the impact of the operating sector on the

coverage of information and is published in the report

on sustainable development [11]. Disclosure of risks

about the risks of the metals and mining sector of

Austria, in particular liquidity risks, provides

investors with useful information necessary for

investing [12]. The introduction of a mandatory audit

committee in EU public companies has had a positive

impact on the quality of financial reporting and

corporate governance [13]. Carini et al. reveal

duplication of information in financial statements and

sustainability statements, but the rule of law ensures

the effectiveness of accountability, especially in

strategic sectors of the economy (oil, gas, and

industry). At the same time, companies need to invest

more in social and environmental actions [14]. The

main benefits of companies are increasing the level

of trust of stakeholders, integrating social

responsibility strategies into practice, and increasing

the efficiency of companies [15]. Aras, Tezcan &

Furtuna prove the corporate sustainability of the

banking sector in Turkey through the practice of

disclosure in corporate reports [16].

Table 1 shows the analysis results of the

compliance with the content of companies’ financial

statements and the requirements of Directive

2014/95. The most open are social and employee

issues, which are rated 0.98 (49 out of 50 companies

report this item in their reports), followed by

environmental issues with a score of 0.94.

Table 1. The compliance level for content

Content

Number of

firms

disclosing the

content, N

Compliance

Index

Business Model

0.62

Policies and Due

Diligence

0.54

Outcome

0.30

Principal Risks and

Their Management

0.90

Key Performance

Indicators

0.78

Environmental Matters

0.94

Social and Employee

Matters

0.98

Respect for Human

Rights

0.68

Anti-Corruption and

Bribery Matters

0.74

Reporting Frameworks

0.40

Board Diversity

Disclosure

0.82

Source: Manes-Rossi, Tiron-Tudor, Nicolò &

Zanellato [3]

A study by Biondi, Dumay & Monciardini argues

that in the crisis of 2020-2021, caused, inter alia, by

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the spread of the pandemic, companies should prefer

capitalism over sustainable development, which

shapes the value of a business [17]. The main reason

is that companies supply the capital to financial

markets and financial services, and additional

accountability is a burden on companies.

Some studies examine the level of compliance of

annual reports with the rules of law of Directive

2014/95. For example, Guse et al. analyzed the

annual reports of 20 companies listed in Romania for

2015 to determine their readiness to implement the

rules [18]. The results indicate an average level of

compliance, as most content elements were disclosed

by approximately 50% of the firms in the sample. In

particular, concerning social and labor issues, Guse

et al. argue for a high level of compliance only with

certain requirements of the content of the Directive,

such as working conditions and respect for workers'

rights. Instead, a high level of compliance of the

content of company reports with the requirements for

environmental responsibility related to

environmental impact was revealed [18].

In the case of Polish listed companies, Dyduch &

Krasodomska examined 60 annual reports to examine

the level of non-financial disclosure required by the

Directive and the factors that may determine

disclosure [19]. As a result, more than half of

companies do not disclose any environmental

information in their annual reports, and some factors,

such as capital turnover, stock market listing

duration, environmental sensitivity of the industry,

and reputation, significantly affect the disclosure of

non-financial information under the EU Directive. In

Poland, Adaui analyzes a sample of 150 listed

companies, focusing on annual reports, corporate

social responsibility (CSR) reports, and company

websites to study the quality and level of CSR

disclosure, the level of compliance with the new

requirements of the Polish Accounting Act (PAA) for

the disclosure of non-financial information following

Directive 2014/95/EU [20]. The study found that

companies prefer annual reports to provide voluntary

CSR information; there is a limited level of

compliance with the new PAA non-financial

disclosure requirements. In particular, the sample

companies placed little emphasis on reporting on

human rights and the fight against corruption.

An analysis of the scientific literature shows the

common features of international and financial law

within the EU. Member States have adapted the new

provisions of Directive 2014/95/EU, companies

make public social and environmental operations

under the new requirements.

3 Methodology

The first stage of the study was aimed at analyzing

the legal norms of Directive 2014/95/EU and

research to determine the information required by the

Directive and compliance with financial law by

companies in different EU countries. This became the

basis for further analysis and determination of the

theoretical basis, which serves as a basis for the

harmonization of accounting by companies in the

field of non-financial disclosure.

The study analyzes the EU Directive 2014/95 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 addition, EU

law also recognizes these guidelines as important

references to regulatory compliance. Finally,

previous research on companies in different sectors

of the EU economy has been examined to better

qualify the information on the business model

required by the EU Directive.

To analyze the content of reports, an 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.

The study consisted of the following stages:

 analysis of previous studies and official

documents mentioned above, in particular, EU

Directive 2014/95;

 definition by the research group of information

categories and subcategories in the context of the

results of the previous stage of the research;

 construction of a structure with an assessment of

disclosure and definition of rules of identification of

separate variables relating to categories and

subcategories;

 application of the method of content analysis 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 [21];

Imperial Tobacco [22]; PJSC A/T Tobacco Company

[23].

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In recent years, the European Union (EU) has met the

information needs of investors and stakeholders on

the long-term risks of large companies, as well as the

need for information on environmental and social

sustainability. To this end, the EU issues Directive

2014/95/EC [4], which requires companies to

disclose financial information to satisfy the public

interest as well as EU Guidelines 2017/C215/01 on

the support of organizations in the event of a

disclosure [5]. The EU directive aims to provide

companies with a package of information that is

considered non-financial. The EUG aims to «help

companies disclose high quality, relevant, useful,

consistent and more comparable non-financial

(environmental, social and governance-related)

information in a way that fosters resilient and

sustainable growth and employment, and provides

transparency to stakeholders […]. They are intended

to help companies draw up relevant, useful concise

non-financial statements according to the

requirements of the Directive» [5].

The ultimate goal of the Directive is to extend the

harmonization process from the disclosure of

financial data, which is already provided per IFRS by

listed companies in all European countries - to the

disclosure of non-financial information. However,

the disclosure of non-financial information is

traditionally voluntary. Thus, the European Union

has allowed companies to choose the framework they

want to adopt to provide the information required by

the Directive.

In general, the reporting of companies shows

minimum compliance with financial law standards

(Table 2). Companies carry out socially responsible

activities, which are manifested primarily in energy-

efficient production, waste management, improving

staff motivation systems, and monitoring compliance

with the law. Philip Morris International's integrated

report for 2019 most fully meets the requirements of

financial law, in particular, Directive 2014/95/EU.

This report provides financial indicators, indicators

of business transformation, environmental

protection, social indicators, indicators of effective

management of the company. The PJSC A/T

Tobacco Company Sustainability Report contains

similar information: strategy, value creation, waste

reduction, environment, social contribution and

governance, performance indicators. Integrated

reporting (IR) as an innovative form of

communication that combines financial and non-

financial information in one document is considered

to be one of the most appropriate tools for compliance

with the Directive. Although IR is mainly for

commercial companies, IR is a reliable tool for

accountability and transparency, where stakeholder

pressure on non-financial accountability has

increased dramatically.

Table 2. Reporting of companies following the

rules of financial law

Company

PJSC

«Philip

Morris

Ukraine»

«Imperial

Tobacco

Production

Ukraine»

British

American

Tobacco

Ukraine

Integrated report

Financial

statements and

auditor's report

Management

report

Ownership

structure

ESG

Sustainability

Report

Source: Philip Morris International [21]; Imperial

Tobacco [22]; PJSC A/T Tobacco Company [23]

Analysis of management reports shows

descriptive inaccurate content that can not

characterize the social and environmental

responsibility of companies (see Table 3). Imperial

Tobacco Production Ukraine covers the management

of the activity most fully. The company operates

based on a management model that ensures the

sustainability of the business, including minimizing

risks in the implementation of regulatory documents.

In corporate governance, the company uses a

comprehensive approach based on 2 lines of

protection: 1) risk identification and control; 2)

centers of expertise; 3) compliance with rules and

regulations.

Table 3. Management report: compliance of the content with the law

Content

Organizational structure and

description of activities

Mission, purpose, brands, structure

Performance results

Key financial indicators for the last two years (2018-2019): net income, cost,

operating profit, pre-tax financial result, and net profit

Liquidity and liabilities

Calculation of liquidity ratios and comparison with regulatory values

Environmental aspects

Measures to eliminate the negative impact on the environment are almost non-existent

4 Results

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Social aspects and personnel

policy

Describes the process of work motivation, protection, and safety of workers, training

and education, protection of human rights, anti-corruption measures

Risks

Macroeconomic and political risks of the activity are described

Research and innovation

PJSC Philip Morris Ukraine does not conduct research.

Imperial Tobacco Production Ukraine conducts marketing research.

Financial investments

Absent in PJSC “Philip Morris Ukraine”. Imperial Tobacco Production Ukraine has

invested in financial instruments of other companies.

Development prospects

Transformation of the industry by offering quality products.

«Imperial Tobacco Production Ukraine» is focused on making a profit based on

corporate social responsibility.

Source: formed by the author based on Philip Morris International [21]; Imperial Tobacco [22]; PJSC A/T

Tobacco Company [23]

Directive 2014/95/EU has significantly affected

the social responsibility of foreign-invested

companies in Ukraine, which are transforming

business strategies and models. At the same time, the

adaptation of the law takes into account the interests

of stakeholders. Companies ensure cost reductions

through the introduction of environmentally friendly

production technologies or the introduction of

international standards or waste management

systems (see Table 4). These measures provide a

competitive advantage for companies in the domestic

market.

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

TNCs

Indicator

PJSC “Philip

Morris

Ukraine”

Development of alternative products, social contribution to health care, and promotion on the

market of products that are less harmful to public health

Research activities: conducting clinical trials, publications in peer-reviewed scientific journals of

new methods and technologies of product development

Introduction of scientific standards

Imperial

Tobacco

Production

Ukraine

Technological support and updating of technical condition, working conditions of staff, product

quality assurance (operation of the product testing laboratory), implemented international quality

management standards ISO 9001, environmental standards ISO 14001, and the standard of

industrial safety and health OHSAS 18001.

Use of modern information technologies, automation of logistics and warehousing

Protection of products against illicit distribution (Agreement with the International European

Organization for Combating Economic Fraud OLAF on cooperation in combating the illicit trade

in tobacco)

Introduction of a system for monitoring the movement of products to the level of the first Track &

Tracing client.

British

American

Tobacco

Ukraine

Sustainable development strategy: safe working conditions, professional development of staff,

responsible marketing, compliance with environmental standards, information openness and

transparency, taking into account the commercial interests of the activities and the interests of

stakeholders.

Funding of the Center for Entrepreneurship Support in Pryluky

Using a proactive approach in corporate strategy, which involves minimizing risks and working

to prevent accidents.

Environmental protection, reduction of production impact on the environment (98% of factory

production waste is sorted and sent for recycling).

Waste management, energy efficiency, raising environmental awareness of employees.

Cooperation with Ichnia National Nature Park and implementation of projects for the

implementation of environmental programs (program «Ecokrok» for planting trees)

Source: formed by the author based on Philip Morris International [21]; Imperial Tobacco [22]; PJSC A/T

Tobacco Company [23].

The introduction of financial law standards

provides the company with several advantages:

impact on the structure of the internal market, faster

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.

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5 Discussion

Analysis of the content of reports collected on the

official websites of companies shows that large

companies with foreign investment in Ukraine are

characterized by a high level of compliance with

Directive 2014/95/EU. This behavior indicates that

companies are seeking legitimacy and using the

opportunity to open legitimacy to society following

international standards, aware of environmental

issues and sustainability. Some of the slight

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, firms

belonging to environmentally sensitive industries

tend to provide more complete social and

environmental disclosures about the impact, which

conducts their business to reduce community

concerns, maintain market respect, and thus

legitimize their actions. Moreover, the analysis

showed that companies are increasingly using

integrated reports to consolidate financial and non-

financial information and disclose them in a more

concise form [3].

Businesses demonstrate a sufficient level of

disclosure following Directive 2014/95/EU. This

testifies to the usefulness of financial norms of law in

increasing the accountability of enterprises,

demonstrating convergence with the systems of

social values, norms, and expectations of society.

Despite the mandatory requirements, the level of

disclosure remains stable [8]. This signals that

coercive pressure from the law has not had a decisive

impact on the level of disclosure. Regulation of legal

norms is an institutionalized practice of companies,

regardless of new requirements and standards. In this

sense, it can be assumed that the introduction of

mandatory regulation has not stimulated non-

financial disclosure by enterprises [8].

The results confirm the sufficient completeness 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 presence of overlapping

information between different reports [14].

The concept of social responsibility plays a

central role in the recent evolution of financial

markets due to the increased sensitivity of investors

to these issues [24]. 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 environmental risk affect the

company's ability to create value for shareholders in

different ways. Sustainability reporting is a tool that

can anticipate improving a company's ability to make

a profit over time. In this case, the social and

environmental risks associated with economic

activity, namely 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

[25]. In this sense, sustainable development reports

are not a guarantee of effective management

practices of socio-environmental issues implemented

by the company [1]. From a theoretical point of view,

the transposition of Directive 2014/95/EU into

national legal systems is an important tool, aimed at

homogenizing the information generated by the

companies to which this obligation applies.

Harmonization of information, as well as subsequent

certification by external entities, is a tool that allows

the shareholder to carry out comparative activities

between investments that have similar potential

benefits for investors. In fact, before the introduction

of this rule, EU financial markets represented

different levels of quality concerning central

solutions to socio-economic problems [26].

Moreover, the opportunity provided by the legislator

to adopt a model of social responsibility can

contribute to greater transparency of socially

responsible activities carried out by management and

ensure the positive effects of increasing financial

performance. Sustainability indicators can provide

added value for non-financial corporate

communications but are also useful tools to support

internal decision-making processes [27].

6 Conclusion

EU member states are adapting legislation to the new

rules of financial law. European companies in non-

financial accountability cover information on social

issues, personnel issues, and the environment. This

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ensures that the legitimacy of companies operating

within the EU is preserved. The main benefits of

companies are increasing the level of trust of

stakeholders, integration of social responsibility

strategies into practice, and increasing the efficiency

of companies. This study proves a high level of

compliance only with certain requirements of the

content of the Directive, such as working conditions

and respect for workers' rights.

In general, the reporting of companies shows

minimal compliance with financial law standards.

Companies carry out socially responsible activities,

which are manifested primarily in energy-efficient

production, waste management, improving staff

motivation systems, and monitoring compliance with

the law. Analysis of management reports shows

descriptive inaccurate content that cannot

characterize the social and environmental

responsibility of companies. Directive 2014/95/EU

has significantly affected the social responsibility of

foreign-invested companies in Ukraine, which are

transforming business strategies and models. At the

same time, the adaptation of the law takes into

account the interests of stakeholders. Companies

reduce costs through the introduction of

environmentally friendly production technologies or

the introduction of international standards or waste

management systems.

Further research should address the cost-

effectiveness of private-sector financial law in

developing economies and how international

standards affect different sectors of the economy.

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Oksana Soldatenko, Valeriiy Vorotin,

Zoriana Buryk, Oleg Diegtiar

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PROOF

DOI: 10.37394/232020.2022.2.16

Victoria Shekhovtsova, Olena Guzenko,

Oksana Soldatenko, Valeriiy Vorotin,

Zoriana Buryk, Oleg Diegtiar

E-ISSN: 2732-9941

137

Volume 2, 2022