ПОЛИТИКА ЗА УСТОЙЧИВО УПРАВЛЕНИЕ НА ДЕЙНОСТТА НА ПРЕДПРИЯТИЯТА
POLICY FOR SUSTAINABLE MANAGEMENT OF ENTERPRISES’ BUSINESS

Summary/Abstract: The adverse climate changes, environment pollution, depletion of natural resources, social inequality in terms of income, human rights and needs, education, sex, race, and decent working conditions, the crashes of financial markets, and the price drops of investments in financial assets and financial instruments are among the key reasons determining the necessity of timely and adequate management of enterprises’ sustainable development. The European Union (EU) Corporate Sustainability Reporting Directive (CSRD) (2022) introduced requirements for reporting and disclosure of the three components of sustainability (ESG) – environmental, social, and governance. It is of utmost importance for the society that sustainability becomes a management practice for every business. In this regard, enterprises must create their own policies for management of the three components of sustainability, which have significant impact on their business, financial position, financial performance, cash flows, and equity items. The policy for sustainable management of enterprises’ business defines the ways of managing all business operations in such a manner as to preserve the planet’s ecological balance and its natural resources, to improve relationships among people in society, and to achieve progress in the global economy. The global objective of the management of sustainable development of all activities in society is to improve the well-being of humanity. In particular, the management of sustainable development of the business within an enterprise is based on the simultaneous, balanced, and progressive development of the environmental, social, and governance components of sustainability. While managing each of these components, the enterprise must achieve progress. An important rule that should be embedded in the enterprise’s sustainable management policy is that progress in managing one of the sustainability components does not hinder the progress achieved in managing the other components. The policy for sustainable management of enterprises’ business should be based on the three principles of sustainability – environmental responsibility, social justice, and economic viability. The simultaneous and interconnected application of these principles will contribute to effective interaction between the Earth’s environment, society, and economy, to generating significant benefits for the different types of enterprises within the economy, to achieving progress in the development of their specific activities. Sustainability management will stimulate innovation, create new market products, niches, and opportunities, increase the competitiveness of manufactured goods and services, improve social and economic relations in society, and contribute to enhancing the living conditions on the planet and the life of future generations.

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