SUSTAINABILITY BALANCED SCORECARD КАО АЛАТ СТРАТЕГИЈСКЕ ТРАНСФОРМАЦИЈЕ: ИНТЕГРАЦИЈА ОДРЖИВОСТИ У СИСТЕМ УПРАВЉАЊА ПЕРФОРМАНСАМА
SUSTAINABILITY BALANCED SCORECARD AS A TOOL FOR STRATEGIC TRANSFORMATION: INTEGRATING SUSTAINABILITY INTO THE PERFORMANCE MANAGEMENT SYSTEM

Author(s): Blagoje Novićević, Bojana Novićević Čečević
Subject(s): Business Economy / Management, Energy and Environmental Studies, Financial Markets, Accounting - Business Administration, Green Transformation
Published by: Savez računovođa i revizora Republike Srpske
Keywords: sustainability; ESG indicators; strategic management; performance measurement; non-financial reporting; BSC perspectives;
Summary/Abstract: In today’s business environment, characterized by increasing demands for transparency and sustainable development, the Sustainability Balanced Scorecard (SBSC) emerges as an innovative framework for linking traditional performance measurement with sustainability goals. This paper aims to explore the possibilities of integrating ESG indicators into the existing Balanced Scorecard structure—through the financial, customer, internal, and learning and growth perspectives—and to analyze the arguments for and against introducing a dedicated fifth sustainability perspective. By applying an analysis of contemporary literature and a comparative review of real-world models, the paper identifies key metrics that enable integrated reporting. Special attention is given to companies in transitional economies, with a focus on Serbia, the Republic of Srpska, and Montenegro. Case studies show that the SBSC can significantly contribute not only to operational optimization but also to alignment with the ESG requirements of relevant stakeholders. Finally, the paper proposes guidelines for implementing the SBSC methodology in companies aiming to balance economic performance with the principles of sustainable development.

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