The Role of Business in Ensuring Sustainable Development of Ukraine’s Economy

The development of a modern market economy involves the introduction of business transparency. Of particular importance is the problem of business transparency in terms of conducting socially responsible business, which can be implemented only in case of economic decision-making transparency, taking into account the social and environmental consequences for entrepreneurs and soceity. Business itself is interested in ensuring openness, as its information transparency significantly affects the formation of its reputation in the market. The most detailed, accessible and objective information about the company's activities, in particular, the effectiveness of its financial indices, is one of the important criteria for attracting investment. Ensuring sustainable development is forcing more and more companies to implement appropriate tools in their corporate governance systems, which include the creation of public corporate reporting. In modern conditions, sustainable development and corporate social responsibility are necessary components of economic activity and strategic development of companies. The idea of implementing the Sustainable Development Goals in business replaces established practices with new approaches that ensure not only profit but also economic and social well-being. Businesses can and should play an active role in achieving the SDGs by helping national governments take the right steps in this area and supporting them in making decisions that are aimed at achieving the SDGs. Principles of sustainable development should be laid down in the strategy of business structures. To ensure the openness and transparency of their activities, they must adhere to the principles of transparency—they have introduced regular information to stakeholders and reporting on the effectiveness of corporate social responsibility. Submission of reports on sustainable development to stakeholders provides transparency, provides an opportunity to assess the effectiveness of the company's business processes.