IZVEŠTAVANJE O ODRŽIVOSTI U KONTEKSTU EVROPSKE UNIJE: PERSPEKTIVA DRŽAVE ČLANICE I DRŽAVE KANDIDATA ZA ČLANSTVO

Abstract

A combination of increasing demands by various stakeholder groups for companies to increase their transparency, and an increasingly acknowledged understanding that financial data alone are insufficient to provide a complete picture of a company's overall performance, has generated strong momentum toward the rapid growth of sustainability reporting as an integral part of modern corporate reporting systems. Regulatory frameworks have played a leading role in establishing and enhancing the quality of reported data in the context of sustainability reporting; specifically, the EU plays a central role in promoting unified standards of reporting across all Member States. This paper addresses sustainability reporting within the EU as viewed through the lenses of both the Republic of Croatia (Member State), and the Republic of Serbia (Candidate Country). The primary objective of this study was to systematically compare the existing regulatory frameworks, institutional capabilities, methodology used, and sustainability reporting practices between these two countries, with specific focus placed on the requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), as a normative reference framework. The study employed a comparative legal-institutional approach using secondary sources. The results of the study clearly demonstrate that there exists a considerable disparity between the mandated, standardized, and heavily regulated rules established in accordance with CSRD/ESRS norms in Croatia and the relatively unstructured, less formalized system currently in place in Serbia. Specifically, it appears that the former is characterized by significantly higher levels of comparability, reliability, and transparency relative to the latter. However, it is equally apparent that there remains a pressing requirement for further alignment of the regulatory environment within Serbia with those existing in other Member States of the EU.