CORPORATE GOVERNANCE AND SUSTAINABLE BUSINESS DEVELOPMENT AS KEY ELEMENTS IN REALISATION OF SOCIO-ECONOMIC HUMAN RIGHTS
Abstract
The article examines the issues of corporate governance and sustainable business development as fundamental principles for the realisation of socio-economic human rights. It analyses the main contemporary approaches to corporate governance based on the principles of transparency, accountability and responsibility. It identifies the challenges and opportunities for integrating sustainable development into business strategies. The challenges faced by economic entities when implementing sustainable development strategies are analysed, and ways to overcome them through innovative approaches and the latest technologies are proposed. The role of sustainable development in the context of the modern business environment is substantiated, with an emphasis on the importance of integrating economic, environmental and social aspects into corporate strategies. The role of corporate governance and sustainable development in ensuring socio-economic human rights has been assessed. Particular attention was paid to regulatory and legal aspects, in particular the Directive (EU) 2024/1760 of the European Parliament and of the Council of 13 June 2024 on corporate sustainability due diligence, which obliges companies to ensure respect for human rights and environmental protection in their supply chains. The consequences of the implementation Directive (EU) 2024/1760 for Ukrainian companies in the context of European integration and harmonisation of national legislation with European standards are discussed. The impact of corporate governance and sustainable development on socio-economic human rights is examined, and their role in ensuring a decent standard of living, access to resources, health care and education is emphasised. Key factors influencing the relationship between corporate governance, sustainable development and socio-economic rights have been identified, and recommendations for their integration into business strategies have been developed. Based on the results of the study, a theoretical justification for an integrated model of corporate governance and sustainable business development has been developed, which will contribute to the effective realisation of socio-economic human rights and the creation of a more just and inclusive society. The conclusions of the article emphasise the need to change the paradigm of corporate governance and sustainable development, which will enable businesses to respond effectively to contemporary challenges and promote the realisation of socio-economic human rights at the global level.
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