Challenges of multivariate reporting in the field of sustainable development and prospects for its regulation

In order to maintain the reputation of a responsible partner and demonstrate commitment to the principles of sustainable development, companies are increasingly including data on social and environmental initiatives in their corporate reports. The increased demand for non-financial reporting, combined with its relative novelty in the business sector, presents both promising opportunities to promote a sustainable future for society and the planet, and generates contradictory trends. This study examines the problem of negative trends related to the diversity of standards and practices of the voluntary nature of non-financial reporting. The study examines the potential for introducing strict rules for non-financial reporting. The study provides arguments for strict regulation of non-financial reporting from the perspective of the impact of its information on various key stakeholder groups in the modern business environment. The main expectation from strengthening the regulation of non-financial reporting is to stimulate corporate transformations that can have a positive impact on both society and the environment. In addition, the study provides an analysis and discussion of the potential implications of regulating non-financial disclosure for corporate governance. By considering these aspects, the study joins the scientific discussion on improving non-financial reporting practices and their role in promoting sustainable business practices.