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International Institute of
Informatics and Systemics
2022 Summer Conferences Proceedings




The Impact of Regulation on the ESG Implementation – A Case Study of Latvia
Ilze Zumente, Nataļja Lāce
Proceedings of the 26th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2022, Vol. I, pp. 127-132 (2022); https://doi.org/10.54808/WMSCI2022.01.127
The 26th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2022
Virtual Conference
July 12 - 15, 2022


Proceedings of WMSCI 2022
ISSN: 2771-0947 (Print)
ISBN (Volume I): 978-1-950492-64-0 (Print)

Authors Information | Citation | Full Text |

Ilze Zumente
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Nataļja Lāce
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia


Cite this paper as:
Zumente, I., Lāce, N. (2022). The Impact of Regulation on the ESG Implementation – A Case Study of Latvia. In N. Callaos, N. Lace, B. Sánchez, M. Savoie (Eds.), Proceedings of the 26th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2022, Vol. I, pp. 127-132. International Institute of Informatics and Cybernetics. https://doi.org/10.54808/WMSCI2022.01.127
DOI: 10.54808/WMSCI2022.01.127
ISBN - Volume I: 978-1-950492-64-0 (Print)
ISSN: 2771-0947 (Print)
Copyright: © International Institute of Informatics and Systemics 2022
Publisher: International Institute of Informatics and Cybernetics

Abstract
The rise of corporate sustainability is strongly driven by regulations. With the growing body of sustainability-related laws and regulations, there is a surmounting pressure on the corporations to implement and report on their sustainability achievements. In addition, the corporations are often forced to react quickly causing the question of how comprehensive the sustainability strategies can be. This article aims to examine a new sustainability reporting regulation introduction by analyzing the case of Latvian state-owned enterprises (SOEs) in 2022. By surveying 21 SOEs exposed to a swift adaptation of sustainability reporting requirements, the study captures the results, challenges, and obstacles as experienced by the corporations.
The results of the study highlight the importance of gradual preparation, significant resource devotion and strategic management focus necessary to ensure meaningful sustainability process introduction and ESG reporting. In the case of non-unified reporting standards coupled with reporting obligations, SOEs face a risk of selective disclosure practices – a common form of greenwashing.
Full Text



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