Policy Hotspots for Sustainability: Changes in the EU Regulation of Sustainable Business and Finance

Ahlström, Hanna

doi:10.3390/su11020499

Cited by 25 publications

(23 citation statements)

References 53 publications

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“…In this respect, countries need to be able to identify the relationships among the SDGs in order to create synergies between financing instruments and to make more efficient use of the resources available [45,46]. This could imply a reform of legislation in emerging economies to facilitate systemic changes that can enable the private sector involvement in financing sustainable development; as was suggested in another study, this is necessary in the European Union [47].…”

Section: Discussionmentioning

confidence: 99%

The Financing Framework for Sustainable Development in Emerging Economies: The Case of Uruguay

et al. 2019

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This paper explores the financing framework for sustainable development in Uruguay, an emerging economy, and examines whether available financing instruments contribute to achieving the sustainable development goals (SDGs) in which significant progress is still required in this country. Reports, policy documents and academic literature were reviewed to determine the types of sustainable development financing instruments available, and to analyse the challenges facing emerging economies in this regard. In addition, the financing programmes available from the public sector, non-governmental organisations (NGOs), the financial sector and multilateral credit agencies were examined. The results obtained show that the main financing sources for sustainable development are located within the public sector due to the absence of a developed financial market, and that the existing financial instruments do not address the SDGs where most attention is required. The latter circumstances make it challenging to achieve these SDGs in Uruguay. The study findings highlight the need for greater coordination among all parties to make efficient use of the scarce resources available to an emerging economy and thus enable it to meet its SDGs.

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Section: Discussionmentioning

confidence: 99%

The Financing Framework for Sustainable Development in Emerging Economies: The Case of Uruguay

et al. 2019

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“…Some of the EU countries compete by lowering their corporate income and profit tax rates in trying to be more attractive for investors [42]. The leading country in this case is Ireland, where the reduction of the corporate income tax rate was most significant [9].…”

Section: Discussionmentioning

confidence: 99%

Tax System of the Russian Federation: Current State and Steps towards Financial Sustainability

et al. 2019

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Achieving financial sustainability is the most important strategic task of the state in a turbulent global economic environment. The purpose of this study was to identify the patterns of development and peculiarities of the tax situation in Russia. The authors determined the most effective approaches for the formation of the tax system that would ensure the financial sustainability of the state in conditions of economic transition. This study examined the existing features and patterns of the formation of the Russian tax system. The ways and instruments to achieve financial stability were considered. As an example, it was decided to take into account the international practices of the most successful states in terms of tax (according to the Doing Business methodology)—namely, the USA, Ireland, France, Greece, Luxembourg, the Netherlands, Germany, Switzerland, the UK, Sweden and Norway. A list of conditions is proposed, the implementation of which might ensure the transformation of the Russian financial system in terms of sustainability. This article also demonstrates changes in the economic infrastructure of the Russian Federation and indicates possible scenarios for the development of the tax system. This study determines that the tax system is largely shaped by the information environment. Therefore, digitalization processes can serve as a catalyst for the achievement of financial sustainability by the state. The choice of tools for the internal reform of public finances is situational. However, strategic transformation (in terms of macro-level sustainability) can be achieved by performing a number of universal steps. The implementation of the latter creates not only a positive effect from the introduction of new approaches, but primarily minimizes the impact of existing negative phenomena and trends. The tax system of the Russian Federation can be optimized by consolidating sustainable development indicators in the legal acts. The latter is an important step towards achieving financial sustainability.

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“…However, as the analysis in the SMART Project has contributed to showing, much work remains to be done before we can say that the European Union is truly on a track to sustainability [3]. This does not only concern business, which this articles concentrates on, but also the follow-up of the EU's Sustainable Finance Initiative, launched in March 2018 [32][33][34] and the Circular Economy Action Plans, first launched in December 2015 [35,36].…”

Section: Sustainability In Eu Treaty Law and Policymentioning

confidence: 99%

Sustainable Value Creation Within Planetary Boundaries—Reforming Corporate Purpose and Duties of the Corporate Board

Sjåfjell

2020

Sustainability

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Business, and the dominant legal form of business, that is, the corporation, must be involved in the transition to sustainability, if we are to succeed in securing a safe and just space for humanity. The corporate board has a crucial role in determining the strategy and the direction of the corporation. However, currently, the function of the corporate board is constrained through the social norm of shareholder primacy, reinforced through the intermediary structures of capital markets. This article argues that an EU law reform is key to integrating sustainability into mainstream corporate governance, into the corporate purpose and the core duties of the corporate board, to change corporations from within. While previous attempts at harmonizing core corporate law at the EU level have failed, there are now several drivers for reform that may facilitate a change, including the EU Commission’s increased emphasis on sustainability. Drawing on this momentum, this article presents a proposal to reform corporate purpose and duties of the board, based on the results of the EU-funded research project, Sustainable Market Actors for Responsible Trade (SMART, 2016–2020).

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Policy Hotspots for Sustainability: Changes in the EU Regulation of Sustainable Business and Finance

Cited by 25 publications

References 53 publications

The Financing Framework for Sustainable Development in Emerging Economies: The Case of Uruguay

The Financing Framework for Sustainable Development in Emerging Economies: The Case of Uruguay

Tax System of the Russian Federation: Current State and Steps towards Financial Sustainability

Sustainable Value Creation Within Planetary Boundaries—Reforming Corporate Purpose and Duties of the Corporate Board

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