Sustainability Reporting in Latvia

The authors carried out company research to analyse and understand sustainability in action in the top companies in Latvia in 2017 and 2022. The chapter deals with the data on companies for sustainable reporting and the evidence of institutional social responsibility on the way to European Union ESG goals and standards implementation. The data was obtained through a content analysis of 80 companies’ 2017 and 2022 sustainability reports. The sample included 20 companies with an average of more than 500 employees in 2017, ranked by their highest total revenue (operating revenue (sales and other revenue) + financial revenue). The same companies were sampled in 2022. In addition, 40 companies’ reports with a recognised reputation in Latvia, which the public associates with a sustainable culture, were analysed for the same years. Data show that sustainability reporting is not systematically implemented and monitored in Latvia. There is also a lack of a collective understanding of the sustainability culture among management team members, and no research has been carried out on corporate sustainability responsibility in the public and private sectors. On the other hand, there is a positive dynamic when comparing 2022 reports with 2017 results, with most companies publishing a sustainability report. Society’s awareness of corporate sustainability issues is raised by different public events, for example, the annual Corporate Sustainability Conference and Responsible Business Week, the national competition Sustainability Index, and others. Introducing the standards changes the dynamics from voluntary to obligatory big-scale reporting that might be observed in 2025.