On January 26, an online discussion “Non-financial reporting in Latvia - a trend or an obligation” took place, in which the main aspects and the experience of companies in compiling non-financial reports in Latvia were discussed.
Recently, it has been observed that the topic of sustainability is coming to the agenda of more and more companies, therefore the Latvian Chamber of Commerce and Industry (LCCI) in cooperation with Coca-Cola HBC Latvia is organizing a discussion panel, introducing LCCI members to the basics of non-financial reporting and good practice. In the first cycle discussion, participants outlined what corporate sustainability is and why non-financial reporting is becoming more relevant, sharing experiences of how reporting is already taking place in different sectors.
Jānis Lielpēteris, a member of the LCCI Board, noted that the changes caused by the European Union's Green Course are becoming increasingly important for entrepreneurs, including sustainability activities and reporting. "While non-financial reporting may not become an obligation for all companies over the next five years, the launch of sustainability initiatives will be a way to make companies more competitive in the new environment. Sustainability is not only a matter of fashion, but also an opportunity to develop the company for the future economic paradigm, ”said Jānis Lielpēteris, urging to increase the understanding of entrepreneurs about the Green Course and its benefits.
Facilitating the sharing of experience, Dace Dricka, Head of Corporate Communications and Sustainability at Coca-Cola HBC Latvia, spoke more about the importance of sustainability reports and the development process. “Sustainability is one of the most relevant topics in today’s landscape and also society believe that companies should be doing more for the social and economic conditions of their marketplace. Sadly, they’re not aware of many initiatives that companies are doing so it’s time to tell these stories. Non-financial reporting is also essential for building trust among all company’s stakeholders responding to the needs and expectations regarding medium- and long-term value creation”.
For listed companies, non-financial reporting is not new and is already done by most listed companies in Latvia - both those for whom it is a regulatory obligation and those who do so voluntarily. Liene Dubava, a member of the Board of Nasdaq Riga, pointed out in the discussion that one of the benefits of non-financial reporting is the opportunity to promote corporate transparency and accountability to the public. "If we want to increase corporate responsibility in all areas of sustainability - environment, governance, social aspects - it is important to share the results, whether or not it is an obligation. Entrepreneurs need to talk more and share their experience so that we can move forward together, ”says Liene Dubava.
During the discussion, the main benefits of non-financial reporting were highlighted - improved governance, increased transparency, better risk management, as well as the opportunity to evaluate the company's current practices. Educational discussions are planned to further understand good practices in non-financial reporting and related legislation.
Jānis Lielpēteris, Member of the Board of LCCI, Dace Dricka, Head of Corporate Communications and Sustainability of Coca-Cola HBC Latvija, and Liene Dubava, Member of the Board of Nasdaq Riga, participated in the discussion “Non-Financial Reporting in Europe and Latvia - Trend or Obligation”