INTEGRATED REPORTING AS AN INFRASTRUCTURE FOR SUSTAINABLE MANAGEMENT: LESSONS FROM BULGARIAN PRACTICE (2020–2025)
Authors
Keywords
integrated reporting, sustainable management, double materiality, ESG, external assurance
Summary
The study aims to assess the maturity of integrated reporting in Bulgarian enterprises during the period 2020–2025 and to examine the extent to which it functions as an infrastructure for sustainable corporate management. The main research tasks include: formulating a conceptual framework of integrated thinking, the six capitals and double materiality; outlining the regulatory environment (CSRD, ESRS) and the role of external assurance; developing and applying a Maturity Index for Integrated Reporting (IRMI); implementing it on a representative sample of Bulgarian companies; and analysing sectoral differences, limitations and emerging trends. The thesis of the study is that integrated reporting in Bulgaria is gradually transforming from a tool for regulatory compliance into a key management system that integrates data, processes and strategic decision-making, supports access to capital, and enhances corporate sustainability. The results demonstrate significant progress among large enterprises in industry, energy and telecommunications, while the pharmaceutical sector and SMEs remain at an early stage. IRMI reveals high maturity levels in reporting format and climate-related indicators, but low maturity regarding Scope 3, social topics, stakeholder engagement and the integration of ESG information into management and investment processes. Based on these findings, the study proposes an analytical framework for the staged development of integrated reporting – from diagnosis and materiality assessment to digital structuring of data, strategic integration and the provision of external assurance.
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