INTEGRATED REPORTING AS A TOOL FOR DISCLOSING THE COMPLEMENTARITY OF HUMAN AND NATURAL CAPITAL: AN ENTITY-ECONOMIC DIMENSION
Abstract
The article is devoted to substantiating the theoretical and methodological foundations for using integrated reporting as a tool for disclosing the complementarity of human and natural capital within the value creation system of a business entity. The relevance of the study is determined by the need to deepen scientific approaches to reflecting the interrelationship between an enterprise’s resource base, its capacity for long-term development, and its contribution to achieving the Sustainable Development Goals. The article identifies six main types of capital: financial, manufactured, intellectual, human, social and reputational, and natural capital. This classification makes it possible to form a comprehensive understanding of the sources of value creation, the nature of resource use, and the impact of the business model on different stakeholder groups. It is substantiated that, in the system of national accounts, human and natural capital characterize the resource, social, environmental, and economic dimensions of the potential for societal development. At the level of a business entity, however, these forms of capital acquire applied meaning and are specified through human and natural assets involved in business activities. It is determined that human assets ensure an enterprise’s capacity for innovation, effective resource management, environmentally responsible activity, and adaptation to technological transformations. Renewable natural assets, in turn, form the resource and environmental basis of enterprise operations, define the limits of its production development, and influence the conditions for realizing the potential of human capital. The article presents a model of the synergistic interaction between human and renewable natural assets at the level of a business entity, reflecting their interdependence in the process of value creation. It is proved that integrated reporting performs the function of a connecting link between the micro- and macro-levels of economic information, as it ensures the identification, assessment, and disclosure of data on the use and reproduction of assets at the enterprise level. Such information forms the basis for the further aggregation of human and natural capital in a broader economic dimension.
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