4.2.1. Fiduciary Duties of Directors

Based on the 62 articles reviewed, one of the patterns in the literature relating to regulations on non-financial information by companies is related to directors' fiduciary duties as shown in Figure 5. The theme of directors' fiduciary duties revolved around the extent of directors' fiduciary duties in executing responsibilities under non-financial disclosure reporting. From the sixty-two articles reviewed, only two articles discussed directors' fiduciary duties. Therefore, this pattern is unique; it stands for a theme independently, and does not belong to any other pattern.

**Figure 5.** Papers under the theme of fiduciary duties of directors [62,63].

Paramonova [62] conducted a study to interpret the meaning of acting in the 'corporation's best interest' in an interdisciplinary approach. The lawmakers' meaning was criticized as being vague in their provision of clear guidelines to companies executing their responsibilities. A study by Ajai [63] conducted in Nigeria aimed to formulate a conceptual framework for the director's fiduciary duty to uphold corporate sustainability. Ajai [63] expands the study by Paramonova [62], to develop a conceptual framework. As only two

studies discussed the area relating to directors' fiduciary duties from a legal context, it is contended that future studies in other jurisdictions would benefit the academic world. In addition, one study emphasizes a need to clarify fiduciary duties in line with the evolving trend of sustainability in the corporate setting [64].

#### 4.2.2. Corporate Accountability

Based on Figure 6, ten studies relate to corporate accountability. Publications within the corporate-accountability theme generally discuss a company's responsibility under non-financial disclosures.

**Figure 6.** Papers under the theme of corporate accountability [46,47,53,56,59,65–69].

A study by Emeseh and Songi [47] in Africa explored the possibilities of improving the effectiveness of making companies accountable by their own voluntarily made statements in reports. A study by Humberto [46] supported the basis of the previous research by Emeseh and Songi [47], examining measures to hold companies accountable for their human-rights abuses. In 2015, there were two studies regarding corporate accountability in Southeast Asia [59], and another in the United States [69]. Mohan [59] argued for the embedding of international practices into local laws and policies via national action plans, which could effectively mitigate human-rights violations if properly constructed and implemented. At the same time, the study by Shearer [69] focused on lead, asbestos, and fossil industries, through lawsuits.

Next, only one study discussed the theme of corporate accountability in 2017, which was on regulatory approaches to promote accountability through the United Kingdom Modern Slavery Act 2015 and the United Kingdom Bribery Act 2010 [66]. LeBaron and Rühmkorf [53] continued the basis of the study in the year 2017, by explicitly investigating the regulatory processes that prompted the implementation of the United Kingdom Modern Slavery Act 2015. Another study considered the basis that can be used in a lawsuit by a plaintiff against a company relating to non-disclosure of climate change information [56]. Next, Masiero et al. [68] discussed how relational connectivity could enhance a company's accountability via Directive 2014/95/EU, which is in line with the study conducted by Humberto [46]. Both studies aimed to enhance the effectiveness of making a company accountable for non-financial disclosure issues. The latest research on the theme of corporate accountability was in the year 2020, and examined the concept of accountability within the context of Directive 2014/95/EU on non-financial information [67].

These findings on the corporate-accountability theme make the literature's patterns and trends more apparent. Future research may address loopholes by discussing, for example, using different concepts or theories to enhance the company's accountability. Furthermore, future research may also look at the role of securities law in improving a company's responsibility. The above analysis shows that Directive 2014/95/EU is the most researched law on non-financial disclosure by companies.
