Corporate Governance and Sustainability Disclosure: Challenges and Opportunities for the Libyan Audit Bureau in the Oil Sector

Albahlol Mohamed Alayat, Alhashmi Aboubaker Lasyoud, Ajab Khan and Irsyadillah Irsyadillah

Business Strategy and the Environment, 2026, vol. 35, issue 1, 720-736

Abstract: This study identifies challenges faced by Libyan Audit Bureau (LAB) members in monitoring governance practices and sustainability disclosure in Libya's oil sector. Using quantitative data from 231 distributed questionnaires (88% response rate), the research reveals that LAB oversight remains in early stages due to persistent challenges including regulatory gaps, weak enforcement, insufficient professional standards, and cultural‐institutional barriers. While international benchmarks such as IFRS S1 and S2 gain worldwide adoption, Libya's implementation remains limited. Enhanced LAB effectiveness requires policies addressing stakeholder rights, Islamic principles integration, transparency mechanisms, conflict management, and external factors including professional development, legal system strengthening, enforcement improvement, cultural considerations, and awareness building for governance and sustainability reporting.

Date: 2026
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