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Corporate Governance and ESG in Romania, Concept Awareness

Author

Listed:
  • Andreea Larisa Olteanu (Burca)

    (Bucharest University of Economic Studies, Bucharest, Romania)

  • Elena Claudia Badea Florea

    (Bucharest University of Economic Studies, Bucharest, Romania)

  • Alina Elena Ionascu

    (“Ovidius” University of Constanta, Faculty of Economic Sciences, Romania)

Abstract

This study examines corporate governance and ESG (Environmental, Social, and Governance) in Romania, focusing on current awareness and implementation while suggesting improvements. Using a qualitative approach, it reviews relevant laws, reports, and regulations. Global economic development varies, and corporate governance provides rules to ensure investor transparency and security. Non-financial reporting is crucial, with companies increasingly evaluated on social and financial metrics, leading to more sustainability reports in line with GRI standards. Romania's corporate governance began in the early 2000s, with governance codes adopted in 2001, updated in 2008, and a new code by the Bucharest Stock Exchange in 2015, supported by the EBRD. The EU Directive 2014/56, integrated into Romanian Law 162/2017, requires accounting professionals on audit committees to enhance transparency, though implementation is ongoing. This study aims to clarify the current state and suggest improvements for corporate governance and ESG in Romania.

Suggested Citation

  • Andreea Larisa Olteanu (Burca) & Elena Claudia Badea Florea & Alina Elena Ionascu, 2024. "Corporate Governance and ESG in Romania, Concept Awareness," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 694-701, August.
    • Handle: RePEc:ovi:oviste:v:xxiv:y:2024:i:1:p:694-701
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    File URL: https://stec.univ-ovidius.ro/html/anale/RO/2024i1/Section%205/17.pdf
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    References listed on IDEAS

    as
    1. Aaron K. Chatterji & David I. Levine & Michael W. Toffel, 2009. "How Well Do Social Ratings Actually Measure Corporate Social Responsibility?," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 18(1), pages 125-169, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    corporate governance; ESG (Environmental; Social; Governance); CSRD; GRI;
    All these keywords.

    JEL classification:

    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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