The Evolution Of Reporting Corporate Social Responsibility In Romania

Corporate Social Responsibility (CSR) is an increasingly strong trend within companies, as CSR is not only an option but also an integral part of their culture and image. CSR refers to the actions of companies that go beyond legal obligations towards society and the environment; are voluntary obligations undertaken by companies to create a favorable environment for the society in which they exercise their activity. At European Union level, the European Commission has voiced its intention to develop a new CSR policy that aims to encourage the adoption of CSR principles in European space. The economic crisis and its social consequences have had a negative impact on consumer confidence in business; they have focused their attention on the ethical and social performance of companies, so CSR reporting has become a common business practice in European companies. In this context, a national CSR strategy was developed in Romania, with the main goal to increase the awareness of the importance and benefits of applying CSR principles. In this paper we analyze the evolution of Romanian companies' reporting compared to the other EU member states, how to implement the strategy of the European Commission and the results reported according to Global Reporting Initiative Standards. Romanian companies have given budgets to and started considering CSR as an integrated part of business, betting in the strategic role of social responsibility projects. Thanks to the impulse given by the European Commission through new regulations in the field, social responsibility practices reporting has become more important for companies.