Available via license: CC BY 4.0
Content may be subject to copyright.
DOI: 10.2478/picbe-2024-0151
© 2024 A.-A. Miron; S. Ojog, published by Sciendo.
This work is licensed under the Creative Commons Attribution 4.0 License.
Analysis of the Communication of Social Responsibility
by Energy Companies in Romania
Alina-Andrea MIRON
Bucharest University of Economic Studies, Bucharest, Romania
alina.miron@mk.ase.ro
Silviu OJOG
Bucharest University of Economic Studies, Bucharest, Romania
silviu.ojog@csie.ase.ro
Abstract. The awareness towards global changes has increased in recent years and has created pressure
for energy providers to improve not only their activity but also the way they communicate their actions,
initiatives and commitments and how they report them to the general public. Recognizing this imperative,
in January 2022, the European Commission proposed the Corporate Sustainability Reporting Directive
(CSRD) to revise and strengthen the existing Non-Financial Reporting Directive (NFRD). With the CSRD's
help, sustainability reporting is getting a significant improvement. Now, everything is more transparent and
matches up better than other reports created before because it was built around transparency first. This
means way less guesswork for anyone needing this information whether it is an investor trying not to worry
about their next big decision, consumers, or regulatory bodies. We analyzed the top 15 entities in the
electrical energy production sector in Romania, based on their turnover reports at the end of their financial
activities for 2022, and we wanted to find out how they articulated and showcased their commitment to
social responsibility through their websites and non-financial reports. By examining these reports closely,
we uncovered layers of commitment across different sectors from ESG pillars (environmental, social, and
governance) – how businesses dedicated to sustainable growth and interacted with stakeholders and by
looking closely at these reports, the analysis is not only a point of reference for industry practices but also
a better understanding of social responsibility in the specific context of the energy sector.
Keywords: Corporate Sustainability Reporting Directive (CSRD), Non-Financial Reporting Directive
(NFRD), Sustainability, Electric Energy Sector.
Introduction
Communicating corporate social responsibility (CSR) through non-financial reports in the electric
energy sector is a highly relevant research area in the contemporary context of sustainability and
corporate governance concerns. At the same time as the awareness of the social and environmental
impact of the activities undertaken by companies in the energy sector increases, the effective
communication of the commitment to social responsibility becomes more and more important.
In accordance with the European Union's Non-Financial Reporting Directive (NFRD),
member states, including Romania, are required to implement precise reporting requirements for
certain entities. Under this directive, companies classified as public-interest entities with more than
500 employees are mandated to prepare and publish non-financial reports that are designed to help
companies be more transparent and accountable about their non-financial work and let stakeholders
gauge how effectively they are handling these aspects. (European Commission, 2022)
The concept of sustainability from an ESG (environmental, social, and governance)
standpoint has been widely adopted worldwide for more than five decades. However, its integration
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1797
into the Romanian capital market remains considerably limited, with only a few listed companies
actively disclosing their ESG performance. (Vasiu, 2023)
In this paper, we wanted to understand how electricity companies communicate in the
online environment through their non-financial reports and websites and we wanted to find out
where they put more emphasis on ESG (environmental, social and governance) aspects. Also, we
investigated whether these companies comply with the obligation to share their non-financial
reports.
Literature review
Gaining insight into CSR (corporate social responsability), including perspectives from
Romania
The initial definition of CSR (corporate social responsibility) from the European Commission in
2001 describes it as "a concept whereby companies integrate social and environmental concerns in
their business operations and in their interaction with their stakeholders on a voluntary basis".
(Commission of the European Communities, 2001). In its updated communication, the European
Commission (2011) has presented a streamlined definition of CSR, describing it as "the
responsibility of enterprises for their impacts on society" and delineating the actions an enterprise
should take to fulfil that responsibility.
Brundtland (1987) proposed the concept of sustainable development, describing it as the
progress that meets the needs of the present without compromising the ability of future generations
to meet their own needs. Carroll (1999) delineates the concepts of CSR (corporate social
responsibility) and sustainability and he defines CSR as voluntary initiatives undertaken by
companies to deal with social, environmental, and economic issues. On the other hand,
sustainability translates into ensuring that there is enough for everyone, now and in the future.
Corporate responsibility can be seen as wearing many hats: it is all about striking that fine balance
between boosting socio-economic levels while also taking care not to harm our world.
An overview of CSR trends in Europe and Romania
Corporate Social Responsibility (CSR) has become increasingly important in Europe and Romania
and this is driven by various factors, such as regulations, what stakeholders expect and a growing
awareness of sustainability and social issues. Organisations that priorities the social responsibility
make a real difference in society, have a better reputation and can reduce risks. (European
Commission, 2020)
In contemporary Europe, regulatory frameworks have considerable influence over CSR
initiatives. For instance, the EU’s Non-Financial Reporting Directive mandates expansive
disclosures pertaining to ESG (environmental, social, and governance) realms, underscoring the
commitment of the region to advancing sustainability agendas. (European Commission, 2022)
European enterprises are increasingly embedding sustainability prerogatives within their
strategic frameworks, manifesting themselves in efforts to curtail carbon footprints, promote
energy efficiency, espouse circular economy paradigms, and address diversity and inclusion
imperatives. (Matten & Moon, 2008)
Moreover, European businesses are placing more importance on engaging with
stakeholders. Understanding their significant role, they step up to meet societal demands head-on.
(Carroll & Buchholtz, 2020)
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1798
The impact of investments are increasingly popular, and nowadays investment is not only
about profits, but also about social and environmental good – the previous practices solely
prioritized profit-making. (Idowu et al., 2017)
Similarly, supply chain integrity has emerged as a critical CSR domain, with European
companies rigorously scrutinizing distribution networks to ensure ethical sourcing, labour
standards, and environmental sustainability. (Morsing & Thyssen, 2019)
In Romania, the path of CSR mirrors broader European trends, albeit with unique
contextual nuances. A nascent yet visible rise in CSR awareness is palpable, driven by both
domestic imperatives and transnational influences. (Andrei et al., 2019)
In the European Union countries, including Romania, the laws are changing to encourage
companies to follow CSR practices. However, how strictly these rules are enforced and how well
companies follow them can differ. (European Commission)
Consequently, Romanian companies are increasingly pivoting towards environmental
management, epitomized by concerted efforts to reduce carbon emissions, embrace renewable
energy sources and orchestrate sustainable waste management practices. (Ionescu et al., 2018)
Social initiatives are the basis of CSR efforts in Romania and include various initiatives
such as education, healthcare, poverty reduction and community development. (Apostol &
Vasilescu, 2018)
Persistent challenges, including economic constraints, corruption, and nascent awareness,
impede the fruition of CSR ambitions, underscoring the need for concerted efforts to surmount
these impediments (Iancu et al., 2014; Stan & Bonaci, 2014). Nowadays, in Romania, the number
of businesses which attract investment has increased, thereby playing an essential role in promoting
sustainability at the European level.
Corporate Sustainability Reporting
In January 2022, the Corporate Sustainability Reporting Directive (CSRD) emerged as a
pivotal proposition from the European Commission to overhaul and fortify the existing Non-
Financial Reporting Directive (NFRD). This proposal seeks to elevate the calibre, comparability,
and trustworthiness of corporate sustainability reporting endeavours within the European Union.
(European Commission, 2022)
Entities under the regulatory purview must reveal answers to eight questions resembling
those posed by the Task Force on Climate-related Financial Disclosures (TCFD). These responses
can be provided either within the non-financial and sustainability (NFIS) statement in their strategic
report or within the energy and carbon report section of their typical annual report. This obligation
is effective for accounting periods beginning on or after April 6, 2022. TCFD is an international
initiative created by the Financial Stability Board (FSB) at the request of the G20 (an international
forum comprising 19 countries and the European Union). They want companies to communicate
more openly and accurately voluntarily when counting risks and the business opportunities tied to
climate change. The information reported is financial and of value to parties involved, such as
investors and lenders. (Financial Stability Board)
About 2,500 sizable companies within the European Union (EU) consistently report
environmental and social data with the Non-Financial Reporting Directive (NFRD). Nowadays,
only companies with 500 employees are required to have non-financial reports. (European
Commission, 2022)
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1799
Non-financial and sustainability (NFIS) denotes a statement or report detailing a company's
non-financial performance and sustainability efforts, encompassing environmental, social, and
governance (ESG) factors like carbon emissions, diversity initiatives, community engagement, and
corporate governance practices. (Global Reporting Initiative)
Global Reporting Initiative is an international organization that enables different groups
whether big corporations or local authorities find out more deeply regarding non-financial
reporting. It helps organizations to understand their impact in that regard environmental, social,
governance impact. On their website you can find resources and standards for corporate social
responsibility reporting. Although widely respected, the Global Reporting Initiative (GRI) for
sustainability reporting operates voluntarily, presenting a notable limitation.
Ensuring sustainability within the electrical energy sector
There are principles of sustainability within the electrical energy sector that encapsulate
multifaceted dimensions aimed at ensuring enduring viability and responsible practices in energy
production and consumption.
Adoption of renewable energy
Awerbuch and Short (1995) delved into the intricate economics of renewable energy in power
generation. They describe the switching to sustainable energy sources such as solar, wind, hydro
and geothermal energy as very important nowadays. These energy sources reduce our dependence
on fossil fuels which are finite.
Social costs of renewable energies
Hohmeyer and Seidenberger (2016) conducted a meticulous meta-analysis to shed light on the
social costs associated with renewable energies. To switch seamlessly to eco-friendly energy, they
stress learning all the costs associated with it. They reveal how the growth of the green power plays
a huge part not just environmentally but socially too.
Energy efficiency
International Energy Agency underscores the imperative to optimize resource utilization and axing
unnecessary waste because there is much talk around powering up through efficient means – an
overview with actionable insights steers us towards greener paths in both creating and tapping into
energy sources with the help of energy efficiency trends and prospects in its comprehensive report
"Energy Efficiency". (International Energy Agency, 2019)
Energy justice
Jenkins et al. (2016) examine the energy sector in more detail and explain why it is important to
involve people of different backgrounds in energy initiatives and explain the importance of
ensuring equal access to energy for all and the gathering of community support for these initiatives
are key steps.
Regulatory challenges in nuclear power
Joskow (2009) dissects the economic and regulatory hurdles facing the trajectory of nuclear power
in the United States, and he underscores the indispensability of regulatory compliance and
economic viability for sustainable energy ventures. For sustainable energy efforts to flourish, he
firmly believes in closely following the law and confirming that they are economically viable.
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1800
Convergence of renewable energy policy
Komor et al. ( 2010) scrutinized the convergence of renewable energy policies within the European
Union. In exploring the tweaks made to feed-in tariffs within nations like Germany, Spain, and
France we found that this behind-the-scenes policies nudging us toward greener energies.
Exploring government approaches to green energy lets us spot where they align, and it is eye-
opening.
Competing dimensions of energy security
Sovacool and Brown (2010) delineate the complex dimensions of energy security, which
encompass economic, political, and environmental considerations. By looking at how all parts of
energy security connect, they make it clear that there are a lot of challenges straight up that lead us
toward an energy system that respects the planet.
Respecting these principles in the energy sector contributes to a more sustainable and
resilient future of energy.
Methodology
We made a qualitative analysis examination of websites and non-financial reports and we aimed to
see if the information communicated is truly effective, transparent, and in line with stakeholder
expectations.
Delving deeper into the CSR communication among Romanian energy players, our goal
was to understand how these companies aligned with the EU's regulations regarding social
responsibility in a dynamic business environment.
The price of electricity and natural gas in 2022 was markedly increased by the invasion of
Ukraine by Russia, which disrupted supply chains and affected industrial production across
Europe. This led to a notable trend of reducing reliance on Russian gas and increasing coal-based
energy production in some EU member states. The Federal Reserve in the US and the European
Central Bank raised interest rates to combat inflation, driven by rising raw materials and finished
goods prices for both productive investments and private consumption.
In an effort to fend off the adverse effects soaring energy rates could have on people’s lives
as well as business growth, European policymakers have enacted measures intended specifically
for keeping consumer prices stable without compromising company competitiveness.
Concurrently, efforts were made to expand renewable energy capacity, with the European Union
aiming for renewables to account for 42.5% of final energy consumption by the end of the decade.
According to the European Parliament, Romania performed notably well in 2022, with renewables
comprising 41% of total energy production, surpassing the EU average.
Our research question was how the big energy players in the electrical energy sector in
Romania communicated beyond their non-financial reports and websites in the period 2021-2023.
In this study we investigated if the energy producers companies stick to the NFRD's
requirements and if they were aligned with GRI benchmarks.
Results and discussions
In this section of the paper, are detailed the results and our interpretation regarding the
communication of non-financial disclosers to the five electrical energy companies that are required
by law to report non-financial data.
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1801
The top 15 electrical energy producers of 2022 in Romania under CAEN Code 3511
and ordered by turnover
Company
Market
share
Turnover
Number of
employees
Net Profit
The obligation
to provide the
non-financial
statement
Compliance with
the requirement
to provide the
non-financial
statement
SPEEH HIDROELECTRICA
SA
30.24%
6 335 390
471
3 300
3 019 511
168
Yes
Yes
SOCIETATEA
COMPLEXUL ENERGETIC
OLTENIA SA (CEO)
15.65%
3 278 093
731
11 307
0
Yes
Yes
SN NUCLEARELECTRICA
SA
14.88%
3 118 375
073
2 002
1 036 261
626
Yes
Yes
ELECTROCENTRALE
BUCURESTI SA
12.83%
2 687 103
849
1 719
412 941 727
Yes
Yes
ENEL GREEN POWER
ROMANIA
2.87%
600 586
676
64
358 342 956
No
No
TOMIS TEAM SA
1.88%
394 902
881
18
75 143 033
No
No
EDPR ROMANIA SRL
1.84%
385 326
801
29
253 044 739
No
No
VERBUND WIND POWER
ROMANIA SRL
1.59%
333 519
278
11
359 292 177
No
No
OVIDIU DEVELOPMENT
SA
1.39%
291 026
562
14
105 013 314
No
No
ELECTROCENTRALE
CONSTANTA SA
(IN INSOLVENCY)
1.11%
232 681
493
212
0
No
No
SOCIETATEA DE
SERVICII
HIDROENERGETICE
HIDROSERV SA
0.81%
170 312
046
1 087
22 857 834
No - The
parent
company of
the group
reported.
Yes (It is a
subsidiary of
Hidroelectrica
SA).
CRUCEA WIND FARM SA
0.8%
166 689
059
1
66 836 492
No
No
EWIND SRL
0.76%
159 027
110
7
78 449 978
No
No
BEPCO SRL
0.74%
154 851
921
93
43 126 025
No
No
S.C. CENTRALA
ELECTRICA DE
TERMOFICARE ARAD
S.A.
0.72%
150 513
594
171
0
No
No
Source: The authors’ own research based on the data published by the Ministry of Finances.
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1802
The table below shows the comparison and compliance analysis of the five companies
required to report non-financial information.
We analysed the main ESG (environment, social and governance) components of each
company and determined whether they met the GRI standards.
Table 2. Alignment of electrical energy producers in Romania with CSRD and GRI Standards
for the period 2021-2023 - Requirements of the non-financial directive and the information
presented by the entities under analysis
Company
Name of the
report
Social and
personal
aspects
Environm-
ental aspect /
TCFD
Fiting
corrupt-
tion
Human
rights
Main risk
and their
management
GRI
stand-
ards
HIDROELEC
TRICA
"Sustainability
Report" (2022);
"Annual Report"
(2021)
Yes –
detailed
quantitative
data
Yes – it aligns
with EU's
carbon-neutral
goal by 2050
Yes
Yes –
detailed
quantitati
ve data
Yes –
detailed
quantitative
data
Yes – In
the year
2022
CEO
"Administrators'
Report"
Yes –
limited
quantitative
data
Yes –
Construction
of
photovoltaic
parks (OMV
Petrom),
reduction of
coal deliveries
Yes
Yes –
limited
quantitati
ve data
Yes – limited
quantitative
data
No
NUCLEAREL
ECTRICA
"Sustainability
Report" (from
2022)
Yes –
detailed
quantitative
data
Yes –
Securing
energy and
backup for
renewables in
Romania,
beyond 2050
Yes
Yes –
detailed
quantitati
ve data
Yes –
detailed
quantitative
data
Yes – In
the year
2022
ELCEN
"Integrity
report";
documents on
risk analysis,
waste
prevention, and
reduction
Yes –
limited
quantitative
data
Yes –
waste
reduction
programs in
areas of
Bucharest
(Grozavesti,
Progresu,
South, and
West)
Yes
Yes –
limited
quantitati
ve data
Yes –
detailed
quantitative
data (focus)
No
HIDROSERV
Yes – please see
Hidroelectrica’s
report name
above
Yes – focus
on the
employee
structure
Yes – They
have “green
certificate” for
Crucea Wind
Farm
Yes
Yes
Yes
Yes (the
parent
company
Hidroele
ctrica
reported)
Source: Authors’ own research based on the non financial reports published on the websites of the companies.
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1803
The electricity generation companies analysed met the fundamental requirements outlined
in the European Directive for disclosing non-financial information. Nevertheless, the level of detail
and quantitative data remained relatively low in certain cases.
The integration of the GRI standard was discretionary, with select entities opting to adhere
to its guidelines while others abstained from its adoption. Among the two companies that chose to
adhere to the GRI standards, it is essential to underscore that complete adherence still needs to be
achieved.
We delineated the observations from each report that included non-financial information at
the level of each company under analysis.
SPEEH Hidroelectrica issued two reports for the analysed period. In 2022, they released a
"Sustainability Report" with a heightened focus on sustainability, conforming to GRI standards. In
this report we found quantitative data regarding social and personal dimensions, environmental,
human rights, and primary risk management. Formerly, these reports were denoted as "Annual
Reports".
Hidroserv SA, a subsidiary of SPEEH Hidroelectrica, declared itself in insolvency. In the
Hidroelectrica report (the parent company), numerical data pertaining to the employee structure
could be find, as well as a compilation of environmental protection activities specific to Hidroserv
that holds a green certificate for the Crucea Wind Farm.
Societatea Complexul Energetic Oltenia SA had precise data on ESG (environmental,
social, and governance) performance right from the beginning. Here are some examples of the
numerical data provided: contributions to state and local budgets, investments in environmental
protection, health and safety at the workplace, number of employees, amounts spent on education
or healthcare, accidents, scholarships awarded, and awards received for responsibility, among
others. They named their reports "Administrators' Report". Similarly to ELCEN, printed
documents have posed difficulties in the research process.
In the ELCEN's non-financial reports, we have found limited quantitative data on social
and personal aspects, as well as human rights, and they provided documentation on waste reduction
programs in various areas of Bucharest and prioritized annual risk management, with a dedicated
website section for reports. However, accessing these documents was challenging due to their
scattered location on the website. ELCEN focused on sustainable energy management, promoting
local education, compliance with ethical standards, and stakeholder participation. Although they
printed reports labeled "Integrity report" focusing on anticorruption, these reports lacked specific
numerical data. They did not adhere to GRI standards.
In contrast to other companies, Nuclearelectrica's sustainability report, which respected the
European Commission guidelines and the GRI standards, was notably detailed compared to the
other companies we analysed and it encompassed a wide range of information, including the name
of the company, headquarters, shareholders, market presence, client base, organizational structure,
strategic objectives, investment plans, key risks, policies, due diligence processes, board of
directors' responsibilities, investment strategy, advisory bodies, and core security policies. The only
report available for the examined period (2021-2023), specifically for the year 2021, addressed a
non-financial perspective, as indicated in the accessible document on the website. The document
is titled a "Sustainability Report". Although it had a robust strategy to promote sustainable
development and assume the responsibility to operate sustainably and responsibly in 2021,
Nuclearelectrica did not publish annual sustainability reports like its competitors. They prioritized
the promotion of renewable energy, the conservation of biodiversity, active community
participation, and energy efficiency as fundamental aspects that they consistently emphasize.
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1804
Nuclearelectrica considered environmental factors such as radioactive emissions and waste
management. They also emphasized their lack of greenhouse gas emissions during electricity
production, preventing the release of twelve million tons of carbon dioxide annually.
Conclusion
Five companies voluntarily chose to adhere to the GRI standard, while the remaining three decided
not to adopt it at all. However, those two companies (Hidroelectrica and Nuclearelectrica) only
complied with some of the GRI standards.
The electricity generation companies examined had fulfilled the essential criteria stipulated
in the European Directive for disclosing non-financial information.
In certain cases, the level of detail provided remained relatively low, meaning numerical
data was used only sparingly.
We observed that one of the analysed companies, Societatea Complexul Energetic Oltenia
SA, chose to incorporate a non-financial statement into their managerial reports (Administrators'
Report), and they did not have a separate non-financial report. Although this reporting approach is
legally permissible, regrettably, it reduces visibility.
The limitations of the study that we faced include the challenges of obtaining quantitative
data for certain sections of ESG (environment, society, and governance).
In addition, navigating through documents on the website was difficult, especially when
the documents were located in multiple areas of the website, and printed documents were often
difficult to read in their entirety.
Furthermore, limitations arose because companies need to publish annual reports and only
ELCEN published specific reports for the year 2023 regarding non-financial information.
According to the CSRD (European Corporate Sustainability Reporting Directive), the non-
financial sustainability report is typically published annually. Nevertheless, in 2022, when statutory
requirements mandated all five companies to produce non-financial reports, each of them adhered
to this obligation.
The adaptation of renewables puts Europe at the forefront of fighting global warming by
cutting down emission levels and for this transformation means every endeavours from each EU
countries need to come together making policies, upgrading infrastructure, and pushing the
envelope on new technologies to fully leverage the capabilities of energy communities.
As the aftermath of the 2008 financial crisis served as a catalyzing force, prompting a
reevaluation of traditional financial systems, such a major impact is expected after the 2022 energy
crisis. Blockchain technology was developed in 2009, with the introduction of Bitcoin, after the
crash of the Lehman Brothers, by a individual or group of people known as Satoshi Nakamoto as
a way to ensure trust between parties without the need of a central bank authority.
As previously stated, the Corporate Sustainability Reporting Directive aims to maximize
the quality, comparability, and reliability of sustainability reporting. Blockchain poses several
characteristics that make it highly suitable for reporting. At its core, blockchain is an immutable,
timestamped, tamper-proof, distributed, publicly accessible database. Blockchain can act as a
single source of truth for companies, investors, consumers, and regulatory bodies as it runs on
multiple computers in the world and can be easily traced. Ethereum, the second generation of
blockchain technology after Bitcoin, introduced another technological improvement known as the
smart contract, software deployed on the blockchain that acts as an agreement and can trigger the
automatic execution of certain conditions. Smart contracts do not offer legal enforcement in most
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1805
jurisdictions, but they can be used to enhance trust between parties. As one can observe, blockchain
can provide value for reporting, making it suitable for solving most problems related to lack of
transparency, timing, and compliance.
References
Andrei, R., et al. (2019). Corporate Social Responsibility in Romania: A Multinomial Logit
Approach. Sustainability, 11(13), 3559.
Apostol, A., & Vasilescu, L. (2018). Corporate Social Responsibility in Romania: A Critical
Overview. Amfiteatru Economic, 20(48), 466-480.
Awerbuch, S., & Short, W. (1995). Economics of renewable energy in power generation.
Renewable Energy, 6(5-6), 553-564.
Brundtland, G. H. (1987). Our Common Future: Report of the World Commission on Environment
and Development. Oxford: Oxford University Press.
Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct.
Business & society, 38(3), 268-295.
Carroll, A. B., & Buchholtz, A. K. (2020). Ethics, Sustainability & Stakeholder Management.
Business & Society. Cengage Learning.
Matten, D., & Moon, J. (2008). Corporate Social Responsibility. Oxford University Press.
Morsing, M., & Thyssen, C. (2019). Corporate Social Responsibility Communication: Stakeholder
Information, Response and Involvement Strategies. Springer.
Hohmeyer, O., & Seidenberger, T. (2016). Social Costs of Renewable Energies: A Meta-analysis
and Empirical Evaluation of Wind Energy. Energies, 9(6), 428.
Iancu, A., et al. (2014). Corporate Social Responsibility in Romania: The Attitude of Romanian
Managers. Procedia-Social and Behavioral Sciences, 109, 533-537.
Idowu, S. O., et al. (2017). Corporate Social Responsibility in Europe: United in Sustainable
Diversity. Springer.
Ionescu, L., et al. (2018). Corporate Social Responsibility in Romania: A Longitudinal Analysis.
Management Dynamics in the Knowledge Economy, 6(4), 527-548.
Komor, P., et al. (2010). Renewable energy policy convergence in the European Union: The
evolution of feed-in tariffs in Germany, Spain, and France. Energy Policy, 38(2), 966-981.
International Energy Agency. (2019). Energy Efficiency 2019: Analysis and Outlooks to 2040. IEA
Publications.
Jenkins, K., et al. (2016). Energy justice: A conceptual review. Energy Research & Social Science,
11, 174-182.
Joskow, P. L. (2009). The Future of Nuclear Power in the United States: Economic and Regulatory
Challenges. Daedalus, 138(4), 110-122.
Sovacool, B. K., & Brown, M. A. (2010). Competing Dimensions of Energy Security: An
International Perspective. Annual Review of Environment and Resources, 35, 77-108.
Stan, O. R., & Bonaci, C. G. (2014). Corporate Social Responsibility in Romania. A Comparison
between Multinational Companies and Romanian Companies. Procedia Economics and
Finance, 15, 1719-1724.
Vasiu, D. E. (2023). Environmental, social, and governance (ESG) performance on the Romanian
capital market. Management of Sustainable Development, 15(2).
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1806
About GRI: Our Mission. Retrieved from https://www.globalreporting.org/about-gri/our-mission/
Commission of the European Communities. (2001). Green Paper: Promoting a European
framework for Corporate Social Responsibility (p. 6). Brussels 18.7.2001 COM(2001) 366
final. Retrieved from https://www.europarl.europa.eu/meetdocs/committees/deve/
20020122/com(2001)366_en.pdf
CEO Oltenia. (2023). Administrators' Report. Retrieved from https://www.ceoltenia.ro/
documente//Documente%20Finaciare/2023/Raport%20admin.pdf
CEO Oltenia. (2022). Administrators' Report. Retrieved from
https://www.ceoltenia.ro/documente/Documente%20Finaciare/2022/Raportul%20adminis
tratorilor.pdf
CEO Oltenia. (2021). Administrators' Report. Retrieved from https://www.ceoltenia.ro/
documente/Documente%20Finaciare/2021/Raportul%20Administratorilor.pdf
ELCEN (2023) Integrity Report. Retrieved from https://www.elcen.ro/wp-
content/uploads/2024/02/Plan-de-integritate-reviziut-la-09.05.2023.pdf
ELCEN (2022) Integrity Report. Retrieved from https://www.elcen.ro/wp-
content/uploads/2024/02/Plan-integritate-ELCEN-revizuit-in-vederea-implementarii-
SNA-2021-2025-aprobat-prin-decizie-nr.-501-02.05.2022.pdf
ELCEN. Programs for the prevention and reduction of waste quantities. Retrieved from
https://www.elcen.ro/programe-de-prevenire-si-reducere-a-cantitatilor-de-deseuri/
ELCEN. (2023). Information regarding the conduct of the risk management process at ELCEN for
the year 2023. Retrieved from https://www.elcen.ro/arhiva/risc/ Informare%20privind%
20desfasurarea%20procesului%20de%20management%20al%20riscurilor%20la%20nivel
ul%20ELCEN%20pt%20anul%202023.pdf
ELCEN. (2023). Document regarding the risk analysis at ELCEN 2023. Retrieved from
https://www.elcen.ro/arhiva/risc/Document%20privind%20analiza%20de%20risc%20EL
CEN%202023.pdf
ELCEN. (2022). Document regarding the risk analysis at ELCEN 2022. Retrieved from
https://www.elcen.ro/arhiva/risc/Document%20privind%20analiza%20de%20risc%20EL
CEN%202022.pdf
ELCEN. (2021). Document regarding the risk analysis at ELCEN 2021. Retrieved from
https://www.elcen.ro/arhiva/risc/Document%20privind%20analiza%20de%20risc%20EL
CEN%202021.pdf
European Commission. (2011). Corporate Social Responsibility: a new definition, a new agenda
for action. Brussels. 25.10.2011. MEMO/11/730. Retrieved from https://ec.europa.eu/
commission/presscorner/detail/en/MEMO_11_730
European Commission. "European Union Non-Financial Reporting Directive (Directive
(2022/2464/EU):https://ec.europa.eu/info/business-economy-euro/company-reporting-
Financial Stability Board. Task Force on Climate-related Financial Disclosures (TCFD).
Retrieved from https://www.fsb-tcfd.org/and-auditing/company-reporting/non-financial-
reporting_en
European Parliament. MEPs back plans to boost use of renewable energy. Retrieved from
https://www.europarl.europa.eu/news/en/press-room/20230911IPR04926/meps-back-
plans-to-boost-use-of-renewable-energy
Global Reporting Initiative. Retrieved from https://www.globalreporting.org/
DOI: 10.2478/picbe-2024-0151, pp. 1796-1807, ISSN 2558-9652 |
Proceedings of the 18th International Conference on Business Excellence 2024
PICBE |
1807
Hidroelectrica SA. (2022). Sustainability Report 2022. Retrieved from
https://cdn.hidroelectrica.ro/cdn/raport_sustenabilitate/Raport_de_sustenabilitate_2022.pdf
Hidroelectrica SA. (2021) Annual Report. Retivied from https://cdn.hidroelectrica.ro/
cdn/rapoarte_anuale/HIDROELECTRICA_Raport_Anual_2022_Web.pdf
Nuclearelectrica. (2021). Sustainability Report. Retrieved from https://www.nuclearelectrica.ro/
wp-content/uploads/2022/04/2021.pdf