Corporate Governance and ESG in Romania, Concept Awareness

Andreea Larisa Olteanu (Burca) (), Elena Claudia Badea Florea () and Alina Elena Ionascu ()
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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

Ovidius University Annals, Economic Sciences Series, 2024, vol. XXIV, issue 1, 694-701

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.

Keywords: corporate governance; ESG (Environmental; Social; Governance); CSRD; GRI (search for similar items in EconPapers)
JEL-codes: F23 M14 M4 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xxiv:y:2024:i:1:p:694-701

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