- The Azores Sustainability & CSR Services agency has launched the sixth edition of ROMANIA Corporate Sustainability & Transparency INDEX (CST INDEX), formerly Romania CSR Index, the most important assessment of the sustainability and corporate responsibility field in Romania.
- The results of the ranking have been announced during the sixth edition of the Best Practices in Corporate Sustainability hybrid event, livestreamed on Facebook and Youtube on December 9th, 2021, under the motto Sustainability is Unstoppable. So are you!
What is ROMANIA CST INDEX?
Romania Corporate Sustainability & Transparency Index (ROMANIA CST INDEX) is a complex analysis, unique in Romania, by which the sustainability indicators of companies are assessed from the perspective of performance and transparency in areas such as climate change, policies concerning diversity and anti-corruption, responsibility for the employees, responsible marketing or value chain.
For developing this index, over 750 companies have been analysed, more specifically the companies in Romania that have over 500 employees, but also other smaller companies that have published sustainability reports.
What is the methodology that underlies ROMANIA CST INDEX?
The assessment behind ROMANIA CST INDEX 2021 starts from a scorecard with 10 categories and 70 sustainability indicators that refer both to sustainability strategy and targets and also to the economic, environmental and social impact of companies. The final score of each company is calculated according to weightings specific to the industry of the evaluated company.
Publicly available information is taken into account, found in sustainability reports, non-financial statements or on corporate websites, reported in Romanian language for the 2020 financial year.
The scorecard is an assessment tool aligned to the most important standards or international references from the corporate sustainability and social responsibility fields:
- Sustainable Development Goals (SDGs);
- 2014/95/UE & The Proposal for a Corporate Sustainability Reporting Directive (CSRD);
- GRI Sustainability Reporting Standards (GRI Standards);
- CDP (Carbon Disclosure Project);
- Business for Societal Impact (formerly known as LBG).
Which are the most important changes in the methodology of ROMANIA CST INDEX 2021?
2021 has brought some important changes regarding Romania CST Index indicators. A new category has been introduced, labelled Climate Change, in which more indicators have been introduced, such as reducing the greenhouse gas emissions Scope 1, 2 and 3, and the objectives set out in this area, or the production and consumption of renewable energy.
What are the objectives of the index?
The index aims to be a useful tool for both the private sector and the authorities, NGOs or various communities. The results of the index can be used for developing a roadmap that would help to increase the corporate sustainability performance, for benchmarking at industry level or top performers, or for ensuring the alignment of the corporate strategy to the Sustainable Development Goals.
“There is growing evidence that the private sector can have a significant impact on reaching the 17 Sustainable Development Goals. Thus, we have focused on assessing the sustainability reports of Romanian companies in order to outline an overall perspective regarding their involvement and how they perform from year to year. The number of companies that report is still low, we are talking about 4.4% of over 750 companies that have more than 500 employees. However, we have noticed that the number of reports show an increasing trend and we hope that the EU Proposal for a Corporate Sustainability Reporting Directive (CSRD) will progressively animate this field.”, explains Alina Liciu, The Azores Managing Partner.
The companies that have received distinctions in ROMANIA CST INDEX 2021:
Gold Level Recognition: Kaufland Romania, Coca-Cola HBC Romania, HeidelbergCement Romania, Antibiotice, Raiffeisen Bank, CEZ Romania, Telekom Romania, Banca Transilvania, Lidl Romania.
Silver Level Recognition: Romgaz, GreenPoint Management, Romstal.
Bronze Level Recognition: Grupul Digi | RCS-RDS, Transelectrica.
Best Practices in Corporate Sustainability: the launch event for ROMANIA CST INDEX 2021 results
The Azores Sustainability & CSR Services annually organizes a launch event for the index results and for highlighting best practices in sustainability and community investments as well as outlining new trends in sustainable development.
Top professionals at international level and important players in the field of sustainability in Romania have revealed insights into the way a company can achieve the best results in the aftermath of investing in sustainability and in communities:
- Guillaume Lafortune, Director of the Paris Office of the UN Sustainable Development Solutions Network (SDSN)
- Elaine Cohen, Author & Top 100 Global Thought Leader of Trustworthy Business and Sustainability, Managing Partner Beyond Business
- Eileen Chen, Sustainability Communication Consultant, Radley Yeldar
The speakers from Romania, representatives of some companies with great results in corporate sustainability:
- Adina Tudor – Customer Sustainability Partnerships Manager, Coca-Cola HBC Romania;
- Claudia Oprescu – CSR Expert – BCR Architect, Marketing and Communication Department, Banca Comercială Română;
- Valer Hancaș, Corporate Affairs & Communication Director, Kaufland Romania & Moldova;
- Irina Ionescu – General Manager, GreenPoint Management;
- Andreea Ghiocel – Operational Manager Reporting Division, The CSR Agency;
- Martha Rusoiu – CSR Specialist, The PR, Internal Communication & CSR Department, People & Brand Division, CEZ Romania;
- Alina Liciu, Managing Partner, The Azores Sustainability & CSR Services.
The moderator of the event was Victor Georgescu – Founder, LifeHax Solutions.
The motto of the event, “Sustainability is Unstoppable. So are you!” highlights the fact that, nowadays, sustainability and responsibility have become the norm, they are unstoppable and only companies that successfully integrate this kind of business into their DNA will be on the upswing.
The event partners for Best Practices in Corporate Sustainability 2021 were: Coca-Cola HBC Romania, Banca Comercială Română, Ariston Thermo Romania, Transelectrica, Romgaz, GreenPoint Management and CEZ Romania.
The strategic partners of the event were: Sustainable Development Solutions Network (United Nations) and LifeHax Solutions.
More details are available on the agency’s website:
About The Azores Sustainability & CSR Services
Consulting agency, established in 2013, aimed at supporting the companies in Romania in integrating corporate sustainability in the business strategy, The Azores Sustainability & CSR Services has an approach focused on long-term results, on using IT technology for a high level of accuracy of sustainability indicators and research projects that would support the decision-makers in companies to define the corporate sustainability strategy.
The most important and complex project of the agency is Romania CST Index, a ranking that was launched in 2016 under the name Romania CSR Index, and the only one in Romania that evaluates sustainability indicators: information on sustainability management, economic, environmental and social impact. The index is released annually within the Best Practices in Corporate Sustainability event.
In 2019, the agency launched Community Index, the most comprehensive ranking of corporate investments in communities and a summary of the best CSR campaigns carried out each year by companies in Romania. The results of the ranking, alongside case studies and interviews with national and international experts, are presented each year in Community Index Magazine, the only bilingual yearbook dedicated to investments in communities carried out by companies in Romania.
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