In recent years, Environmental, Social, and Governance (ESG) reporting has emerged as a critical component for businesses across the globe. For companies in Romania’s business services sector, adopting robust ESG practices is not just a regulatory requirement, but a strategic imperative that can drive long-term success.
Understanding ESG Reporting
ESG reporting involves the disclosure of data covering an organization’s impact on environmental sustainability, social responsibility, and governance practices. This practice enhances transparency and accountability, making it easier for stakeholders—including investors, customers, and employees—to evaluate a company’s ethical standing and long-term viability.
Why ESG Matters for Romanian Business Services Companies
- Regulatory Compliance: As the European Union continues to tighten regulations surrounding sustainability and corporate responsibility, Romanian companies must align with these standards. Effective ESG reporting can help businesses stay ahead of regulatory changes and avoid potential penalties.
- Reputation and Trust: In an age where consumers prioritize ethical practices, transparent ESG reporting can bolster a company’s reputation. Romanian businesses that commit to responsible practices can build stronger relationships with clients and the public, enhancing brand loyalty.
- Operational Efficiency: Implementing ESG practices often leads to improved resource management and operational efficiencies. For example, companies that adopt sustainable practices can reduce waste and lower costs, ultimately benefiting their bottom line.
- Talent Acquisition and Retention: Today’s workforce seeks employers whose values align with their own. Companies that prioritize ESG practices can attract and retain top talent, fostering a motivated and engaged workforce.
SG GSC Commitment to ESG Reporting
As other companies, we were under the obligation of NFRD (Non-Financial Reporting Directive) transposed in Romania to report on an individual level, and on CSRD (Corporate Sustainability Reporting Directive), we will report consolidated at Group level. However, we have taken over a large part of the non-financial reporting obligations of Societe Generale Group, and of course we are developing our activities on this part.
Recognizing the significance of ESG in the business landscape, we have implemented an ESG Practice, which is a federated model of Societe Generale Global Solution Centre that aims to build ESG specific capabilities & ensures that our services are being calibrated with ESG elements, to help the Group accelerate its strategy. Our commitment to ESG reporting reflects a broader trend towards sustainability and accountability that is reshaping the business environment.
ESG Practice managed by SG GSC is built with three-fold intention:
A. Creating talent pools: In a dual shore model, our talent pools offer benefits of language, skills & expertise focused on reporting, project management and IT, Data & AI. We have a team of over 50+ expert analysts that perform E&S assessments, manage ESG reporting & existing regulatory reporting, and support the Group’s ESG by Design program.
B. Building culture: Through Guild, dynamic community of 150 + experts & enthusiasts shaping the next wave of maturity on ESG
C. Upskilling: With curated training & certifications, SG GSC have upskilled more than 100+ ESG experts
By fostering a culture that prioritizes ESG considerations, we not only enhance our own operations, but also contribute positively to the Romanian economy and society at large. In doing so, we position ourselves as leaders in the business services industry, ready to meet the challenges and opportunities of the future.
Curated by Société Générale Global Solution Centre.
