Sustainability reporting should not be seen exclusively as administrative obligations, but as a necessity to ensure long-term economic stability and prosperity, Chairman of the Financial Oversight Authority (ASF) Alexandru Petrescu told a specialist event on Tuesday.
"ASF is the institution that imposes, supervises, requires a wide range of reports from listed entities. The institutions operating in the three markets we manage have in their DNA the inclination to report, instinctively and spontaneously. (...) However, in the DNA of the Romanian entrepreneur, greater or less, there is a struggling with the path from instinctive aversion to reporting to natural conformity. But I am confident that we have been on this path before. In 2012-2013 we were meeting the World Bank and we were designing a corporate governance model for Romanian companies, those with state capital or not - and it seemed to me a long road, because it was not in the instinct of the entrepreneurs, the managers, to align themselves with a compliance that belongs to the corporate governance benchmarks. Today, 12, 14, if not 15 years later, I believe that corporate governance is embedded by design in the managerial instinct of many business entities, at least for those that are listed and where we have a window of direct supervision. The manager's reporting model is a compliant one," Petrescu said at the Romanian Sustainability Forum, organised by Financial Intelligence.
According to him, sustainability is not an administrative task.
"Each of us, those who have the destinies of a business entity, in my case, automatically and primordially take me to the economic area. We must understand that we cannot trade the prosperity of the present for the precariousness of the future. We must also understand that, by taking over the values of sustainability, we can ensure perpetual profit and economic survival and, by not taking over these values, we are only pushing forward, postponing an inevitable economic collapse. Sustainability is a lever to ensure our well-being in the long term and, why not, it is synonymous with trust, which is an essential ingredient for everything that means economic transactions."
Under European legislation, sustainability reporting involves the publication of information on the impact of an entity's activities on the environment, society and governance, as well as the risks and opportunities related to sustainable development.
Representatives of central public administrations, waste management associations and companies on Tuesday participated in a new edition of the Romanian Sustainability Forum event organised by Financial Intelligence.
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