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News from Members The first study on corporate responsibility in Romania as strategic tool and part of the business model

The first study on corporate responsibility in Romania as strategic tool and part of the business model

by EY May 28, 2013

Website www.ey.com

• More than half of corporate social responsibility projects in Romania do not exceed an average value of EUR 10.000
• Half of the companies consider that in 2013, the budget for social projects is similar to 2012
• Most private companies have CSR projects that focus on education and health

Corporate Social Responsibility (CSR) begins to replicate the dynamics of the global trend, as Romanian companies and executives become more aware of its relevance in differentiating companies, according to the study CSR Trends and Realities in Romania, conducted by CSRMedia.ro and Ernst & Young Romania. Thus, 78% of respondents said that the company they represent has a dedicated CSR strategy, while 67% of them consider that the general interest for CSR grew in the last 12 months. Supporting the same idea, more than three quarters of the surveyed companies said they have an annual dedicated budget for CSR actions. Half of these companies say that the budget in 2013 is similar to 2012, while only 16% of companies recorded an increase between 5-10%. Regarding the allocated amount of money, 66% of respondents said that the average CSR project does not exceed EUR 10.000.

"Even if CSR involvement was a practice initiated by subsidiaries of multinational companies, as part of their values, this is no longer an abstract concept for Romanian companies. The next step now is that it becomes a strategic area for as many Romanian private companies and public institutions as possible. The fact that 41% of respondents are leaders or members of the company board of directors and 82% of companies have their leaders actively involved in CSR efforts, clearly shows the importance they assign to corporate social responsibility."- Bogdan Ion, Country Managing Partner Ernst & Young Romania

"The study comes as a support to all stakeholders and decision makers in companies, given that corporate social responsibility is gradually becoming an important component of business strategy. This is no longer the task of strictly one person (or department) but extends to leaders at all levels, along with the increasing importance of dialogue with both internal and external company stakeholders. We're basically talking about adopting a business model that is socially responsible to it employees as well as to its partners and customers, to authorities and communities. We are witnessing a period in which a company is not only evaluated through its profits but also by the ways in which a portion of this returns to society, other than in the form of taxes."- George Carpov consultant CSRMedia.ro

The study conducted by CSRMedia.ro and Ernst & Young Romania is based on a survey conducted between 10 April and 10 May, 2013. This is the first study in Romania dedicated to CSR as a strategic positioning tool and its respondents were mostly representatives of companies that have CSR activities. The report analyzes the responses of 77 top managers and experts in the area regarding the initiated and implemented corporate responsibility projects in 2012 and the prospects for CSR in the near future. 54% of these companies have revenues of over EUR 10 mil.

More details about the results of the study can be found HERE.

About Ernst & Young
Ernst & Young is one of the world's leading professional services firms with approximately 167,000 employees in 700 offices across 140 countries, and revenues of approximately $24.4 billion in 2012. Our network is the most integrated at global level and its vast resources allow us to help our clients benefit from every opportunity. In Romania, Ernst & Young has been a leader on the professional services market since its set up in 1992. Our over 500 employees in Romania and Moldova provide seamless assurance, tax, transactions, and advisory services to clients ranging from multinationals to local companies. Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. For more information, please visit www.ey.com

About CSRMedia.ro
CSRmedia.ro is an online information platform promoting civic values and Corporate Social Responsibility (CSR) actions. The CSRmedia.ro team has recently conducted the first gala exclusively dedicated to CSR - Romanian CSR Awards 2013 (www.csrawards.ro) - competition awarding the best CSR projects carried out by Romanian companies in 2012. The CSRmedia.ro platform also incorporates CSR Map (www.hartacsr.ro), the first instrument in Romania which enables statistics reports and analysis regarding companies’ investments in the community they operate in. CSRmedia.ro aims at mobilizing companies, NGOs, institutions and citizens to actively and responsibly engage in a sustainable development of the community.

Lãcrãmioara Botezatu - Project Manager CSRMedia.ro
Tel: 0762.362.247

Elena Badea - Head of Market Enablement Ernst & Young
Tel: 021.402.4000

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