On Friday, September 13th, 2019, the Capital Market Forum, organized by Financial Intelligence – an economic news and financial analysis platform, was held. Mihaela Croitoru, Sustainability Consultant, Founder and Managing Partner of INNOVA Project Consulting was one of the speakers of the event, having an intervention on the importance of non-financial reporting for the capital market.

“One of the reasons why we do not have many investors on the stock market is the insufficient transparency of the companies to the investors”, considers Mihaela Croitoru. She presented the results obtained from an internal study conducted by INNOVA Project Consulting regarding the number of listed companies that have published non-financial information, necessary to understand the economic, social and environmental performance. Thus, 48% out of the listed companies, obliged to report according to the MFP Order no. 1938/2016, published a separate non-financial report, and 26% published a non-financial statement included in the directors’ report (as a chapter, section or appendix). In contrast, most listed companies, regardless of whether they were obliged to report or not, have chosen to publish non-financial information in the directors’ report, but without being structured in a single chapter or appendix, which makes access to this information difficult. In 2019, in Romania out of the 84 listed companies, 31 companies had the legal obligation to report non-financial information.

The concept of non-financial or sustainability reporting, as it is known internationally, is relatively new in Romania, so far only public-interest entities being required to prepare this reporting. Considering that from 2020 the obligation of this reporting will be extended to all companies that have more than 500 employees, according to the MFP Order no. 3456/2018, this topic will become more and more important, expecting a significant increase in the number of non-financial reports that will be made available to the public.

The recording of the intervention is available at this LINK

For those who want to deepen the issues addressed during the debate, INNOVA Project Consulting organizes a 2-day applied course between September 30th and October 1st, 2019 in Bucharest, at the Hilton Garden Inn Hotel Bucharest Old Town. More information at this LINK

Share this...
Share on Facebook
Share on LinkedIn


Leave your comment