Corporate Social Responsibility Practices in the Energy Industry — Trends of Change

Commitment of companies to make policies, decisions and undertakings that reflect social expectations as the most important rationale for their activities.

The evaluation and response of a company to problems located outside the narrowly defined scope of economic, technical and legal requirements placed on the company.

Strategies and operational practices that enhance a company’s competitiveness while improving the livelihoods of the local communities around which it operates-CSR is based on a ‘pyramid structure of corporate responsibility’, consisting of four areas of responsibility: economic, legal, ethical and philanthropic.

Company policies and practices that reflect the responsibility of business for part of the broader social good, with the specific shape and scope of these responsibilities left to the discretion of the enterprise.

CSR 2.0 is the so-called fifth transformational stage in the CSR evolution model, which stems from the responsibility paradigm and manifests itself in the company’s efforts to discover and eliminate the causes of inequality and threats to sustainability by introducing innovative business models that change (revolutionise) processes, products and services.

Perceiving corporate responsibility from a macro perspective (the natural ecosystem as a whole, society as a whole, not just the local community).

Responsibility of an organisation for its decisions and their impact on society and the environment through transparent and ethical behaviour that contributes to sustainable development, including the health and well-being of society, addresses stakeholder expectations, complies with applicable laws and is consistent with international standards of conduct and is integrated into the organisation’s operations and practiced in its relationships.

The Directive requires certain large entities to disclose relevant non-financial and information regarding diversity to provide investors and other stakeholders with a more complete picture of their development, performance, position and impact of their operations.