Together with the American Chamber of Commerce in Bulgaria and the representatives of one of the largest energy companies in Bulgaria, we discussed the implementation of standards and good practices in the field of good corporate governance for the Energy sector in Bulgaria.
Shared experience and an open approach to the implementation of policies and standards for good governance, business integrity, evolving European standards on the application of enterprise sustainability (ESG) reporting requirements are essential for companies to achieve their goals and to work effectively in terms of people, processes, technology, and information. This will also help to meet Organization for Economic Co-operation and Development (OECD) standards.
During the meeting there was considerable discussion about the new role that companies should play in seeking the common good, in building a more just society with opportunities for all. More investors are demandling that companies have an approach to the description of ESG.
TI Bulgaria have some useful tools for establishing an approach to integrity in business:
- Anti-corruption declarations: public declarations and voluntary commitments based on integrity principles that can be promoted by a group of companies alone or jointly with other civil society actors, e.g. an anti-corruption NGO, and / or the public sector, e.g. through an anti-corruption agency.
- Business Integrity Standards: development of specific anti-corruption frameworks and standards, adapted to address specific sectoral problems and weaknesses.
The participants united around the concept that the energy companies should perceive proactive approach towards management in order to stay competitive and sustainable in the long term.