About

 

 The Independent Directors Association "AAI" is a leading network of Administrators and Board Directors in Romania, and is the Romanian representative of the International Corporate Governance Network (ICGN) and the European Confederation of Directors Associations (ecoDa).

 Founded in 2021 and hosted by The Independent Directors Association AAI, Chapter Zero Romania is the Romanian Chapter of the Chapter Zero Alliance, a project in collaboration with the World Economic Forum.

 AAI and Chapter Zero Romania aim to mobilize the Board Non-Executive Directors (NEDs) of Romanian companies to promote the implementation of the Guiding Principles for Climate and Nature Governance in the companies they serve, to transition to a low carbon economy from a corporate governance perspective and achieve the EU's target of net-zero emissions by 2050.

 All sectors will be impacted by the transition to lower carbon business models, and the role of the Boards of Directors is crucial in addressing the challenges arising from climate change.

Chapter Zero Romania aims to:

  • increase the awareness of the Board Directors about their responsibility in relation to climate change impact;
  • equip its members with knowledge of climate change implications, allowing them to design effective strategies for the climate transition to a net-zero economy;
  • encourage informed debate responses to the climate challenge in the boardroom
  • ensure that climate-related factors are considered in all Board decisions, improving their companies’ resilience.
 

Patron Chairs

 

Chapter Zero Romania is supported by chairs of leading organisations who recognise the massive challenge climate change poses to Romanian businesses.


Ramona Jurubiță
President KPMG Romania

Sorana Baciu
Founder Chapter Zero Romania

Radu Hanga
Bucharest Stock Exchange Chairman of the Board of Governors

 

Guiding Principles for Climate and Nature Governance

 

 It is important for Board Directors to understand what are their responsibilities to shareholders and other stakeholders in relation to the climate change issues, and to act with care and diligence in identifying the potential risks their company is exposed to.

 The Board Directors may expose themselves to legal actions if they fail to identify, respond or disclose material climate risks. In order to protect the Board Directors by teaching them to do the right thing, the Chapter Zero Alliance in cooperation with the World Economic Forum published useful guidance to Boards, consisting in a set of Foundations and principles summarised and explained below:

Principle 1 Oversight and responsibility
The board is accountable for promoting long-term resilience and value creation. It oversees systems and processes that formalize responsibility for the impact of changes to climate and natural resources on organizations.

Principle 2 Strategy
The board oversees systemic integration of material risks and opportunities into organizational strategy and policy development. It steers the inclusion of climate- and nature-related considerations into decision-making to drive long-term value creation.

Principle 3 Risk and opportunity
The board oversees material risks, opportunities and dependencies to protect and enhance stakeholder value. It considers how climate and nature both shape and are shaped by the organization’s activities and financial performance.

Principle 4 Disclosure and transparency
The board promotes transparency, integrity and accountability through disclosures that fairly inform investors and stakeholders. It oversees systems that enable true and fair reporting of how changes in climate and nature affect financial performance and long-term prospects.

Foundation 1: Skills and knowledge
The board maintains the skills, knowledge and mindset to challenge strategy, oversee risk and drive sustained value. It applies understanding of how shifts in climate and nature affect the organization, recognizing they present unprecedented opportunities and risks.

Foundation 2: Stakeholder collaboration
The board oversees collaboration with stakeholders to strengthen resilience and inform decisions. It guides engagement with regulators, investors, industry and communities to build shared solutions and enhance preparedness for climate and nature challenges.

Foundation 3: Culture
The board shapes culture through purpose and values that enable curiosity, challenge and foresight. It signals that climate and nature are central to strategy, resilience and long-term value creation.

read the report

 

Chapter Zero Alliance

 

Established by the World Economic Forum in 2019 and hosted by Hughes Hall, University of Cambridge, Chapter Zero Alliance formerly known as the Climate Governance Initiative (CGI) supports the growth of groups of board directors around the world to form networks, known as Chapters.

The core mission of the Chapters is to promote the implementation of the Guiding Principles for Climate and Nature Governance by mobilising, educating and equipping non-executive director members with the skills and knowledge necessary to address climate change at board level.

Chapters commit to develop climate governance-related content and host expert-led sessions to inform, share experiences and facilitate co-operation. The Chapters and other members of the Chapter Zero Alliance commit to working with each other within their respective countries as well as across borders to share knowledge.

 

Chapters of the Chapter Zero Alliance