OMV Petrom strives to earn stakeholders’ confidence by implementing a high standard of corporate governance, transparency, and predictability.
We follow political and regulatory initiatives (both at EU and at national levels) in our areas of interest, including energy, environment, climate change, trade activities, through a dedicated department of Regulatory and Corporate Public Affairs. In the absence of a lobby law in Romania, OMV Petrom cannot record lobby activities and expenditures for 2022. We collaborate and promote our position on business and regulatory related topics through public advocacy channels, such as through business sector confederations, energy sector federation and a few professional associations where we are members. The company’s position papers are drafted and presented via professional associations and public disclosure through press statements or position papers submitted and registered with the authorities. The list of professional associations can be found annexed to this report.
OMV Petrom participates in industry associations to support the understanding of issues, share knowledge, help develop standards, and provide input to regulatory authorities on behalf of the sector. OMV Petrom’s association activities make an important contribution to the broader national debate on a sustainable, affordable, and secure energy future. The energy transition can only succeed if all stakeholders – including legislators, businesses, and society – engage in productive debates. As a voice of business, associations participate in precisely these important debates and contribute their proven expertise on various aspects of policy.
Management and Due Diligence Processes
Direct Political Engagement
OMV Petrom does not support political parties. Donations to political parties are not permitted as per the Code of Business Ethics. Accordingly, we made no political donations in 2022. Moreover, the OMV Petrom Group prohibits political party activities on its premises.
Indirect Political Engagement
A responsible and transparent cooperation between the private sector and public stakeholders is an important pillar for our activity and for economic development by ensuring that we are acting in a socially responsible manner within the laws of the countries in which we operate.
OMV Petrom actively participates in industry associations at EU and national levels to stay at the forefront of regulatory and public requirements. OMV Petrom representatives make OMV Petrom’s position clear on issues tackled by the associations in which we are members. The company aims to inform EU and national policies by engaging with major industry associations such as Employers Confederation “CONCORDIA”, the Oil and Gas Employers’ Federation, Foreign Investors Council and Romanian Association for the Promotion of Energy Efficiency.
We are fully compliant with all reporting obligations at national and EU levels, as well as all transparency requirements. Interaction with governments and regulators takes place at European, national, and local levels.
Monitoring of Participation in Industry Associations
Associations aim to adopt positions that reflect a consensus view among members, and thus may not always reflect the view of every member. We continuously monitor our association’s positions on issues so we can consider whether we can continue to participate. The OMV Petrom reports regularly on the alignment between the industry associations in which we are members and OMV Petrom’s position on climate change policies.
The following key activities were carried out across the Group:
- In 2022, the EU Green Deal, the Fit-for-55 package, RePowerEU were the most relevant regulatory issues for OMV Petrom, along with EU Taxonomy Regulation. We participated in the relevant public consultations via professional associations.
- The conflict between Russia and Ukraine raised new issues and required additional and specific activities related to our role in energy supply. In line with the European legislation, we focused on identifying sustainable projects in the energy sector supported by external funding sources to contribute in achieving the decarbonization goal with a special focus on security of supply, energy efficiency and encouraging renewable energy by bringing added value to the economic system.
0 political donation in the OMV Petrom Group
In 2023, the Fit-for-55 package as well as RePowerEU will bring important requirements and opportunities for the OMV Petrom. OMV Petrom will pay particular attention to any planned public consultations. Unpredictable occurrences related to the security of the energy supply will come from the conflict between Russia and Ukraine, necessitating creative responses. As a crucial component for more sustainable energy, we will regularly assess the external funding prospects projects development to facilitate our clean energy transition.