Ukrenergo became one of the first national state-owned companies to prepare and publish its 2017 Sustainability Report in accordance with the Global Reporting Initiative (GRI) standards. Today, over 80 percent of public sustainability reports in the world are prepared on their basis.
“While preparing our public reporting, we have been primarily guided by the requirements of Directive 2014/95/EU of the European Parliament to the EU enterprises. After all, the main objective of Ukrenergo is to integrate Ukraine’s power system into ENTSO-E and become a full member of this European energy association. Therefore, we must comply not only with European technical and technological standards but also with the standards of openness and accountability,” Vsevolod Kovalchuk, Ukrenergo CEO, commented on the issue of the Sustainability Report.
The report provides data on the results of the company’s activities in key areas (not just technical and financial) in a transparent and understandable manner.
The report highlights the most important issues for all stakeholders, in particular, the issue of reliability and security of energy supply, the company’s strategic development, the integration of the Ukrainian grid into ENTSO-E, transparency of procurement, environmental impact and energy saving, personnel development and anti-corruption activities.
“These issues are a priority for society and mandatory for disclosure in the report. At the same time, the aspects of Ukrenergo’s operation beyond the scope of this report are also important for the company, and we use all means to respond to the challenges arising in these areas with maximum publicity and transparency,” Vsevolod Kovalchuk emphasized. “Compliance with GRI principles indicates the determination of Ukrenergo to become a driver of changes in Ukraine toward a sustainable economy and provides stakeholders with a comprehensive picture of the business value,” CEO of Ukrenergo noted.
Sustainability reporting standards were established to provide information on socially important aspects of business activities in a consumer-understandable manner. The GRI (Global Reporting Initiative) standard is the most common one. This document contains a list of specific indicators for reporting on social, environmental and economic activity of enterprises. Reports prepared in compliance with this standard help to identify companies’ problems and risks, as well as opportunities for their development. The first reports of this format were issued in the late 1990s. Today, more than 4,000 large and small companies in developed countries deliver their sustainability reports in compliance with GRI standards.