Documented Managerial Integration in the CSRD Reporting Context: Evidence from Romanian Listed Energy Groups

This exploratory study examines documented managerial integration of sustainability information in three Romanian listed energy groups: OMV Petrom, Electrica and Romgaz. The Corporate Sustainability Reporting Directive (CSRD) provides the institutional context for tracing information-to-decision relationships across 2022–2025, including antecedents to the groups’ first European Sustainability Reporting Standards (ESRS) cycles. The purpose is to assess documentary support for these relationships and their reporting connections, without estimating an isolated causal effect of CSRD. The analysis follows 31 managerial episodes through 100 main-period observations and one separate follow-up from 2026. Each episode is assessed in terms of documentary support, action stage, and direction of change. Explicit reporting connections concern assessment, reporting arrangements, sustainability planning, and specified preparatory actions. Investment and target choices also retain strategic, financial, regulatory and commercial antecedents. Formal requirements, preparation, reported implementation and procedural omissions warrant different interpretations. Continuing reporting arrangements can coexist with less demanding targets or incentive parameters. The contribution is a source-traceable comparison of decision episodes that distinguishes documented integration from regulatory attribution. A proposed decision-record structure remains untested.