Corporate social responsibility (CSR) involves voluntary activities by businesses to improve social welfare and the environment in cooperation with stakeholders. To support best practices of corporate social responsibility, the Group implements CSR activities in several directions and forms according to principles and criteria defined in the CSR policy (see CSR infographics).
CSR implementation is coordinated by Latvenergo AS International Affairs and Corporate Social Responsibility, e-mail: email@example.com.
Documents of corporate social responsibility
Latvenergo Group not only complies with statutory requirements, but also undertakes voluntary responsibility for its impact on society, the environment and the national economy, thus contributing to sustainable development of the Group. Latvenergo Group Corporate Social Responsibility Policy specifies the basic principles of the responsible business practices of the Group.
Donation is one of the forms of the Corporate Social Responsibility of Latvenergo AS. The Donation Strategy of Latvenergo AS has been developed to provide operational guidance for allocating donations in compliance with laws and regulations, guidelines, strategy of the Group, Latvenergo AS policies and values, and opinions of the stakeholders.
Cooperation with stakeholders
Latvenergo Group is the largest power supply service provider in the Baltic States. Its range of socially and economically essential services and the scale of its activities determine Latvenergo Group interaction with a wide range of stakeholders and the associated responsibilities. Latvenergo Group identifies its stakeholders throughout the entire power supply process and, being aware of the social, environmental and economic impact of its operations, responsibly addresses the stakeholders’ needs.
The stakeholders identified through internal and external discussions, consultations and workshops are grouped in the Stakeholder map. Stakeholders are evaluated based on their impact on Latvenergo Group operations and vice versa. The evaluation is carried out in Economic, Social and Environmental area. Identification and grouping is carried out taking into account the GRI G4 Guidelines and the voluntary AA 1000 Stakeholder Engagement Standard (SES), which sets the pattern of the best practice for quality stakeholder engagement, both at a strategic and operational level.
Latvenergo Group engages with stakeholders on several levels:
- consult – identification of current issues;
- negotiate – collective discussions;
- involve – exchange of opinion while acting independently;
- collaborate – joint decision-making and operation.
To provide stakeholders with a balanced and adequate perception of the company’s economic, ecological and social performance and its investment in sustainable development, Latvenergo AS prepares annually its Sustainability Report in accordance with the quality assurance principles laid down by the GRI (Global Reporting Initiative) guidelines.
In order to improve sustainability governance and promote the implementation of sustainability initiatives in the Latvenergo Group, a Sustainability Committee has been established.