Companies have increasing responsibilities to set, meet and report on sustainable, long-term development in a socially acceptable manner, together with focus on the engagement with their stakeholders.
With respect to capital markets and investments, ESG factors are becoming increasingly important for IPOs, bond issuances and M&A decisions alike. Sustainability has gained public consciousness, in connection with the commercial and financial factors. Decision makers envisage sustainable investments, analysing the ESG impact.
Sustainable finance has a global impact and represents a top priority. Our firm advises clients such as banks, institutional lenders, or funds in respect of sustainability criteria. Our approach envisages green finance, ESG funds or green real estate finance.
The winner for this inaugural category was praised by the judges for showing immense bravery in taking on the work they did, given the political implications, as well as its exemplary commitment to continue this work over such a strong period.
(The Lawyer European Awards, Best ESG Initiative category winner | 2022)
Insurance is another area where ESG has strong impact. Insurers are forced to meet expectations with actions, especially on climate concerns, such as managing increasing climate change risks and the transition to a low carbon economy. Therefore, a clear ESG strategy is no longer optional. Insurers need to explain to their stakeholders on the way they are responding to the issue.
With respect to public procurement, the contracting authorities need to assess strategic themes and include ESG award criteria. Prospective bidders must evaluate the extent to which they can deliver the stated ESG objectives in each procurement and need to demonstrate or verify ESG criteria when submitting tenders.
Our expertise covers contentious and non-contentious matters inter alia across banking, insurance, M&A and capital markets, PPs and PPPs.
Our practice is multidisciplinary, covering the rapid progress of the ESG domain. We take a cross-disciplinary approach, involving lawyers from different practice areas who share their strong knowledge of this evolving field with the customers seeking support on ESG issues. Our lawyers monitor quickly growing ESG rules and obligations and support our clients to navigate in the implementation of a variety of ESG measures.
- Sustainable financing, including green bonds
- Climate change risk disclosure
- Health and safety
- Fair labour practices
- Sustainability reporting
- Anti-corruption and regulatory compliance policies
Examples of our work include:
- Legal assistance and representation in the The Colectiv Project for 45 survivors and persons close to the victims from Colectiv Club, in one of the largest and most complex pro bono projects carried out in Romania, for almost 6 years, with the participation of the attorneys at law in hundreds of prosecution activities and presence in front of the court of law at over 150 hearings, with a total volume of work of over 3,000 hours of legal assistance on penal matters. The Colectiv pro bono project, awarded in the Best ESG Initiative category at The Lawyer European Awards 2022, was considered by the international jury as the initiative with the highest social impact carried out by a law firm in Europe;
- Review of the standard retail loan documentation from an ESG perspective for a major credit institution;
- Assistance on green procurement issues for a contracting authority in the healthcare sector.
The Lawyer European Awards: Best ESG Initiative
The Lawyer | 2022
Key trends that will drive the ESG agenda of companies in 2023
Bizlawyer.ro | 2023
Interview with Calin-Andrei Zamfirescu on the firm’s pro bono work
Bizlawyer.ro | 2023
The Lawyer European Awards 2022: ZRVP wins Best ESG Initiative award for the pro bono legal assistance in the Colectiv File
Amcham.ro | 2022
Zamfirescu Racoti Vasile & Partners Provides Pro Bono Assistance to Colectiv Club Victims
CEE Legal Matters | 2022
The Colectiv File: Lawyers request the increase of claimed damages
Romania Libera ǀ 2020