Assessing how companies in the Balkan region can improve their communication and convey their sustainability commitment to support business growth and strengthen their position in Europe
In an increasingly competitive European market, companies in the Southeastern peninsula are under growing pressure to align their business practices with EU standards, particularly in areas such as transparency, sustainability, and governance. These aspects are fundamental to strengthening the credibility of Balkan companies as they seek greater integration into the broader European business landscape.
The .trust Balkan Edition research evaluates the readiness of companies across the region to meet these expectations, offering insights into their strengths and areas for improvement. With the growing focus on sustainability initiatives, such as CSRD and CSDDD, it’s crucial for Balkan companies to adopt future-oriented strategies that support long-term growth and enhance their credibility with international stakeholders.
Although much of the international focus tends to be on EU member states, the Southeastern region remains largely overlooked. Yet, with over 50 million people, this region presents significant opportunities for growth and development. Recognizing this untapped potential, we have developed this research to explore the top competitors and leading industries in the Balkan markets.
About the research
We have designed the .trust Balkan Edition research to evaluate how effectively companies in the region communicate key company details such as the corporate identity, financial performance, governance, and sustainability commitment on their corporate digital channels. While this research is based on Lundquist’s flagship .trust model, the evaluation protocol for this edition has been simplified to provide a high-level overview of Balkan companies’ digital communication approaches.
Using 187 criteria, the research assesses corporate websites and LinkedIn profiles to determine how prepared these companies are to meet EU business standards and stakeholder expectations and identify areas for improvement.
The study covers 40 companies from 10 countries across 9 sectors, analysing their performance through seven key pillars of corporate communication:
- Company identity
- Future strategy
- Financial performance
- Corporate governance
- Sustainability
- Attracting talent
- Engaging the user
Whitepaper
.trust Balkans 2024
Get in touch
For further information on the research, to receive your company’s highlights and to order an ad-hoc report, please contact:
“European clients and investors have high expectations for transparency and accountability in sustainability initiatives. Balkan companies must rise to meet these demands to compete and succeed in the European market.”
How did balkan companies perform?
- EU member states outperform candidate counterparts, with Croatia and Slovenia leading the rankings. However, despite these leaders, an average score of 49% indicates that there is a clear need for improvement across all companies to meet the transparency and strategic communication standards expected in the European market.
- Positive Performance for Governance Communication: Balkan companies perform best in presenting their governance structures and business activities with 83% of companies introducing their Board members.
- Lack of Sustainability Reporting and Concrete Objectives: Although 85% of companies outline a commitment to sustainability, only 43% provide integrated sustainability reporting, and just 18% set measurable environmental targets. “This gap suggests that Balkan companies need to strengthen their sustainability communication to meet growing demands from EU clients and investors”, comments Eleonora Leenders, Head of the .trust Balkan Edition research at Lundquist.
- Lack of Forward-Looking Strategy and Concrete Actions: Only 43% of companies present forward-looking business strategies, and even fewer (23%) provide concrete examples of how they plan to achieve their goals. Without clear, actionable steps for future growth, Balkan companies risk falling behind their EU counterparts.
Companies included
Albania: Kastrati Group
Bosnia: Elektroprivreda BiH
Bulgaria: AXPO; Astra Bioplant; Aurubis Bulgaria; Kozloduy NPP; Lukoil Bulgaria; Nek
Croatia: Hrvatska Elektroprivreda; Ina; KONCAR; Podravka, Prvo Plinarsko Društvo; Telekom Croatia; Zagrebacka Banka
Kosovo: KESCO – Kosovo Electricity Supply Company
Montenegro: Elektroprivreda Crne Gore AD Nikšić (EPCG)
North Macedonia: Elektrani na Severna Makedonija AD; EVN Home DOO; Makpetrol AD; Okta AD
Romania: Digi Communications N.V.; Hidroelectrica Group; OMV Petrom; Romgaz; S.N. Nuclearelectrica S.A.
Serbia: Air Serbia; Elektroprivreda Srbije; Naftna Industrija Srbije; Serbia Zijin Mining; Telekom Srbija
Slovenia: Gen-I; Holding Slovenske elektrarne; KRKA; Mercator; Nova Ljubljanska Banka; Petrol; Pozavarovalnica Sava; Revoz; Telekom Slovenije
