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This study investigates the disclosure levels of Romanians listed companies’ pre and post the implementation of the European Directive 2014/95 (EUD) in order to explore the effects of the new regulation entered into force in January 2017, under the institutional lens. Moreover, the paper emphasises whether Romanian Energy (Oil & Gas and Utilities) listed companies are delineating, in their reports, issues regarding environmental, social, and governance (ESG) aspects. The empirical research performed throughout a pre/post effect analysis of the level of non-financial disclosure, followed by an exploration of its determinants using the Paired-samples t-test and regression analysis enable us to demonstrate a slight increasing in disclosure level, after the entry into force of the EUD. Moreover, Energy companies who are the most challenged by the bio-economy trend, demonstrated a considerable increasing in terms …