Business Responsibility and Sustainability Reporting (BRSR)

Source: PIB
GS III: Economy

Overview

1. News in Brief
2. Business Responsibility and Sustainability Reporting (BRSR)

Why in the News?

Indian Institute of Corporate Affairs (IICA) organised a workshop on Business Responsibility and Sustainability Reporting (BRSR) in collaboration with UNICEF and the National Stock Exchange at the NSE premises in Mumbai on September 12, 2023. 

News in Brief

• The workshop was attended by above 50 Sustainability, CSR (Corporate Social Responsibility), ESG (Environment, Social and Governance) and BHR (Business Human Rights) professionals from key corporate houses.
• The workshop aimed to provide a comprehensive understanding of the BRSR framework, which is based on the nine principles of the National Guidelines for Responsible Business Conduct (NGRBC).
• The workshop concluded with an interactive learning recap, peer networking way forward and an open house session.
• The workshop received an overwhelming response from the participants, who appreciated the quality and relevance of the content and delivery.
• The workshop was part of the ongoing collaboration between IICA and UNICEF to promote responsible business conduct among corporates and relevant stakeholders in India.
• More workshops on BRSR in different cities across India are scheduled such as Indore (20 Sept.), Delhi (26 Sept.), and Bengaluru (29 Sept.).

About Business Responsibility and Sustainability Reporting (BRSR)

• The BRSR framework is a mandatory disclosure mechanism for the top 1000 listed companies or businesses to report their performance on environmental, social, and governance (ESG) aspects.
• This framework demonstrates their commitment to responsible business practices.
• The reporting will be voluntary for the financial year 2021-22 and mandatory from the financial year 2022-23 for the top 1000 listed entities (by market capitalization).
• The framework aims to achieve quantitative and standardized disclosures on ESG parameters to enable comparability across companies, sectors, and time.
• The environmental criteria consider how a company performs as a steward of nature, while social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates.
• Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.
• The listed entities that already prepare and disclose sustainability reports based on internationally accepted frameworks such as GRI, SASB, TCFD, or Integrated Reporting will be included in the BRSR framework.
• Such disclosures will be helpful for investors to make better investment decisions.
• It will also enable companies to engage more meaningfully with their stakeholders by encouraging them to look beyond financials and consider their social and environmental impacts.

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