Business Responsibility and Sustainability Reporting (BRSR)
Source: PIB
GS III: Economy
Overview
- News in Brief
- 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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