Date of Publication: May 17, 2021

Author: Ernest & Young

Summary:

With the primary objective of inculcating and bring business responsibility to the forefront, the Ministry of Corporate Affairs issued ‘Voluntary Guidelines on Corporate Social Responsibility’ back in 2009. The applicability of NVGs extended to business enterprises irrespective of the size or business of the organization. It was put forth to encourage transparency, integrity and accountability, while maintaining ethical business standards. Pursuantly, in 2019, the NVGs were revised and structured as the National Guidelines on Responsible Business Conduct. Comprising of nine pillars of business conduct and responsibility, these guidelines assist companies to adhere to the required compliance requirements in line with the applicable governing laws.

BUSINESS RESPONSIBILITY REPORTING

Subsequently, BSE benchmarked its reporting standards in line with the Global Reporting Initiative principles. To enhance visibility, BSE encourages sustainability reports by companies to be featured on public domains, which assists companies to demonstrate leadership in sustainability with institutional investors. The core principles of BRR that help structure the report include integrity and ethics as an integral part of the business operations.

Link to Full Reading:

https://www.mondaq.com/india/climate-change/1069266/importance-of-new-business-responsibility-sustainable-reporting-framework