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Environmental, Social, and Governance Compliance in India: New Reporting Requirements| Dezan Shira & Associates

posted 3 years ago

India has introduced new environment, social, and governance (ESG) reporting requirements for the top 1,000 listed companies in the country by market capitalization. Click here for further details. The Securities and Exchange Board of India (SEBI) stipulates that the disclosure must be made through a new format, namely the Business Responsibility and Sustainability Report (BRSR). BRSR reporting has been made voluntary for FY 2021-22 but will be mandatory from FY 2022-23.

In 2013, India became the first country to mandate corporate social responsibility with the Companies Act of 2013. This tenet was previously suggested in the National Voluntary Guidelines (NVGs) on Social, Environmental and Economic Responsibilities of Business released in 2011 before being included in the Companies Act 2013.

In 2021, SEBI issued a circular containing details of a new sustainability-related reporting requirements called the Business Responsibility and Sustainability Report (BRSR), which brings India’s sustainability reporting to global reporting standards. BRSR is a departure from the BRR format.

The BRSR is aimed at securing transparent and standardized disclosures by companies on their ESG parameters and sustainability-related risks. This approach is expected to help companies better demonstrate their sustainability objectives, position, and performance to the market, resulting in long-term value creation and increasing the ability of investors to make informed ESG-related decisions.

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