The Indian Institute of Corporate Affairs (IICA) and UNICEF, in partnership with the National Stock Exchange (NSE), hosted a workshop on Business Responsibility and Sustainability Reporting (BRSR). BRSR is a framework introduced by SEBI (Securities and Exchange Board of India) in 2021, requiring the top 1000 listed companies in India to report their performance on environmental, social, and governance (ESG) aspects. ESG represents ethical, sustainable business practices encompassing environmental stewardship, social responsibility to employees and communities, and effective corporate governance. This framework aligns with the nine principles of the National Guidelines for Responsible Business Conduct (NGRBC), emphasizing corporate responsibility towards society and the environment.
Facts/Terms for UPSC Prelims
- SEBI (Securities and Exchange Board of India): SEBI is the regulatory authority in India that oversees and regulates the securities and capital markets.
- Environmental, Social, and Governance (ESG): ESG refers to a set of criteria used to assess a company’s performance in terms of environmental impact, social responsibility, and governance practices.
- National Guidelines for Responsible Business Conduct (NGRBC): NGRBC outlines principles and guidelines for responsible business behavior in India, emphasizing ethical, sustainable, and socially responsible corporate practices.
- Corporate Governance: Corporate governance encompasses the policies, processes, and structures by which a company is directed and controlled, ensuring accountability, transparency, and fairness in its operations.
- Corporate Responsibility: Corporate responsibility involves a company’s commitment to ethical, social, and environmental considerations in its operations, aiming to make a positive impact on society and minimize harm to the environment.