The Indian Institute of Corporate Affairs (IICA) recently organized a workshop on Business Responsibility and Sustainability Reporting (BRSR) in collaboration with the United Nations Children’s Fund (UNICEF) and National Stock Exchange (NSE). The event took place at NSE premises in Mumbai.
Understanding the Business Responsibility and Sustainability Reporting Framework
Business Responsibility and Sustainability Reporting (BRSR) is a mandatory disclosure mechanism for top 1000 listed companies or businesses. Its main purpose is to report performances based on Environmental, Social, and Corporate Governance (ESG) parameters, thereby exemplifying a commitment to responsible business practices. In 2021, the Securities and Exchange Board of India (SEBI) replaced Business Responsibility Reports (BRR) with BRSR, which is grounded on the nine principles outlined in the National Guidelines for Responsible Business Conduct (NGRBC).
These principles encompass various aspects, including ethical and transparent self-governance, provision of sustainable and safe goods/services, promotion of employee wellbeing, responsiveness to stakeholder interests, human rights advocacy, environmental preservation, responsible public policy influence, inclusive growth promotion, and responsible consumer value provision.
Defining Environmental, Social, and Corporate Governance (ESG)
ESG refers to guidelines enforcing improved standards in company operations. This includes better governance, ethical conduct, environmentally sustainable practices, and social responsibility. The United Nations Principles for Responsible Investing (UNPRI), introduced in 2006, integrated the ESG framework into contemporary businesses, making it an inseparable component of modern corporate practices.
About the Indian Institute of Corporate Affairs
Registered as a society on September 12, 2008, under the Societies Registration Act, 1860, the Indian Institute of Corporate Affairs (IICA) is an autonomous institute working under the Ministry of Corporate Affairs. The establishment of the IICA was approved by the Planning Commission in February 2007. Its primary function is to offer opportunities for research, education, and advocacy. As a think tank, it curates a repository of data and knowledge for policymakers, regulators, and other stakeholders in the corporate affairs domain.
Introduction to the United Nations Children’s Fund
Originally known as the United Nations International Children’s Emergency Fund, the United Nations Children’s Fund (UNICEF) was created by the United Nations General Assembly on December 11, 1946. Its initial role was to provide emergency food and healthcare to children and mothers in countries devastated by World War II. In 1950, UNICEF’s mandate was extended to address the long-term needs of children and women in developing countries worldwide. By 1953, it had become a permanent part of the United Nations System.
A Glance at the National Stock Exchange
The National Stock Exchange (NSE), incorporated in 1992, is a leading stock exchange market in India which offers fully automated screen-based trading. SEBI recognized it as a stock exchange in April 1993 and it started operations in 1994 with the launch of the wholesale debt market. One of its most popular offerings is the NIFTY 50 Index, which tracks the largest assets in the Indian equity market.
