Page 351 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
UK's goal: net zero GHG emissions by 2050.
- Companies Act of 2006 & Expansion in 2022:
ESG disclosures under Companies Act of 2006 expanded in 2022, aligning with TCFD for large firms.
- Required Disclosures & Climate-Related Disclosures:
UK firms to detail environment impact, employee and social matters, human rights, and anti-corruption.
Emphasis on climate risks, management, governance, and strategy.
- Streamlined Reporting & Sustainability Disclosure Requirements 2023:
UK companies report on energy/carbon. By 2023, UK adopts the SDRs framework for ESG reporting.

(CNO SDG.120) Evolution Of ESG In India
Voluntary Guidelines 2009
The Ministry of Corporate Affairs (MCA) issued the Corporate Social Responsibility Voluntary Guidelines in
December 2009 to steer corporates towards responsible conduct.
Announced by the MCA in 2009, the goal was to integrate sustainability into business practices and decision-
making. MCA's 2009 guidelines emphasized ethical functioning, workers' rights, human rights, environmental
development, and social activities.
NVGs 2011
The MCA released the “National Voluntary Guidelines on Social, Environmental, and Economic
Responsibilities of Business, 2011” (NVGs), highlighting the integration of corporate responsibilities into
business practices.
The 2011 NVGs provided comprehensive principles for companies to adopt.
SEBI BRR Mandate 2012
SEBI mandated the top 100 listed companies to file a Business Responsibility Report (BRR) in line with ESG
principles.
SEBI's LODR Regulations 2015
BRR was incorporated into SEBI's 2015 regulations, with top 500 listed companies required to file BRR on
ESG parameters.
SEBI's Integrated Reporting 2017
SEBI advised the top 500 listed companies to voluntarily adopt Integrated Reporting from 2017-18.
NGRBC 2018
MCA revised the 2011 NVGs, formulating the National Guidelines on Responsible Business Conduct
(NGRBC) in 2018.
SEBI's BRR Expansion 2019
BRR became mandatory for the top 1,000 listed companies in 2019.
BRSR 2021
SEBI introduced the Business Responsibility and Sustainability Report (BRSR) in 2021, focusing on ESG
parameters. BRSR requires listed entities to disclose performance against the National Guidelines on
Responsible Business Conduct, with essential indicators being mandatory and leadership ones being voluntary.
The aim is standardized ESG disclosures for comparability across entities.

(CNO SDG.140) Initiatives By ICAI
BRSR Objectives
BRSR aims for standardized ESG disclosures to enhance comparability across companies, sectors, and time.
SRSB & Its Mission
In 2020, ICAI formed the Sustainability Reporting Standards Board (SRSB) to bolster awareness, encourage
responsible business conduct, and develop guidance for Integrated Reporting.
Integrated Reporting Recognition
With SEBI's encouragement, ICAI introduced an award recognizing the practice of Integrated Reporting.
Educational Initiatives

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