New Disclosure Criteria on Sustainability Reporting by Securities and Exchange Board of India (SEBI)
The Securities and Exchange Board of India (SEBI) issued a circular notifying the new disclosure criteria on stability-related reporting for the top 1,000 listed companies based on market capitalization.
Such reporting will be under a new Business Responsibility and Sustainability Report (BRSR) format. The new Business Responsibility and Sustainability Report (BRSR) will replace the existing Business Responsibility Report (BRR).
Key points:
- According to SEBI, the Business Responsibility and Sustainability Report (BRSR) is superior to the existing Business Responsibility Report (BRR) and is an important step towards bringing continuity to financial reporting.
- Companies are required to provide information in terms of gender and social diversity of employees, including average salary for employees and workers, welfare benefits for permanent and contract employees/workers, occupational health and safety and training, etc.
- On the community front, companies will need to provide information on Social Impact Assessment (SIA), Rehabilitation, and Corporate Social Responsibility.
- According to SEBI, the Business Responsibility and Sustainability Report (BRSR) will be on a voluntary basis for the financial year 2021-22 and on a mandatory basis from 2022-23 to give companies time to adapt to the new requirements.
Source – The Hindu
