Corporate Affairs Min releases report on business responsibility reporting

A panel on Business Responsibility Reporting (BRR) has proposed a new reporting framework for companies to better reflect the intent and scope of reporting on non-financial parameters.

The report was released on Tuesday.

"In its report, the committee recommended a new reporting framework called as 'Business Responsibility and Sustainability Report (BRSR)' to better reflect the intent and scope of reporting on non-financial parameters," an official release said.

Further, the panel has recommended two formats for disclosures.

"The committee also recommended that the BRSR be integrated with the MCA 21 portal. As a long-term measure, the committee envisions that the information captured through BRSR filings be used to develop a Business Responsibility-Sustainability Index for companies," the release said.

Filings under the Companies Act are submitted to the corporate affairs ministry through the portal.

As per the release, Corporate Affairs Secretary Rajesh Verma appreciated the efforts of the committee in proposing such a robust reporting framework and said the ministry will work closely with Sebi for its implementation.

He also emphasised the fact that Indian companies are aspiring to have global foothold and thus they cannot ignore the emerging trend of corporate governance, that is responsible business.