Govt seeks comments on updated voluntary guidelines for businesses

The corporate affairs ministry has sought public comments on the updated national voluntary guidelines on social, environmental and economic responsibilities of business.

The ministry has made public a draft of the updated National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs).

"The updated version will be finalised after an assessment and review of suggestions and inputs received from stakeholders and wide consultations with the relevant ministries, business and stakeholders at large," it said in a release today.

Comments on the draft have been sought till July 20.

"There have been several notable national and international developments in the wider sustainability and business responsibility domains since the release of NVGs requiring their updating.

"The adoption of Sustainable Development Goals (SDGs), debates on climate change and enhanced role of business in engendering human rights in their functioning are to mention a few," the release said.

In July 2011, the ministry came out with the NVGs with a view to make business socially responsible.

"The NVGs comprise nine interrelated and interconnected principles and their attendant core elements and represent a holistic approach to business responsibility," the release said.

Based on the guidelines, markets regulator Sebi, in 2012, had mandated top 100 companies to furnish annual business responsibility report. Now it is for top 500 listed companies.