Business responsibility reporting was introduced by SEBI in India in the year 2012. Since then several companies have been developing this report and disclosing the information. However we still see that there’s little confusion amongst new companies on what it is and how to go about BRR. Now we are also hearing about BRSR.
How and Where to file the BRSR is an important question to be answered, we help companies file BRR/BRSR as a sustainability reporting consultant in Dubai. SEBI- BRR are filed as part of a company’s annual report and are submitted to the stocks exchanges. The listed entities eligible by market capitalisation or any other criterion decided by SEBI, would continue to report both on the MCA21 portal and file copies with the stock exchanges.
There have been several recommendations by the Committee including the following which we welcome as a sustainability reporting consultant in Dubai.
· The report should be called the Business Responsibility and Sustainability Report (BRSR) and not Business Responsibility Report (BRR).
· The Committee did the aforementioned so that the focus should be on “Sustainability’’ aspect along with the Business responsibility.
· Prior to implementing the reporting requirements for listed entities, SEBI may adopt the due process for consultation.
· The implementation of the reporting should be done in phases.
· The Committee recommended that smaller unlisted companies below the threshold limit of turnover or paid up capital may adopt the lite version on voluntary basis.
· The BRS reporting need to be integrated with reporting under the Companies Act, 2013 on MCA21 portal, preferably in XBRL formats.
The information collected will act as singular of information for companies reporting in India, as primary documents for assessment of businesses. The information collected through these formats be used to develop a Business Responsibility-Sustainability Index. In our role as a sustainability report consultant in Dubai we help companies improve their performance on such indexes. This index will enable organizations, including the central and state governments, to give preference in their processes to businesses that demonstrate responsible business conduct.
This information would be used by banks, credit rating agencies, and other financial institutions, along with financial information to assess credibility of a company/ business. The information collected will be translated into local languages so that it is comprehensible for every stakeholder of the company. Sector-specific BRSR formats may be developed so that the environmental and social performance of the sector can be assessed in depth. Get in touch with us if you require services of a sustainability reporting consultant in Dubai.
