Business / Corporate Affairs Ministry formulates guidelines on responsible business conduct

Zee News : Mar 14, 2019, 11:05 AM

The corporate affairs ministry has formulated guidelines on responsible business conduct urging businesses to actualise the principles in letter and spirit. Ministry has also constituted the Committee on Business Responsibility Reporting (BRR) to develop BRR formats for listed and unlisted companies. Ministry of Corporate Affairs is also in process of developing India’s National Action Plan on Business & Human Rights

Non-financial reporting is increasingly forming the basis for enhancing investor confidence in businesses and increasing their creditworthiness. The Committee is to develop comprehensive yet simple formats situating the various stakeholders at the center so as to not increase or duplicate reporting burden. The proposed formats are to reflect linkages to prevalent non-financial reporting formats, viz, Global Reporting Initiative (GRI), Integrated Reporting (IR) etc., and SDGs from a NGRBC perspective," the release said.

The Ministry of Corporate Affairs is also in the process of developing India’s National Action Plan on Business & Human Rights (NAP) in consultation with various Ministries and State Governments by 2020. A Zero Draft of India’s NAP demonstrating implementation of the three pillars of UNGPs has also been released and uploaded on the website of the Ministry.