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OVERVIEW:
ESG is an ever evolving & an integral part of Business Sustainability. ESG disclosure helps organisations, & its stakeholders analyse & understand the non-financial performance of the organisation.

ESG has been a global trend since decades, however ESG & Sustainability has got momentum in the very recent past.

Evolution of ESG Reporting in INDIA:
GOI (Government of India) had identified the need to address the disclosure of ESG data way back in the year 2009 to address the aggressive negative effects stopping business from sustainable growth and, that helps in addressing ESG risks & opportunities.

In this video we discuss about the first two initiatives implemented by GOI in the streak of business sustainability.

CSR Voluntary Guidelines or Corporate Social Responsibility Voluntary Guidelines
GOI had then taken the first step to achieve business suitability by brining CSR (Corporate Social Responsibility) Voluntary Guidelines in the year 2009, issued by MCA (Ministry of Corporate Affairs).
As per the Fundamental Principle of CSR Voluntary Guidelines, each business entity should formulate a CSR policy to guide its strategic planning and provide a roadmap for its CSR initiatives, which should be an integral part of overall business policy and aligned with its business goals. The policy should be framed with the participation of various level executives and should be approved by the Board.

The Core elements of a CSR Policy that should comprise of…
• Care for all Stakeholders
• Ethical functioning
• Respect for Workers' Rights and Welfare
• Respect for Human Rights
• Respect for Environment
• Activities for Social and Inclusive Development


The next move is NVGs – National Voluntary Guidelines (Year 2011)
As the next move towards business sustainability, GOI had introduced NVGs – National Voluntary Guidelines in July 2011, issued by MCA (Ministry of Corporate Affairs) on Business Responsibility.

The NVGs are formulated with the objective of creating positive framework conditions to advance the role of business in economic growth which is socially and environmentally sustainable, while also ensuring enhanced competitiveness and integration into the global markets.

NVGs were the revised version of CSR (Corporate Social Responsibility) Voluntary Guidelines released in December, 2009 for better responsible business practices.

NVGs 9 Principles
• Businesses should conduct and govern themselves with integrity in a manner that is Ethical, Transparent and Accountable.
• Businesses should provide goods and services in a manner that is sustainable and safe
• Businesses should respect and promote the well-being of all employees, including those in their value chains.
• Businesses should respect the interests of and be responsive to all their stakeholders.
• Businesses should respect and promote human rights.
• Businesses should respect and make efforts to protect and restore the environment.
• Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent.
• Businesses should promote inclusive growth and equitable development.
• Businesses should engage with and provide value to their consumers in a responsible manner.

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