Format for biz responsibility, sustainability reporting to bring in more transparency: Tyagi
Regulator Sebi on Friday said the proposed format for business responsibility and sustainability reporting for listed companies will bring in greater transparency through disclosure of material ESG environmental, social, governance related information. At a meeting with industry leaders on business responsibility and sustainability reporting BRSR, Sebi Chairman Ajay Tyagi said such disclosures are pertinent to both investors and other stakeholders.
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Regulator Sebi on Friday said the proposed format for business responsibility and sustainability reporting for listed companies will bring in greater transparency through disclosure of material ESG (environmental, social, governance) related information. At a meeting with industry leaders on business responsibility and sustainability reporting (BRSR), Sebi Chairman Ajay Tyagi said such disclosures are pertinent to both investors and other stakeholders. Under the proposal, the new BRSR format covering ESG perspective would be applicable for the top 1,000 listed entities by market capitalisation. Friday's roundtable, chaired by Tyagi, was in addition to public consultation on the BRSR formats to gather views of stakeholders on the preparedness for disclosures, prior to finalisation of the formats. Addressing the participants, Tyagi said, ''The proposed format for BRSR aims at bringing in greater transparency through disclosure of material ESG-related information that would allow market participants to identify and assess sustainability-related risks and opportunities.'' ''This, I am sure, will give a big fillip to transitioning towards sustainable investments and a sustainable economy,'' he said in a statement. The discussions centred around enhancing key environment, social and governance disclosures. Such disclosures are of importance to both investors and other stakeholders. The roundtable was attended by senior-level participants from the industry, comprising managing directors, chief executive officers and chief financial officers along with representatives from industry bodies FICCI, CII and Assocham as well as the fund management industry. The participants represented diverse sectors, including pharmaceutical, chemicals, textiles, power, aviation, consumer goods, IT and financial services. It was acknowledged by the participants that the ESG concerns are getting bigger in the corporate landscape today and Sebi's initiative on revisiting the disclosures is critical and timely, the regulator noted. The deliberations in the roundtable will assist Sebi in finalising the BRSR format. According to Tyagi, Sebi's effort will be to finalise the new disclosure requirements for sustainability reporting keeping in mind a balance between the Indian context, national priorities and preparedness, with global relevance.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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