The corporate affairs ministry Wednesday said it has formulated guidelines on responsible business conduct as well as set up a panel to develop business responsibility reporting formats. The ministry has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs).
The National Guidelines on Responsible Business Conduct (NGRBC) would "urge businesses to actualise the principles in letter and spirit", it said in a release. A committee has also been constituted to develop Business Responsibility Reporting (BRR) formats for listed and unlisted companies.
"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 centre so as to not increase or duplicate reporting burden," the release said.
The formats would reflect linkages to prevalent non-financial reporting formats such as Global Reporting Initiative (GRI) and Integrated Reporting (IR). Besides, the ministry said it was in the process of developing the country's National Action Plan on Business & Human Rights (NAP). This would be done in consultation with various ministries and state governments by 2020. The ministry is implementing the Companies Act.