Panel set up to update social & economic responsibilities of business
Published: Jun 22, 2018
By TIOLCORPLAW News Service
NEW DELHI, JUNE 22, 2018: THE Ministry of Corporate Affairs had constituted a two-member expert committee to update the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs). A draft has been released for public comment till 20.07.2018. The updated version will be finalised after an assessment and review of suggestions and inputs received from stakeholders and wide consultations with the relevant Ministries, Business and Stakeholders at large.
There have been several notable national and international developments in the wider sustainability and business responsibility domains since the release of NVGs requiring their updating. The adoption of Sustainable Development Goals (SDGs), debates on Climate Change and enhanced role of Business in engendering Human Rights in their functioning are to mention a few.
The Ministry of Corporate Affairs first issued the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs) in July 2011 with a view to make business socially responsible and partake in the development of the nation through its expertise and efficiency and be internationally relevant. The NVGs comprise nine interrelated and interconnected Principles and their attendant Core elements and represent a holistic approach to business responsibility.
The Securities and Exchanges Board of India (SEBI) in 2012 on the basis of these guidelines mandated the top 100 companies (presently top 500) to furnish Annual Business Responsibility Report (ABRR) providing an impetus to the uptake of NVGs by business.