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Changes in the Business Responsibility and Sustainability Reporting (BRSR) framework were proposed by S.K. Mohanty committee to facilitate Ease of Doing Business in BRSR framework.
- BRSR framework requires top 1000 listed companies to report their ESG (environmental, social and governance) performance in a standardized format, based on the principles of NGRBC.
Key changes proposed
- Redefines value chain (VC) partners: The proposed definition will cover only significant partners.
- This will reduce compliance burden from smaller VC partners.
- More time to implement: For the first year of reporting FY 2024-25, reporting previous year numbers shall be voluntary.
- In the current framework, the BRSR is mandatory from FY 2022–23 onwards.
- Integrates Green Credit Programme (GCP): Green Credits generated by company and its VC partners shall be an additional leadership indicator under BRSR.
- This aligns with the 2024 MoEFCC notification, allowing Green Credits from tree planting to be reported as an ESG leadership indicator or under corporate social responsibility.
- Flexibility for BRSR core: Companies should have the option to choose 'assessment' instead of 'assurance' for BRSR Core.
- In 2023, SEBI introduced BRSR Core for 'assurance' and ESG disclosures.
- 'Assurance' follows global/domestic standards that go beyond data verification, adding extra costs.
- In 2023, SEBI introduced BRSR Core for 'assurance' and ESG disclosures.
National Guidelines on Responsible Business Conduct (NGRBC)
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