Social, a key component of Environment, Social and Governance or ESG, is finally getting its due.
In a recent SoBE workshop for BRSR professionals, speakers highlighted the significance of social responsibility and the impact of investments on businesses.
ESG and BRSR were the focal points of a one-day workshop conducted by The School of Business Environment (SoBE), a specialized division of the Indian Institute of Corporate Affairs (IICA), and some partners.
The ESG emphasis:
Dr. Ravi Raj Atrey, Chief Program Officer, SoBE, IICA, discussed ESG’s role in establishing a Responsible Brand, highlighting the connection between sustainability and responsible branding.
Dinesh Agrawal, Principal Consultant, Consocia Advisory, conducted a session on “Exploring the ‘S’ of ESG.” The session focused on the analysis of the social responsibility and impact of investments and businesses. Mr Agrawal emphasized that the letter “S” stands for several things, such as equitable labor practices, inclusivity and diversity, and worker welfare. The incorporation of social considerations into ESG frameworks is a reflection of the growing understanding that social responsibility and sustainable business practices are inextricably linked to long-term success and favorable societal outcomes.
The workshop:
Overall, the one-day workshop on Business Responsibility and Sustainability Reporting (BRSR) featured over eight technical sessions. These sessions emphasized the key components of BRSR Disclosures and resolution.
In his inaugural address, Praveen Kumar, DG & CEO, IICA, said that the training will fulfill the demand for ESG professionals. The role of ESG and BRSR is not merely on compliance or cost to the company. It is a strategic Investment.
Key highlights from other sessions:
The first technical session was on the Interlinking of ESG-NGRBC-BRSR Principles. Prof. Garima Dadhich, Associate Professor & Head SoBE, IICA, explained the various Principles of NGRBC and their relevance with BRSR.
The next session on BRSR- Industrial Perspective was taken by Bharat Wakhlu, Founder-President, The Wakhlu Advisory. He highlighted the importance of happy and healthy living for current and future generations, emphasizing the industrial sector’s duty and role.
In the session on Illustrating Top Companies BRSR Database, Dheeraj, Lead-Programmes, PRAXIS, discussed the growth and acceptance of BRSR by companies, emphasizing its role as a ‘Roadmap’ rather than a strict compliance format.
Pradeep Narayanan, CEO, Partner in Change, discussed the importance of human rights and DE & I in addressing social equity and inclusion. He pointed out the impact of issues on businesses and provided explanations for the materiality approach’ and saliency approach.
The Session on Women and Children Friendly Policies (NGRBC Principles 3, 5, and 8) was conducted by Shubrajyoti Bhowmik, Public and Private Partnership Officer, UNICEF. He emphasized the need to uphold women’s and children’s rights and establish safety precautions. Businesses must show their dedication to moral and socially conscious behavior, making a positive contribution to society and supporting global sustainability goals. This should not be done to satisfy policy requirements.