(The Gist of PIB) Committee on Business Responsibility Reporting


(The Gist of PIB) Committee on Business Responsibility Reporting

 [August-2020]

Committee on Business Responsibility Reporting

  • Union Ministry of Corporate Affairs (MCA) released the ‘Report of the Committee on Business Responsibility Reporting (BRR)’. The committee was chaired by Gyaneshwar Kumar Singh, Joint Secretary, MCA.

Recommendations made:

  • It recommended a new reporting framework called as the ‘Business Responsibility and Sustainability Report (BRSR)’ to better reflect the intent and scope of reporting on nonfinancial parameters.
  • It recommended two formats for disclosures: one ‘comprehensive format’ and the second a ‘Lite version’.
  • The implementation of the reporting requirements should be done in a gradual and phased manner.
  • It also recommended that the BRSR be integrated with the MCA21 portal.
  • As a long-term measure, the Committee envisions that the information captured through BRSR filings be used to develop a Business Responsibility-Sustainability Index for companies.

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Courtesy: PIB