Most companies held back from disclosing principles related to human rights, employees’ wellbeing, inclusive growth etc
Puja Bhattacharjee | October 27, 2015
Dabur India, TATA Steel, GAIL, Oil India, Jindal Steel, Ambuja Cement and Glaxosmith Consumer Healthcare are among top 10 Indian companies doing responsible business.
The other companies in the same category, as per the National voluntary guidelines for Social, Environmental and Economic Responsibilities of Business (NVGs), are: National Aluminum, IDFC, and Sesa Sterilite.
This ranking is based on the disclosures made by top 100 Indian companies under the guidelines, which are have since been overshadowed by the Corporate Social responsibility (CSR) regime that makes it mandatory for companies to plough back 2 per cent of their profits on society.
The ranking was released by Corporate Responsibility Watch in New Delhi today.
The Ministry of corporate affairs had launched NVGs in August 2011 after consulting the civil society groups, to guide businesses towards more responsible operations. The definition of business responsibility, as interpreted in these NVGs includes the three core areas of sustainability: environmental, social and governance.
The guidelines encourage businesses to embrace sustainability as part of their business ethos.
The Securities and Exchange Board of (SEBI) India, has mandated 100 listed companies to report on their compliance of the NVGs through a business responsibility report (BRR).
Nisha Agarwal, CEO, Oxfam India, said that rising inequality and climate change are a great hindrance towards eliminating global poverty. “Earlier we tried solving the gap in development through aid. Today the role of private sector in development is explicitly recognised.”
She also said that SEBI plans to extend the BRR to 500 listed companies.
Pooran Chandra Pandey, executive director, UN global compact network India, said that the government was gradually withdrawing from its role in welfare activities, which will eventually create gaps. “How are those gaps going to be filled? What will be the role of the civil society and the non-state actors?’ he asked.
As per the report more than 50 per cent companies gave achieved high performance in responsible business and have scored more than 0.90 on the index. However, the report says that most of the companies have not made disclosures related to human rights, employees’ wellbeing, inclusive growth, environment and product life-cycle sustainability.
Even as Mumbai fights challenges posed by COVID-19 on multiple fronts and as the coronavirus cases continue to rise daily, the city now faces a double whammy with the cyclone ‘Nisarga’ slated to make the landfall in Maharashtra Wednesday. A state-wide alert has been issued for Mumba
Probing data concerning increased job creation and the decline in unemployment has been holding the attention of economists and been subject of discussions in several think tanks in the preceding months. The NITI Aayog reports that 3.53 million new jobs were created between September 2017 and February 2018
With Lockdown 4 ending Sunday, the home ministry has issued new guidelines to fight COVID-19 and for phased re-opening of areas outside the Containment Zones. The guidelines, issued based on extensive consultations held with states and UTs, will be effective from June 1 till June 30. The first phase of reo
When the whole world is fighting COVID-19, food and nutrition security has become a major issue. The pandemic has aggravated the existing food crisis in India, especially in rural and tribal regions. There has been less availability of fresh foods in most parts of the country, and the tribal community has
India is determined to “set an example” for the rest of the word in the post-pandemic economic revival, prime minister Narendra Modi has said, underling the need to become self-reliant. “There is also a widespread debate on how the economies of various countries, including
Close to 48 lakh migrant labourers have been able to reach home from the cities they were working in, as the Indian Railways have run a total of 3,543 “Sharmik Special” trains from May 1. Following the home ministry order regarding the movement by special trains of migrant worker