CURRENT AFFAIRS

Detailed explanation-1: -Ministry of Corporate Affairs releases the Report of the Committee on Business Responsibility Reporting. Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs (MCA) released the ‘Report of the Committee on Business Responsibility Reporting (BRR)’ here today.

Detailed explanation-2: -What is Business Responsibility Reporting? Business Responsibility Report is a disclosure of adoption of responsible business practices by a listed company to all its stakeholders.

Detailed explanation-3: -SEBI, in 2012, mandated the top 100 listed entities by market capitalisation to file Business Responsibility Reports (BRR) as per the disclosure requirement emanating from the ‘National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business’ (NVGs).

Detailed explanation-4: -BRR was based on NVG and was mandatory for the top 100 listed companies (by market capital). Gradually, the coverage of BRR increased, and by 2019 it became mandatory for the top 1000 listed companies.

Detailed explanation-5: -Sub: Format for Business Responsibility Report (BRR) This is all the more relevant for listed entities which, considering the fact that they have accessed funds from the public, have an element of public interest involved, and are obligated to make exhaustive continuous disclosures on a regular basis.