Understanding the Environmental | Social | Governance (ESG) Framework – Sustainable Business Practices and Ethical Responsibility
- Blog|Company Law|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 28 February, 2024
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By Garima Dadhich – Associate Professor & Head and Ravi Raj Atrey – Chief Programme Executive | School of Business Environment – Indian Institute of Corporate Affairs
Table of Contents
- What is the Mystery?
- Components in Demystifying
- Defining ESG
- Understanding the Theory
- The Solar System Model
- Indian Context
- Beginning with ESG Journey
1. What is the Mystery?
- Solutions to sustainability
- Life for our upcoming generations
- Extent of climate change
- Limited natural resources
- Increasing inequality
- Role of Businesses
- Framework for Businesses
2. Components in Demystifying
- Defining ESG
- Understanding its Theory
- Model for Integration
- Indian Context
- How to begin ESG journey
- Environmental Dimensions
- Social Dimensions
- Governance Dimensions
- ESG Trends & Challenges
- Way Forward
3. Defining ESG
ESG is a fundamental responsibility of business to adapt, integrate and disclose its commitment towards sustainability. It enables businesses with a yardstick for their commitment towards stakeholders as mentioned in the solar system model. It also helps businesses towards monitor and measure of ESG practices which inter-alia includes actions to combat climate changes, GHG emissions, deforestation, biodiversity preservation, reducing pollution, judicious usages of water, waste management, extended producer responsibility, customer relations, employee relations, labour, human rights, community, supply chains, responsible board, succession planning, compensation, diversity, equity and inclusion, regulatory compliance, corruption, and data hygiene etc.
4. Understanding the Theory
- Ethical Behaviour at the core of individual mindset
- Link between Responsibility and Ethics
- Responsibility as a Mandatory Compulsion
- Individual Responsible Behaviour to Collective Impact
- Organizational Responsibilities v/s Individual Ethics
- The Age of Responsibility
- The Originality Approach
- Integrating Responsible Behaviour
- Responsible Capitalism
5. The Solar System Model
6. Indian Context
- National Guidelines on Responsible Business Conduct
- Business Responsibility and Sustainability Report (BRSR)
7. Beginning with ESG Journey
- Conducting Baseline
- Peer Benchmarking
- Materiality Assessment
- Relevant Policies
- Setting Targets & KPIs
- Implementation
- Measuring the performance
- Audit, Index & Rating
- Communications & Branding
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