: Aligning Business Goals and Sustainability The Way Forward #IndiaNEWS #Press Releases The Business Responsibility and Sustainability Report (BRSR) format aims to bring Indias sustainability reporting

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Aligning Business Goals and Sustainability The Way Forward #IndiaNEWS #Press Releases
The Business Responsibility and Sustainability Report (BRSR) format aims to bring Indias sustainability reporting to global reporting standards. Odgers Berndtson, a leading global executive search firm, recently brought together board members across eminent companies in India, for a roundtable to understand how leaders are aligning business goals with sustainability. Changing landscape of sustainability in IndiaThe 7 key takeaways by business leaders on the changing landscape of sustainability in India are:1. Choosing the right framework is important & often a challenge for businesses starting their journey on sustainability. Currently there is a lot of confusion around which charter a company should adopt. As per the latest guidelines by SEBI, the BRSR reporting format will become mandatory from FY 2022-23. BRSR has been structured in a manner that allows companies to migrate towards globally converged frameworks and standards rather easily. BRSR is a good way companies can get disciplined on sustainability reporting. It is a magnet to pull the ESG story forward, affirms Shailesh Haribhakti, Non-Executive Chairman, L&T Financial Services. 2. Collaboration is key to achieve the goal of sustainability. All the energy that has been produced in the last 300 years by the primary elements, will go through dramatic shifts within the next 10-15 years. Keeping this context in the background, collaboration is the only way forward to make an impact. Industry must come together to collaborate & establish norms under sustainability that work for their sector. Though this may be a tough challenge, but keeping the larger goal in mind, they must share innovation and sustainability best practices rather than use it as a competitive advantage, says Naina Lal Kidwai, Member of the Board of Directors and member of the Health, Safety & Sustainability Committee of Holcim Group. 3. Do markets favour companies working on sustainabilityThe harsh reality is that markets and global investors only look at those company that have strong balance sheets. However, markets do favour those companies that have adopted sustainability within their business ethics. When investors are deciding on which company to invest in, they will go for the option where both profitability as well as sustainability are present. The market is extremely competitive, with many options for global investors to choose from. So, a company that does not work towards sustainability will lose out, remarks Anand Kripalu, Managing Director and Global CEO, EPL Ltd. 4. Imbibing sustainability within the supply chain. Educating vendors & MSMEs who dont have the necessary know-how.

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