A comparative study on sustainability standards with specific reference to GRI standards and BRSR framework

Abstract

PurposeThe main objective of the study was to compare Business Responsibility and Sustainability Report (BRSR) norms with Global Reporting Initiative (GRI) standards, so as to establish whether BRSR norms match the global standards and best practices or not. Additionally, an effort was made to ascertain and highlight areas where BRSR norms are more comprehensive, just match, or require further refinement to be at par with the GRI standards. The study highlights the similarities and dissimilarities between the internationally accepted GRI standards and the BRSR framework; thereby suggesting areas of improvement for the BRSR framework.Design/methodology/approachScrutinised all the 36 standards of the Global reporting initiative and BRSR format and guidelines of the Securities Exchange Board of India. The Content Analysis Technique was used to ascertain the percentages of similarities between the two frameworks.FindingsThe content analysis found that there are 52.30% similarities between BRSR norms and GRI standards. Further, this study shows the factors that led to the dissimilarities between BRSR and GRI standards. This study found 18 areas where BRSR is more informative than GRI, and 7 areas where BRSR could be further refined.Originality/valueThis study contributes to research in the sustainability reporting framework to be adopted by Indian listed companies. There are a few Indian listed companies who are already reporting as per the GRI framework and might perceive the BRSR as a separate reporting altogether. But as found in this study, more than half of the BRSR framework is similar to the GRI framework; thus, half the work is almost done. As such this study helps Indian firms in developing an understanding of the BRSR and puts in perspective its standing among global sustainability reporting standards. This study shall help institutional investors, rating agencies, and external assurers to better visualize an Indian entity, by referring to its Business Responsibility and Sustainability Reporting.

ESG factors in M&A in India: Performance and market insights from 2010 to 2023

“…In the same vein, the Indian capital market is quickly evolving in terms of ESG and sustainability. Recently, the Security Exchange Board of India (SEBI) has advised the top 1,000 listed companies based on market capitalization to disclose their ESG data in line with Business Responsibility and Sustainability Reporting (BRSR) Core 2023 (Joshi & Joshi, 2024;Nial & Parashar, 2024;Singhania & Saini, 2023;Firmansyah et al, 2023). The increased prominence assigned to ESG issues is highlighted by managers' increasing preference for incorporating ESG elements into their investment processes (Rahman & Wu, 2023;Zhou et al, 2022;Tampakoudis & Anagnostopoulou, 2020).…”

“…Post M&A, the acquirer frequently sees notable improvements in their financial and economic position. These improvements typically take the form of increased market share, reduced operating expenses, and successful counteraction of competitive threats in the industry (Nial & Parashar, 2024). Furthermore, these transformation processes go beyond the financial measures to include changes in ESG performance and variations in market values (Christensen et al, 2022;Tampakoudis & Anagnostopoulou, 2020).…”