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Sustainability Reporting Practices in India: Key Issues and Challenges

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 Online International Interdisciplinary Research Journal, {Bi-Monthly}, ISSN 2249-9598, Volume-V, Issue-III, May-June 2015 Issue

Sustainability Reporting Practices in India: Key Issues and Challenges

a
Giridhari Sahoo, b Rabindra Kumar Swain
a
Ph.D Scholar, P.G department of Commerce, Utkal University, Vani Vihar,
Bhubaneswar, Odisha, India
b
Assistant Professor, P.G Department of Commerce, Utkal University, Vani Vihar,
Bhubaneswar, Odisha, India.

Abstract
The attempt to understand and change the global situation has led to the growth of
an important movement within society; people are requesting more information as they
attempt to understand the causes of this situation at both local and global levels and are
beginning to discuss solution. The concept of integrated reporting, which has been
evolving over the last year, underlines the importance of demonstrating independence
between strategy, governance, operation and financial and non-financial performance.
India’s business and investment communities are beginning to recognize the benefits of
sustainability reporting and organizational transparency. Involvement and ownership by
top management, the management structure that formulates strategies and runs the
operation of the company is a critical part of the sustainability process, given their ability
to effect changes and to develop a long term vision and goals for the organization.
Amid this background, the present paper endeavors to analyze recent trends in
Sustainability Reporting Practices in India and to study the conceptual framework &
challenges faced by Indian corporate in sustainability reporting practice.
KEYWORDS: Sustainability Reporting Practice, Stakeholder, Global Reporting
Initiative (GRI), Integrated Reporting, Social Performance.

INTRODUCTION:
Sustainability reporting is a tool to increase transparency and accountability in the
issues that traditional financial reporting is not dealing with. These include the linkages
between environmental, social and economic issues as well as long-term perspective.
Reporting on sustainability matters has increased in the private sector since the 1990s.
Recently, some public sector organizations have also started disclosing their
sustainability performance.
As voluntary sustainability reporting has become an increasingly common
practice among large corporations, the question arises as to whether or not such reporting
should remain strictly voluntary, or should be mandated by regulators or stock exchanges.
A number of governments have already made broad based sustainability reporting
essentially mandatory. Sustainability reporting enables organizations of all shapes and
sizes, including companies and public agencies, to measure, manage and publicly
disclose their economic, environmental and social performance.
The content of sustainability reports focus more on complying to the reporting
guidelines requirements rather than elaborating on materiality, stakeholder engagement
and future plans and targets. Although, problem regarding reporting practices is widely

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accepted; it is equally accepted that the impact of corporate activity upon society and its
citizens as well as all stakeholders including the environment is considerable and has an
impact not just upon the present but also upon the future. Sustainability disclosure tracks,
and allows for improvement on those issues most tied to a corporation’s environmental
and social impact and company’s financial performance.
RESEARCH METHODOLOGY AND OBJECTIVES OF THE STUDY:
The study is based on secondary data which is collected from the published
reports of different corporate, GRI reports, newspapers, articles, magazines, journals,
websites, etc. and planned with the following objectives:

• To study the conceptual framework of sustainability reporting practices.

• To study the challenges faced by Indian corporate in sustainability reporting
practice.
• To critically analyse recent trends in sustainability reporting practices in India.

LITERATURE REVIEW:

• Rashmi and Rao (2014) in their article on “Sustainability Reporting in Indian

Foundries” suggest that sustainability reporting is mandatory for top 100
BSE/NSE listed companies but voluntary compliance surely make the company
distinct from others.
• Sahoo G (2013) in his article on “Triple Bottom Line Reporting Concept: A Key
to Sustainability Reporting Practice” suggest that There must be critical need
based development for a new conceptual basis for generating accounting
information in order to support multi-stakeholders interests & relationship and
explains the logical development of an integrated sustainability reporting system
founded upon the Triple Bottom Line (TBL) of an organization’s economic,
environmental and social performance.
• Gupta and Saha (2012) undertook a study on “Sustainability Reporting
Practices - A Study of Recent Trends in Indian Context” and suggested that
Government, regulators, The Institute of Chartered Accountants of India, all other
professional bodies (such as Institute of Cost Accountants of India and Institute of
Company Secretaries of India), academic institutions and universities (such as
IIMs, IITs), etc. should function together to formulate a comprehensive standard
for sustainability reporting and promote sustainability initiatives among both
corporate and non-corporate entities operating in Indian territory. In future, all
Indian entities are expected to issue separate sustainability reports just like their
annual financial reports.
• Mitra (2011) undertook a study on “Sustainability Reporting Practices in India:
It’s Problem & Prospects” and try to focus on the state of Reporting Practices in
India, analyse in brief the factors responsible for reporting & understand how to
increase the depth & commitment of Indian Companies towards Sustainability
Reporting in the years to come.
• Baxi and Ray (2009) undertook a study on “Corporate Social & Environmental
Disclosures & Reporting” and found that, the current business practices in Indian
companies do not reveal substantive approach towards environmental and social
disclosures and reporting. The major focus of reporting is based on qualitative

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description of their functions and roles but no emphasis has been given on a
defined set of quantitative parameters, which may lead to understanding of
company's approach and performance from a social cost benefit perspective.
• Sharma (2008) in his research paper on “Sustainability Reporting Trends in
India” and found that, reporting information should be
• Regulatory environment and fact-based information.
• Information of interest to investors such as materiality of issues in
financial terms, vision and strategy statements, goals and targets, etc.
• Explanation on identification and prioritization of material issues and
reader friendly report design.

WHAT IS SUSTAINABILITY REPORTING?

“A sustainability report is a report published by a company or organization about the
economic, environmental and social impacts caused by its everyday activities.”
“A sustainability report also presents the organization's values and governance model,
and demonstrates the link between its strategy and its commitment to a sustainable global
economy.”
Global Reporting Initiative (GRI)
MAJOR PROVIDERS OF SUSTAINABILITY REPORTING GUIDANCE IN
GLOBAL CONTEXT:

• The Global Reporting Initiative (The GRI Sustainability Reporting Framework

and Guidelines)
• The Organization for Economic Co-operation and Development (OECD
Guidelines for Multinational Enterprises)
• The United Nations Global Compact (the Communication on Progress)
• The International Organization for Standardization (ISO 26000, International
Standard for social responsibility)

VOLUNTARY SUSTAINABILITY REPORTING:

The major players in industries with direct impacts on the environment, such as
the chemical, electric utility, oil and gas and mining industries have aggressively taken up
sustainability reporting. According to the corporate [Link], in the first nine months
of 2008 alone, some 80 major chemical companies worldwide issued sustainability
reports, while 80 reports were issued by mining companies, 200 by oil and gas
companies, and the electricity sector accounted for roughly another 230 reports. But up to
2015, more than 8500 companies are issuing sustainability reports worldwide.
This strong growth in voluntary sustainability reporting suggests that both
corporations and their stakeholders find value in the publication of this data. However,
we believe that without mandatory reporting, the crucial task of transforming
sustainability reporting into actual improvements in sustainability performance will
remain an especially difficult task.
MANDATORY SUSTAINABILITY REPORTING:

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Mandatory reporting has the potential to address the challenges, and can bring with it
a number of additional benefits. A mandatory regime will, for instance:
• Create a level playing field for corporations disclosing crucial information related
to sustainability performance.
• Allow investors and others to make “apples-to-apples” comparisons of the
relative sustainability performance of companies within a specific sector.
• Enable the full range of stakeholders to hold robust debates on the effects of
corporate activity.
• Help internalize costs from corporate activity that the current disclosure regimes
allow to be externalized on to society.
Mandatory reporting regimes create better disclosure, which, when incorporating
key sustainability performance indicators, can lead to better performance in those
areas most crucial to stockowners, other stakeholders, and society.

DRIVERS OF SUSTAINABILITY REPORTING:

A business cannot succeed in isolation. There are various stakeholders involved in
the success of business. Sustainability report although a form of environmental reporting
can be effectively designed only with the support of various stakeholders. Following
diagram depicts various stakeholders who drive the company in the preparation of
sustainability report.

Trading Customers Employees

Community

Drivers of
Sustainability
Investors
Reporting Insurer

Government
Social
Media Worker

Fig-1
GLOBAL REPORTING INITIATIVE (GRI) FIVE PHASES PROCESS:
Following are the five phases in the development of sustainability reports:

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Phase 1: Prepare
Defining the report scope, boundary and time period which will be company
specific.
Getting started: linking business goals and sustainability impacts.

Phase 2: Connect
Understanding the importance of stakeholder engagement in the reporting
process.
Stakeholder identification and prioritization.
Effective stakeholder communication.

Phase 3: Define
Identifying relevant sustainability issues for action and reporting.
Evaluating existing monitoring system.
Setting goals and performance targets.
Phase 4: Monitor
Adhering to GRI indicators and protocols.
Checking processes and monitoring activities.
Ensuring quality of information.

Phase 5: Communicate
Maximize internal and external report value.
Incorporating sustainability reporting into traditional annual report.
Designing report for clarity and readability.

TYPES OF INDIAN ENVIRONMENTAL REPORTS:

Following are the commonly published form of social and environmental reports:
Sustainability Report: Based on GRI guidelines.
Business Responsibility Report: Based on SEBI guidelines- Clause 55 of listing
agreements.
Corporate Social responsibility Report: Voluntary disclosure activity with no
specific guideline. But according to Companies Act, 2013, in India it is
mandatory to specific companies.
DIFFERENCE BETWEEN SUSTAINABILITY REPORTING AND FINANCIAL
REPORTING:

Parameter Emphasis in Financial Reporting Emphasis in Sustainability

Reporting
Time- Scale The reported year Future orientation
Focus Issues that organization directly Wider sustainability impact
control

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Economic View Material Intangible

Data Financial Non-financial
Materiality Financial significance Any information that is
significant to the reader
Users Shareholders and investors Stakeholders

BENEFITS OF SUSTAINABILITY REPORTING:An effective sustainability

reporting cycle can benefited to all reporting organizations.
Internal benefits for companies and organizations:
• Increased understanding of risks and opportunities.
• Emphasizing the link between financial and non-financial performance.
• Influencing long term management strategy and policy, and business
plans.
• Streamlining processes, reducing costs and improving efficiency.
• Benchmarking and assessing sustainability performance with respect to
laws, norms, codes, performance standards, and voluntary initiatives.
• Avoiding being implicated in publicized environmental, social and
governance failures.
• Comparing performance internally, and between organizations and
sectors.

External benefits of sustainability reporting:

• Mitigating or reversing negative environmental, social and governance
impacts.
• Improving reputation and brand loyalty.
• Enabling external stakeholders to understand the organization’s true value,
and tangible and intangible assets.
• Demonstrating how the organization influences, and is influenced by,
expectations about sustainable development.

DISTINCTIVE ELEMENTS OF GRI’S FRAMEWORK:

Multi-stakeholder input: GRI's approach is based on multi-stakeholder
engagement; this is considered the best way to produce universally applicable
reporting guidance that meets the needs of all report makers and users. All
elements of the Reporting Framework are created and improved using a
consensus-seeking approach, and considering the widest possible range of
stakeholder interests. Stakeholder input to the framework comes from business,
civil society, labour, accounting, investors, academics, governments and
sustainability reporting practitioners.

A record of use and endorsement: Every year, an increasing number of

reporting organizations adopt GRI’s Guidelines. From 2006 to 2011, the yearly
increase in uptake ranged from 22 to 58 percent. New audiences for sustainability
information, like investors and regulators, are now calling for more and better

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performance data. Annual growth in the number of reporters is expected to

continue, as GRI works for more reporters and better reporting.

Governmental references and activities: GRI was referenced in the Plan of

implementation of the UN World Summit on Sustainable Development in 2002.
Use of GRI’s framework was endorsed for all participating governments. Several
governments consider GRI’s framework to be an important part of their
sustainable development policy, including Norway, the Netherlands, Sweden and
Germany.

Independence: GRI’s governance structure helps to maintain its independence;

geographically diverse stakeholder input increases the legitimacy of the Reporting
framework. GRI’s funding approach also ensures independence. GRI is
a stitching – in Dutch, a non-profit foundation – with a business model that aims
for a degree of self-sufficiency. Funding is secured from diverse sources;
governments, companies, foundations, partner organizations and supporters.

Shared development costs: The expense of developing GRI’s reporting guidance

is shared among many users and contributors. For companies and organizations,
this negates the cost of developing in-house or sector-based reporting
frameworks.

Bridge building: GRI’s basis in multi-stakeholder engagement contributes to its

ability to build bridges between different actors and sectors like business, the
public sector, labour unions and civil society at a large.
CHALLENGES FACED BY INDIAN CORPORATE FOR SUSTAINABILITY
REPORTING PRACTICE:
Environmental Sustainability: India has seen unprecedented economic growth
in recent years resulting in growing demand for natural resources and has affected
the environment as well. It has become impossible to have business success and
economic growth without environmental sustainability. This is a major challenge
for fast-growing emerging economies such as India. At the Rio+20 conference
too, this concept was given high priority.
Data Monitoring: Sustainability Improvement, speaks about the challenges of
reporting within an organization as it demands a lot of organizational effort to
gather and monitor data. This can make it a challenging, time consuming and
costly exercise.
Independent Verification of Reports: It is the need for independent verification
and assurance of reports to provide comfort to stakeholders, management and the
board in mitigating the risks posed by sustainability issues. Only a fraction of
reports are independently assured, however, just like reporting itself, the trend is
positive and gives rise to optimism.
Global Competition: British Telecommunications revealed that the overall
performance of Indian Corporate Reporting is not satisfactory when compared

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with companies from European Union, China and Japan According to their
findings, although Indian companies are proactive towards sustainable issues,
there are still many issues like, inclusive employment, education, employment
creation, health, corporate/government collaboration, land and displacement,
natural resource management, climate change, corporate governance, solid waste
and water management to be addressed by them. In fact, Indian companies are
failing to come out with innovative approaches for addressing sustainable issues.

RECENT TRENDS IN SUSTAINABILITY REPORTING PRACTICES IN INDIA:

In India, the Ministry of Corporate Affairs released Voluntary Guidelines on
Social, Environmental and Economic responsibilities of Business in July 2011, after
considerable stakeholder consultation. These are compatible with globally accepted
guidelines on sustainability reporting for the corporate sector.
In 2011, the Government of India issued Sustainable Development Guidelines for
Central Public Sector Enterprises (CPSE) for implementation from 2012. These stipulate
how much, and how, CPSE should report on Corporate Social Responsibility. These
Guidelines cover projects, activities, expenditure, documentation and monitoring of
sustainable development initiatives. In the event that the CPSE is unable to adhere to the
Guidelines, it has to inform its stakeholders about the aspects of the Guidelines it was
unable to comply with, either partially or fully.
Sustainability Reporting is not a mandatory requirement in India. Except for some
high performing, visible companies, a lot of organizations in India haven’t started using
the GRI sustainability reporting framework effectively.
According to GRI, only 74 Indian companies have filed sustainability reports
while their international counterparts are ahead (557 companies from the US and 242
companies from China have filed such reports). Even among the BRIC countries, India
has the lowest number of companies filing sustainability reports. Indian companies that
have prepared sustainability reports on a voluntary basis include Infosys, IOCL,BPCL,
HPCL, Tata Steel, ITC, Reliance Industries, ACC, Dr. Reddy’s, and Sterlite.
Considering lack of awareness in India, the Government and regulators have
taken a lot of measures to enable sustainable reporting. The Companies Act, 2013
requires that every company with net worth of Rs.500 crore, turnover of Rs. 1,000 crore
or net profit of Rs. 5 crore should include the board’s report on corporate social
responsibility (CSR) policy. Furthermore, such companies have to spend 2 per cent of
their average net profit of the past three years on CSR activities. The Securities and
Exchange Board of India issued a circular in August 2012, which requires top 100 listed
entities to publish business responsibility reports as part of their annual reports on a
compulsory basis.
The time has come for Indian companies to take initiatives for sustainable
development and rather than ending with the publishing of a report, it should provide
substantial benefits to the environment and society.

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Source: [Link]
Fig-2
INTERPRETATION: From the above graph it clearly indicates that,
US is in highest position and France is in lowest position regarding sustainability
reporting practice, where as India is in second lowest position in global context.
Hence there must be need of awareness among Indian Corporate and regulation
regarding mandatory disclosure of sustainability reporting practice.
GRI BASED SUSTAINABILITY REPORTING AMONG BSE/NSE TOP 100
LISTED COMPANIES:

Source: [Link]
Fig-3
INTERPRETATION:
From the survey made by efficient [Link], it was found that:

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Out of 100 Companies listed with BSE/NSE, 35 Companies voluntarily report on

the basis of GRI guidelines and 65 companies do not report on GRI basis.
Furthermore, the companies which are following GRI guideline are performing
better in all aspects than others.
THE LIST OF INDIAN COMPANIES WITH GRI BASED SUSTAINABILITY
REPORTS UP TO 2012:

Sr. Organization Sector Starting Year

No
1 Mumbai International Airport Private Limited Airport operator 2012
2 Ambuja Cements Construction 2011
3 JSW Steel Metals Products 2011
4 Jubilant Industries Limited Chemicals 2011
5 Transport Corporation of India (TCI) Logistics 2011
6 UltraTech Cement Construction 2011
Materials
7 HCC Construction 2010
8 Jain Irrigation Systems Agriculture 2010
9 JSW Conglomerates 2010
10 KOEL Energy 2010
11 Maruti-Suzuki Automotive 2010
12 Multi Commodity Exchange of India (MCX) Financial Services 2010
13 Oil and Natural Gas Corporation (ONGC) Energy 2010
14 Small Industries Development Bank of India Financial Services 2010
(SIDBI)
15 Sree Santhosh Garments (SSG) Textiles and 2010
Apparel
16 Grasim Industries Construction 2009
Materials
17 Moser Baer India Other 2009
18 V. S. Dempo & Co. Mining 2009
19 Wipro Ltd Computers 2009
20 ABN AMRO INDIA Financial Services 2008
21 BPCL Energy 2008
22 Chemplast Sanmar Chemicals 2008

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23 Dr. Reddy’s Laboratories India Healthcare Products 2008

24 Indian Oil Energy Utilities 2008
25 Infosys Technologies India Computers 2008
26 Larsen & Toubro Conglomerates 2008
27 Mahindra Conglomerates 2008
28 MSPL Mining 2008
29 SRF Conglomerates 2008
30 Sterlite Industries Mining 2008
31 Tata Motors Automotive 2008
32 Tata Tea Food and Beverage 2008
Products
33 Varroc Engineering Equipment 2008
34 Tata Consultancy Services (TCS) Computers 2007
35 Sesa Goa Mining 2006
36 Shree Cement Construction 2005
Materials
37 ITC Conglomerates 2004
38 Jubilant Life Sciences Ltd Chemicals 2004
39 Reliance Industries Limited Conglomerates 2004
40 Tata International Conglomerates 2004
41 Ford India Automotive 2002
42 Paharpur Business Centre Commercial 2002
Services
43 Tata Steel Metals Products 2002
44 TATA Automotive 2001
Source: [Link]
Fig-4
INTERPRETATION:
From the above table, it clearly indicates that,
TATA (Automotive) is pioneer in sustainability reporting in India. It has started
reporting their sustainability performance from year 2001 based on GRI protocol.

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The trends of sustainability reporting practices has been increased from 2001 to
2012 i.e. 44. But according to latest report of GRI it has been reached in 72.
Hence it shows increasing trend of sustainability reporting practices in India.
Further it has been observed that, Sustainability reporting practices in India is
very negligible in comparison to global context.
CONCLUSION:
According to Mahatma Gandhi, “the earth, the air, the land and the water are not
an inheritance from our forefathers but on loan from our children. So we have to
handover to them at least as it been handed over to us.”
When the planet had an unlimited supply of resources, organizations could say
that they were only concerned with profits. Times have changed, and today, organizations
need to be concerned about the planet and people, along with profits. Sustainable
development does not mean discontinuing the use of natural resources but emphasizing
efficient and effective use, so that resources can be preserved for the future generations.
Organizations committed to sustainable development have to adopt a holistic approach,
and put in place systems to report environmental and other impact caused by their
products and services.
According to the Global Reporting Initiative (GRI), a sustainability report gives
information about economic, environmental, governance and social performance. GRI is
a non-profit organization that provides sustainability reporting guidance, and has
pioneered and developed a comprehensive ‘sustainability reporting framework’ that is
used globally. However, there are no mandatory rules and guidance standards for
sustainability reporting. Furthermore, there is a debate over whether sustainability report
should be part of financial statements, annual report, or disclosed separately. Practices
followed by countries and companies vary in this regard. The GRI framework suggests
that the sustainability reports should be included with a statement from the most senior
decision-maker of the organization (CEO or equivalent) on the relevance of sustainability
to the organization and its strategy, organization profile, governance structure,
Engagement with the stakeholders and performance through environmental, economic,
social and integrated indicators.
References:

• Rashmi & Rao, May 2014, Vol. II, Issue 5, EPRA international Journal for
Economic & Business Review, “Sustainability Reporting In Indian Foundries”.
• Sahoo G, July 2013, [Link], SEARCH, “Triple Bottom Line Reporting Concept:
a Key to Sustainability Reporting Practice”.
• Gupta & Saha, December 2012, The Chartered Accountant, “Sustainability
Reporting Practices - A Study of Recent Trends in Indian Context”.
• Mitra, 2011, International Journal of marketing, Financial Services and
Management Research, “Sustainability Reporting Practices in India: It’s
Problem & Prospects”.
• Steve, Jean & David, June 2010, Initiative for Responsible Investment, “From
Transparency to Performance - Industry-Based Sustainability Reporting on Key
Issues”.

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• Baxi & Ray, 2009, Jan., Indian Journal of Industrial Relations, “Corporate
Social & Environmental Disclosures & Reporting”.
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Implementation of Corporate Social Responsibility: Application the Integrative
Sustainability Triangle”.
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“Sustainability Reporting Trends in India”.
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Reporting: A Rapidly Growing Assurance Opportunity”.
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Stakeholder Management: the Need for New Corporate Performance Evaluation
and Reporting Systems”.
• Kolk, 2004, Vol. 3, No. 1, pp.51–64., Int. J. Environment and Sustainable
Development, “A decade of sustainability reporting: Developments and
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Reporting in Swedish Companies”.
• Jostine, Simon & Sophie, 2002, Journal of Business Ethics, “Using Indicators
to Measure Sustainability Performance at a Corporate and Project Level”.
• Gray, 1994, Environmental Values, “Corporate Reporting for Sustainable
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