Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines on Responsible Business Conduct (NGRBC). The same was published on MCA official website on 15th March, 2019.
NGRBC embodies the principles of UN guiding principles for business and human rights, UN sustainable Development goals, Paris Agreement on climate changes, Core conventions 138 and 182 on child labor by International Labor organization. Annual Business responsibility reports as mandated by SEBI which includes environmental, social and governance initiatives and Corporate social Responsibility (CSR) under Companies Act 2013 were initiatives in the same line.
The NGRBC is applicable to all kinds of businesses, irrespective of their size, ownership, size, sector, structure or location. It is expected that all businesses investing or operating in India or outside to follow these Guidelines. NGRBC also provides useful framework to guide Indian MNCs for their overseas Operation.
The NGRBC has laid down Nine principles of Business responsibility. Each Principle is followed by a set of requirements and actions that are essential to the operationalization of the principles. The principles are interrelated, interdependent and non divisible, and businesses are urged to address them holistically.
Click here for the official copy.
