![ESG And Its Impact On Banking Sector](https://cdn.magzter.com/1342092800/1689052135/articles/vd6DLKldL1689099603846/Banking.jpg)
Introduction
ESG is about pursuing responsible and ethical business practices with attention to social and environmental parity along with economic development. ESG is fast becoming synonymous with sustainability. Investors and regulators have also amplified their analysis in evaluating businesses that employ sustainable business practises and the ESG framework.
ESG is a set of standards for a company's operations that socially conscious investors use to choose potential investments. Environmental criteria consider how the operations of a company impact the environment (e.g., emissions or air/water pollution). Social measures examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company's leadership, audits, internal controls, and shareholder rights.
In India's corporate ecosystem, there have been two major developments in the context of Sustainability/ESG Framework. The first was Corporate Social Responsibility (CSR) reporting and spending being made mandatory under the Companies Act, 2013. The second is the Securities and Exchange Board of India (SEBI) making the Business Responsibility and Sustainability Report (BRSR) mandatory for the top 1,000 listed companies by market capitalisation.?This is a step forward in widespread adoption of ESG framework in corporate decision-making and business practices.
Environmental, Social, and Governance (ESG) considerations have become increasingly important for the banking sector in recent years. The banking industry has a significant impact on the economy and society, and as a result, banks have a responsibility to manage their operations in a socially responsible and sustainable manner. ESG factors can have a direct impact on a bank's financial performance, reputation, and long-term viability.
Need for an ESG Reporting Framework:
Diese Geschichte stammt aus der July 2023-Ausgabe von BANKING FINANCE.
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Diese Geschichte stammt aus der July 2023-Ausgabe von BANKING FINANCE.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
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