The Legal and Regulatory Impetus Towards ESG in India: Developments and Challenges

NUS Law Working Paper No. 2023/003

Forthcoming chapter in Thilo Kuntz (ed.), Research Handbook on Environmental, Social, and Corporate Governance (Edward Elgar, 2023)

22 Pages Posted: 13 Jan 2023

See all articles by Umakanth Varottil

Umakanth Varottil

National University of Singapore (NUS) - Faculty of Law; European Corporate Governance Institute (ECGI)

Date Written: January 13, 2023

Abstract

The goal of this paper is to build upon the transition outlined in the scholarly debates from corporate social responsibility (CSR) to environmental, social and governance (ESG) matters. Although ESG is well-understood to be market-driven, this paper focuses instead on the legal and regulatory measures governing ESG factors in India. It, therefore, examines the developments and challenges surrounding ESG in India along three fronts. First, the paper explores the roles and responsibilities of corporate boards in accounting for ESG factors in their decision-making process. Second, and relatedly, it analyses the obligations of companies to engage in disclosure and reporting on ESG matters. Finally, viewed from the investor perspective, it examines ESG considerations that underpin the shareholder stewardship regime in India. On each of these aspects, the paper first outlines the key developments, and then highlights possible challenges in realising the regulatory goals on the ESG front.

Keywords: Corporate social responsibility, Environmental, social and governance factors, shareholder stewardship, directors’ duties, corporate disclosures

Suggested Citation

Varottil, Umakanth, The Legal and Regulatory Impetus Towards ESG in India: Developments and Challenges (January 13, 2023). NUS Law Working Paper No. 2023/003, Forthcoming chapter in Thilo Kuntz (ed.), Research Handbook on Environmental, Social, and Corporate Governance (Edward Elgar, 2023), Available at SSRN: https://ssrn.com/abstract=4323313 or http://dx.doi.org/10.2139/ssrn.4323313

Umakanth Varottil (Contact Author)

National University of Singapore (NUS) - Faculty of Law ( email )

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Singapore, 259776
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European Corporate Governance Institute (ECGI) ( email )

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