Most of the top listed companies are becoming more responsible but there is room for large entities to play a more substantial leadership role in ensuring that economic growth is accompanied by social progress, says a report.
The conclusions are based on an index developed by non- profit group Oxfam India along with Corporate Responsibility Watch, Praxis and Partners in Change.
In the index, top 100 companies listed on the BSE were ranked on the basis of five elements -- non-discrimination in the workplace, respecting employee dignity and human rights, community development, inclusiveness in supply chain and community as business stakeholders.
According to the report released today, there is room for large corporates to play a much more substantial leadership role in ensuring that the drive towards economic growth is accompanied by social progress.
The report analyses policies of the top 100 companies listed on the BSE in the context of principles laid in the National Voluntary Guidelines for Social, Environmental and Economic Responsibilities of Business (NVGs).
NVGs were developed by the Corporate Affairs Ministry in collaboration with civil society organisations and introduced in 2011.
"The index findings indicate that there is marginal improvement in all elements expect 'community as business stakeholders' where 92 of the top 100 companies continue to score lowest," it said.
Oxfam India Chief Executive Officer Nisha Agrawal said there are many positive signals suggesting that responsible business narrative is becoming more holistic. Several companies on the index have improved over the last one year but there is still significant room for improvement, she added.
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