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SUSTAINABILITY ASSURANCE
Outline
▪ Why Sustainability Report Assurance?
▪ Financial Risks of Greenwashing
▪ Demand for SRA is on Rise!
▪ Recent Developments in India from SEBI
▪ SRA – Definition
▪ Building Block of SRA
▪ Benefits of SRA
▪ Dominant Assurance and Reporting standards
▪ AccountAbility’s AA1000 Assurance Standard v3 2020
▪ International Standard on Assurance Engagements – ISAE 3000
▪ Key Steps for Conducting ESG Assurance
Sustainability
Report
Assurance
▪ Is the information provided in your
sustainability report, correct?
▪ Have you reported correct materiality
topics in the report?
Why Sustainability Report Assurance?
Financial Risks of Greenwashing
▪ Greenwashing can result in reputational damage, regulatory
fines, and a sizeable impact on company’s share.
▪ Examples are
➢ BP’s 2010 Deepwater Horizon oil spill – The stock price
plummeted ~50% over two months and BP has spent
around ~$90 billion for clean-up. To this day, the company
has still not recovered in value and has a bad brand
reputation (Source: www.greenbusinessbureau.com)
➢ Volkswagen cheating on emission test – In Sep 2015,
Volkswagen was found to have been rigging “Clean
Diesel” vehicles to cheat carbon emissions tests. The
company’s share fell 22% on the day the news broke and,
as of 2020, it has paid €31 billion in related fines and
settlements. (Source: www.avivainvestors.com)
Demand for SRA is on Rise!
▪ Many leading organizations are leading the path in
assurance like top companies in FMCG, Banking, IT,
Automobile manufacturing, Food & Beverage etc.
95%
reported some
ESG information
64%
obtained some
level of assurance
57%
assurance engagements
conducted by firms
80%
of assurance
are limited
Source: The State of Play:
Sustainability disclosure & assurance 2019-2021 trends & analysis, IFAC
Recent Developments in India from SEBI
FY 2023-24
• Reasonable
assurance on
BRSR Core
• Mandatory for
top 250
companies
FY 2024-25
• Reasonable
assurance on
BRSR Core
• Mandatory for
top 500
companies
FY 2025-26
• Reasonable
assurance on
BRSR Core
• Mandatory for
top 1000
companies
Recent Developments in India from SEBI
• ESG disclosures as per BRSR core, for
supply chain for top 250 companies on a
“comply-or-explain” basis
• Assurance – Not mandatory
FY 2024-25
• ESG disclosures as per BRSR core, for
supply chain for top 250 companies on a
“comply-or-explain” basis
• Assurance on “comply-or-explain” basis
FY 2025-26
▪ Sustainability Report Assurance (SRA) is an
evaluation of ESG factors in a company’s
policies and practices, providing a thorough
picture of company behavior. It ensures that
the company’s sustainability report meets
certain standards.
▪ In a nutshell, SRA is third party process of
ensuring that a company’s sustainability report
meets certain standards and provides
assurance about its credibility.
SRA - Definition
Building Block of SRA
▪ Reasonable assurance on BRSR core – mandatory for top 250 companies for FY 2023-24
Steering
1
Reporting
Steering
▪ Selecting the right
non-financial
indicators
▪ Improving the data
quality for the non-
financial indicators
▪ Developing integrated
dashboard
Reporting
▪ Defining the right
content for report
▪ Relevant statutory
requirements and
reporting standards
Assurance
Assurance
▪ How can the reliability
of data be confirmed?
2 3
Level of ambition
Benefits of SRA
Strengthen
trust, integrity
and
transparency in
sustainability
reports
Credibility
Attracts
investors and
enhances
reputation
among
stakeholders
Investor
attraction
Brand value
Improved brand
value and
avoiding
accusations of
greenwashing
Reliable
disclosures
Earning
executive and
board
confidence in
sustainability
information with
accuracy and
reliability
Risk
Management
Improved
identification,
analysis and
risk
management
processes
Dominant Assurance and Reporting Standards
▪ Assurance standards – Standards that we adhere to when conducting an assurance
engagement or evaluating how you produce a report.
➢ AA1000 Assurance standards
➢ ISAE 3000
➢ GRI
▪ Reporting standards – Standards & guidance that the clients adhere to when producing the
sustainability / ESG report
➢ GRI
➢ SASB
➢ TCFD
▪ Developed by AccountAbility, a think tank and
advisory services firm.
▪ It includes
➢AA1000 Principles Standard (AA1000AP)
➢AA1000 Stakeholder Engagement Standard
(AA1000SES)
▪ The flexibility built into its framework enables it to
be adopted by businesses of all sizes and
industries – its scope can be customized to the
industry’s needs.
AccountAbility’s AA1000 Assurance Standard v3 2020
AA1000
▪ Alignment with 4 principles – Inclusivity,
Materiality, Responsiveness, Impact
▪ Level of assurance – Moderate or High
▪ The selected level will determine the depth of
evaluation
▪ Types of engagements
• Type 1 – Adherence to 4 principles
• Type 2 – Adherence to 4 principles,
Information reliability and Quality
AA1000
▪ Developed by International Auditing and Assurance
Standards Board (IAASB) of the International Federation
of Accountants (IFAC).
▪ Assures the historical claims of non-financial
information.
▪ Underscores the importance of data quality, reporting
procedures, controls and evidence – gathering
processes.
International Standard on Assurance Engagements – ISAE 3000
▪ Levels of assurance
• Limited assurance engagement
• Low level risk
• requires the assurance provider to obtain a
meaningful level of assurance to form a conclusion,
which is expressed in the assurance report as
negative assurance
• Reasonable assurance engagement
• Greater risk
• requires the assurance provider to obtain sufficient
information to form a conclusion
• Whether a sustainability report is complete and
accurate based on the identified criteria
ISAE 3000
Development of
Assurance Report
and Issuance of
Assurance Statement
Consultation and agreement
on the following:
• Scope of assurance
• Standard to be used
• Level of Assurance
Analysis and
Verification of ESG
data
Desk review of
Documents/Records
Site Visit and
Evidence Gathering
Preparation of
Checklist
QUALITY
INTEGRITY
EXPERTISE
Key Steps for Conducting ESG Assurance
18
Thank you!
Do you have any questions
www.sgs.com
Email: in.esg@sgs.com

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Sustainability assurance Webinar PPT (002).pdf

  • 2. Outline ▪ Why Sustainability Report Assurance? ▪ Financial Risks of Greenwashing ▪ Demand for SRA is on Rise! ▪ Recent Developments in India from SEBI ▪ SRA – Definition ▪ Building Block of SRA ▪ Benefits of SRA ▪ Dominant Assurance and Reporting standards ▪ AccountAbility’s AA1000 Assurance Standard v3 2020 ▪ International Standard on Assurance Engagements – ISAE 3000 ▪ Key Steps for Conducting ESG Assurance
  • 4. ▪ Is the information provided in your sustainability report, correct? ▪ Have you reported correct materiality topics in the report? Why Sustainability Report Assurance?
  • 5. Financial Risks of Greenwashing ▪ Greenwashing can result in reputational damage, regulatory fines, and a sizeable impact on company’s share. ▪ Examples are ➢ BP’s 2010 Deepwater Horizon oil spill – The stock price plummeted ~50% over two months and BP has spent around ~$90 billion for clean-up. To this day, the company has still not recovered in value and has a bad brand reputation (Source: www.greenbusinessbureau.com) ➢ Volkswagen cheating on emission test – In Sep 2015, Volkswagen was found to have been rigging “Clean Diesel” vehicles to cheat carbon emissions tests. The company’s share fell 22% on the day the news broke and, as of 2020, it has paid €31 billion in related fines and settlements. (Source: www.avivainvestors.com)
  • 6. Demand for SRA is on Rise! ▪ Many leading organizations are leading the path in assurance like top companies in FMCG, Banking, IT, Automobile manufacturing, Food & Beverage etc. 95% reported some ESG information 64% obtained some level of assurance 57% assurance engagements conducted by firms 80% of assurance are limited Source: The State of Play: Sustainability disclosure & assurance 2019-2021 trends & analysis, IFAC
  • 7. Recent Developments in India from SEBI FY 2023-24 • Reasonable assurance on BRSR Core • Mandatory for top 250 companies FY 2024-25 • Reasonable assurance on BRSR Core • Mandatory for top 500 companies FY 2025-26 • Reasonable assurance on BRSR Core • Mandatory for top 1000 companies
  • 8. Recent Developments in India from SEBI • ESG disclosures as per BRSR core, for supply chain for top 250 companies on a “comply-or-explain” basis • Assurance – Not mandatory FY 2024-25 • ESG disclosures as per BRSR core, for supply chain for top 250 companies on a “comply-or-explain” basis • Assurance on “comply-or-explain” basis FY 2025-26
  • 9. ▪ Sustainability Report Assurance (SRA) is an evaluation of ESG factors in a company’s policies and practices, providing a thorough picture of company behavior. It ensures that the company’s sustainability report meets certain standards. ▪ In a nutshell, SRA is third party process of ensuring that a company’s sustainability report meets certain standards and provides assurance about its credibility. SRA - Definition
  • 10. Building Block of SRA ▪ Reasonable assurance on BRSR core – mandatory for top 250 companies for FY 2023-24 Steering 1 Reporting Steering ▪ Selecting the right non-financial indicators ▪ Improving the data quality for the non- financial indicators ▪ Developing integrated dashboard Reporting ▪ Defining the right content for report ▪ Relevant statutory requirements and reporting standards Assurance Assurance ▪ How can the reliability of data be confirmed? 2 3 Level of ambition
  • 11. Benefits of SRA Strengthen trust, integrity and transparency in sustainability reports Credibility Attracts investors and enhances reputation among stakeholders Investor attraction Brand value Improved brand value and avoiding accusations of greenwashing Reliable disclosures Earning executive and board confidence in sustainability information with accuracy and reliability Risk Management Improved identification, analysis and risk management processes
  • 12. Dominant Assurance and Reporting Standards ▪ Assurance standards – Standards that we adhere to when conducting an assurance engagement or evaluating how you produce a report. ➢ AA1000 Assurance standards ➢ ISAE 3000 ➢ GRI ▪ Reporting standards – Standards & guidance that the clients adhere to when producing the sustainability / ESG report ➢ GRI ➢ SASB ➢ TCFD
  • 13. ▪ Developed by AccountAbility, a think tank and advisory services firm. ▪ It includes ➢AA1000 Principles Standard (AA1000AP) ➢AA1000 Stakeholder Engagement Standard (AA1000SES) ▪ The flexibility built into its framework enables it to be adopted by businesses of all sizes and industries – its scope can be customized to the industry’s needs. AccountAbility’s AA1000 Assurance Standard v3 2020
  • 14. AA1000 ▪ Alignment with 4 principles – Inclusivity, Materiality, Responsiveness, Impact ▪ Level of assurance – Moderate or High ▪ The selected level will determine the depth of evaluation ▪ Types of engagements • Type 1 – Adherence to 4 principles • Type 2 – Adherence to 4 principles, Information reliability and Quality
  • 16. ▪ Developed by International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). ▪ Assures the historical claims of non-financial information. ▪ Underscores the importance of data quality, reporting procedures, controls and evidence – gathering processes. International Standard on Assurance Engagements – ISAE 3000
  • 17. ▪ Levels of assurance • Limited assurance engagement • Low level risk • requires the assurance provider to obtain a meaningful level of assurance to form a conclusion, which is expressed in the assurance report as negative assurance • Reasonable assurance engagement • Greater risk • requires the assurance provider to obtain sufficient information to form a conclusion • Whether a sustainability report is complete and accurate based on the identified criteria ISAE 3000
  • 18. Development of Assurance Report and Issuance of Assurance Statement Consultation and agreement on the following: • Scope of assurance • Standard to be used • Level of Assurance Analysis and Verification of ESG data Desk review of Documents/Records Site Visit and Evidence Gathering Preparation of Checklist QUALITY INTEGRITY EXPERTISE Key Steps for Conducting ESG Assurance 18
  • 19. Thank you! Do you have any questions www.sgs.com Email: in.esg@sgs.com