ANNOUNCEMENTS
Background: With the advent of CSR Amendment Act in 2021, CSR impact assessment and reporting have taken the spotlight. Moreover, with the rise in other sustainability mandates, stakeholder activism and cognition of direct link between ESG and financial returns, companies now face an avalanche of ESG disclosure. Stakeholders, especially investors, around the globe demand information regarding corporate social responsibility, societal, governance and environmental footprint.
Purpose: Synthesize a company-level measurement approach for all CSR programs globally to bring consistency in data reporting and communication of impact. Another motivation is to highlight key ESG trends at TCS to aid in management and communication of future risk and opportunities by bringing relevant stakeholders on board.
Method: This study explored one of the widely known impact framework called Social Return on Investment. It included elements such as theory of change, survey, constant stakeholder engagement, etc. The second part of study employed a Sustainability Balanced Scorecard which includes tools such as trend analysis and benchmarking.
Conclusion: A consolidated list of social indicators was prepared in accordance with the relevant internal stakeholders. The project saw the curation of Social Return on Investment framework and the Balanced Scorecard. It highlighted a method to monetize the social value and a framework that will aid in monitoring progress against material CSR initiatives by bringing them to limelight.
Keywords: SROI, CSR, TCS, BSC, Impact and ESG.
