ANNOUNCEMENTS
This thesis investigates the sustainability disclosures made by energy sector companies in India. The rationale for carrying out the research for Indian energy companies is that India is one of the fastest-emerging nations with increasing energy demand and largely contributes in Indian and global development. The research is conducted for Indian energy companies, to help businesses identify awareness, obstacles, challenges and opportunities within the sustainability reporting domain. As a part of the research, Sustainability Report (SR) of eighteen major energy companies were analysed. The eighteen companies selected were among the Top 50 listed companies on the National Stock Exchange (NSE).
To understand the sustainability reporting of the companies on universal Sustainable Development Goals (SDGs), the mapping of the GRI indicators with the SDGs were performed. Nearly 75% of the selected companies were disclosing sustainability performance on a public forum through GRI-compliant SRs. These proposed criteria are applied to the analysis of the GRI reports of eighteen major energy companies. Although the companies included in the sample are at different stages of sustainability reporting adoption, this thesis contributes to the understanding of disclosure practices in the energy sector. The thesis also highlights gaps to further strengthen voluntary disclosure practices in the energy sector.
This is the first time that the Indian energy companies’ perception, motivation and barriers are studied through managerial interviews, and it will contribute to the knowledge of the sustainability reporting practices of the companies in India’s energy sector. To investigate the perceptions, motivations, and barriers to sustainability reporting, interviews of thirteen large energy companies from the energy sector were conducted. A qualitative research analysis was applied to capture the perceptions, motivation and understand the barriers of the sustainability managers on sustainability reporting. Through convenience sampling, professionals who are involved in the sustainability reporting of the companies were selected for the interview. The analysis of the qualitative data answers questions about the evolution of role and progress of sustainability reporting in companies and the way forward. The thesis contributes to the existing literature in the context of developing countries and will help companies recognise the barriers to sustainability reporting to reduce them and bring about change in the sustainability reporting process.
The findings of the thesis will be a valuable addition to the literature on developing economies and play a big part in the global effort to develop sustainably. The thesis advances knowledge of the perceptions and driving forces of major Indian energy corporations. The thesis depicts that government mandates and guidelines for companies to disclose sustainability information had an important role in motivating companies to start or increase their sustainability disclosures. Companies were also voluntarily adaptive in adhering to updates of sustainability guidelines to change with sustainability requirements and improve their sustainability disclosures. The push for government regulation on sustainability disclosures has caused companies to focus on lowering the obstacles to other drivers of sustainability disclosures. There is need for the government or regulatory body to establish a connection between corporate performance and the Sustainable Development Goals (SDGs), as there is no regulatory framework governing the disclosure of information regarding SDG contributions. The thesis found that companies have incorporated various sustainability frameworks in their accounting practices and have standardized disclosures of non-financial data. Companies are facing major challenges with the emergence of several frameworks to comply with their sustainability disclosures and the need for a globally accepted unified sustainability framework that also fulfils the definition of Economic, Social, and environmental (ESG). To improve the quality of sustainability disclosure, framework-making bodies should start an educational outreach effort to increase SR knowledge and awareness. However, companies are struggling to implement SR as a communication strategy among the majority of stakeholders due to limitations of knowledge, resources, timelines, data collection mechanism, economic constraints and availability of qualified manpower.
