Prof Sidharth Chauhan
Assistant Professor, Jindal School of Law, OP Jindal Global University
Mr Chauhan is an Affiliate at Berkman Klein Center for Internet & Society at Harvard University. He read his LL.M. at Harvard Law School, where he focused on corporate, antitrust/competition, and technology laws. While at Harvard Law, Sidharth received the Dean’s Award and worked as a research assistant at the Berkman Klein Center to pursue his research interests. He completed his first law degree (B.L.S., LL.B.) from Government Law College, Mumbai, India, where he graduated with a First Class degree. He has worked in the leading corporate practice of Shardul Amarchand Mangaldas & Co. in Mumbai, India, and the competition law practice of WilmerHale in Brussels, Belgium.
Prof Sidharth Chauhan at the Harmonising ESG, CSR, CDR and SDGs, an India 2047 - Centre of Excellence Workshop
Prof Sidharth Chauhan
Assistant Professor, Jindal School of Law, OP Jindal Global University
Key Points
- There are challenges in implementing frameworks, especially concerning the involvement of multiple stakeholders.
- A unified matrix is required for reporting rather than having separate parameters for each aspect.
- Over some time, we would require KPIs that align with such frameworks.
- Highlighted the relevance of regulatory arbitrage in the Indian context, emphasising the need for further study, especially regarding competition dynamics. Mentioned that competition in the Indian market differs from global practices.
- These points emphasise the need for streamlining reporting mechanisms, defining clear KPIs and addressing regulatory challenges in the context of corporate responsibility.
Recommendations
Centralise Reporting Systems
- Develop a unified reporting matrix that incorporates CSR, CDR, ESG and SDGs frameworks. This matrix should be adaptable to accommodate individual company needs while ensuring standardised reporting.
- By centralising the reporting mechanisms, companies can streamline their processes and reduce redundancy, making managing and reporting their social and environmental impact easier.
- Implement a digital platform for reporting that integrates data from various departments, ensuring real-time updates and transparency.
Engage Multiple Stakeholders
- Facilitate workshops and forums to bring together diverse stakeholders, including government bodies, corporations, non-profits and community representatives. This collaboration can help align goals and create a shared vision.
- Establish clear communication channels and regular updates to keep all stakeholders informed and engaged in the process.
Develop Key Performance Indicators (KPIs)
- Create KPIs that align with international standards and frameworks such as SDGs, CSR guidelines and ESG criteria. Ensure these KPIs are measurable, relevant and time-bound.
- Allow flexibility for companies to adapt KPIs to their specific context while maintaining core standards for comparability and benchmarking.
Address Regulatory Arbitrage
- Conduct in-depth studies on regulatory arbitrage in the Indian context to understand its impact on competition and market dynamics.
- Based on research findings, propose policy changes to minimise regulatory arbitrage and create a level playing field for all companies.
Focus on Holistic Development
- Promote integrated approaches to development that consider economic, social environmental dimensions simultaneously.
- Encourage companies to adopt sustainable business practices that contribute to long-term development goals.
- Create Indian Indices that can be taken global.
