Social Audit

                                                                    * BIRENDRA K JHA   ( Warning  :  " The Experimental Science Rating Method in Social Audit” is a tool developed by this Social Auditor (the author). This is an intellectual property right protected by this Social Auditor not to be used in any way in any audit including the ESG Audit or the Social Impact Assessment Audit, without the written permission of this Social Auditor. For research paper publication  and academic works credit shall be given to this Social Auditor, with clear name and Membership Number    of the Institute of Social Auditors of India) The CRISIL's ESG Rating of banking sector in 2022 is poor, bad and doubtful. This touches the milestone, that in CRISIL, the people have no skill and quality for sensing the social audit related data correctly which touches the cornerstone of the ESG Rating. Almost similar position may be of the different other rating agencies on the ESG also, which badly r

    *BIRENDRA K JHA  The ancient port of Dwarka, shown in yellow circle is treasure of human mankind. This site remains submerged and visible to satellite during specific period. On this Ancient Port, the Nayara Energy Limited has established premise for unloading crude petroleum products for the Jamnagar refinery. There is huge petroleum seepage recorded here ( see below satellite photographs), which shows that the Environment Pillar of the ESG is not maintained in good condition in this company. ( Source: Taken from the Social Impact Assessment Report conducted by Author )                                                          ( Warning :  " The Experimental Science Rating Method in Social Audit” is a tool developed by this Social Auditor (the author). This is an intellectual property right protected by this Social Auditor not to be used in any way in any audit including the ESG Audit or the Social Impact Assessment Audit, without the written permission of this Social Audito

                                                *BIRENDRA K JHA  Volkswagen emission scandal had global implications, including in India. The case involved Volkswagen installing software in its diesel vehicles, which manipulated emissions testing results. This allowed vehicles to pass emissions tests. This was the worst example, where deceitful route has been used to promote green environment- This was "Greenwash." In Reckitt Benckiser (India) Pvt. Ltd. vs. Hindustan Unilever Limited case, a complain was filed  against the Reckitt Benckiser (India) Pvt. Ltd. for wrong advertisement for claiming better environmental impact than the  Hindustan Unilever’s product. Reckitt Benckiser was given a directive  to delete  the advertisement. This was a "Greenwash" activity  In Wipro vs. Hindustan Unilever Limited case, the  Kissan Tomato Ketchup of HUL promoted an advertisement,  claiming Tomato Ketchup contained with “natural ingredients.” On examination this was found that o

                                                   * BIRENDRA K JHA The SEBI(Mutual Funds) Regulations, 1996 has been amended in 2023. This has allowed multiple "green investment" in mutual fund. But, to meet this multiple investment,  the Asset Management Company (AMC) shall obtain an independent reasonable assurance on an annual basis regarding their ESG scheme’s with the strategy and objective of the scheme, as stated in respective Scheme Information Documents (SID). For 22-23, this is required to be filed by 31.12.2023. After 2023, this assurance is required in the Annual Report. The Board of AMCs shall ensure that the ESG scheme shall be audited properly with the necessary expertise. There should not be any conflict of interest, with the AMC and the audit agency.  The board of directors of AMCs, based on comprehensive internal ESG audit, shall certify the compliance of ESG schemes with the regulatory requirements including disclosures, in annual report of the scheme. Thi

*BIRENDRA K JHA   Fight against poverty is not so easy when our auditors have no skill and knowledge in adopting the social audit standards. This is not "stable" which produces "good horse". This is "horse" alone, known for its skill and talent. Big audit firms are just "stable". It needs "good horse", with good skill, knowledge and talent to improve the social audit business in India. Talent may be there in financial audit business. But there is huge quality and skill gap in the social audit business and the ESG Audit business in India. This gap is just nightmare. This is difficult to  fight against poverty.    This is quality question mark from not less than the big social audit firm, PricewaterhouseCoopers Private Limited (PwC). The PwC conducted Social Impact Assessment Audit of CSR Projects of REC Limited in Orissa. Audited utilization certificate which is financial in nature, are relied strongly by the auditor along with the proje

                                                                                    * BIRENDRA K JHA  Bangladesh, Pakistan and China are the worst poor rated countries, with poor human resource practices. Many garment factories and fastener industries  in Bangladesh   are supplying to the Indian industries and automobile industries, various supply chain products, for such leading brands in India. The iPhone market in India is mostly depended on China, where large scale worker disturbances and clash with Chinese police are seen frequently for poor and awful working condition and bad human resource practices. This doesn't mean the supply chain position of India is good. The large scale big companies in India, are sourcing supply chain products from the black listed companies with poor ESG practices. The finest apparel what you are wearing in India or the finest automobile what you are driving, have child blood. This is shame for that company and society, which compromised on the ESG