Veranda Learning Solutions Limited has come out with its Business Responsibility and Sustainability Report (BRSR) for the fiscal year 2023-24, marking a key step toward accountability and transparency. This report presents in-depth coverage of the company’s efforts in corporate governance, sustainability practices, and employee welfare, further entrenching Veranda in its commitment to incorporating responsible business conduct at every level of operation. The said BRSR, as stated earlier, is mandated for listed companies and also aligns with India’s National Guidelines on Responsible Business Conduct (NGRBC).
Overview of BRSR and Key Disclosures
Veranda Learning Solutions Limited was incorporated in 2018 and is listed with the BSE and NSE. The BRSR, which forms part of the annual report, endeavors to present a comprehensive insight into operations, governance practices, and sustainability initiatives to stakeholders. The headquarters of the company in Chennai oversees operations comprising educational services and management support, together accounting for a substantial part of its overall turnover.
In this year’s BRSR, Veranda reflects on the steady improvement in its corporate governance and sustainability. For instance, it states that the health and safety management system was implemented 100% throughout the company amongst all employees. The employees are 75 in number, out of which 20% are women, showing continued inclusivity and diversity.
Employee Welfare and Corporate Social Responsibility
The veranda has put a substantial amount of focus on employee welfare and governance. As the report specifies, 100% of its permanent employees are covered under health insurance schemes, while female employees are given maternity benefits. It also reports the turnover rates amongst permanent employees that have considerably gone down compared to the past few years, showing that the retention strategies have gotten better.
Though the operations of Veranda do not fall directly into the ambit of CSR obligations under the Companies Act of 2013, it has taken serious initiatives toward various development programs in society. On the skill development aspect, it collaborates with educational institutions and state governments in a tie-up with the Tamil Nadu Skill Development Corporation for the Naan Mudhalvan skill development program.
Corporate Governance and Risk Management
Veranda also continues to maintain corporate governance as part of its core operations. In fact, according to the BRSR, Veranda’s Board of Directors consists of eight members, out of which female members make up 25%, hence indicating a step forward toward gender balance at the topmost level. Further, strict anti-corruption policies have been implemented to underpin the commitment toward ethical business practices.
Veranda highlights some significant risks and opportunities that might relate to its operations. Some of the critical areas that could impact its reputation, and operations include data protection and privacy, corporate governance, and innovative products. For example, it has enforced a solid policy in the protection of data to reduce associated risks in cybersecurity.
Environmental Impact and Sustainability Initiatives
BRSR further elaborates on Veranda’s energy consumption and environmental sustainability. It consumed 5,02,803 MJ of energy during FY 2023-24 against 6,90,334 MJ in the previous year, showcasing efficiency in energy usage. Though the report does not indicate the amount of energy derived from renewable energy sources, the company claims commitment to mitigating environmental impact through recycling programs and digital transformation meant to reduce paper waste.
The best part of BRSR is the section that talks about the company’s plans for the introduction of business strategies in tune with the concept of sustainability. Whereas the targets for greenhouse gas emissions and water usage could not be quantified as of now, the company has promised that it would seek all possible opportunities to minimize its ecological footprint.
Transparency and Grievance Redressal
In the case of BRSR, there is a greater allegiance to transparency, specifically in grievance matters. The report explains the grievance redressal mechanism for stakeholders, which consists of employees, shareholders, and customers. No major complaints were reported throughout the fiscal year, therefore underscoring the company’s proactive stance.
This implies forthright articulation concerning corporate governance structures, data protection policies, and activities that guarantee the well-being of workers—an unequivocal guarantee of responsible business conduct. To launch new, more innovative educational services and practices through a sustainability lens, Veranda prepares for a shift in change for Indian education.
Conclusion
The Business Responsibility and Sustainability Report of Veranda Learning Solutions for the year 2023-24 epitomizes their commitment toward a balance between growth and social responsibility. Veranda continues to build a resilient and sustainable business model through its employee welfare and energy management policies. With comprehensive corporate governance in place and measures to make sustainability integral to core operations, the future looks brilliantly ahead for the company and its stakeholders.
Source: BRSR
Credit: Veranda Learning Solutions Limited