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Non-financial disclosure requirements have leapfrogged globally in the past decade, holding companies accountable for identifying Environment, Social, and <keyword id="56788" type="General" weightage="50" keywordseo="governance" source="Orion">Governance</keyword> (<keyword id="77363" type="General" weightage="100" keywordseo="esg" source="Orion">ESG</keyword>) responsibilities and their transparent incorporation in annual disclosures. The concept of materiality has helped businesses identify material products and/or services with bearings on their long-term sustainable growth in a globally competitive business environment. ESG disclosures have matured over time, and the seriousness on various disclosure elements is aptly visible from the actions taken by businesses. These actions range from voluntary decisions to disclose to being part of regulatory expectations, i.e., through Business Responsibility and <keyword id="49089" type="General" weightage="50" keywordseo="sustainability" source="Orion">Sustainability</keyword> Report (“BRSR”). In all fairness, the learning curve is getting better by the day, yet businesses are grappling with multiple challenges for their ESG disclosures. <cmsannotation type="cmsannotation" annotationid="Challenges around ESG" comment="subhead" text="Challenges around ESG">Challenges around ESG</cmsannotation> To begin with, companies are still using Sustainability and ESG interchangeably, indicating a deficiency in a reasonable understanding of ESG. Now let’s look at the challenges assuming a top-down approach: Businesses with a presence across geographies need to comply with requirements at a different scale. With the rise of reporting requirements in the US SEC Climate Disclosure Regulations and the EU Directive on Sustainability Reporting, multi-national companies have additional liabilities for inaccurate disclosures. A large number of reporting frameworks, each with unique considerations around Key Performance Indicators (KPIs), associated data and metrics, further adds to the challenge. ESG ranking and rating have become the third elephant in the room beyond credit rating agencies and proxy advisors. The issue gets even more complex with multiple ranking and rating agencies and their approach and methodology towards rating. A business will have to consider its peers and expectations of its value chain partners and investors, who may have different preferences resulting in a multiplication of efforts and investment. <cmsannotation type="cmsannotation" annotationid="Understanding the data complexities" comment="subhead" text="Understanding the data complexities">Understanding the data complexities</cmsannotation> The next or rather the most crucial element is “data”; integration of ongoing, real-time data is key to meeting disclosure commitments, ensuring societal and environmental relevance and potentially contributing towards tangible long-term financial returns. Incorporating the cost of carbon into investment decisions is believed to be an enabler for business growth, expansion, divestment, and innovation. However, when businesses consider doing this, the variety of approaches to ascertain it presents a challenge in itself. Businesses with hard-to-abate environmental footprint and cross-border transaction opportunities, such as iron &amp; steel, cement, maritime etc., are struggling to develop a deeper understanding of such issues. Information on life cycle assessment (<keyword id="139633" type="General" weightage="50" keywordseo="lca" source="Orion">LCA</keyword>) and recycling for companies with a longer upstream supply chain is a challenge of different magnitude and scale. This gets further complicated when the supply chain is spread across multiple geographies and the final product is used in a different country, making recall and recycling financially prohibitive. Stakeholders may further call out such issues when the final usage of the product happens in geographies with less strict regulations. In <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, certain listed companies transitioned from Global Reporting Initiative (<keyword id="882055" type="General" weightage="50" keywordseo="gri" source="Orion">GRI</keyword>) based reporting to an Integrated Report (IR) based on <keyword id="4144633" type="General" weightage="50" keywordseo="international-integrated-reporting-council" source="Orion">International Integrated Reporting Council</keyword> (IIRC) guidelines in 2017. Thereby, they integrated both financial and non-financial capitals and started following a regimented approach of one single disclosure for the consumption of its stakeholders. The BRSR requirements have further added an additional document getting appended to the IR. In contrast, in the previous regime, if a company was producing a GRI-based “Sustainability Report”, it could have avoided Business Responsibility Report (BRR). <cmsannotation type="cmsannotation" annotationid="Learning from peers" comment="subhead" text="Learning from peers">Learning from peers</cmsannotation> Every problem has a solution or, at the very minimum, an approach towards a solution. Learning from better practices and pathways followed by peers is a great way to accelerate your journey. Set up transformational goals and targets, which can be achieved without losing your focus on the business. It is very similar to listening to an airline in-flight security brief, “the nearest exit door can be behind you”. The next growth opportunity for your business can come from a well-identified risk, which can become an opportunity. A clear understanding of what you are disclosing, including your own interpretation, will make it easy. Citing the example of having an employee union as a parameter in ESG ranking, an organisation may not have an employee union, but if it represents that “we understand and value the collective bargaining power of our employees”, the message is clear to all the stakeholders. To summarise, ESG is the new quality standard, and it will take efforts from all quarters to streamline the expectations of practically all stakeholders, right from regulators, investors, employees, society, etc. The final expectation from the stakeholders is to develop a deeper understanding of the linkage between business and environmental science and its interdependence on society. Furthermore, prioritisation of right efforts is needed that may reflect in the ESG goals and targets set by companies resulting in ownership and accountability. Though ESG is a subject open to “learning-by-doing” approach, the opportunity window is limited. These challenges will incubate leaders across sectors and geographies to transition their businesses into a new sustainable paradigm. <keyword id="215870" type="General" weightage="50" keywordseo="inderjeet-singh" source="Orion">Inderjeet Singh</keyword> is Partner, Financial Advisory at the Deloitte Touche Tohmatsu India, LLP This column is part of a year-long (2022-23) campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by Business Insider India’s <a href="https://www.businessinsider.in/sustainability">Sustainability Insider</a>. Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity.

OPINION: As ESG disclosures turn mainstream, here’s a quick overview of challenges and approaches for Indian businesses

Working in India is still okay, but if you can, plan your retirement somewhere outside India, because the country has been ranked last in the Natixis Global AssManagement's fourth annual <keyword id="3503702" type="UNKNOWN" weightage="100" keywordseo="Global-Retirement-Index">Global Retirement Index</keyword> (GRI). 
 
This makes India world's worst country for retirees. 
 
Talking of the top rankers, Switzerland, Norway and Iceland are among the top three countries where retirees have the best life; global power United States ranks 14th on the list. 
 
The list comprises of 43 nations, taking 34 from IMF's advanced economies, five from OECD and four from BRICS. Last year, the list had covered 150 countries, in which India ranked 88th. Even then, it was the worst-performing nation from BRICS. 
 
"In the health sub-index, India ranks last. India has a health index score of just 4%, the lowest score in any sub-index in this year's GRI," the report said. 
 
The objective behind this annual retirement index is to provide a global benchmark for retirees and future retirees so that they can evaluate and compare the suitability of various nations, and plan their retirement according to their expectations and needs. 
 
In 2014, India saw its elderly population crossing the 100 million mark, out of which half live below the poverty line. As per a report by HelpAge India, elderly Indians will be making up 20% of India's population by 2050. 
 
"India is last in the quality of Life sub-index with a score of 6%. India has the lowest score for air quality, happiness and water and sanitation and the second to last in biodiversity and habitat," the report added. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/f/fd/India_-_Varanasi_crazy_man_-_1055.jpg">Image source</a>

India ranks LAST in global retirement index

<div class="KonaFilter image-container display-table"><div><div class="image on-image">LeoPatrizi/E+/GettyQuality of life is a crucial element in evaluating a country's retirement culture.</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/retire-abroad-international-retirement-save-advice-tips-2019-9">Retirement</a> looks vastly different in countries around the world. </li><li>For its latest <a href="https://www.im.natixis.com/us/resources/global-retirement-index-2019-report">global retirement ranking</a>, Natixis Investment Managers and CoreData Research examined indicators related to the health, finances, material well-being, and quality of life of retirees in 44 countries.</li><li>The Nordic countries rank high on the list, while the United States and the United Kingdom fall behind.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Life looks vastly different for retirees around the world. Not only are jobs, cultures, and traditions varied, but the ways in which governments provide for old-age citizens differs greatly from place to place.To compare and contrast <a href="https://www.businessinsider.com/category/retirement">retirement</a> security in various countries, <a href="https://www.im.natixis.com/us/home">Natixis Investment Managers</a> and <a href="https://www.coredataresearch.com/">CoreData Research</a> examines four indicators that measure welfare in retirement to compile its <a href="https://www.im.natixis.com/us/resources/global-retirement-index-2019-report">annual Global Retirement Index</a> (GRI):<ul><li>Material well-being: income equality, income per capita, employment</li><li>Health: life expectancy, health expenditure per capita, non-insured health expenditure</li><li>Quality of life: happiness, air quality, water and sanitation, biodiversity and habitat, environmental factors</li><li>Finances in retirement: old-age dependency, bank nonperforming loans, inflation, interest rates, tax pressure, governance, government indebtedness</li></ul>The 44 countries included in the index are International Monetary Fund (<a href="https://www.imf.org/external/np/sec/memdir/memdate.htm">IMF</a>) advanced economies, members of the Organization for Economic Cooperation and Development (<a href="https://www.oecd.org/">OECD</a>), and the BRIC countries (Brazil, Russia, India and China).The report notes that "countries with strong overall rankings tend to perform well in the finances sub-index," including New Zealand, Switzerland, Australia, Canada, Iceland, and Ireland.Below, check out the top 18 countries for retirement around the world.

The 18 countries where retirees have the most money, the best healthcare, and the highest quality of life

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OPINION: As ESG disclosures turn mainstream, here’s a quick overview of challenges and approaches for Indian businesses

Inderjeet Singh

India ranks LAST in global retirement index

BI India Bureau

The 18 countries where retirees have the most money, the best healthcare, and the highest quality of life

Tanza Loudenback

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