ICMAI Green Awards 2023-24

ABOUT ICMAI

The Institute of Cost Accountants of India (ICMAI) is a statutory body established by a special Act of Parliament, namely, The Cost Accountants Act, 1959 for regulation and development of the profession of Cost and Management Accountancy in India. The Institute functions under the jurisdiction of the Ministry of Corporate Affairs, Government of India.

The Institute is headquartered in Delhi having four Regional Councils at Kolkata, Delhi, Mumbai and Chennai, 112 Chapters in India and 11 Overseas Centres. The Institute is the largest Cost & Management Accounting body in the world with about 1,00,000 qualified Cost and Management Accountants and over 6,00,000 students pursuing the CMA Course. The Institute is a founder member of International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). The Institute is also an Associate Member of ASEAN Federation of Accountants (AFA) and member of International Integrated Reporting Council (IIRC), UK.

The Institute as a part of its prime responsibility is continuously making pioneer efforts to promote, recognize and reward cost management culture and practices in the corporate sector including activities in the field of sustainability.

OBJECTIVES OF THE INSTITUTE

  • To develop the Cost and Management Accountancy function as a powerful tool of management control in all spheres of economic activities.
  • To promote and develop the adoption of scientific methods in cost and management accountancy.
  • To develop the professional body of members and equip them fully to discharge their functions and fulfill the objectives of the Institute in the context of the developing economy.
  • To keep abreast of the latest developments in the cost and management accounting principles and practices, to incorporate such changes are essential for sustained vitality of the industry and other economic activities.
  • To exercise supervision for the entrants to the profession and to ensure strict adherence to the best ethical standards by the profession.
  • To organise seminars and conferences on subjects of professional interest in different parts of the country for cross-fertilisation of ideas for professional growth.
  • To carry out research and publication activities covering various economic spheres and the publishing of books and booklets for spreading information of professional interest to members in industrial, education and commercial units in India and abroad.

ABOUT SUSTAINABILITY STANDARDS BOARD

The Sustainability Standards Board (SSB) of the Institute of Cost Accountants of India (ICMAI) was established in 2022 to lead the development of sustainability-related standards and guidance tailored to the Indian context. It aims to empower CMAs to play a key role in sustainability and ESG reporting, aligning the Indian practices with the global norms such as the IFRS, GRI etc., and to develop sector-specific standards that include the CMA principles. It has issued the ICMAI Sustainability Standards ISSI1 and ISSI2 so far. The Board run two webinar series,viz. “Vasudhaiva Kutumbakam,” & “Pariniyati” and publishes a monthly newsletter, “Sukhinobhavantu.”.Besides this, SSB is planning to organise “Green Awards” to Indian Corporates who are excelling in Sustainability initiatives.

INTRODUCTION TO GREEN AWARDS

The Council at its 357th meeting held on January 4, 2025 has approved the proposal of the Sustainability Standards Board for the commencement of Green Awards from the year 2026. The following are the objectives of the award.

  1. The ICMAI Green Awards, endorses the excellence in Business Responsibility and Sustainability Reporting (BRSR) practises undertaken by the Companies. The commitment shown by Indian corporates in embracing the sustainable practices and transparent disclosure, aligned with global benchmarks and the United Nations Sustainable Development Goals (SDGs) will be evaluated systematically during the evaluation process by jury members who are having practical exposure in the said domain.
  2. To identify the companies that excel in sustainability reporting and that aim to stimulate and invest businesses across India to become titleholders of a sustainable future.
  3. To recognize and reward companies demonstrating exceptional leadership in integrating sustainability and responsibility into core business strategies.
  4. To champion best practices in BRSR and inspire the rest to adopt robust sustainability reporting frameworks.

CATEGORIES OF AWARDS

It is proposed to offer the awards under four different categories.

  1. Vatavruksha Award for Large Cap Companies
    Large-Cap companies (Top 100 Companies as per the AMFI data of Average Market
    Capitalization from July to December, 2024)
  2. Kalpavriksha Award for Mid-Cap Companies
    Mid-Cap companies (101 to 250 Companies as per the AMFI Data of Average Market
    Capitalization from July to December, 2024)
  3. Tulsi Award for Small-Cap Companies
    Small-Cap companies (Below 250 Companies as per the AMFI Data of Average
    Market Capitalization from July to December, 2024)
  4. Beej Award for Voluntary Disclosures
    Entities that prepare BRSR reports voluntarily, even though they are not mandated to do so under SEBI's compliance rule for the listed companies as per market capitalization.

APPLICATION PROCEDURE

  1. The applying companies have to submit their nomination in the google form and provide all the details and documents as prescribed. The link to the Google Form:
    Please click here to fill the Google Form
  2. The hard copies of duly filled Nomination Form with all the documents and completed survey form has to be forwarded to ‘The Secretary, Sustainability Standards Board, The Institute of Cost Accountants of India, CMA Bhawan, 12, Sudder Street, Kolkata- 700016’ with a covering letter. In the covering letter, the co-ordinating details of “SINGLE PERSONNEL FOR CONTACT” has to be provided. Institute will correspond only with the “SINGLE PERSONNEL FOR CONTACT”.
  3. Applications which are not in the prescribed format will be rejected.

The following aspects are to be borne in mind while filling the nomination.

  • Organizations applying for awards should meet the criteria to be eligible for the awards.
  • Organizations are usually required to prepare their BRSR and other sustainability reports in accordance with the sustainability reporting standards. Compliance with these standards will be the key aspect of the evaluation.
  • The evaluation of reports will be done by ICMAI based on a robust two-tier process of preliminary review and jury evaluation. This includes assessing the quality and completeness of the reporting, the transparency of information, and the impact of sustainability initiatives on the company and the society.
  • The Nomination Form must be filled only through online google form. The last date for submission is November 25, 2025.
  • The applications of companies that attempt to influence the process will be outrightly rejected. ICMAI will not have any obligation to cite the reasons in such situations.
  • Any employee of ICMAI cannot apply for the awards by their associated organizations.

The last date for Applying for the “Green Awards (2023-24)” is November 25, 2025