Stakeholder Engagement and Materiality
We adopt a collaborative approach to identify our material issues. We take feedback and opinions from our key stakeholders and also look into the market trends stimulating our industry i.e. power production, transmission and trading. The materiality assessment exercise is crucial for defining our focus areas of intervention.
Approach of Materiality Assessment
We adopt a holistic approach for identifying our material issues. In this approach, we rely on (i) stakeholder engagement and (ii) assessment of market trends. Through this approach, we safeguard the interest of all our stakeholders, while aligning our business objectives with the market trends for our business to be more sustainable
Stakeholder Engagement Process
Stakeholder Identification
We have identified customers, employees, suppliers, community, the Government, the civil society, investors and institutions as our primary stakeholders. They have a direct and significant impact on the Company’s ability to create, preserve or deplete economic, environmental and social values. Hence, it is extremely important to involve them in identifying the material issues that can impact the organisation.
Stakeholder Prioritisation
While we have a list of primary stakeholders, we still need to give weightage to every stakeholder based on the value created by them for the Company and vice versa. This prioritisation also helps us to design our interaction module as more in-depth interactions maybe required from the top-priority stakeholders, while a preliminary interaction with the average priority stakeholders shall serve the purpose.
Stakeholder Interactions
For finalising the material issues, we interacted with our internal and external stakeholders. For our internal stakeholders, we conducted focused interactions to understand their specific concerns, major risks and opportunities and their justification.
Material Issues Identification
After we engage with our stakeholders, we compile all the issues that were raised during the interactions and then deliberate on them. Some repetitive issues identified during the interactions feature at the top of the matrix, depicting relative concerns of the stakeholders and the current/potential impact on the Company.
Material Issues
On the basis of stakeholder engagement and market trends of the power sector, the following issues were identified as key material issues during FY2019:
High-priority Material Issues
- Economic performance
- Market fluctuations
- Health and safety
- Operational efficiency
- Energy management
- Procurement practices
- Employee engagement and talent development
- Regulatory compliances
- Water management and conservation
- Effluents and waste management
Medium-priority Material Issues
- Grievance redressal of stakeholders
- Community engagement