Stakeholder Engagement and Materiality
JSW Steel’s overall business strategy and daily business decisions ensure that the interests of all its stakeholders are safeguarded. The Company has formal mechanisms to continually engage with its key stakeholders to understand their expectations and concerns. Formal engagement also helps the Company in sharing information on its approach and actions in areas of stakeholder interest. The Company is creating a ‘Better Everyday’ by generating sustained value for stakeholders.
- Large bouquet of high-quality products
- Meeting increasing demand for value-added and special products
- Enhanced experience through JSW Shoppe and JSW Explore
- Trained and motivated workforce
- Diversity promotion
- Social-economic development through CSR activities
- Empowering women through SHGs
- Contribution to the exchequer
- ‘Make in India’ initiative promoted
- Collaborative technology
- Research and development
CIVIL SOCIET Y AND INVES TORS
- Market leadership for shareholder value
- Accountability and disclosure of information
- Enhanced capability
- Timely payments
Material issues are those that have direct or indirect impact on an organisation’s ability to create, preserve or deplete economic, environmental and social value for itself, its stakeholders and the society. At JSW Steel, the identification of material issues goes beyond prioritising and addressing risks to helping the Company capitalise on emerging opportunities. Materiality assessment has been instrumental in ensuring the Company retains focus on aspects which enable it to create long-term sustained value.
The material issues for JSW Steel were identified based on their criticality to the Company’s business and importance to stakeholders. The Company believes deeper engagements with stakeholders significantly enhances its knowledge and understanding on externalities that may impact its business environment. By focusing on the macro-level trends identified in these engagements, the Company is able to align its strategic focus areas with the emerging priorities.
JSW Steel conducted over 300 detailed interactions with internal and external stakeholders to understand their specific concerns, major risks and opportunities, along with justification for key issues raised and their potential impact on business. The stakeholders engaged included customers, employees, suppliers, community, government, civil society and investors and institutions. This year, the Company recalibrated its material issues through focussed interactions with internal stakeholders.
- Productive and motivated workforce
- Ensuring health and safety of all employees at work
- Promoting diversity and equal opportunity at all levels
- Grievance redressal for all stakeholders
- Emissions generated due to operations