Page 47 - 1-37
P. 47
TRANSFORMING TRANSFORMING TRANSFORMING
SUSTAINABILITY REPORT FY 2023 COMMUNITIES THE PLANET THE WORKPLACE
Our collaborative approach helps to Stakeholder Engagement
build healthy stakeholder At the heart of the stakeholder engagement
relationships and to drive business process lies the determining of issues that
growth. Along with our are material to our business from the
stakeholders, we co-create environmental, social and governance
solutions for the benefit of society perspectives. These issues also reflect the
and the environment. The collective needs and concerns of our stakeholders. In
capacity and experience of our 2023, a Group-wide materiality assessment
stakeholders, from multiple exercise was carried out, along with similar
industries, geographies, exercises at three of our BUs. The broad
process followed is delineated below:
contributes towards transforming
our business.
• Circulation of interview guides and
questionnaires among the identified
It is important for us to know how our groups of stakeholders.
business decisions, activities and • Arrangment of stakeholder meetings by
performance are likely to affect or be of relevant departments within Vedanta.
significant interest to our stakeholders.
Their key insights help us navigate • Capture of the feedback given and the
suggestions made
challenges, seek opportunities, find
Knowing our purpose in what we do, and lay the Feedback and Analysis
foundation for a more inclusive and
Stakeholders sustainable future. This is a significant step in the stakeholder
engagement process to understand
qualitative and quantitative inputs collected
Stakeholder mapping on material topics through interviews, focus
We distinguish between stakeholders on group discussions, surveys and site visits.
the basis of whether our activities directly
or indirectly affect them. To map this The process includes:
accurately we follow the steps given below: • Tracking and recording (questionnaires
• List the stakeholders involved in the and interviews) stakeholder’s views
company's value creation process. • Observation and analyzation of every
group stakeholder’s response to
• Classify stakeholder groups as internal or determine the top material issues for
external after proper organization-wide each group of stakeholders.
consultation and review.
• Development of materiality matrix based
on the significant material aspects
determined by the responses and
interactions among the stakeholders.
24
