Conversations on thoughts lead to convergence in action and outcomes. Constructive dialogue with an array of stakeholders not only helps our business to succeed, it also lets us foresee and manage relevant risks, opportunities and challenges.
Shareholders Investors &Lenders
Industry (suppliers,customers & peers)
Just as our stakeholders are diverse, our modes of engagement too are multifarious. Information disclosures to participatory sessions, feedback forms to one-to-one discussions, satisfaction surveys to performance scorecards, top-management discourse to public hearings - we deploy a host of engagement channels depending on the need and nature of a stakeholder.
For the natural resource industry, securing an adequate water supply continues to remain a key challenge. We address the key challenge of accessing water by using the resource more judiciously and through recycling and reuse.
We have created a five-point roadmap for an impactful stakeholder engagement.
|Our dialogue begins with questions that solicit feedback. Our stakeholders have access to a number of platforms to reach out to Vedanta personnel and voice concerns.||We disclose because we want to be heard and because we are responsible. Equal attention is laid on providing a constructive response.||We have established a robust investigation process for complaints reported via the Whistleblowing Mechanism and Sustainability ID with senior management and other function personnel.||We work hand-in-hand with stakeholders like governments, communities, industry bodies and NGOs; to align our goals and actions with high priority areas of the nations. The feedback of all engagements becomes part of our materiality identification exercise.||There is no stronger proof of commitment to the cause than demonstrable action. We back our words with acts that move the needle towards promised outcomes.|
Over and above our stakeholders, we also regularly engage with sustainability analysts to benchmark our performance with peers.
We have a Group-level Stakeholder Engagement Standard in place that guides our relationship building actions across businesses. The standard is at par with global benchmarks, it enables business to tailor it as per their local cultures.
Every year, our businesses conduct their own stakeholder identification & engagement analysis. The analysis takes into consideration, the nature, medium, periodicity and frequency of engagement for all identified stakeholders across the business functions. This business and operations-level exercise removes the blind spots and ensures that expectations and concerns at a local level are identified and addressed.
Impacts, both actual and perceived are actively monitored; post which we liaise with respective stakeholders to determine the level of likelihood and severity. Based on the analysis, Stakeholder Engagement Plans are developed and pressed into action by each business unit. To enhance efficiency and efficacy, these plans are periodically reviewed and revised.
Identify, categorise and engage stakeholders across the project life cycle for each business
Determine engagement modes and frequency for each stakeholder
Implementation of interventions in consultation with stakeholders
The impact of engagement gets diluted, when the response gets delayed. Our stakeholder response system is managed directly by the Group Sustainability team and its Head to ensure timely responses and appropriate interventions. A dedicated public email address - firstname.lastname@example.org is our one-point contact for all grievances and queries regarding the Vedanta Group and its Companies. Additionally, all emails and correspondence pertaining to our sustainable development initiatives, received by corporate functions like Corporate Communications and Investor Relations teams, are being forwarded to the sustainability team. The feedback received through our website is also recorded to analyse and review our stakeholder engagement performance.
We also proactively meet with key stakeholder groups including civil society organisations, media and industry associations, to increase awareness about our business, explain our point of view and answer queries. In-house journals and newsletters, such as Zinc News and Yagna, are published to engage with employees, our wider industry, communities as well as host governments.