Case study: How Godrej Properties creates economic value for its stakeholders
Headquartered in Mumbai, Godrej Properties brings the Godrej Group’s philosophy of innovation, sustainability and excellence to the real estate industry with developments that combine a 123–year legacy of excellence and trust with a commitment to cutting-edge design and technology. Delivering, through its operations, shared value is a top priority for Godrej Properties. Tweet This!
This case study is based on the 2020-21 Sustainability Report by Godrej Properties, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Abstract
Godrej Properties aspires to build a secure, sustainable and inclusive future for all its stakeholders, generating long-term value for all. In order to create economic value for its stakeholders Pidilite took action to:
- create economic value for employees
- create economic value for providers of capital
- create economic value for the government
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Godrej Properties has identified;
- How Godrej Properties proceeded with stakeholder engagement, and
- What actions were taken by Godrej Properties to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2020-21 Sustainability Report Godrej Properties identified a range of material issues, such as ethics and transparency, employee welfare, energy efficiency, customer wellbeing. Among these, creating economic value for its stakeholders stands out as a key material issue for Godrej Properties.
Stakeholder engagement in accordance with the GRI Standards
The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:
Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.
Key stakeholder groups Godrej Properties engages with:
To identify and prioritise material topics Godrej Properties engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Customers | · Customer Feedback Channels |
| Employees | · Internal Surveys |
| Consultants | · Feedback Surveys |
| Suppliers/ contractors | · Feedback Surveys |
| Local communities | · Interactions and Surveys |
| Investors | · Investor Meets |
| Local government bodies | · Meetings and Personal Interaction |
| Agencies | · Feedback Surveys |
What actions were taken by Godrej Properties to create economic value for its stakeholders?
In its 2020-21 Sustainability Report Godrej Properties reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2020-21, Godrej Properties paid INR Crores 299.56 for employee benefits.
- Creating economic value for providers of capital
- In 2020-21, Godrej Properties paid INR Crores 184.86 to providers of capital.
- Creating economic value for the government
- In 2020-21, Godrej Properties paid INR Crores 103.77 in taxes.
- Creating economic value for communities
- In 2020-21, Godrej Properties spent INR Crores 6.67 in community investments.
Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?
The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed
Disclosure 201-1 Direct economic value generated and distributed corresponds to:
- Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
- Targets: 8.1, 8.2
- Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
- Targets: 9.1, 9.4, 9.5
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References:
This case study is based on published information by Godrej Properties, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
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