Case study: How Gloster Limited creates economic value for its stakeholders
Gloster Limited is one of the leading manufacturers of jute & jute allied products in India, headquartered in Kolkata. Gloster Limited gives great importance to stakeholder communication and engages with its stakeholders proactively to understand their collective experiences and concerns, creating sustainable value for all.
This case study is based on the 2019-20 Sustainability Report by Gloster Limited, 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.
Gloster Limited is committed to generating exponential value for all its stakeholders Tweet This! through promotion of new businesses, strategic investments, focused research and inclusive growth. In order to create economic value for its stakeholders Gloster Limited took action to:
- create economic value for employees
- create economic value for shareholders
- create economic value for the government
Subscribe for free and read the rest of this case study
Please subscribe to the SustainCase Newsletter to keep up to date with the latest sustainability news and gain access to over 2000 case studies. These case studies demonstrate how companies are dealing responsibly with their most important impacts, building trust with their stakeholders (Identify > Measure > Manage > Change).
With this case study you will see:
- Which are the most important impacts (material issues) Gloster Limited has identified;
- How Gloster Limited proceeded with stakeholder engagement, and
- What actions were taken by Gloster Limited to create economic value for its stakeholders
Already Subscribed? Type your email below and click submit
What are the material issues the company has identified?
In its 2019-20 Sustainability Report Gloster Limited identified a range of material issues, such as customer relations, market presence, corporate governance, employee labour practices. Among these, creating economic value for its stakeholders stands out as a key material issue for Gloster Limited.
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 s 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 Gloster Limited engages with:
| Stakeholder Group | Method of engagement |
| Employees
| · Training/ Workshop · Meeting with employee union head · Performance review · Grievance redressal mechanism |
| Investors
| · Industry events · Periodic meetings |
| Regulatory authorities
| · Formal liaison · Monthly meetings |
| Local communities
| · Group discussion · Volunteering activities · Grievance redressal mechanism |
| Customer/ Buyer
| · Customer satisfaction survey · Grievance redressal mechanism |
| Supplier
| · One-to-one discussion · Grievance redressal mechanism |
| Jute research organisation | · Collaborative projects · Industry events |
| NGOs
| · Collaborative projects · Need assessment surveys |
| Media | · Industry events · Social media |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Gloster Limited engaged with its stakeholders through one-on-one interviews and focus group discussions.
What actions were taken by Gloster Limited to create economic value for its stakeholders?
In its 2019-20 Sustainability Report Gloster Limited reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In FY 2019-20, Gloster Limited paid INR 753.35 million for employee salaries/wages/bonus, INR 136.60 million in contribution to provident and other funds and INR 5.96 million in workmen and staff welfare expenses.
- Creating economic value for shareholders
- In FY 2019-20, Gloster Limited paid INR 66.17 million in dividends to shareholders.
- Creating economic value for the government
- In FY 2019-20, Gloster Limited paid INR 67.60 million in taxes.
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
78% of the world’s 250 largest companies report in accordance with the GRI Standards
SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.
Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.
7 GRI sustainability disclosures get you started
Any size business can start taking sustainability action
GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom (venue: London School of Economics)
- Exclusive FBRH template to begin reporting from day one
- Identify your most important impacts on the Environment, Economy and People
- Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP.
- Benchmarking methodology to set you on a path of continuous improvement
See upcoming training dates.
References:
This case study is based on published information by Gloster Limited, 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:
https://www.glosterjute.com/assets/pdf/sustainability/1618225867.pdf
Note to Gloster Limited: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.