Case study: How Page creates economic value for its stakeholders
Page is a leading innerwear and swimwear manufacturing industry in India, aiming to be the number one swimwear brand in the country in terms of both market share and profitability. Page seeks to make its activity compatible with and respectful of the environment, in addition to creating shared value for society and its stakeholders. Tweet This!
This case study is based on the 2020-21 Sustainability Report by Page, 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.
Sustainable and long-term value generation for all its stakeholders, not least through the responsible and effective use of available natural resources, is a top priority for Page. In order to create economic value for its stakeholders Page 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) Page has identified;
- How Page proceeded with stakeholder engagement, and
- What actions were taken by Page 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 Page identified a range of material issues, such as environmental compliance, anti-corruption, chemical management, greenhouse gas emissions, human rights. Among these, creating economic value for its stakeholders stands out as a key material issue for Page.
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 Page engages with:
To identify and prioritise material topics Page engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Employees | · Effective Communication · Shopfloor meetings · Emails and Notice Board · Employee portals · Awareness Programmes · Employee Magazine · Goal Setting Process and Performance appraisal · Reward and recognition programmes · Employee involvement in CSR · Employee referral programme · Sports and Cultural Activities · Page Academy and Centre of Excellence – Training sessions · Leadership Connect · Customer Orientation · Grievance Redressal Mechanism · Annual reward and recognition programmes |
| Customers | · Customer feedback mechanism · Grievance redressal mechanism · Ad campaigns · Social media |
| Investors | · Investor relationship cell · Investor group meetings · Quarterly and annual results · Investor conferences · Annual Reports and Sustainability reports |
| Regulators | · Submission of performance reports · Annual and Sustainability Reports · Compliance reports · Attending meetings and discussions held by regulatory bodies |
| Suppliers | · Supplier Meets · Emails and posts · Feedback via grievance cell |
| Business Partners
| · Scheduled regular interactions · Sharing of reports · Carrying out annual joint/ collaborative business plans with distributors |
| Financial
| · Submission of performance reports · Annual Report |
| Distributors
| · Regular discussions with the assigned Sales team member · Email correspondence · Data sharing and accounts statement checks on PIP portal (Company) · Feedback by the Distributor sales team on SFA tab · Distributor meets |
| Communities
| · Baseline Surveys · Focused Group Interviews · Surveys on various assessment through reputed NGO · Based on inputs from community through employees · Through referrals · Community representatives · School Development Committees · Through government officials |
What actions were taken by Page to create economic value for its stakeholders?
In its 2020-21 Sustainability Report Page reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In FY 2020-21, Page paid ₹ 5,637.52 million for employee wages and benefits.
- Creating economic value for providers of capital
- In FY 2020-21, Page paid ₹ 3,085.87 million to providers of capital (dividends, interest payment to providers of loans).
- Creating economic value for the government
- In FY 2020-21, Page paid ₹ 1,128.41 million in corporate tax.
- Creating economic value for communities
- In FY 2020-21, Page spent ₹ 62.58 million 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 Page, 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://static01.jockey.in//CEDocuments/Sustainability-Report-2020-21.pdf
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