Galaxy Archives - SustainCase - Sustainability Magazine Insights on how you can protect the environment, maintain and increase the value of your company, through a structured CSR/Sustainability process with the use of the GRI Standards. Learn how Today's Best-Run Companies are achieving Economic, Social, and Environmental Success - and How You Can Too... Mon, 29 Jul 2024 09:21:09 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 Case study: How Galaxy creates economic value for its stakeholders https://sustaincase.com/case-study-how-galaxy-creates-economic-value-for-its-stakeholders/ Mon, 29 Jul 2024 06:04:50 +0000 https://sustaincase.com/?p=19421 Galaxy Surfactants Limited is one of India’s leading manufacturers of surfactants and other specialty ingredients for the personal care and home care industry. The value creation approach at Galaxy is based on the concept of inclusivity and sustainable growth, i.e., value creation for both the organisation and society at large, including stakeholders. This case study is based on the 2021-22 Sustainability Report by Galaxy, 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 […]

The post Case study: How Galaxy creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Galaxy Surfactants Limited is one of India’s leading manufacturers of surfactants and other specialty ingredients for the personal care and home care industry. The value creation approach at Galaxy is based on the concept of inclusivity and sustainable growth, i.e., value creation for both the organisation and society at large, including stakeholders.

This case study is based on the 2021-22 Sustainability Report by Galaxy, 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.

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Abstract

Galaxy understands that its ability to create value for itself, is connected to the value that it creates for all its stakeholders.  Tweet This! In order to create economic value for its stakeholders Galaxy took action to:

  • create economic value for employees
  • create economic value for the government
  • create economic value for shareholders
  • create economic value for communities

What are the material issues the company has identified?  

In its 2021-22 Sustainability Report Galaxy identified a range of material issues, such as employee health, safety and well-being, compliance, customer complaint resolution, water security, product sustainability. Among these, creating economic value for its stakeholders stands out as a key material issue for Galaxy.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Galaxy engages with:

Stakeholder Group                Method of engagement
Customers

 

 ·      Regular business reviews with key customers

·      Customer satisfaction surveys and feedback

·      Customer audits and customer questionnaire responses

·      Meeting customer requirements and requests for improvement on environmental and social responsibility
Investors

 

 ·      AGM

·      Annual Reports

·      Investor Meets

·      Investor call is arranged after declaration of financial results every quarter. The details for participation are updated on stock exchanges.
Government and regulatory bodies ·      Statutory and Legal Compliance filings
Suppliers and vendors

 

 ·      Supplier workshops and annual suppliers meet

·      Suppliers consultation and auditing

·      Informing suppliers through feedback mechanism

·      Supplier Sustainability assessment questionnaire
Transporter

 

 ·      Transporter consultation and auditing

·      Informing transporter through a feedback mechanism
Employees (Employee and contract employees)

 

 ·      Meetings and Trainings

·      Employee Engagement Survey

·      360-degree feedback

·      One-on-one interviews with managers

·      Performance communication

·      Communication meetings with new recruits

·      Employees can communicate through internal channels

·      Energy Week, Safety Month, Environment Day celebrations

·      EWC, Dialogue
Community ·      CSR initiatives

·      Sustainability Report

·      Participation in conferences

·      One to one interaction

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Galaxy engaged with its stakeholders through a survey.

What actions were taken by Galaxy to create economic value for its stakeholders?

In its 2021-22 Sustainability Report Galaxy reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2021-22, Galaxy paid INR Crores 211.81 in employee benefit expenses.
  • Creating economic value for the government
  • In 2021-22, Galaxy paid INR Crores 68.56 in income tax.
  • Creating economic value for shareholders
  • In 2021-22, Galaxy paid INR Crores 14.18 in dividends.
  • Creating economic value for communities
  • In 2021-22, Galaxy paid INR Crores 4.69 in donations/CSR expenses.

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:

 

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 Galaxy, 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.galaxysurfactants.com/pdf/Sustainability-Report-2021-22.pdf

Note to Galaxy: 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.

The post Case study: How Galaxy creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Galaxy promotes sustainability among its suppliers https://sustaincase.com/case-study-how-galaxy-promotes-sustainability-among-its-suppliers/ Wed, 09 Feb 2022 07:04:11 +0000 https://ccprowebs.com/new-sustaincase.com/?p=13271 Galaxy Surfactants Limited is one of India’s leading manufacturers of surfactants and other specialty ingredients for the personal care and home care industry. Galaxy considers suppliers as one of the important partners in its value chain and has supplier selection and evaluation processes based on environmental, social, safety and quality parameters prior to the registration of a supplier. This case study is based on the 2019-20 Sustainability Report by Galaxy published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. […]

The post Case study: How Galaxy promotes sustainability among its suppliers appeared first on SustainCase - Sustainability Magazine.

]]> Galaxy Surfactants Limited is one of India’s leading manufacturers of surfactants and other specialty ingredients for the personal care and home care industry. Galaxy considers suppliers as one of the important partners in its value chain and has supplier selection and evaluation processes based on environmental, social, safety and quality parameters prior to the registration of a supplier.

This case study is based on the 2019-20 Sustainability Report by Galaxy published on the Global Reporting Initiative Sustainability Disclosure Database 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

Promoting sustainability across its supply chain helps Galaxy ensure, among others, the integrity of its final product quality and safety.  Tweet This! In order to promote sustainability among its suppliers Galaxy took action to:

  • implement a Supplier Code of Conduct
  • assess suppliers
  • promote sustainable palm oil

What are the material issues the company has identified?

In its 2019-20 Sustainability Report Galaxy identified a range of material issues, such as financial growth, employee safety, health and well-being, climate change, ethics and governance, water stewardship. Among these, promoting sustainability among its suppliers stands out as a key material issue for Galaxy.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Galaxy engages with:

Stakeholder Group                Method of engagement
Customers

 

 ·      Conferences

·      Meets

·      Visits
Employees (including contractors) ·      Digital Platform & Social Media

·      Survey, Feedback
Community, NGOs ·      Engagement activities
Investors and Shareholders ·      AGM

·      Investor Meets
Value Chain Partners

 

 ·      Collaborative Projects

·      Audits

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Galaxy conducted a survey with selected stakeholders.

What actions were taken by Galaxy to promote sustainability among its suppliers?

In its 2019-20 Sustainability Report Galaxy reports that it took the following actions for promoting sustainability among its suppliers:

  • Implementing a Supplier Code of Conduct
  • Galaxy has established a Supplier Code of Conduct which defines the requirements of ethics and integrity, human rights, safety, health & environment to be met by all suppliers. Engaging continuously with its supply chain partners to improve operational efficiency and integrate sustainability considerations into its value chain, Galaxy scaled the strategic engagement with its suppliers on the sustainability agenda during the reporting year.
  • Assessing suppliers
  • During the reporting year, Galaxy took conscious efforts to create sustainability and safety awareness among local suppliers. Galaxy is regularly assessing its suppliers on their environment and social performance through its internal audit team and its supplier sustainability survey covers key suppliers amounting to more than 90% in procurement spend. In India, 33% of new suppliers were screened using environmental and social criteria in FY 2019-20 and 48.8% of all raw materials sourced were from renewable sources.
  • Promoting sustainable palm oil
  • Galaxy is an ordinary member of RSPO (Roundtable on Sustainable Palm Oil) since 2012 and its manufacturing units in India & Egypt are RSPO certified. Galaxy was the first company in India to receive permission to use the RSPO trademark globally, is certified to use MB (Mass Balance) grade for its products and also got upgraded to the SG (Segregation) model for its India facilities. This enables Galaxy to partner with its key customers’ sustainable palm oil strategy and goals.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standards addressed in this case are:

1) Disclosure 308-1 New suppliers that were screened using environmental criteria

2) Disclosure 414-1 New suppliers that were screened using social criteria

 

Disclosure 308-1 New suppliers that were screened using environmental criteria does not correspond to any SDG.

Disclosure 414-1 New suppliers that were screened using social criteria corresponds to:

 

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:

1) This case study is based on published information by Galaxy, 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 original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to Galaxy: 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.

The post Case study: How Galaxy promotes sustainability among its suppliers appeared first on SustainCase - Sustainability Magazine.

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