What are the material issues the company has identified?

In its FY 2019-20 Business Sustainability Report JSPL identified a range of material issues, such as emissions management, regulatory compliance, occupational health and safety, waste management. Among these, creating economic value for its stakeholders stands out as a key material issue for JSPL.

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 JSPL engages with:   

To identify and prioritise material topics JSPL engaged with its stakeholders through the following channels:

Stakeholder Group	Method of engagement
Government and Industry Bodies	·      Letters to concerned departments ·      One-to-one meetings ·      Meeting through other forums ·      Public platforms or interactions
Local Communities	·      Need assessment surveys ·      Field visits ·      Pamphlets, interactions, workshops and seminars ·      Impact assessment studies
Employees	·      E-mails ·      Interactions ·      Employee Satisfaction Survey
Media	·      Press releases on the company website ·      Interviews and press conferences
Customers and Suppliers	·      Annual Customer Satisfaction Surveys ·      One-to-one meetings ·      Annual vendor and dealer meetings ·      Exhibitions ·      Supplier Audits
Investors	·      Updates through e-mails ·      Investor conferences ·      Roadshows ·      Interactions with analysts ·      Investor page on company website

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

In its FY 2019-20 Business Sustainability Report JSPL reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• In FY 2019-20, JSPL paid ₹ 679 Crores for employee salaries and benefits.

• Creating economic value for the government
• In FY 2019-20, JSPL paid ₹ 5,941 Crores in taxes.

• Creating economic value for suppliers
• In FY 2019-20, JSPL spent ₹ 19,841 Crores for procurement and services.

• Creating economic value for lenders
• In FY 2019-20, JSPL paid ₹ 2,611 Crores in interest to lenders.

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

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References:

This case study is based on published information by JSPL, 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://d2lptvt2jijg6f.cloudfront.net/jindalsteelpower/custom/1629171863_6th%20BSR.pdf

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