Pidilite 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... Wed, 28 Aug 2024 06:05:24 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.4 Case study: How Pidilite creates economic value for its stakeholders https://sustaincase.com/case-study-how-pidilite-creates-economic-value-for-its-stakeholders/ Wed, 28 Aug 2024 06:04:16 +0000 https://sustaincase.com/?p=19518 Pidilite is a well-established Indian multi-national company that has a long history of producing high-quality adhesive and specialty chemical products, including adhesives, sealants, construction chemicals, art and craft supplies, and polymer emulsions. This case study is based on the 2021-22 Sustainability Report by Pidilite, 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 Determined to create value […]

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]]> Pidilite is a well-established Indian multi-national company that has a long history of producing high-quality adhesive and specialty chemical products, including adhesives, sealants, construction chemicals, art and craft supplies, and polymer emulsions. Pidilite’s sustainability strategy focuses on minimising its ecological footprint, while creating long term value for all its stakeholders.  Tweet This!

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

Determined to create value for all its respective stakeholders, Pidilite consistently works towards aligning as well as integrating its decision-making process with their expectations and aspirations. 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

What are the material issues the company has identified? 

In its 2021-22 Sustainability Report Pidilite identified a range of material issues, such as ethical business and transparency, process and product innovation, occupational health and safety, management of hazardous chemicals, employee development and diversity. Among these, creating economic value for its stakeholders stands out as a key material issue for Pidilite.

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 Pidilite engages with:

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

Stakeholder Group                Method of engagement
Workforce

 

 ·      Training

·      Meetings

·      Email interaction

·      Employee satisfaction survey

·      Employee engagement activities

·      Open forums

·      Live chat
Customers

 

 ·      Telephone

·      Email

·      Customer meets

·      Personal visits

·      Advertisements

·      Customer satisfaction reports
Investors and shareholders

 

 ·      Media releases

·      Annual reports

·      Investor meets

·      Analyst meets

·      Contact through investor service centres

·      Annual general meeting

·      Company website
Dealers

 

 ·      Helpdesk

·      E-business portal

·      Personal interaction

·      E-communication/ telephonic conversations

·      Dealer visits/meets
Suppliers

 

 ·      Personal interaction

·      Telephonic conversations

·      Email communication
Local communities

 

 ·      Visits

·      Meetings

·      Medical camps

·      Need assessment
Non-governmental Organisations (NGOs) ·      CSR initiatives

·      Telephonic discussions
Regulatory authorities ·      Industry bodies and forums

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

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

  • Creating economic value for employees
  • In FY 2021-22, Pidilite paid 905.2 Crores for employee wages and benefits.
  • Creating economic value for providers of capital
  • In FY 2021-22, Pidilite paid 26.4 Crores to providers of capital.
  • Creating economic value for the government
  • In FY 2021-22, Pidilite paid 787.7 Crores to the government.
  • Creating economic value for communities
  • In FY 2021-22, Pidilite spent 26.2 Crores 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:

 

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 Pidilite, 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://pidilite.com/wp-content/uploads/2023/07/Sustainability-Report-04-07-2023.pdf

Note to Pidilite: 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.

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