What are the material issues the company has identified? 

In its 2019-21 Sustainability Report SRF identified a range of material issues, such as occupational health and safety, air and GHG emissions, emergency preparedness, business risk management. Among these, creating economic value for its stakeholders stands out as a key material issue for SRF.

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 SRF engages with:

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

Stakeholder Group	Method of engagement
Shareholders, Investors	·      Company website ·      Quarterly publication of results followed by earnings calls ·      Periodic briefing by analysts and individual discussions between the management team and fund managers
Customers	·      Customer visits/audit and meetings ·      Customer recognition/ awards programmes ·      Customer satisfaction surveys ·      Joint development and product reengineering
Suppliers	·      Supplier evaluation programme ·      Periodic meetings ·      Visits to suppliers’ facilities
Employees	·      Structured and focused training programmes ·      IT enablement and digitisation ·      Employee-oriented work policies ·      Adequate grievance mechanism for reporting and redressal ·      Transparent and fair performance management systems and 360-degree feedback processes ·      Regular open-house meetings with senior leadership teams ·      Regular employee engagement and feedback surveys
Local Community	·      Social impact assessment ·      Joint development and partnership with local agencies and network partners to facilitate the servicing of a wider set of local communities ·      Local infrastructure development, structured learning through digital classrooms training, provision of scholarships, and other necessary support
Regulatory Bodies	·      Adherence to reporting requirements ·      Industry representation on key matters

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

In its 2019-21 Sustainability Report SRF reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• In 2020-21, SRF paid INR 692.29 and 1,532.70 million for employee wages and benefits (Bhiwadi and Dahej, respectively).

• Creating economic value for the government
• In 2020-21, SRF paid INR 1093.78 and 5,270.90 million to the government (Bhiwadi and Dahej, respectively).

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.

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References:

This case study is based on published information by SRF, 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.srf.com/wp-content/uploads/2022/11/SRF-CB-2019-21-Sustainability-Report-V2.pdf

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