What are the material issues the company has identified?  

In its 2021-22 Sustainability Report UltraTech identified a range of material issues, such as climate change, health and safety, transparency, sustainable products, research and development. Among these, creating economic value for its stakeholders stands out as a key material issue for UltraTech.

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 UltraTech engages with:

Stakeholder Group	Method of engagement
Industry Associations, CEO-Led Organisations, International Commitments	·      Meetings ·      Participation in governance bodies ·      Website ·      Sustainability Report
Shareholders, Lenders and Investors	·      Annual report and regulatory filings ·      Annual General Meeting ·      Shareholder meetings and presentations ·      Carbon Disclosure Project Report ·      Sustainability Report ·      Business Responsibility and Sustainability Report ·      Dow Jones Sustainability Index (DJSI) disclosure ·      Grievance redressal ·      One-on-one meetings, investor conferences, investor calls
Government and Regulatory Authorities	·      Annual report and regulatory filings ·      Meetings on government directives and policy development ·      Facility inspections ·      Regular meetings
Employees	·      Employee health check-ups ·      Employee volunteering activities ·      Employee Reward & Recognition schemes ·      Employee satisfaction survey ·      DISHA -Quarterly CXO Dialogue ·      Grievance redressal ·      Intranet, Annual Report, Sustainability Report
Customers	·      Company website ·      Product campaigns ·      Satisfaction surveys ·      Grievance redressal ·      Customer oriented initiatives ·      Feedback surveys
Suppliers and Contractors	·      Contract procedures and project timelines ·      Facility inspections ·      Review meetings ·      Vendor interaction meets ·      Feedback forms ·      Annual performance report ·      Annual stakeholder meets ·      Supplier grievance mechanism ·      Supplier Assessment
Community	·      Community need assessments ·      Disaster management workshops ·      Community visits ·      Satisfaction surveys ·      Meetings with community representatives ·      Impact Assessment studies ·      Grievance redressal
Media and NGOs	·      One-on-one interactions ·      Direct contact during activities ·      Social surveys

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics UltraTech engaged with its stakeholders through surveys.

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

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

• Creating economic value for employees
• In FY 2021-22, UltraTech paid ₹ 23.59 billion for employees, welfare and community development.

• Creating economic value for the government
• In FY 2021-22, UltraTech paid ₹ 133.75 billion in government taxes.

• Creating economic value for lenders
• In FY 2021-22, UltraTech paid ₹ 7.98 billion to lenders.

• Creating economic value for shareholders
• In FY 2021-22, UltraTech paid ₹ 10.97 billion in dividends.

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.

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 UltraTech, 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.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/sustainability-reports/ultratech-sr-2021-22.pdf

Note to UltraTech: 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.