Vedanta 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, 10 May 2023 05:58:03 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 Case study: How Vedanta creates economic value for its stakeholders https://sustaincase.com/case-study-how-vedanta-creates-economic-value-for-its-stakeholders/ Wed, 10 May 2023 05:57:01 +0000 https://sustaincase.com/?p=17774 Vedanta Limited is India’s largest natural resources conglomerate with leading positions in seven key business segments, producing aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy, with operations in India, South Africa, Ireland and Australia. This case study is based on the 2020-21 Sustainability Report by Vedanta, 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, […]

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

]]> Vedanta Limited is India’s largest natural resources conglomerate with leading positions in seven key business segments, producing aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy, with operations in India, South Africa, Ireland and Australia. Vedanta’s business strategy is focused on delivering sustainable, long-term returns to its shareholders and also creating value for its wider stakeholder fraternity.  Tweet This!

This case study is based on the 2020-21 Sustainability Report by Vedanta, 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

Vedanta’s continued success depends on its ability to establish and maintain positive relationships not only with its customers and shareholders but also with its business partners, suppliers, and the communities across its value chain, shaping people’s well-being, generating employment opportunities and enhancing the economic prosperity of regions through shared value. In order to create economic value for its stakeholders Vedanta took action to:

  • create economic value for employees
  • create economic value for providers of capital
  • create economic value for governments
  • create economic value for communities

What are the material issues the company has identified?

In its 2020-21 Sustainability Report Vedanta identified a range of material issues, such as energy and climate change, community development, ethical business practices, water management, health and safety. Among these, creating economic value for its stakeholders stands out as a key material issue for Vedanta.

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 s 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 Vedanta engages with:   

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

Stakeholder Group                Method of engagement
Local Community

 

 

 ·      Community group meetings

·      Village council meetings

·      Community needs/social impact assessments

·      Public hearings

·      Grievance mechanisms

·      Cultural events

·      Engaging with communities via various community initiatives of Vedanta Foundation
Employees

 

 ·      Chairman’s workshops

·      Chairman’s/CEO’s town hall meetings

·      Feedback sessions

·      Performance management systems

·      Various meetings at plant level

·      V-Connect mentor programme

·      Event management committee and welfare committee

·      Women’s club
Shareholders, Investors, & Lenders

 

 ·      Regular updates

·      Investor meetings

·      Site visits (put on hold in the last year due to COVID)

·      AGM and conference

·      Quarterly result calls

·      Dedicated contact channel – Vedantaltd.ir@vedanta.co.in and sustainability@vedanta. co.in
Civil Societies

 

 ·      Partnerships with, and membership of international organisations

·      Working relationships with organisations on specific projects

·      Engagement with international, national, and local NGOs

·      Conferences and workshops

·      Dedicated contact channel – sustainability@vedanta.co.in
Industry (Suppliers, Customers, Peers, Media)

 

 ·      Customer satisfaction surveys

·      Vendor scorecards

·      In-person visits to customers, suppliers, and vendor meetings (put on hold during COVID)
Governments

 

 ·      Participation in government consultation programmes

·      Engagement with national, state, and regional government bodies at business and operational level

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

In its 2020-21 Sustainability Report Vedanta reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In FY 20-21, Vedanta paid INR 28,610 million for employee wages and benefits.
  • Creating economic value for providers of capital
  • In FY 20-21, Vedanta paid INR 88,670 million to providers of capital.
  • Creating economic value for governments
  • In FY 20-21, Vedanta paid INR 21,800 million to governments.
  • Creating economic value for communities
  • In FY 20-21, Vedanta spent INR 3,227 million 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 Vedanta, 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.vedantalimited.com/VedantaDocuments/Vedanta_SDR_2021.pdf

Note to Vedanta: 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 Vedanta creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Vedanta promotes sustainability across its supply chain https://sustaincase.com/case-study-how-vedanta-promotes-sustainability-across-its-supply-chain/ Wed, 10 Aug 2022 09:37:26 +0000 https://ccprowebs.com/new-sustaincase.com/?p=13952 Vedanta is one of the world’s leading Metals and Oil & Gas companies, headquartered in Mumbai, India and operating a diverse portfolio of businesses, including Aluminium, Copper, Zinc, Lead, Silver, Iron ore, Oil & Gas, and Commercial Power. This case study is based on the 2020-21 Sustainable Development Report by Vedanta, 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, […]

The post Case study: How Vedanta promotes sustainability across its supply chain appeared first on SustainCase - Sustainability Magazine.

]]> Vedanta is one of the world’s leading Metals and Oil & Gas companies, headquartered in Mumbai, India and operating a diverse portfolio of businesses, including Aluminium, Copper, Zinc, Lead, Silver, Iron ore, Oil & Gas, and Commercial Power. Being one of its key stakeholders, it is extremely important for Vedanta to make sure that its suppliers follow ethical practices and operate in a sustainable manner.  Tweet This!

This case study is based on the 2020-21 Sustainable Development Report by Vedanta, 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

Vedanta is committed to, among others, respecting and upholding human rights, and expects the same from its suppliers. In order to promote sustainability across its supply chain Vedanta took action to:

  • promote compliance
  • assess and audit suppliers

What are the material issues the company has identified?

In its 2020-21 Sustainable Development Report Vedanta identified a range of material issues, such as energy and climate change, ethical business practices, talent management, resource efficiency, community development. Among these, promoting sustainability across its supply chain stands out as a key material issue for Vedanta.

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 organization should identify its stakeholders, and explain how it has responded to their reasonable expectations.”

Stakeholders must be consulted in the process s 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 Vedanta engages with:   

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

Stakeholder Group                Method of engagement
Suppliers &

Customers

 

 ·      Supplier and vendor meetings

·      Customer satisfaction surveys

·      Feedback Mechanism/ Grievance Redressal
Employees

 

 ·      Various workshops, forums, meetings, and feedback sessions

·      Performance management sessions

·      Various committees at the plant level: mentor programme, event management committee and welfare committee, women’s clubs, etc.
Civil Society

/ Business

organisations

 

 ·      Partnerships and membership

·      Working relationships with organisations on specific projects

·      Engagement with local civil society organisations and NGOs
Community ·      Community group meetings

·      Panchayats

·      Public Hearing

·      Grievance Mechanism

·      Cultural events
Government

 

 ·      Participation in government consultation programmes

·      Collaboration with national, state, and regional government agencies at business operational level

What actions were taken by Vedanta to promote sustainability across its supply chain?

In its 2020-21 Sustainable Development Report Vedanta reports that it took the following actions for promoting sustainability across its supply chain:

  • Promoting compliance
  • Vedanta follows the company’s Supplier Code of Conduct, which mandates its suppliers to operate in line with Vedanta’s policies and standards. Vedanta’s Supplier and Contractor Technical Standard is aligned to IFC (International Finance Corporation) performance standards, which allows Vedanta to achieve the primary objective of ensuring high quality of performance and ethical conduct from its suppliers. Through its Supplier and Contractor Sustainability Management Policy, Vedanta encourages its suppliers to assimilate its principles and practices into their ways of working. To make sure that all of its suppliers have well-established sustainability management systems and procedures in place, Vedanta has standard ESG (environmental, social and governance) criteria according to which all its suppliers are screened while onboarding.
  • Assessing and auditing suppliers
  • If the suppliers fulfil its screening criteria, Vedanta undertakes an assessment of their credentials based on the criticality of procurement. Vedanta also assesses the suppliers through the feedbacks received from the companies/teams to which they have supplied goods/services in the past, for robust due diligence of their commitment towards human rights and ethical practices. To further enhance transparency and make sure that its suppliers are as determined as Vedanta when it comes to imbibing ethical practices within their business, Vedanta deploys cross functional teams to visit the suppliers’ operations and audit their ESG practices. Vedanta has a defined checklist for Modern Slavery Act (MSA) and accordingly, audits its suppliers as per the standard criteria. This enables Vedanta to have a clear line of sight on the on-ground practices of its suppliers.

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 308-2 Negative environmental impacts in the supply chain and actions taken

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

4) Disclosure 414-2 Negative social impacts in the supply chain and actions taken

 

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

Disclosure 308-2 Negative environmental impacts in the supply chain and actions taken does not correspond to any SDG.

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

Disclosure 414-2 Negative social impacts in the supply chain and actions taken 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 Vedanta, 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://d1rbiogke1jwo5.cloudfront.net/wp-content/uploads/2021/10/VEDANTA-ALUMINIUM-BUSINESS-SDR-2020-21-Final.pdf

Note to Vedanta: 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 Vedanta promotes sustainability across its supply chain appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Vedanta promotes ethical business behaviour https://sustaincase.com/case-study-how-vedanta-ensures-ethical-business-behaviour/ Wed, 04 Apr 2018 16:22:04 +0000 https://ccprowebs.com/new-sustaincase.com/?p=5966   As one of the world’s largest diversified natural resources companies, operating in four continents – with operations centered in India, Zambia, Namibia, South Africa, Liberia, Ireland and Australia – and with more than 25,200 regular employees, . This case study is based on the 2016-17 Sustainable Development Report by Vedanta 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/ 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 […]

The post Case study: How Vedanta promotes ethical business behaviour appeared first on SustainCase - Sustainability Magazine.

]]>  

As one of the world’s largest diversified natural resources companies, operating in four continents – with operations centered in India, Zambia, Namibia, South Africa, Liberia, Ireland and Australia – and with more than 25,200 regular employees, engaging ethically and transparently with all stakeholders is a key priority for Vedanta  Tweet This!.

This case study is based on the 2016-17 Sustainable Development Report by Vedanta 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/ 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.

Layout 1

Abstract

Committed to a zero-tolerance approach to fraud, bribery and corruption, Vedanta tries to operate responsibly, according to the highest standards of integrity and professionalism. In order to promote ethical business behaviour Vedanta took action to:

  • encourage employees to adhere to the Code of Business Conduct and Ethics (CBCE)
  • promote integrity through the Audit Committee
  • implement a Whistleblower Policy

What are the material issues the company has identified?

In its 2016-17 Sustainable Development Report Vedanta identified a range of material issues, such as human rights, employee OHS, labour rights, climate change, community health and safety. Among these, promoting ethical business behaviour stands out as a key material issue for Vedanta.

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 organization should identify its stakeholders, and explain how it has responded to their reasonable expectations.”

Stakeholders must be consulted in the process s 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 Vedanta engages with:   

Stakeholder Group
Employees
Shareholders, Investors &Lenders
Civil Society
Industry (suppliers, customers & peers)
Communities
Governments

How stakeholder engagement was made to identify material issues

To identify and prioritize material sustainability topics Vedanta carried out a ranking exercise among external stakeholders and, to get the management’s perspective, internal leadership and operational management workshops, interviews and ranking exercises.

What actions were taken by Vedanta to promote ethical business behaviour?

In its 2016-17 Sustainable Development Report Vedanta reports that it took the following actions for promoting ethical business behaviour:

  • Encouraging employees to adhere to the Code of Business Conduct and Ethics (CBCE)
  • All Vedanta employees are expected to adhere to the CBCE and report possible violations, which are investigated and resolved promptly. Mandatory training on the CBCE is provided for all new employees, along with refresher workshops on the company’s anticorruption policies and processes for relevant employees.
  • Promoting integrity through the Audit Committee
  • Vedanta’s Audit Committee, consisting of four Non-executive Directors, helps the Board of Directors maintain and monitor the integrity of the company’s financial statements, and evaluates the effectiveness of the risk management system and internal controls, as well as the external auditor’s objectivity and independence.
  • Implementing a Whistleblower Policy
  • Through Vedanta’s Whistleblower Policy, both employees and external stakeholders are provided with a means of reporting inappropriate behaviour, confidentially and without any fear of retaliation (as regards employees). In 2016, a total of 129 whistleblower cases were reported and resolved.

Which GRI indicators/Standards have been addressed?

The GRI indicators/Standards addressed in this case are:

1) G4-56: Describe the organization’s values, principles, standards and norms of behavior such as codes of conduct and codes of ethics – the updated GRI Standard is: Disclosure 102-16 Values, principles, standards, and norms of behavior

2) G4-SO4: Communication and training on anti-corruption policies and procedures – the updated GRI Standard is: Disclosure 205-2 Communication and training about anti-corruption policies and procedures

 

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 Vedanta, 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) http://www.fbrh.co.uk/en/global-reporting-initiative-gri-g4-guidelines-download-page

3) https://g4.globalreporting.org/Pages/default.aspx

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

Note to Vedanta: 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 Vedanta promotes ethical business behaviour appeared first on SustainCase - Sustainability Magazine.

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