Monday, 18 February 2019

Stakeholder Engagement & Materiality

Stakeholders are individuals, groups of individuals or organizations who either affect or are affected by our operations. Regularly engaging with our stakeholders is imperative for attaining a holistic perspective of areas of concern, and identifying opportunities for improving our business processes and performance. Stakeholder engagement enables development of a trust-based and transparent relationship with our stakeholders. Through this process, Company should informs and educates its stakeholders to promote inclusive decision making and actions that, in turn, will have positive impact on the ecosystem.

Identifying Key Issues

Identification of an exhaustive list of issues that may be relevant to company and its stakeholders

Interaction with stakeholders (such as Head of Departments) to shortlist key issues relevant to  company and its stakeholders

StakeholderMapping

Mapping key issues across stakeholders and prioritizing them.

Selecting key stakeholders with whom to interact.

Stakeholder Response

Formulating stakeholder-wise questionnaires, deploying them through relevant departments and facilitating stakeholder engagement at various sites

Understanding Stakeholder perception of the company’s sustainability and their key concerns

Collating & Analyzing Response

Summarizing responses from stakeholder interviews or surveys and recording them in pre-designed format

Analysis of emerging patterns with respect to stakeholder groups and development of materiality matrix with respect to the results obtained from the stakeholder analysis.

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