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STAKEHOLDER ENGAGEMENT

Aligning aspirations with business goals

At Tata Steel, we view our stakeholders as partners in our journey to deliver long-term value. Effective stakeholder engagement is thus key to delivering on our strategic objectives. We seek to balance the needs, interests and expectations of stakeholders with those of the business through an integrated and inclusive process.

In FY 2018-19, we conducted a pan-India stakeholder engagement exercise to revisit the Environmental, Social and Governance (ESG) issues that are material to value creation amid the evolving global sustainability landscape.

We periodically engage with our stakeholders either through focussed groups or individually using a wide range of tools, medium and platforms.

Key Stakeholders

Investors and Lenders

Value proposition
  • Consistent returns on investments
  • Highly profitable and best-in-class assets in India
  • Focus on deleveraging and funding profitable growth in India
  • Better disclosures, transparency and credibility of financials

Importance of the relationship

Providers of financial capital essential to fund growth

How we engage
  • Investor and analyst meets
  • Periodic meetings including one-on-one or group meetings
  • Annual Report, media updates or earnings call on Company’s performance
Emphasis areas
  • Focus on strong operating and financial performance (targeting Investment Grade financial metrics)
  • Focus on highlighting ESG commitments and disclosure

Customers

Value proposition
  • Strong brands, differentiated products, services and solutions, engineering support, partnering for growth

Importance of the relationship

Provide us an opportunity to build long-term mutually beneficial collaborative relationships which ensure Tata Steel attains and retains market leadership in chosen segments (current and new)

How we engage
  • Various physical and digital platforms to connect with customers, influencers and channel partners
Emphasis areas
  • Focus on development of enriched portfolio of high-end and downstream products and solutions
  • Leveraging digital to enhance customer experience across routes to market
  • Focus on extending market differentiating value-added services to discerning customers
  • Ensure sustainable practices across supply chain (channel partners) through implementation of Responsible Supply Chain Policy

Vendor Partners

Value proposition
  • Building capabilities through skill development, growth opportunity, safe operations, opportunity to innovate

Importance of the relationship

Provide us operational leverage to optimise value chain, be cost competitive, sustainable and exceed customer expectations

How we engage
  • Vendor meet
  • Vendor satisfaction survey
  • Vendor Capability Advancement Programme
  • Vendor Grievance Redressal Committee
  • Supplier Day
  • Vendor Sustainability Assessment
  • ‘Speak Up’ Toll-free number
  • ‘Swagat Program’ – for smooth and faster onboarding of new vendors
  • ‘PROCARE’ Helpdesk Service for addressing issues/queries
  • Leadership Meetings: CEO to CEO connect with Strategic Suppliers
  • Vendor Sustainability Meet
Emphasis areas
  • Health, safety and human rights
  • Carbon emission, water, air pollution, waste management and renewable and clean energy
  • Embed sustainability in supply chain and promote responsible sourcing and circular economy
  • Innovation and Technology

Government & Regulatory Bodies

Value proposition
  • Regular interaction with government to engage on industry concerns on existing/ future policies and regulations to advance ease of doing business

Importance of the relationship

Ensuring compliance and business continuity in line with changing policies and to partner with agencies to create positive business ecosystem

How we engage
  • Working with the government to develop policies and regulations that enable growth of the industrial sector and steel sector in particular
  • Advocating for new policies/ amendments in existing regulations at the national and regional levels to create and sustain an environment conducive to the development of India
  • Interacting with think tanks and sectoral experts to enable understanding of complex issues and global best practices
Emphasis areas
  • Improving ease and cost of doing business by reducing the compliance burden for the industry
  • Achieving leadership in sustainability to move forward on the path of sustainable development
  • Focus on technology and innovation, demand creation and enrichment of product portfolio, capacity expansion, etc.

Employees

Value proposition
  • Fair wages, joint consultation system for working together,
    self-supervised structures, robust Reward & Recognition schemes, opportunity for learning and growth and focus on employee
    well-being, experience and engagement.

Importance of the relationship

Key to the success of our business; their efforts are instrumental in delivering our strategies and for sustained business growth

How we engage
  • Monthly online meet with the CEO and MD and informal meets with the senior leadership on a regular basis
  • Employee Engagement Survey
  • Capturing Employee Net Promoter Score
  • Joint forums between employee unions and management
Emphasis areas
  • Attracting and retaining diverse talent
  • Providing inclusive and positive work environment
  • Local sourcing of labour
  • Welfare practices for non-officers

Community

Value proposition
  • Enable lasting betterment in the well-being of communities in the operating region through regional development models prioritising the excluded and those proximate to business operations
  • Addressing core development gaps at a national scale through replicable models of development

Importance of the relationship

Conducive working environment ensuring social support, amity and peace; avoid hostility, community agitations and protests

How we engage
  • A range of Proximate Community Development models with programmes touching all major aspects of life in the operating region
  • Large-scale signature themes focussing on key national development challenges creating aspirational development models
  • Public consultations prior to business expansion
Emphasis areas
  • To ensure safety in operating sites so that health & safety of communities is not compromised
  • Sustain community outreach activities in areas where we operate
  • Actively support communities through initiatives encompassing public health, household nutrition, access to and conservation of water, household sanitation, holistic education, stable livelihoods, nurturing sporting talent, enabling a life of dignity for PWDs, creating necessary public infrastructure and amenities, enabling grassroots leadership

Media

Value proposition
  • Disclosing and sharing relevant information and updates with the public

Importance of the relationship

Reaching out to the society and various stakeholders to communicate about the brand’s vision and initiatives and drive corporate equity

How we engage
  • Press communication: Press releases, press meets, conference calls, podcasts
  • Response management for media queries
  • Interviews of Senior Leadership
  • Thought leadership and thematic articles
  • Media events and sports engagement initiatives
  • Familiarisations visits to manufacturing and raw material sites
Emphasis areas
  • Health, safety, and human rights
  • Diversity, Equity & Inclusion
  • Environment footprint – carbon, water, and energy
  • Sustainability – processes and products
  • Circular economy
  • Innovation & technology
  • Focus on operating and financial performance
  • Business developments
  • Steel Industry outlook/dynamics - global and domestic

Industry Bodies

Value proposition
  • Sector specific and industry-wide collaboration on key policy issues in sectors related to mining, manufacturing, trade, finance, sustainability, etc.

Importance of the relationship

Industry bodies are important to develop networks and enable consensus building to present a unified and mutually agreeable perspective to the government on various policy interventions

How we engage
  • Participating in conferences and seminars organised by industry bodies
  • Participation in national and regional committees and sub‑committees to deliberate on important issues impacting the industry
Emphasis areas
  • Manufacturing and mining related issues impacting operations such as regulatory clearances, auctions, labour, logistics, Production Linked Incentives, etc.
  • Trade & Finance issues including Free Trade Agreements (FTAs), level playing field, demand creation, tariff and non‑tariff barriers, GST, IBC, etc.
  • Sustainability and low-carbon transition pathways on issues related to environment, climate change, water, etc.