At Tata Steel, we consider our stakeholders as partners in long-term value creation. We have developed a robust stakeholder engagement process to foster and nurture relationships, which helps improve strategy development and decision-making.
Delivering on stakeholder needs, interests and expectations are core to the way we operate. 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. In FY 2019-20, we launched Responsible Supply Chain Policy for our supply chain partners and encouraged them to align their business practices as per the four principles of policies (Fair Business Practices, Human Rights, Health and Safety and Environment Protection). Our key stakeholders comprise investors, customers, vendors, government and regulatory bodies, employees, communities as well as the media and industry bodies. We periodically engage with them either through focussed groups or individually. For effective communication, we use a wide range of tools and platforms such as our Company website, newsletters, e-mails, social media, online communication platforms, one to one meetings, physical/virtual conferences and meets, and press releases.
Highly profitable and best-in-class assets in India
Focus on deleveraging to create value
Better disclosures, transparency and credibility of financials
Providers of financial resources essential to fund growth
Investor and analyst meets
Periodic meetings including one-on-one or group meetings
Integrated Report, media updates or earnings call on Company's performance
Focus on strong operating and financial performance
Focus on highlighting ESG commitments and disclosure
Strong brands, differentiated products and solutions, engineering support, partnering for growth
Reason for any business to exist; customers provide us an opportunity to build long-term mutually beneficial relationships
Various digital platforms to connect with customers, influencers and channel partners. Some platforms are as follows:
Customer e-meetings
Multi-stakeholder platforms
Webinars
Zonal and similar e-meets
Health, safety and human rights
Product and solution offerings
Carbon emission, water, air pollution, waste management and renewable and clean energy
Embed sustainability in supply chain and promote circular economy
Building capabilities through skill development, growth opportunity, safe operations, opportunity to innovate
Provide us operational leverage to optimise value chain, be cost-competitive, sustainable and exceed customer expectations
Leadership meetings: CEO to CEO connect with Strategic Suppliers
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 & faster onboarding of new vendors
'PROCARE' Helpdesk Service for addressing issues/query
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
To be a responsible corporate citizen. Proactively track global and domestic developments for effective advocacy towards shaping future policies which will further economic and social progress of stakeholders in the country
Ensure business continuity through compliance with all necessary legislations and regulations
Working with government to develop policies and legislations towards the objective of Self Reliant India (Atmanirbhar Bharat)
Representing relevant policy issues at the central and state level to improve cost and ease of doing business
Engagement with domain experts, and think tanks for capacity building on regulations and policy
Increase knowledge intensity and responsiveness through research, development of white papers and active stakeholder consultation
Strategise action for working towards low-carbon growth through use of cleaner fuels, resource and energy efficiency, emission reduction technologies, carbon mitigation instruments, etc.
Fair wages, joint consultation system for working together, self-supervised structures, robust rewards and recognition schemes, opportunity for learning and growth and focus on employee well-being
Key to the success of our business; their efforts are instrumental in delivering our strategies and for sustained business growth
Monthly online meet with the CEO & MD and informal meets with the senior leadership on regular basis
Employee Engagement survey with Dip Check study on focus area
Capturing Employee Net Promoter Score
Joint forums between employee unions and management
Talent retention
Local sourcing of labour
Welfare practices for non-officers
Enable sustainable and significant improvement in the well-being of communities proximate to our operating locations through comprehensive development while also impacting them through actualising replicable change models which address core regional (district and state) development gap
Earning social licence to operate from communities and enhancing organisation’s reputation as a responsible corporate by improving lives of communities
Ascertaining community needs through Public Hearings, meeting community opinion leaders, citizen groups and development experts as well as through inputs from various assessments
CSR team engagement through (a) comprehensive Proximate Community Development themes and (b) Signature Programmes addressing specific development concerns at a larger regional scale
Family health (through healthcare services and awareness, sanitation, water and nutrition)
Education for the children
Livelihood opportunities for working adults
Public infrastructure facilities and public amenities
Conservation of tribal culture and heritage
Enabling grassroots governance as well as women-centric leadership for comprehensive rural development
Disclosing and sharing relevant information and updates with the public
Reaching out to society and various stakeholders to communicate about the brand’s vision and initiatives, and drive corporate equity
Press Communication: Press Release, Press Meet
Response Management for media queries
Interviews of Leadership and Management
Thought leadership and thematic articles
Media events and sports engagement initiative
Familiarisation visit to manufacturing and raw materiall sites
Health, safety and human rights
Environment footprint – carbon, water and energy
Sustainability – process and products
Circular economy
Charter or amend policies to improve the overall performance of the industry. Sharing best practices and alignment of interests to present a unified view
Engage with government and regulators to represent concerns of the industry and develop common solutions
Participate in sectoral and industrial seminars and conclaves conducted at the national and regional level
Adequate representation at the national-level committees and sub-committees to put forth and deliberate on important issues faced by the industry
Ensure health, safety and human rights of all stakeholders
Manufacturing, mining, trade, quality and finance
Sustainability, environment, water, energy, circular economy, climate change
