Stakeholder engagement and materiality
We conducted an extensive materiality assessment, engaging with a cross-section of stakeholders to identify issues that are of mutual concern and importance. These material issues have the potential to directly or indirectly, positively or negatively impact our ability to create value for our stakeholders and society at large.
During FY 21-22, we carried out a consultative materiality assessment study in line with the Global Reporting Initiative (GRI) guidelines and the Integrated Reporting framework. The process also included detailed ideation sessions with crossfunctional teams on the concept of integrated thinking and elaboration on how the organisation creates lasting value for its stakeholders through a a holistic approach.
We interacted with our key internal and external stakeholders for the purpose of this assessment and they invested a significant amount of time in sharing their thoughts, a testament to the importance they place on the subject.
Meeting evolving consumer needs, delivering quality products and expanding our consumer base are key to our success and growth
Our people, their ideas and their passion form the collective force driving our Company’s forward trajectory. Their dedicated approach and winning mindset bring our ambitions to life.
The true mark of a successful business is in its ability to create meaningful change in the communities under its influence. For us shared prosperity is paramount, and we make sustained efforts in creating resilient communities.
As a responsible corporate citizen, a symbiotic relationship with the government and non-profits can go a long way in bringing good change in the larger community
The support of our shareholders is crucial for continuous access to capital, ability to make progress on our strategies and reach our objectives.
Maintaining our relationship with suppliers of raw materials and indirect services and logistic partners are key to uninterrupted operations and delivery to our discerning consumers.
Materiality assessment process
We interacted with our key internal and external stakeholders for the purpose of this assessment through multiple modes of engagement and they invested a significant amount of time in sharing their thoughts, a testament to the importance they place on the subject.
Senior Management: 450 hours
External stakeholders: 390 hours
Employees: 1,090 hours
Identification of the 'universe of sustainability issues
Engagement with stakeholders
Analysis
Materiality mapping
Materiality matrix
We identified certain key material issues that are extremely significant for our value creation journey
Financial | Human | Intellectual | Social & Relationship | Natural | Manufactured
Consumers | People | Communities | Government and Regulatory Bodies | Investors | Supply Chain Partners
Robust corporate governance that considers stakeholder concerns, builds trust, oversees business strategies, and ensures fiscal accountability, ethical corporate behaviour, and fairness to all stakeholders lie at the crux of achieving our long-term mission
Consumers expect meaningful and transparent information (e.g., calorific information) for aiding dietary choices. Providing the same is key to maintaining consumer trust
Consumers increasingly want products that are:
We can grow our business in the long term by meeting these consumer needs and leveraging key consumer trends
Product innovation
We launched new products, across categories and markets, expanding our portfolio to satisfy a broader range of consumer needs.
Technology in operations
We are focused on automating and digitalising our operations to achieve higher operational efficiencies. Power of technology has also taken centre stage in marketing operations, where we are using data driven insights for product innovation and consumer connect.
Poor quality or contamination could result in safety issues, reputational damage, financial losses, and product recalls. Consumers are also increasingly curious about the impacts of various lifecycle stages of the products they consume, including packing material used and waste generated.
Our people are both the creators and caretakers of our culture and values. Ensuring high employee engagement and filling key positions with the right talent remain critical to maintaining our competitive advantage.
Adherence to best practices on safety is important for the well-being of our employees and stakeholders.
Our people are both the creators and caretakers of our culture and values. Ensuring high employee engagement and filling key positions with the right talent remain critical to maintaining our competitive advantage.
Adherence to best practices on safety is important for the well-being of our employees and stakeholders.
Diversity is the key to building a wellbalanced workforce, where individuals feel safe, included and respected. We are focused on increasing the number of women in our workforce and ensuring equal pay across genders.
Contributing positively to the communities is the ethos of every Tata group company. We support essential workers and vulnerable sections of society through focused interventions.
We encourage learning and development by offering relevant training (online and offline) and making a wide variety of knowledge resources available.
Safeguarding human rights in our value chain (payment of minimum wages, avoidance of forced and child labour, among others) are critical to the integrity of our value chain
We are committed to efficient resource consumption and optimised packaging with zero compromise on product quality and safety. Combating challenges such as cost, market performance, consumer protection, as well as water and waste management, we ensure our packaging is fit-for-purpose and made from low-impact material, or material, which is reusable or recyclable at the end of its life.
Measures to develop products with better nutrition and educating customer to understand their own nutritional needs is important in our ambition to mitigate nutritional gaps among consumers.
Sustainable agricultural practices facilitate better farm yields and productivity while also making our plantations and farming areas a safe and sustainable place for communities to work and thrive.
We focus on increasing energy efficiency and amping up renewable energy in our energy mix. Integrating climate change risks in the organisation's strategy helps:
Being mindful and making a positive difference to the land, flora, fauna and the environment around us is integral to our strategy and we strive to keep our ecological impact in check.