JSW Steel Annual Report 2019

Stakeholder engagement and materiality

Doing better for those who matter

Stakeholders are essential to business operations, and their feedback is vital to understand their concerns and their material impact on the Company. JSW Steel considers its stakeholders as trusted partners in its value creation journey and solicits their views.

Stakeholder engagement

JSW Steel’s stakeholder engagement strategy seeks feedback on a regular basis, which is then integrated into the organisation’s medium- and long-term strategy and planning exercises. This also enables the Company to promote the idea of shared growth and a common prosperous future for the society at large.

The Company has formal mechanisms in place to engage key stakeholder groups in a constructive manner and collect valuable feedback. This proves to be a valuable input for the risk assessment and strategy formulation process of the Company.

STAKEHOLDER GROUP	ENGAGEMENT FORUM	VALUE CREATED FOR THE STAKEHOLDER GROUP
Customers	Customer meets Official communication channels: Advertisements, publications, website and social media Conferences events Customer feedback Customer satisfaction survey Phone calls, emails and meetings Customer visits JSW Shoppe	Timely delivery Wide range of high-quality products that meet customer requirements Competitive pricing Easy availability through large distribution network Post-sales support
Employees	JSW World – Intranet portal Newsletters Employee satisfaction surveys – JSW Voice Pulse Survey Emails and meetings Training programmes like Springboard Employee engagement initiatives like WeCare and Samvedna Performance appraisal Grievance redressal mechanisms Notice boards	Fair wages and rewards Improved work-life balance Regular training and skill development Career growth Safe and secure work environment
Community and civil society/ NGOs	Need assessment Meetings and briefings Partnerships in community development projects Training and workshops Impact assessment surveys Official communication channels: Advertisements, publications, website and social media Complaints and grievance mechanism	Local employment and procurement Infrastructure development Funding for community development Training and livelihood programmes Contribution to local economy
Government and regulatory bodies	Official communication channels: Advertisements, publications, website and social media Phone calls, emails and meetings Regulatory audits/inspections	Aligning with the government to support economic development Continued contribution to the exchequer
Institutions	Conferences Joint R&D initiatives Internship opportunities for students	Exchange of knowledge Collaboration in R&D Industry exposure for students
Investors	Analyst meets and conference calls Annual General Meeting Official communication channels: Advertisements, publications, website and social media Investor meetings and roadshows	Sustainable growth and returns Excellent operational performance High standards of corporate governance and risk management
Suppliers	Vendor assessment and review Training workshops and seminars Supplier audits Official communication channels: Advertisements, publications, website and social media	Timely payment Continuity of orders Capacity building Transparency

Frequency of Engagement: Regular basis and as and when required.

Materiality

As part of the continued efforts of the Company to identify topics that are crucial to its ability to create long-term value, a detailed stakeholder engagement and materiality assessment exercise was undertaken in FY 2018-19.

Materiality determination process

The exercise began with the identification of a universe of topics and key internal and external stakeholders across six plant locations as well as the corporate office. This was followed by one-on-one interactions across each stakeholder group to gather their views on the key topics that are important for the Company’s success in the long run. A total of about 150 individuals, including senior management personnel, plant heads, employees, suppliers and local community, were covered as part of this exercise.

These detailed discussions provided valuable insights that were used as inputs in the materiality assessment process. Appropriate weightage was also provided to the ability of each topic to help the Company mitigate the risks that it faces. Besides, the process also incorporated the capability of each topic to enable the Company to reach its strategic goals. These inputs, together with an analysis of their external environment, led to the prioritisation of 14 distinct material topics. The Report covers the Company’s approach and performance related to each of these topics. JSW Steel also continues to work on a host of other issues that may not be covered in as much detail in the Report.