Stakeholder engagement

Our approach
At Vedanta, we are committed to constructive dialogue with our key stakeholders. We believe that open, ongoing and systemic dialogue is key to building successful relationships with our stakeholders. This also helps us to foresee emerging risks, opportunities and challenges.

Our social responsibility performance standards help ensure effective engagement with relevant stakeholders across multiple industries and geographies, provide adequate grievance mechanisms to help resolve situations of potential conflict and develop specialised standards for vulnerable communities such as indigenous people. The standards follow five principles of engagement:

Ask

Our dialogue begins with questions that solicit feedback. Our stakeholders have access to a number of platforms to reach out to Vedanta personnel and voice concerns.

Answer

We disclose not just because we want to be heard, but because we are responsible. We aim to provide a constructive response to feedback received.

Analyse

We have established a robust investigation process for complaints reporated via the whistleblowing mechanism, sustainability ID and group communications ID, involving Senior Management and relevant personnel.

Align

We work hand-in-hand with stakeholders and align our goals and actions with their high-priority areas. The feedback from all our engagement becomes part of our materiality identification process.

Act

We back up our words with demonstrable actions that move the needle towards promised outcomes.

We aim to forge strong relationships with our key stakeholders and uphold human rights wherever we operate to maintain our social licence to operate.

VEDANTA

  • Investors and Lenders

  • Employees

  • Civil Society (non-governmental and other organisations)

  • Industry (suppliers, customers, peers)

  • Communities

  • Governments

  • Shareholders

Local Community

Stakeholder

Types of Engagement

Community group meetings, village council meetings, community needs/social impact assessments, public hearings, grievance mechanisms, cultural events, engaging philanthropically with communities directly, as also via civil society partners and Vedanta Foundation

Key Expectations

  • Needs-based community development projects
  • Increasing reach of community development programmes
  • Improved grievance mechanism for community

Initiatives in FY2018

  • Began work to conducting baseline, need, impact and SWOT assessments in all Business Units (BUs)
  • ` 244 crore invested in social investment
  • 3.36 million beneficiaries of community development programmes
  • Community grievance process followed at all operations

Employees

Stakeholder

Types of Engagement

Chairman’s workshops, Chairman’s/CEO’s town hall meetings, feedback sessions, performance management systems, various meetings at plant level, V-Connect mentor programme, event management committee and welfare committee, womens’ club, etc.

Key Expectations

  • Improved training on safety
  • Increased opportunities for career growth
  • Increasing the gender diversity of the workforce

Initiatives in FY2018

  • 890,389 man-hours of training on safety
  • 19% of all new hires are women
  • Identification of top talents and future leaders through workshops

Shareholders, Investors and Lenders

Stakeholder

Types of Engagement

Regular updates, investor meetings, Sustainability Day for investor interaction, site visits, Annual General Meeting and conference, quarterly results calls, dedicated contact channel – ir@vedanta.co.in and sustainability@vedanta.co.in

Key Expectations

  • Consistent disclosure on economic, social and environmental performance

Initiatives in FY2018

  • ` 92,923 crore in revenue with an interim dividend of ` 21.2 per share
  • 3rd Sustainability Day hosted in London
  • Sustainability assurance audits conducted through Vedanta Sustainability Assurance Programme (VSAP)
  • Ranked 15th in the Dow Jones Sustainability Index in the Metals and Mining Category

Civil Society

Stakeholder

Types of Engagement

Partnerships with and membership of international organisations; working relationships with organisations on specific projects; engagement with international, national and local NGOs; conferences and workshops and a dedicated contact channel - sustainability@vedanta.co.in

Key Expectations

  • Aligning with the global sustainability agenda
  • Compliance with human rights

Initiatives in FY2018

  • Membership of international organisations, including the United Nations Global Compact, TERI, CII, the World Business Council for Sustainable Development (WBCSD), and Indian Biodiversity Business Initiative (IBBI)
  • Focus towards implementing sustainable development goals
  • Compliance with the Modern Slavery Act

Industry
(Suppliers, Customers, Peers, Media)

Stakeholder

Types of Engagement

Customer satisfaction surveys, scorecards, in-person visits to customers, suppliers and vendor meetings

Key Expectations

  • Consistent implementation of the Code of Business Conduct & Ethics
  • Ensuring contractual integrity

Initiatives in FY2018

  • Hotline service and email ID to receive whistleblower complaints

Governments

Stakeholder

Types of Engagement

Participation in Government consultation programmes, engagement with national, state and regional government bodies at business and operational level

Key Expectations

  • Compliance with laws
  • Contributing towards the economic development of the nation

Initiatives in FY2018

  • ` 244 crore invested in community development
  • ` 33,000 crore in payments to the exchequer