Along with establishing itself as a major business in India, Bajaj Electricals has been consistently working towards creating a positive impact on the environment and communities.
The Company believes that implementing right measures can enable it to create value for all its stakeholders in the long run. In this regard, Bajaj Electricals is set to create value by enabling innovation, creativity, integrity, and service to community in everything it does. The Company’s goal is to embed sustainability in its operations and achieve balance between its business vision and social, economic, and environmental goal.
APPROACH TO MATERIALITY
As Bajaj Electricals moves forward in its endeavour to create sustainable development, it is essential to identify the sustainability issues, which are material to the business and as well as for its stakeholders. During FY 2021-22, the Company conducted an in-depth materiality assessment in consultation with an independent consulting firm to identify the possible ESG topics, which are:
To carry out the materiality exercise, the Company identified its internal and external stakeholders to gather their insights. To this end, online surveys and one-on-one interactions were conducted to understand the views of the stakeholders on several material topics that are relevant to Bajaj Electricals’ business. Around 233 internal and external stakeholders including leadership, employees, vendors, customers, contract employee, investors and analysts, NGOs and CSR partners, and research institutes were involved in this assessment.
To undertake the materiality assessment, Bajaj Electricals identified key relevant stakeholder groups who will play a fundamental role in recognising the material topics that are relevant for Bajaj Electricals’ business. As a part of the materiality process, the Company engaged with these stakeholders to understand their viewpoints on the key ESG areas that need to be addressed. The stakeholders, which were involved in the assessment were:
Supported by the above process, Bajaj Electricals has assessed the responses received from the stakeholder interactions. Post this, the Company has identified the core topics that are material to its business operations. From the universe of 40 material issues that were selected as per the peer practices, industry standards and global standards, 14 topics were of key importance to the business.
Following are the issues of material topics for Bajaj Electricals: