STAKEHOLDERS
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The Group operates in several sectors of the economy and this diversity requires developing and sustaining relationships with varying stakeholder groups. Functioning with a large number of stakeholder groups translates to numerous and varying expectations, and thus the Group considers stakeholders that have a significant influence over the Group, or who would be significantly impacted by the Group’s operations. The Group’s significant stakeholder groups are:
– Customers
– Employees
– Suppliers and Business Partners
– Community, Community Leaders and Society
– Investors and Lenders
– Legal and Regulatory Bodies
– Government Institutions and Departments
– Society, Media and Pressure Groups
– Industry Peers and Competition
Stakeholder Engagement Process
Stakeholder engagement remains a pivotal dimension in our sustainability strategy and continues to mould and shape our strategic outlook with respect to sustainability practice.
The Group proactively engages with a diverse range of stakeholders to assess the Group’s focus on, and responsiveness to, material issues. The Group also commissions an independent third party to carry out an external stakeholder exercise in accordance to the sustainability assurance standard AA1000SES. The AA1000 standard is used to verify materiality, which then defines the parameters for reporting on inclusivity, materiality and responsiveness. The Group conducts this exercise periodically in the future to maintain its commitment to increasing stakeholder value. As employees form a significant part of the Group’s stakeholders, Group Human Resources also carries out a limited stakeholder engagement with them to understand the pulse of employee groups.
Feedback received from stakeholder engagements as well as risks identified through the Group Enterprise Risk Management (ERM) process are then analysed in terms of importance and influence prior to being mapped to the relevant aspects of the Global Reporting Initiative (GRI) G4 Guidelines. These concerns are then monitored on a quarterly basis in an attempt to respond to stakeholder feedback. These responses and related Group performance are communicated primarily through the Group’s integrated Annual Report.
Stakeholder Engagement Frequencies
Once significant stakeholder are identified, the Walkers CML Group engages with these stakeholder groups at relevant frequencies to understand perception regarding significant aspects that affect our sustainability performance. These include formal and informal consultations, negotiations, communication, mandatory and voluntary disclosures, certifications and accreditations. This is further illustrated under separate stakeholder categories below:
Customers – B2C, B2B, B2G | |
Expectations: On-time delivery of tailor-made and premium quality products and services, in an environmentally and socially responsible manner. | |
Frequency of Engagement | Method of Engagement |
Annual/Bi-annual | Trade fairs, road shows, conferences, site visits, discussion forums |
Regular | Regular progress review meetings, site visits |
Ongoing | Corporate communication (printed reports), direct dialogue (telephone, SMS, e-mail), corporate website, and other business development activities |
Employees – Senior Management, Executives, Workers, Casual Workers | |
Expectations – Providing remuneration, benefits and equal opportunity in a safe and enabling workplace with a culture of that promotes meritocracy and encourages work-life balance. | |
Frequency of Engagement | Method of Engagement |
Annual | Group-wide annual cricket encounter, performance reviews |
Bi-annual | Performance reviews, skip level meetings |
Regular | Internal memos, employee newsletter, corporate events |
Ongoing | Training and development, joint consultative committees, open door policy, social responsibility projects |
Suppliers and Business Partners | |
Expectations: Long-term relationships through adherence to and renewal of agreements and contracts, timely settlements and knowledge sharing within the industry sector | |
Frequency of Engagement | Method of Engagement |
Annual | Supplier evaluations, contract renewal mechanism, conferences, road shows, |
Quarterly | Supplier reviews |
Regular | One-on-one meetings, market reports |
Ongoing | Corporate website, calls, emails and circulars |
Community, Community Leaders, Society | |
Expectations – Livelihood development and social inclusion through direct and indirect employment and local sourcing, with minimal impact to shared resources | |
Frequency of Engagement | Method of Engagement |
One-off | One-off meetings, forums or workshops prior to project commencement |
Monthly | Once project is commenced, monthly meetings, workshops and forums |
Ongoing | Social Responsibility programmes/projects |
Investors and Lenders | |
Expectations – Economic value generation through consistent performance | |
Frequency of Engagement | Method of Engagement |
Annual | Annual reports, disclosures and reviews, investor road shows |
Ongoing | Phone calls, e-mail, written communication, websites, one-on-one meetings |
Legal and Regulatory Bodies | |
Expectations – Statutory compliance when carrying out operations | |
Frequency of Engagement | Method of Engagement |
Annual | Senior management are members of chambers and industry associations and meet at least on a quarterly or bi-annual basis. |
Ongoing | Periodic discussions through meetings and other correspondence |
Government Institutions and Departments | |
Expectations – Stimulating the local economy through investments, employment generations and timely settlements of taxes. | |
Frequency of Engagement | Method of Engagement |
Annual | Senior management are members of chambers and industry associations and meet at least on a quarterly or bi-annual basis |
Ongoing | Meetings, business forums, newsletters, circulars, presentations and briefings, advisory meetings of industry associates |
Society, Media and Pressure Groups | |
Expectations – Being a responsible corporate citizen with sound governance practices which adhere to applicable laws and regulations and with minimal impact to society and environment in which it operates. | |
Frequency of Engagement | Method of Engagement |
Ongoing | Website, press releases, media briefings, correspondence and meetings, disclosures, media coverage, certification and accreditation |
Industry Peers and Competition | |
Expectations – Ensuring that anti-competitive behaviour is discouraged and actively participating in industry organisations | |
Frequency of Engagement | Method of Engagement |
Quarterly | Quarterly meetings at chambers and industry associations |
Ongoing | Participation at trade associations, conferences and discussion forums |