Page 47 - Tata Chemical Annual Report_2022-2023
P. 47
Integrated Annual Report 2022-23 01-83 84-192 193-365
Integrated Report Statutory Reports Financial Statements
Materiality Assessment
Materiality Assessment Critical material issues
Social Governance Environmental
The past three years have witnessed a series of global mega events, having a long-lasting impact on economies and
businesses. The COVID-19 pandemic impacted businesses in many ways, most notably with respect to supply chain, employee M1
health and safety, and financial stability. The global instability was further aggravated by the conflict in Europe, that triggered
geopolitical tensions leading to an energy crisis and a high inflationary situation across economies. In this backdrop, with High M2
countries and investors focussing increasingly on ESG exposure led by climate change actions, companies are finding
themselves compelled to reorient their business models to align them with the new, emerging reality. M7 M3
At Tata Chemicals, we have been closely following the global events and assessing their impact on our businesses. We are M6
continually adapting to the new reality by assessing and reassessing our priorities in the evolving business eco-system. Our M8 M10 M4
new ESG materiality assessment underscores our agility, and aims to equip the organisation with greater resilience in the face M9
of external business challenges and transformations.
Assessing the new material reality lmportance to stakeholder (lmpact) M13 M12 M5
During FY 2022-23, we undertook a emerging trends, as well as global Our goal is to focus our Moderate M14
large-scale stakeholder-driven materiality and regulatory frameworks and efforts on prioritising how M18 M15
assessment with the support of a third standards we, through our business M11
party. The aim was to identify the material activities, can maximise
issues relevant to our businesses, and Over 700 responses were gathered the value we bring to the M16
accordingly realign our strategic approach via primary consultations (surveys economy, environment
to the changing scenario. and focus group discussions) across and society. The process of M19 M17
our staff, customers, suppliers, ESG materiality assessment
The objective of the assessment was investors, collaborators, regulators, is at the core of our ESG M20
to capture the perspectives of all community partners and members efforts – it is auditable, Low
our stakeholders and take a holistic across India, United Kingdom, inclusive and balanced.
approach on what is material to Africa and United States of America.
Tata Chemicals The responses were supplemented
A list of 20 material topics was by secondary research and
formulated, with the same being prioritised based on the influence
defined based on the views of subject and impact metrices plotted in the Low Moderate High
matter experts from the industry, next page
lmportance to Tata Chemicals (lmpact)
Highly critical Moderately critical Low critical
M1 Health & Safety M2 Business Ethics M8 Corporate M9 Community M13 Hiring & M14 Transparency
Governance Support Retention in Disclosures
M3 Employee M4 Regulatory Issues M10 Zero Waste to M11 Diversity & M15 Product Safety M16 Biodiversity
Development & Compliance Landfill Inclusion & Quality Management
M5 Energy M6 Water M12 Chemical M17 Anti M18 Tax
Efficiency Stewardship Safety Competitive Transparency
M7 Reducing Carbon M19 Responsible M20 Responsible
Footprint Marketing Sourcing
Location: Mithapur Plant
44 45
