Stakeholder Capital and Engagements
The Group understands that effective stakeholder engagement allows the gaining of valuable insights of material concerns and expectations of our stakeholders. Our stakeholder engagement strategy is integrated with our risk and business development management. We consider the dialogue with our stakeholders as a critical function in our business value chain. Our stakeholders who include our employees, customers, suppliers, regulators, society, shareholders and investors are regarded as business partners. Engaging with stakeholders builds an important capital, crucial for the sustainable success of the Group and products.
The Group places the responsibility of stakeholder engagement upon all management and employees. Ultimately, the Board is responsible for stakeholder engagement and management through various committees and business unit management. The Group’s approach to stakeholder engagement is such that business units are responsible for managing operational stakeholders while the corporate stakeholders are managed at Group level. Engaging with stakeholders allows the Group to identify and verify material issues impacting our business and stakeholders. Material issues identified at the business unit are evaluated at that level before being consolidated at Group level to inform corporate strategy and responses.
The Group’s stakeholder engagement framework is to categorise material issues raised by stakeholders into those relating to economic, environmental or social impacts and opportunities. The framework allows the Group to consider material issues with significant impacts on the Group and stakeholders to be disclosed for accountability and response strategy formulation.
The following enhancements were made to enable our readers to identify our key stakeholders, how we engage them, their categories and an explanation of the stakeholder engagement process in line with GRI Standards requirements.
CATEGORIES OF OUR STAKEHOLDERS
The Group’s stakeholder engagement framework is such that we categorise our stakeholders between internal and external:
Internal Stakeholder: Employee and Shareholders
The Group value employees as critical parts of its business model hence we strive to support their welfare, wellness, health and to provide a conducive workplace. Our shareholders provide the financial capital for sustaining the business, hence we work to provide sustainable return to their investment.
External Stakeholders: Customers, suppliers, financial institutions, communities, regulators and Government organisations, non-profit organisations and business partners
The Group value customers and other external stakeholders, and commit to providing the best possible products and services by ensuring that we continue to apply good quality, safety, social, environmental and health management practices across our business value chain.
STAKEHOLDER ENGAGEMENT PROCESS
Our stakeholder engagement process is conducted by mapping out existing relations within our business value chain. We analyse those stakeholders who can be impacted by our business operations and those who can impact our business objectives. These stakeholders are then managed through a stakeholder matrix which informs how each stakeholder is engaged, frequency and communication channels.
ENGAGING WITH OUR STAKEHOLDERS
During 2019, the Group engaged with stakeholders and identified material issues as presented below:
|Material Issues Raised or Stakeholder Concern||Mitigation Measures||Communication Channels|