MATERIALITY MATRIX
ESG material mapping is core to our Company’s meaningful and impactful ESG practices and is directly linked to the overall effectiveness and relevance of our sustainability practices. Materiality helps us to identify and focus on ESG issues that are significant to our business performance and stakeholder’s expectations, and thereby continually improve our ESG performance and reduce the risk.
At Kirloskar Brothers Limited, we conducted a materiality assessment survey in accordance with Global Reporting Initiative (GRI) standards during FY 2022-23. The assessment included a comprehensive analysis of key ESG concerns with the potential to impact KBL’s business, the environment, the society and the larger economy.
Through an evaluation of this assessment, we have been able to identify and map the ESG risks and opportunities that represents our organisation’s most significant impacts on the economy, environment and people, including any effect on human rights. Consequently, we were enabled to adopt targeted actions and report significant issues pertinent to the Company and all its stakeholders. The prioritisation process for material issues is summarised below.
MATERIALITY APPROACH BASED ON ESG
KEY MATERIAL ASPECTS
High Impact Material Issues
StrategyImplement and scrutinise
ApproachThe Company must establish systems and working groups for effective management and due diligence of high impact material topics
- Product stewardship and innovation
- Emissions
- Health and safety
- Diversity, equity and inclusion
- CSR and local communities
- Energy management
Medium Impact Material Issues
StrategyAdapt and anticipate
ApproachThe Company shall prepare through effective anticipation of future risks and opportunities for management of medium impact material issues
- Materials
- Talent attraction and retention
- Supply chain management
- Risk management
- Compliance
- Marketing and communications
- Customer safety and product quality
- Economic performance
- Cyber security and digitisation
- Market presence
Low Impact Material Issues
StrategyComply
ApproachThe Company will ensure strict compliance against the low impact material issues
- Business ethics and values
- Corporate governance
- Human capital development
- Biodiversity
- Waste management
- Water and effluents management
- Human rights and labour conditions
- Public policy advocacy
Under ESG governance, we have identified goals and commitments against each material issue and our corporate committee on sustainability reviews the progress of all such initiatives quarterly. Our next materiality assessment shall be conducted in FY 2024-25.
To understand KBL’s management approach and strategies on materiality assessment in detail, Read More
