Material issues are those with the potential to significantly affect our ability to deliver on our strategy, to create sustainable value for the Company in the short, medium and long term. Systematic identification of material ESG topics guarantees that relevant material topics for our Company's business and stakeholders are not overlooked. Regular materiality assessments allow for quick action on ESG concerns in that sector.
Approach to materiality assessment for TML
In FY 2020-21, we revisited the materiality assessment conducted in FY 2018-19 to review the material topics in light of the then scenario. In FY 2021-22, we conducted a fresh independent material assessment of key issues, risks, opportunities and the potential concerns to facilitate the decisionmaking process.
A multi-departmental discussion was held to identify the stakeholders who would be involved in the materiality evaluation. Based on this activity, the major stakeholders to be included in the stakeholder engagement process, as well as the criteria to be used in selecting an acceptable stakeholder size, were selected.
The Global Reporting Initiative (GRI) criteria was used to identify the topics for stakeholder engagement. The stakeholder engagement questions were designed with two criteria in mind: relevance and impact. The first query focused on the topic's importance to the stakeholder and its reason for relevance. The second question was on the topic's predicted impact on TML based on the perceived likelihood of occurrence, size of impact, and type of impact. All replies were to be supplied on a scale of 1-5, with 1 representing extremely low and 5 representing very high, or on pre-defined non-numeric drop-down response alternatives.
During the stakeholder engagement, internal and external stakeholders offered feedback. Structured stakeholder involvement was carried out using excel-based forms and internet questionnaires. Structured telephone input was obtained from Independent Directors, and an in-person conversation with the Managing Director also aided the overall assessment outcome.
Key material issues