Page 41 - Tata Steel One Report 2024-Eng-Ebook HY

Business Operation and Performance Driving Business Towards Sustainability Corporate Governance Policy Financial Statements Attachments
Sustainability Key Material Issues Assessment
Tata Steel (Thailand) Public Company Limited has been conducting stakeholder engagement and materiality assessments since the financial year 2018, with updates carried out every three years. This process ensures a clear understanding of the key sustainability issues and areas of focus for our stakeholders.
In the financial year 2023, the Company refreshed its materiality assessment using a dual approach – conducted by an independent agency and aligned with leading international standards and best practices. The insights gained from this assessment have been integrated into our sustainability strategy and reporting, starting from the financial year 2024 onwards.
1.Material Issues and Stakeholders' Identification
Tata Steel (Thailand) Public Company Limited identifies material sustainability issues by gathering input from both internal and external stakeholders through various appropriate engagement methods, such as meetings, formal and informal interviews, and surveys tailored to each stakeholder group.
In addition to stakeholder input, the Company consolidates perspectives from senior management, drawing upon Tata Steel Group’s vision, key challenges faced over the past year, long-term strategic plans, enterprise risk assessments, and other relevant external factors—both opportunities and threats—that may impact the business.
The assessment also considers global sustainability trends, emerging standards and regulations, national development strategies, and stakeholder expectations and concerns. As part of this process, the Company reviews issues identified in the previous assessment cycle and re-evaluates their relevance and significance to stakeholders, ensuring an up-to-date and comprehensive understanding of material topics that influence sustainable value creation.
2.Material Issues Prioritization
The Sustainable Development Committee has considered categorizing and prioritizing the group of key material issues by rating the levels of impact on operations and value creation for the Company covering economic, environmental, and social issues, including the levels of influence on the assessment and the decision-making of stakeholders on various issues, based on the Global Reporting Initiative (GRI) Standards, and then defined in the Materiality Matrix table.
3.Material Issues Review
The management of the Company reviewed the results of the key business materiality to ensure that the issues have been prioritized to reflect the important matters to the Company and Stakeholders with balance before proposing to the Corporate Social Responsibility and Sustainability Committee for validation and approval.
4.Material Issues Validation and Approval
The Corporate Social Responsibility and Sustainability Committee considers and approves key materiality issues that are important to sustainability and its prioritization. The committee also sets guidelines for responding to stakeholders on various issues and assigned the related executives to proceed in accordance with the guidelines. The key performance indicators and essential targets for each issue are defined for performance evaluation across the organization levels, and results linked to the performance evaluation of management and related employees.
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