Engaging with stakeholders is a fundamental aspect of our operations. Through regular communication, we shape our strategic planning, redefine our business purpose, and closely monitor our activities and outcomes across all stakeholder groups.
Our commitment to stakeholder engagement lies at the core of our work, fostering deep awareness of pertinent issues and directing the implementation of initiatives that drive positive transformation. We firmly believe that involving diverse stakeholders in open and constructive conversations is vital for the organisation’s long-term sustainability and upholding responsible business values.
We at BALCO, place a high value on aligning our business objectives with the well-being of our stakeholders, particularly the local communities. To ensure this alignment, we are committed to consistently identify and address any potential impacts through an ever-evolving and robust engagement mechanism, which may influence stakeholders. We acknowledge that effective consultation is a two-way process that involves informing stakeholders about our operations, actively listening to their perspectives, and addressing their valid concerns. Moreover, we understand that our operations attract stakeholders with diverse interests.
We have formulated Stakeholder engagement procedure (SEP) which considers the unique attributes and interests of all involved parties, aiming to facilitate the implementation of identified measures and promote active engagement from stakeholders. This participation will provide a platform for stakeholders to voice their opinions, address concerns, discuss associated risks and impacts, and propose subsequent mitigation measures. Moreover, it enables us to acknowledge these perspectives, respond accordingly, and take appropriate actions.
The Stakeholder Engagement Procedure is implemented through following steps –
The Stakeholder Engagement Procedure is implemented through following steps –Identification of individuals or groups who are directly or indirectly affected by our operations or who may have an interest in the operations.
The identified stakeholders are mapped according to the interest and impact of the stakeholder on the operations.
Stakeholder wise plan is prepared based on the mapping done in the analysis which includes the defined mode & frequency of engagement.
We have developed a stakeholder engagement framework that aims to include all communities or groups affected by our operations. Various departments within the company utilise different communication channels to engage with our stakeholders. A comprehensive mechanism is in place to regularly review and oversee the process, as well as analyse the results. The periodic review considers the evolving dynamics of both our company and the external environment.
BALCO’s Grievance Redressal Mechanism is aimed at identification & redressal of various categories of grievances that may possibly arise due to factual and perceived incidents. To ensure the same a Grievance Redressal Mechanism is in places which serves as a guiding tool from receiving to closure of a grievance in a time bound manner. A unit level Apex body is in place which periodically meets and assesses the grievances received and ensures action is taken on them by respective teams. The entire process is rigorously documented at each stage and is communicated to all involved parties. As a responsible organization we ensure all the grievances are acknowledged, assessed and an appropriate response is provided to the aggrieved party within the timelines.
