Stakeholder Engagement

MAXIMISING
STAKEHOLDER
CAPITALISM

to deliver value

Stakeholder capitalism sits at the heart of Marico's business vision, strategy and responsible growth story.

It defines our purpose and accelerates our impact creation potential such that we are able to make a difference in the lives of all stakeholders who inspire us to survive and thrive.

Using our Sustainability 2.0 framework as a lever, we revisited our engagement strategies with each of our critical stakeholder groups to validate whether our interventions are adding direct value in addressing the key needs.

Our aim is to safeguard our stakeholders interests and futureproof the value delivered to each one of them, over short, medium and long term. We believe that by prioritising our stakeholders' needs, we will create symbiotic bonds built on trust, resilience, agility and responsible growth.

Marico's Stakeholder Capitalism Agenda

Planet

Does our stakeholder ecosystem
demonstrate environmental
responsibility for its critical actions?

Prosperity

Do our actions fulfil the
interest and aspirations
our key stakeholders?

Principles of Governance

Are we embedding accountability,
trust and stewardship in our
decision-making process?

People

Are we fostering dignity, equality,
diversity and social inclusion in
our way of doing business?

CAPITALS

Financial
Manufactured
Intellectual
Human
Social & Relationship
Natural
Consumers
Shareholders
Value-chain
Partners
Employees
Community
Government
and regulators

Unique Value Proposition

DELIGHT
DELIVER
INCLUDE
EMPOWER
NURTURE
ADHERE

Definition

Consumers
DELIGHT

With our uncompromising quality, trusted brands and product innovations, we endeavour to provide a unique value proposition to our consumers. Our brands differentiate themselves across the core and aspirational market segments. We strive to bring innovation in every facet of our operations, while ensuring the availability of products at the right time and for the right price.

Shareholders
DELIVER

Consistent shareholder value creation remains our topmost priority. This is achieved by strengthening our core segments and achieving growth in niche markets through our innovation and entrepreneurial approach. Our value creation potential with shareholders has led to a steady focus on maximising volumes, market share gains and cost optimisation, despite the pandemic-induced market slowdown, availability of resources and other macro headwinds.

Value-chain
Partners
INCLUDE

As a responsible organisation, Marico believes that mutual and inclusive growth of our value-chain partners is critical to the overall purpose of creating shared value. We strive to maintain the right balance by meeting the needs of our partners through continuous capacity enhancement drives, proactive engagement and timely response strategies. As part of our mission to drive inclusive growth across our stakeholder ecosystem, we strive to play a significant role in the growth stories of our value-chain partners.

Employees
EMPOWER

At Marico, we offer all our members a defined talent value proposition to challenge, enrich and fulfill their aspirations, so that they can maximise their true potential to make a difference. Further, our values are based on the principles of 'go beyond', 'grow beyond' and 'be the impact' which enable our human capital to bring purpose to work. The cultures of diversity, equality and inclusion are the forerunning guiding principles for any initiative that we take for our members.

Consumers
NURTURE

Communities influence and inspire our existence and hence we strive to touch their lives in every possible way so as to make a difference. To safeguard our communities from the socio-economic and health-related disruptions caused by the pandemic, we try to maximise our efforts in helping our communities sustain and thrive in these changing times.

Community
ADHERE

Marico is committed to be a leading consumer goods company that meets and exceeds compliance and regulatory mandates towards its products and processes.

Material Needs

Consumers
DELIGHT
  • Affordability, accessibility, quality, reliability and safety
  • Product innovation and reconfiguration centered on consumers' preferences and evolving needs
  • Enhancing health and nutritional quotient of products without compromising on quality/taste
  • Minimisation of products' environmental footprint at each stage of the products' lifecycle
Shareholders
DELIVER
  • Business resilience and agility
  • Safeguarding value: lives, assets and reputation
  • Responsible growth and profitability
  • Mainstreaming mitigation of environmental, social and governance (ESG) risks and maximising opportunities
Value-chain
Partners
INCLUDE
  • Cost-benefit terms, payment modalities
  • Quality expectations
  • Supplier Code of Conduct and Business Ethics
  • Safety and operational risk management
  • Harnessing the power of technology and data to provide traceability and accuracy
  • Commitments on responsible sourcing, circular economy, human rights, resource efficiency etc
Employees
EMPOWER
  • Career growth opportunities, compensation packages
  • Redefining value in the future of work
  • Capacity enhancement and competence building
  • Leadership and people management skills
  • Occupational health, safety and wellbeing
  • Diversity, Equality and Inclusion
  • Tech-based support for improving quality of outputs
Consumers
NURTURE
  • Health and Community welfare
  • Enhancing socio-economic development and livelihood restoration
  • Fostering social innovation that creates incremental value for communities
  • Drive eco-conscious behaviour and lifestyles changes to improve sustainability footprint
Community
ADHERE
  • Compliance, governance and risk mitigation
  • Product safety assurance
  • Propelling social leadership and empowerment
  • Safeguarding natural assets
  • Adhering to all labour laws and ensuring implementation of human rights, safe and secure workplace and 100% adherence to ethical standards of work

Engagement Objective

Consumers
DELIGHT
  • Develop relationships based on trust, loyalty and social commitments
  • Understand the shift in preferences to catalyse product innovation
  • Create shared vision on environmental and social commitments, transition to eco-conscious lifestyles and carve out a sustainable future for all
Shareholders
DELIVER
  • Become a better investee company
  • Create high shareholder value
  • Communicate performance and future growth plans
  • Understand concerns and expectations
Value-chain
Partners
INCLUDE
  • Sharing of mutual expectations and needs, especially with regard to quality, cost and timely delivery
  • Capability building and growth plans
  • Sharing of best practices
  • Responsible Sourcing (Samyut) framework for integrating sustainability within our value chain in a phased manner
Employees
EMPOWER
  • Communicating organisational vision, purpose, ethos and integrity. Clear understanding provided on the role of each member to help achieve the purpose and goals of the organisation
  • Technical, functional and need-based training and development
  • Support career growth plan
  • Workplace needs and expectations
  • One-to-one consultations and counselling on health, wellness and other daily challenges
Consumers
NURTURE
  • Maintain cordial relationship
  • Improve livelihood and create positive impact
  • Shared eco-system
Community
ADHERE
  • Understand compliance and applicable regulations
  • Collaborations on national agendas

Mode of Engagement

Consumers
DELIGHT
  • One-on-one interaction
  • Consumer satisfaction survey
  • Call centre/Consumer Cell to track insights and feedback
  • Digital platforms, social media handles
Shareholders
DELIVER
  • Annual General Meeting
  • Investor calls
  • Press releases
  • Published results
Value-chain
Partners
INCLUDE
  • Periodic interactions (physical, telephone, mailer)
  • Annual meets/events
  • Training programmes and workshops
Employees
EMPOWER
  • Personal development programme
  • Learning and development
  • Engagement survey
  • Organisation communication
  • Digital interactions
  • Health and wellness drives
  • Social inclusion based townhalls on themes like diversity, inclusion, human rights, sustainability, CSR etc
Consumers
NURTURE
  • One-on-one interactions
  • Field visits and trainings
  • Digital platforms
  • CSR and sustainability initiatives
  • Pandemic relief campaigns - healthcare facilities, provision of meals and rations, PPEs to frontline workers etc
Community
ADHERE
  • Business meetings
  • Engagement in industry forums, trade associations, interest groups, sectoral associations and scientific/R&D based thought leadership initiatives
  • Stakeholder consultations

Frequency

Consumers
DELIGHT

Continuous

Shareholders
DELIVER

Quarterly, Half-yearly, Annually (Note: Financial calendar)

Value-chain
Partners
INCLUDE

Continuous

Employees
EMPOWER

Continuous, Half-yearly, Annually

Consumers
NURTURE

Continuous

Community
ADHERE

Need-based

Capital Linkages

Consumers
DELIGHT
Shareholders
DELIVER
Value-chain
Partners
INCLUDE
Employees
EMPOWER
Consumers
NURTURE
Community
ADHERE