TERI SCHOOL OF ADVANCED STUDIES, NEW DELHI

DEPARTMENT OF BUSINESS AND SUSTAINABILITY

MBA (SUSTAINABILITY MANAGEMENT)

Project Report
on
Sustainability report for Petrochemical Industry: A Maiden report

Academic Year 2021-22

PPM 100 Minor Project Report

Prepared by: Submitted to: Dr. Shruti Sharma Rana

Preetika Chopra Guided by: Dr. Montu Bose
Abstract:

The minor project at Aseries Envirotek was focused on creating the maiden sustainability report
of a petrochemical company in accordance with GRI standards and Integrated reporting
Framework. The primary tasks associated with this project was collecting primary and secondary
data, identifying data gaps and performing data analysis. The process of writing chapters for the
sustainability report involved understanding material aspects important for the company,
presenting a graphical representation of the materiality matrix. After identifying material issues
for the company, information was disclosed under six capitals including Human Capital,
Financial Capital, Natural Capital, Intellectual Capital, Manufactured Capital, Social and
Relationship Capital. After relevant quantitative information was being gathered under these
capitals data analysis was being performed for the purpose of appropriate data visualisation
inside the report. Post satisfactory analysis the data was being mapped according to the GRI
content Index. Information for three consecutive years was being considered to analyse
company’s performance in terms of environmental performance metrics. It was found that GHG
emissions of the company have been increased in FY 2020- 2021 for which relevant measures
have been taken, although the majority of them are at a nascent stage. Measures taken by the
company under three sustainability pillars have been disclosed with a moderate attention to level
materiality disclosure. Primary and secondary research was being conducted to gather sufficient
qualitative and quantitative data for the purpose of mapping. As a part of business development
work sustainability reporting trends in the fashion industry was being analysed followed by
benchmarking scope of reporting for potential clients. This paper has made an attempt to explain
in detail how to write a concise and accountable sustainability report in a stepwise manner based
on hands-on experience gained.

At Aseries Envirotek Pvt Ltd, we worked as sustainability management interns where we were
given the opportunity to create the maiden sustainability report for one of its clients. This client
is a large petrochemical company based out it in North East region in India. As a part of the
project a sustainability report has to be created based on GRI standards and Integrated reporting
framework. In this report “core option” has been followed for GRI based reporting and six
capitals of Integrated reporting framework has been used and content of the report has been
disclosed under six capitals defined by the Integrated reporting framework. The integrated report
has also been used as a framework for identifying data gaps and data collection for the relevant
chapters. GHG accounting has been used in the project to disclose companies performance on
carbon emissions. Finally, the content inside the report under six capitals was mapped using GRI
content Index.

Keywords: Sustainability reporting, GRI standards, Integrated Reporting framework,

Stakeholder management, materiality analysis, GHG accounting, energy efficiency

Introduction:

With businesses around the world becoming more sustainable and adopting sustainability as their
domain, sustainability reporting is becoming the norm for businesses today. Businesses are
turning more towards sustainability reporting as traditional financial reporting merely looks back
at the past and does not focus on value creation. Contrastingly, sustainability reporting, focuses
on value creation, functioning sustainably, and preserving the resources for future generations. In
the preceding year, as COVID ravaged our world, degenerate businesses are slowly turning to
sustainability practices in the wake of the pandemic to become more resilient in the face of such
adversities. Sustainability Reporting has also paved the way for businesses to report on a variety
of issues like ethics, finance, stakeholder engagement, initiatives undertaken, vision, strategy,
goals, targets, opportunities, challenges, etc.

A good sustainability report may show how your company's entire sustainability strategy fits into
and relates to long-term business goals and strategy. It should be representative of your
company's brand and written in the same language that you use to advertise your brand to ensure
that your stakeholders can easily access it. The success of your report will be determined by how
well it answers stakeholder questions and concerns; consequently, it is vital that you personalise
the report to the needs of your stakeholders. Avoid "greenwashing," or making assertions or
connotations that are deceptive or misleading. Greenwashing is the act of purposefully or
unintentionally misleading others about a company's environmental practices or the
environmental benefits of a product or service. Stakeholders may perceive your report as
misleading if it shows evidence of greenwashing, which could result in poor PR for your
company. Materiality analysis serves in evaluating the relevance of the economic,
environmental, and social issues, and ensures that sustainability strategies and reporting address
those that pose significant risks and opportuni-ties to the company business and to the
stakeholders.

Sustainability Reporting in India is in it’s starting phase with only 40 companies publishing a full
fledged report. Most of these companies in India use GRI Guidelines for reporting in addition to
the guidelines laid out by UNGC, IFC Standards, ICMM Development Framework, etc. The
sustainability reporting activity in the Indian context is in its nascent stage. With India’s latest
announcements at COP26 for going net-zero by 2070, it becomes essential for businesses to
venture out in the area of sustainability and report their activities to the various stakeholders
involved.

The internship at Aseries Envirotek Pvt. Ltd., focussed on preparing the maiden report of a
petrochemical and oil and gas company. The report was prepared by referencing the already set
GRI Guidelines that laid down the rules for following different reporting sections and their
disclosures. It involved assessing stakeholder engagement and conducting a materiality analysis.
GRI 11 guidelines that are specific for the oil and gas sector was used along with Integrated
Reporting Guidelines for various capitals like human, planet, intellectual, etc. Some of the topics
that included were corporate governance, operational excellence, financial capital, natural
capital, human capital, Social and Relationship Capital.

The methodology of report writing was divided into main parts - assessing the stakeholder
engagement and analysing the materiality assessment, and defining the six important capitals.
The first methodology was done based on the materiality assessment guidelines recommended by
KPMG. This was done in five phases. The first phase included defining the objectives and
audiences for the materiality assessment and stakeholder engagement. This helped us identify the
various issues and risks that existed in the business-like climate related risks, etc. The next phase
involved identifying the potential topics for the same. The third phase included categorizing the
topics into the order of their importance viz. Highly important, moderately important, and low
importance. Phase four and phase five encompassed the gathering of information on the topics
and prioritizing them respectively.
The next part of the project included identifying the capitals according to the Integrated Report
Framework (IIRC). The six capitals that were identified were Financial, Social, Intellectual,
Human, Manufactured & Natural Capital. The detailed methodology of the project is described
below in the methodology and materials section.

As above plus an introduction in the structure of your work.

Background/Lit review:

The impacts of an organization vary according to the types of activities it undertakes. As part of
the value chain process of the oil and gas industry a petrochemical facility falls under the
category of processing (Processing gas into pipe-quality natural gas and natural gas liquids,
including removing hydrocarbons and fluids), sales and marketing (Selling of oil and gas
products for the purpose of, for example, fuels, gas for retail use, and inputs in the production of
specialty chemicals, petrochemicals, and polymers) (GRI 11: Oil and Gas Sector 2021). An
integrated report is a concise communication about how an organization’s strategy, governance,
performance and prospects, in the context of its external environment, lead to the creation,
preservation or erosion of value over the short, medium and long term. The purpose of the
Framework is to establish Guiding Principles and Content Elements that govern the overall
content of an integrated report, and to explain the fundamental concepts that underpin them. The
Framework is written primarily in the context of private sector, for-profit companies of any size
but it can also be applied, adapted as necessary, by public sector and not-for-profit organizations.
The primary purpose of an integrated report is to explain to providers of financial capital how an
organization creates, preserves or erodes value over time. It therefore contains relevant
information, both financial and other. An integrated report benefits all stakeholders interested in
an organization’s ability to create value over time, including employees, customers, suppliers,
business partners, local communities, legislators, regulators and policy-makers. The Framework
does not prescribe specific key performance indicators, measurement methods or the disclosure
of individual matters. Hence, in this report Integrated reporting framework has been used to
disclose information in a structured manner by disclosing qualitative and quantitative data under
six capitals under Integrated reporting framework (Integrated Reporting, 2021). Scope of GHG
emissions classification of the operational boundaries where greenhouse gas (GHG) emissions
occur. Scope classifies whether GHG emissions are created by the organization itself, or are
created by other related organizations, for example electricity suppliers or logistics companies.
There are three classifications of Scope: Scope 1, Scope 2 and Scope 3. The classification of
Scope derives from the World Resources Institute (WRI) and World Business Council for
Sustainable Development (WBCSD), GHG Protocol Corporate Accounting and Reporting
Standard, Revised Edition, 2004.

K.S.Venkateswara Kumar and V. Rama Devi in their paper “Sustainability Reporting Practices
in India: Challenges and Prospects” discuss the state, benefits, and future prospects of
sustainability reporting in the Indian context.

Objectives:

1. Identify key material aspects to stakeholders using materiality analysis using GRI
standards.
2. Identification of data gaps and following a structured approach for disclosing material
topics under six capitals using Integrated reporting framework.

3. Integrated Reporting framework has been followed to structure the report under six
capitals- Financial, Human, Social, Manufactured, Natural and intellectual capital.

Material and Methods:

Stakeholder engagement and materiality Analysis

An internal study was conducted as part of the effort to identify important stakeholders and their
main concerns. Stakeholder engagements were held with the intent of gathering feedback from
stakeholders on the issues at hand. Stakeholder answers were compiled and analysed in order to
highlight the most important concerns for the organisation and its stakeholders. The process of
materiality analysis was being carried out by using KPMGs guide to materiality assessment
which is supposed to be conducted into 5 phases:

Phase 1- Clearly defining objectives and audience for materiality assessment:

Materiality assessment helps us in identifying issues that have significant environmental, social,
and economic impacts on a business and it helps in influencing the assessments and decisions of
the stakeholders. The material topics finalized will be used to discover opportunities in the
market and to deliver value to each stakeholder by effective and frequent engagement activities.
The degree of materiality disclosure of these topics is based on the degree of concern put forward
by the relevant stakeholders. Categorization of material issues with individual stakeholders
would be key to devising effective strategies across different business units. opportunities , risks
and concerns are being identified for the business and communicated well with the relevant
stakeholders in order to have an informed opinion regarding important issues for the
management. A general identification was done on existing climate related risks and
opportunities (CRRO) based on the geographical location and the nature of organization’s
operations. In this way a long term approach for the business sustainability is taken into
consideration for effective decision making. Risks associated with business sustainability
includes:

1.Climate-related Risks: A changing climate presents physical and other material risks to
natural resource sectors, and is expected to affect resource industry operations at all stages.
 Fig 1

2 Market Risks: Market Risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market prices

3.Cost Risk: Operational cost may lay down another risk for BCPL. The more onerous the
regulation and the more difficult the drill, the more expensive a project becomes.

4. Infrastructure Risk: Infrastructure inadequacy is a major problem for the petrochemical

industry

5.Physical Risk: It is quite apparent that toxic chemicals in the petrochemical industry have
numerous environmental, health and safety hazards.

Phase 2- Identify potential topics:

As part of the maiden report one of the objectives of this report is to identify likely material
topics to be disclosed by a petrochemical company. We have used GRI standards (GRI 11
guidelines) for stakeholder engagement and materiality assessment. Most relevant material topics
in accordance with industry standards has been identified and put forth to the senior management
for validation using a questionnaire. Twenty-two such material issues have been identified
initially which are most likely to affect the companies operating in the oil & gas sector.
Important topics for the management were then being received by the team. The company has
defined accountability of risks involved in business operations to individual business units which
enables the management to have a broader opinion for material topics which is likely to affect
respective business units. Areas of opportunity has been identified by the reporting team and
communicated well with the management. External stakeholder consultation has not been
considered in the maiden report.

Phase 3- Refine the long list of potential material topics by clustering them into categories:

Here, we refined the long list of material issues. The materiality determination process was
concluded by identification of 16 material issues. 9 of them were identified as high material
issues, 6 were identified as medium importance issues and 2 were identified as low importance
issues.
 Fig 2

Phase 4- Gathering information about the impact and importance of topics:

Each material topic has been explored in detail to understand its relevance to the business and
stakeholders. Potential material topics were then being categorised against Economic,
environment and social impact derived by these material topics.

Potential material topics were then being categorised against Economic, environment and social
impact derived by these material topics. These topics were then being mapped to GRI based
disclosures and linked to stakeholders to whom these impacts are crucial. A sample of the report
has been presented below:

Fig 3

Phase 5- Prioritization:
For validation, the topics were discussed with the senior management. Preparation of Materiality
Matrix.

Prioritize material topics based on the strategic importance to the business, importance to
stakeholders and the social, economic and environmental impact of each topic in the value chain.

Fig 4
Defining Six capitals using Integrated Report Framework (IIRC):

The purpose of using the Integrated Reporting framework <IR> is to create complete, concise
and relevant information for identified stakeholder under six major capitals (Financial capital,
Social Capital, Intellectual Capital, Human Capital, Manufactured capital & Natural Capital).
The application of Integrated Reporting Framework encapsulates the Business model of an
organization which includes identifying Risks and Opportunities, Strategy and Resource
allocation, Performance evaluation and overall business outlook of the company. The Integrated
Reporting framework is first used to define quantitative metrics under each of the six capitals
and then analysing data gaps by comparing the best practices of disclosure and analysing what
needs to be disclosed for our organization. This process helps in identifying various performance
metrics which are needed to be captured in order to get a holistic overview of performance of the
company under each metrics. Clear definition of these capitals makes it easier for the investors to
navigate through the report and make an informed investment decision. Both primary and
secondary sources are being considered to disclose information under each capital.

1. Financial capital

The purpose of disclosure of financial capital is to inform the concerned stakeholders regarding
overall financial health of the company which is used to disclose the pool of funds that are being
used to produce goods and services.

The financial capital for the company has been disclosed under the following segments:

Economic performance: The economic performance of the company has been captured by
disclosing sale of manufactured capital along with capacity utilization for the current year. The
economic value gained by selling these products is being compared against three consecutive
years. These metrics helps the management in measuring the portfolio of products delivered and
right sizing the portfolio composition according the market demands and companies capability to
meet them. Other important metrics such as revenue growth, gross profit margins and return on
assets has been disclosed.

Business strategy: This segment discloses the company's market presence and competitive
advantage in the particular region of operation.
Opportunities for future growth: In this segment external market conditions have been tracked
and market risks that may lead to potential damage to the company have been identified.
Measures taken by the company to offset these risks have been disclosed.

Business Outlook: Relevant industry trends have been captured in terms of growth prospects.

2. Manufactured Capital

Material items and infrastructure owned, leased, or controlled by an organisation that contribute
to production or service supply but are not embodied in its output are referred to as manufactured
capital like tools, technology, machinery, and so on. Manufactured capital is critical for an
organization's long-term success in two ways. For starters, making optimal use of manufactured
capital allows a company to be more flexible, responsive to market or social needs, inventive,
and faster to market with its products and services. Second, manufactured capital and technology
can help to cut resource consumption and put greater emphasis on human innovation, improving
both efficiency and long-term development.

Some say that manufactured capital is recorded in financial reporting as tangible assets, while
others argue that manufactured capital simply refers to factory production. However, it is
important to note that, while manufactured capital is often included in financial statements, it is
not the same as financial capital. Manufactured capital, on the other hand, is dependent on the
flow of financial capital to allow resources to be employed to construct it. Furthermore,
manufactured capital interacts with a variety of other capitals, such as the ability to embody
major aspects of intellectual property (e.g., equipment built using patented technology), which is
a component of intellectual capital. "Tangible capital," such as plant and equipment, is another
phrase that is frequently used in place of manufactured capital.

In this segment the materials used and consumed are being tracked for three consecutive years
and disclosed for all three units inside the overall complex. The data for the current year has been
collected through primary source and previous year data has been collected through financial
statements available at the company's website.
 3. Intellectual Capital

Intellectual capital is a critical component of a company's future earning potential, with a close
link and contingency between R&D, innovation, patents, copyrights and licenses. Intellectual
capital statements provide a narrative that addresses problems such as value chain positioning
and the business model for value generation, which helps to provide clarity on how a firm
achieves competitive advantage. “Organizational Capital” such as tacit knowledge, systems,
procedures and protocol unique to the organization are considered to be intellectual capital.

It is largely concerned with a company's internal reporting, management, and control, and it is
required for management to communicate with external investors about the company.
Identifying, measuring, and reporting on intellectual capital is especially critical for R&D,
innovation, and future prospects firms to convey to investors about the value of their work and
why it will lead to future success.

This chapter discloses Research & Development (R&D) trends of the company along with
strategic investments made for improving operational performance and sustainability of the
company.

4. Human capital

Human capital is one of the most important asset to help us take the giant leap of growth and
innovation. The knowledge, skills, experience and motivation of the employees who enables to
create values. Human Capital refers to the people’s consistencies, capabilities and experience.
The motivation to perform and innovate at work can be alignment with and support for an
organisation’s governance framework, Risk management approach, or ethical values. At an
executive level the motivations can be the ability to understand, develop and implement an
organization’s strategy. Other motivation factors can be loyalties and motivations for improving
processes, goods and services, including their ability to lead, manage and collaborate.

In this segment following metrics have been considered to be disclosed:

Workforce headcount: The number of permanent and contractual employees have been
disclosed and compared for three consecutive years.

Inclusion & diversity: Employee distribution in terms of gender and age have been disclosed
for the financial year 2020-21.

Maternity benefits: Maternity benefits availed by male and female employee has been
compared and disclosed.

Training & Engagement: Training hours spent on male and female employees have been
compared and disclosed for the FY 2020-21.

Health & safety: Health, Safety and Environment (HSE) policy of the company have been
disclosed along with HSE governance, committee, safety measures and HSE performance. The
number of safety audits being done annually along with the disaster management process based
on severity of event has been disclosed. The standards being followed in the process have been
disclosed.

Also, this part of the report we tried to align these with the Sustainable Development Goals.
Workforce is the foundation of every business. Providing the people with a safe and healthy
working environment is at the top priority and are confident about the people-centric policies
which enable them in their long-term growth. They provide training and skills to create a pool of
high-performing, innovative people with a diverse skillset to operate business efficiently. They
also undertake initiatives around inclusivity, safety and leadership development. They are
infusing the human capital with the best talents across generations, nationalities, cultures,
ethnicities, skills and capabilities. Alongside, they are re-engineering learning and development
and talent management to have a future-ready workforce. The objective is to empower and
inspire the employees by providing them with continued learning and development opportunities,
periodic incentives and benefits and constant knowledge creation.
In the above mentioned graph, there is clearly the gender discripency. As under the senior
management section there are no female employee. The workplace has sometimes been referred
to as an inhospitable place for women due to the multiple forms of gender inequalities present.
Gender inequality in organizations is a complex phenomenon that can be seen in organizational
structures, processes, and practices. Gender discrimination is when there are unfair rights between
male and female. It differs because of their gender roles which ultimately leads to unequal treatment
in life. Gender discrimination has been around for many centuries. However, as we are evolving, it is
time to do away with such notions of gender roles.
 5. Social and Relationship Capital

Social and relationship capital requires a holistic understanding of the institutions and the
relationships within and between communities, groups of stakeholders and other networks, and
the ability to share information to enhance individual and collective well-being. This section of
the report disclosed information about Human Right practices. Also, there is a new Human rights
practices under the updated GRI standards 2021 of making human rights mandatory to disclose
in the sustainability report of company. Social and relationship capital may vary according across
different companies and sectors which could be defined in terms of shared norms, common
values and behaviour. Intangible assets associated with the brand and reputation of an
organization which a company has built over a period of time. This may include key stakeholder
relationships, building trust and willingness to engage that an organization has developed and
strives to build and protect with external stakeholders. Considering losing this capital as a
potential risk the organization’s license to operate is a crucial element to be taken care of. Legal
charges against a company can potentially harm its brand and reputation and can incur
significant damage to business operations and profitability. This section has disclosed Human
rights practice, community investments, opportunities to MSMEs along with company’s CSR
initiatives. Globally, recognised certifications & awards received by the company has been
presented in this section.

The company has a zero-tolerance policy towards any act that leads to the violation of any
human rights. It complied with an Presidential Directives the other instructions and guidelines
issued by the Government of India for various systems and procedures at the workplace. These
presidential directives are regarding reservation, relaxations, concessions, etc. for Scheduled
Castes (SCs), Scheduled Tribes (STs), Other backward classes (OBCs) and Persons with
disabilities (PWDs) in direct recruitment. The code ensures that all the employees, suppliers and
vendors respect human rights not only among the company but also within communities in
which. Also, it plays utmost importance to human rights issues relating to security, land access
and resettlement, indigenous people’s rights, environmental protection, cultural heritage and
labour rights. The company made sure that regular due diligence is undertaken to prevent
exposure to risk arising out of human rights violations.

6. Natural Capital

Natural capital is the world's stock of natural resources, which includes geology, soils, air, water
and all living organisms. Some natural capital assets provide people with free goods and
services, often called ecosystem services. All of these underpin our economy and society, and
thus make human life possible. The company must disclose the natural resource it uses to sustain
its operational capacity. Operational efficiency in terms of waste reduction, recycling, efficient
resource allocation and management can be disclosed. The Natural capital for the company was
being captured under the following headings:

Energy Performance and management: Energy intensity, alternative sources of energy, direct
and indirect energy consumption has been compared and analysed for three consecutive years.
The Specific Energy Consumption (SEC) has been compared with the specified target for PAT
(Perform, Achieve and Trade Scheme) (+).

Water Management: In this segment Effluent waste water generated and recycled has been
disclosed and compared to track progress for two consecutive years. Primary sources of
information have been used to collect information and key initiatives taken by the company has
been described.

Waste & Effluent Management: Types of waste being generated and methods of disposal has
been disclosed in this section. The Methods of disposal has been compared for two consecutive
years.

Air & GHG Emissions: GHG accounting for scope 1 and scope 2 emissions have been
calculated and compared against three consecutive years. Harmful emissions other than CO2
such as PM10, PM2.5, SO2 and NO2 have been disclosed. Primary data for mitigation measures
taken at the company to reduce emissions levels is being disclosed.

Biodiversity conservation: Projects undertaken by the company along with expenditure on

these projects have been disclosed.

Limitations and Conclusion:

As part of the maiden report a comprehensive stakeholder engagement exercise was not being
performed due to limited time availability. Material topics were being validated only by senior
management of the company. Hence a comprehensive stakeholder engagement exercise is to be
performed in order to know important material topics which would further enable formulation of
sustainable policies. Scope 3 of the company has not been calculated which can account for the
company’s majority of emissions profile. This is because the company only produces
Polypropylene (PP), High Density Poly Ethylene (HDPE), and Linear low-density polyethylene
(LLDPE). These products are further used in packaging and textile industry where the emissions
can be substantial. Also, carbon sequestration by natural plantation has not been calculated
which should have been considered as carbon sequestering done by the company. This is because
the company has taken initiatives to plant multiple trees around the complex which shall offset
certain amount of carbon from its emissions profile. Some major limitations for the project were
that Stakeholder engagement was only limited to internal stakeholder and it doesn’t give a
complete picture of crucial material topics to the organization. Also, scope 3 emissions of the
company can be a major part of the emissions portfolio of the company which hasn’t been
analysed. After performing a comprehensive stakeholder engagement exercise the company can
perform a scenario analysis based on SBT which can help the company is assessing their risk &
opportunity from climate change and devise strategies based on these scenarios. By integration
of climate risks in overall risk management framework the company can tackle multiple climate
change catastrophic events. According to the latest Human Rights issues with associated risks
should be disclosed. Also, by adhering to GRI reporting standards for trends in Human rights
disclosure the company can improve on gender diversity ratio.
References:

• (https://www.integratedreporting.org/wp-

content/uploads/2021/01/InternationalIntegratedReportingFramework.pdf)

• https://assets.kpmg/content/dam/kpmg/pdf/2014/10/materiality-assessment.pdf

• https://www.investopedia.com/articles/markets/030816/top-4-oil-companies-protect-

environment-xom-sun.asp

• https://en.wikipedia.org/wiki/Human_capital

• https://corpgov.law.harvard.edu/2019/11/15/how-and-why-human-capital-disclosures-

are-evolving/

• https://www.globalreporting.org/how-to-use-the-gri-standards/resource-center/

• https://www.accountability.org/

• https://www.iso.org/home.html

• https://www.stern.nyu.edu/sites/default/files/assets/documents/NYUSternCSBSustainabil

ityMateriality_2019_0.pdf

• https://www.globalreporting.org/media/jrbntbyv/griwhitepaper-publications.pdf

• https://gailonline.com/SbEngagement.html

• https://www.ongcindia.com/wps/wcm/connect/en/sustainability/sustainability-reports/

• https://iocl.com/sustainability

• https://www.globalreporting.org/
Anon., 2010. International Organization for Standardization. [Online].

• Anon., 2018. Accountability Principles. [Online].

• Anon., 2020. Boosting Growth: Leaving Much To Be Desired. Economic and Political

Weekly, p. 4.

• Anon., n.d. India Brand Equity Foundation. [Online]

Available at: https://www.ibef.org/economy/indian-economy-overview

• Armando CALABRESE1, R. C. N. L. G. T. M., 2019. MATERIALITY ANALYSIS IN

SUSTAINABILITY REPORTING: A TOOL FOR DIRECTING CORPORATE

SUSTAINABILITY TOWARDS EMERGING ECONOMIC, ENVIRONMENTAL

AND SOCIAL OPPORTUNITIES. p. 23.

• Bal, R. K., 2019. A Study on Corporate Integrated Reporting. Volume 23, p. 84.

• Guix, M., 2017. The process of sustainability reporting in international hotel groups: an

analysis of stakeholder inclusiveness, materiality and responsiveness.

• Initiative, G. R., 2016. Global Reporting Initiative. [Online].

• Initiative, G. R., 2021. Global Reporting Initiative. [Online].

• Zhou, Y., n.d. Materiality Approach in Sustainability Reporting: Applications, Dilemmas,

and Challenges.