Delivering value for all stakeholders is at the core of our approach to working responsibly. Therefore, understanding who our stakeholders are and engaging with them to understand what their concerns and priorities are is important.
We have well-structured stakeholder engagement procedures in place at corporate and project level that enable us to identify and assess issues among our stakeholders and then address and respond to them. We do this through tailored engagement with specific stakeholders, disclosure of information and monitoring of stakeholder opinions and actions.
When considering a new project and involvement in a country where we have not worked previously, identifying our stakeholders is one of our priorities and we undertake a stakeholder identification exercise. We draw on the knowledge of our local staff, corporate staff and external agencies, partners and consultants to do this. Using this knowledge, we then develop a Public Consultation and Disclosure Plan (PCDP). PCDPs identify stakeholder concerns and issues, the materiality of issues and the associated risks to the business. This enables us to identify actions to mitigate those risks and this also forms part of the PCDP. Stakeholder engagement plans are bespoke to each project and regularly updated to reflect changing stakeholders and their concerns around a project.
Our stakeholder engagement model follows the principles of ‘Materiality’, ‘Inclusivity’ and ‘Responsiveness’ as defined in AccountAbility’s AA1000 Accountability Principles Standard (AA1000 APS). AccountAbility is a global organisation providing solutions to challenges in corporate responsibility and sustainable development. This ensures that we engage with internal and external stakeholders, identify and assess our most important CR issues, and address and respond to them in a structured way.