At STL, we stay committed to simultaneously pioneering technical innovation and redefining corporate response to social imperatives. Our continued efforts to balance non-negotiable economic interests with sustainability commitments have been emboldened, being endowed with the Silver Rating by Ecovadis for the second consecutive year. Besides elation, the moment is also one of introspection on how we can persistently mobilise and bring value to a diverse spectrum of socio-environmental benchmarks at the core of STL’s business model.
Among the world’s most trusted business sustainability rating providers, Ecovadis, has over 75,000 organisations within its fold. These scores and ratings are based on its unique assessment methodology that inspects an organisation’s proficiency in assimilating sustainability and CSR considerations into its business philosophy and practices.
A partnership for transformation
Over the last two years, assessment insights have served as critical yardsticks for STL in fine-tuning business processes and stakeholder relationships across our value chain. It has helped us evolve as a leader in the sustainable manufacturing domain with one of the most extensive CSR footprints in the industry. True to the tradition, our consistent efforts managed to improve STL’s Ecovadis sustainability position in 2020, ranking the company amongst the elite 6% of all the participants. The scope of the assessment is exhaustive and evaluates STLs’ contributions towards the Environment, Labour & Human Rights, Community Development, Ethics and Sustainable Procurement.
STL’s annual assessment by Ecovadis reflects its long-standing and inclusive corporate culture that holds the institution accountable to the demands of the Triple Bottom Line. As a signatory to the UN Global Compact (UNGC), we have been one of the earliest in embracing its ten principles on Human Rights, Fair Labour Practices, Anti-Corruption and Environment Conservation. The organisation’s increments in these aspects are published regularly for stakeholder scrutiny, as part of the UNGC’s Communication on Progress framework, alongside the snapshot of its adherence to the UN Sustainable Development Goals (UNSDGs). Further, STL also aligns its sustainability intelligence and reporting policies with Global Reporting Initiative (GRI) parameters and includes the SEBI mandated Business Responsibility information as part of our Annual Report.
A multidimensional approach to sustainability
The environmental performance criteria of the Ecovadis assessment to be exceptionally crucial due to its overt linkage to several other sustainability dimensions. As an organisation, we are highly concerned about the contemporary backdrop of irreversible climate changes and their implications for the planet’s future. For this, STL has adopted a circular economic model and a cradle-to-cradle approach to manufacturing, underscored by a robust Zero Waste to Landfill (ZWL) strategy, is committed to sustainable sourcing and water positivity.
Secondly, STL scored high in the Labour & Human Rights aspects of the Ecovadis sustainability assessment as we are essentially a people-first company. We believe that for an enterprise to be sustainable, resilient and productive, it must operate with due regard to the inalienable rights of its workforce and that of the larger community in which it thrives. STL has invested substantially in developing a dedicated Human Rights policy that values transparency, regulatory compliance, grievance redressal and employee safety. It has zero tolerance towards forced and child labour practices and promotes fair labour standards, workforce diversity, fair compensation and skill development for its employees.
While a conducive posture towards the environment, society, our valued employees and the customers is an integral part of business ethics, STL also firmly believes in piloting the pledge to give back more and build back better beyond its institutional boundaries. Our aspirations of business success are closely entangled with our eagerness to positively influence the course of social progress and materialise the noble vision enshrined in the UN Sustainable agenda. STL operates a comprehensive CSR framework that converges with the National action areas around Healthcare, Women Empowerment, Smart Education, Skill Development, Employment Generation, Digital Access, Climate Action, Good Governance and Disaster Relief. Our initiatives have transformed everyday living for over 1.43 underprivileged.
Commitments for a greener future
For STL, ESG is not simply an appendage but an indispensable component of its corporate DNA. The Ecovadis assessment outcomes, while recognising our efforts, also serves as a moral compass for our sustainability journey. The competitive format continuously motivates us to challenge the limits of human endeavours in defending economic growth and profitability within the ambit of socio-ecological imperatives and human values.