BUSINESS MANAGEMENT
A sustainability strategy that is not adaptive and accountable to our stakeholders will not stand the test of time.
The key material issues were also mapped to the UN’s SDGs (some issues relate to two SDGs). These focus areas have set the direction of our strategy to achieve goals and create value for our stakeholders.
Corporate Governance
Philosophy & Principles
Corporate governance refers to a set of laws, regulations and good practices that enable an organisation to perform efficiently and ethically generate long-term wealth and create value for all its stakeholders.
We are committed to the adoption of best governance practices and its adherence in the true spirit, at all times. These practices are self-driven, reflecting the culture of the trusteeship that is deeply ingrained in our value system and reflected in our strategic growth process. Our governance philosophy rests on five basic tenets, viz.,
Governance Structure for
the Implementation of Sustainability
ECOFA is a joint stock company, established in Vietnam.
Business Director (CEO) is responsible for the sustainability and climate-related issues in the organization and these issues are reviewed by the Business Review Council (BRC) which is the equivalent of Board of Directors in the Ecofa governance structure. The BRC comprises of Aditya Ecofa Management Corporation Pvt. Ltd. Directors which meets quarterly to review the business progress, various initiatives and provide guidance and oversight of the business performance including sustainability.
Ecofa’s Business Director heads the Executive Committee (ExCom) of Birla Cellulose comprising of Head of Manufacturing Fibre Business Operations (COO Fibre), Head of Pulp Operations (COO Pulp), Chief Sales & Marketing Officer (CMO), Chief Technology Officer (CTO), Head of Finance (CFO) & Chief Human Resource Officer (CHRO).
The business strategy, business goals and business plan and annual financial plans are reviewed & approved by BRC. The execution of business plan & strategy is the responsibility of BRC.
BRC & ExCom approves the sustainability and climate goals and provide the resources and budgets to achieve these goals and ensure climate-related risks are addressed as a part of business strategy. The annual planning and capital expenditures for the deployment of sustainability strategy is approved by BRC & ExCom. Chief Sustainability Officer appointed by ExCom, works in close collaboration with all the functions (operations, marketing, safety, R&D, HR, Finance) to deploy the initiatives and monitor the sustainability performance.
At the site level, Sustainability & Safety Committees headed by the Unit Head ensures the strategy is implemented on the ground. They are mandated to deliver the requirements outlined in our policies appropriately for the site and to put action plans in place. Central Sustainability Cell supports the sites in executing the policies and programs related to Sustainability.
Materiality Assessment
Ecofa approaches sustainability from the same scientific temper with which we approach our products.