Stakeholders Engagement

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IRPC is committed to actively engaging with our stakeholders to foster a good and transparent relationship and build a foundation for success amid both current and future challenges.

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Management Approach

IRPC’s sustainability strategy, “Climate Change, Circular Economy, Creating Social Value” aims to harmonize business objectives and stakeholder expectations. For this reason, IRPC defines stakeholder engagement beyond conventional approaches to align with our commitments against external forces such as technological development, demographic shifts, climate change, and water resource management. Our approach focuses on creating shared value between IRPC and our stakeholders, comprehensive engagement, and understanding the real issue. IRPC believe that this positive and sincere approach will create sustainability for our business as well as our stakeholders.

Co-creation – IRPC focuses on collaboration and partnership of mutual interest between the company and our stakeholders, rather than solely focusing on potential risks that are relevant to IRPC’s business. The concept extends beyond traditional consulting and interviewing practices.
Multi-level Engagement – IRPC aims to expand our engagement to include not only direct stakeholders, but also those who adversely affected by IRPC’s operations, including local stakeholders in areas where IRPC operates, regardless of their level of influence or authority.
Deep Engagement – IRPC focuses on in-depth stakeholder engagement on material issues that impact corporate strategy.

Stakeholders Engagement PolicyDownload

Key Stakeholder Groups

IRPC has assessed and identified stakeholders across the entire value chain, categorizing them into 7 key groups:

Key Stakeholders Groups

Definition

1) Shareholders/Investors

Investors with rights to return on performance

2) Employees

Internal personal driving the business

3) Customers

Consumers of the Company’s product and services

4) Suppliers/Business Partners

Participants in the supply chain

5) Communities and Society

Local communities surrounding IRPC’s industrial operations, civil society, the public, and vulnerable groups

6) Government Agencies and Regulators

Government bodies responsible for regulations affecting the Company’s operation

7) Creditors / Financial Institutions

Providers of capital or financial support

Stakeholders Engagement Process

The purpose of stakeholder engagement is to appropriately manage stakeholders’ concerns and expectations, gain stakeholders’ trust and build good relationships with stakeholders. Moreover, stakeholders’ feedback will be considered in stakeholder engagement plan and acknowledged in the Corporate Sustainability Report. The procedure begins with stakeholder identification by relevant departments, considering factors such as responsibility, influence, relationship, dependence, and representation. This process includes identifying local stakeholders in areas where IRPC operates, as well as giving particular attention to vulnerable groups to ensure their perspectives and needs are adequately recognized. Subsequently, stakeholders are prioritized based on their importance, determined by their influence on the IRPC’s operations and impacts of IRPC’s operations to stakeholders. These findings inform tailored engagement strategies for stakeholders of differing importance as detailed in the Stakeholder Engagement Policy and Practices. Relevant departments then monitor and report stakeholder engagement outcomes, encompassing stakeholders’ opinions, concerns, and comments, to the Sustainability Department. Critical issues are evaluated, and materiality issues are presented to the Corporate Governance and Sustainability Committee for approval.

IRPC Stakeholder Engagement ProcedureDownload

Stakeholders Engagement Outcome

IRPC has established a stakeholder engagement framework procedure and guideline that prioritizes stakeholders based on their significance to the business and defines appropriate engagement approaches and frequencies. Recognizing the dynamic nature of the business environment, IRPC commits to regularly reassessing stakeholder prioritization to align with changing strategies and directions.

To support engagement efforts, IRPC has implemented a complaint procedure to manage and track stakeholder feedback, with defined severity levels, response times, and responsible functions. All complaints are received through the 24-hour Emergency Control Center, investigated by relevant departments, and reported to the Board of Directors, with initial responses provided to complainants within one hour.

IRPC also plans to develop KPIs for stakeholder engagement and implement a lesson learned tracking system to improve measurement and enhance future practices.

Stakeholders Engagement OutcomeDownload