Materiality Assessment & Stakeholder Engagement

Stakeholder Engagement

In FY2023, Union Bank of India embarked on an extensive Materiality Analysis Survey to guide the strategic priorities outlined in this annual report. This analysis provided a comprehensive internal and external perspective on the bank’s material issues, spanning the breadth of our economic, environmental, and social impact. By undertaking this process, we were able to identify and underscore the topics of utmost relevance to our diverse group of stakeholders and to the organization’s sustainable growth. The outcomes of this exercise underpin our commitment to balancing our business objectives with the needs and expectations of our stakeholders, and to driving responsible, inclusive growth.

The Bank conducted its first formal materiality assessment survey on external and internal stakeholders, using a third-party consultant. We engaged with internal and external stakeholders, including several Union Bank of India leaders and subject matter experts from across the company. We reached out to several external stakeholders, representing our customers and employees, ESG investors, Government, media, NGOs, and financial peers.

ESG Factors material to Union Bank and our Extrernal Stakeholders:

For the purposes of this Integrated Annual Report, the Bank has identified the following topics as being the most significant to our internal and external stakeholders materiality assessment:

Scatter Diagramme

Our materiality assessment also included a comparison of internal and external scoring, the results of which are presented through a Scatter Diagramme. This visual representation vividly displays a remarkable alignment between the perceptions of internal and external stakeholders, with each data point indicating a respective material issue. A very marginal deviation between the two assessments reinforces the consensus on the importance of these material issues. This harmonious correlation underscores our comprehensive understanding of stakeholder expectations and affirms the alignment of our strategic priorities with those expectations.