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Creating engagement with stakeholders

Building comprehensive engagement with stakeholders is at the core of sustainable business operations. GSB recognizes the importance of engaging all 5 groups of stakeholders, including:

  1. Regulatory bodies and government agencies
  2. Customers
  3. Partners and suppliers
  4. Key society and community stakeholders
  5. Board members, executives, employees, and staffs

GSB emphasizes the significance of listening to feedback and fostering stakeholder participation through various relevant units. This important mechanism enables us to understand the needs, expectations, and concerns of all stakeholder groups. This understanding helps in establishing appropriate guidelines and practices for engaging and treating stakeholders fairly, mitigating risks, and reducing potential negative impacts. GSB applies the AA1000 Stakeholder Engagement Standard (AA1000SES) to ensure appropriate stakeholder engagement. It also includes developing stakeholder engagement and relationship management plans to foster long-term positive relationships, promoting mutual value creation, and driving sustainable development across the value chain.

The stakeholder engagement master plan consists of four key strategies:
Strategy 1: Enhancing relationship-building and bonding.
Strategy 2: Creating stakeholder participation and knowledge exchange for value creation.
Strategy 3: Developing management processes and stakeholder database.
Strategy 4: Monitoring, evaluating, and reporting the performance and outcomes of stakeholder engagement.

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