Apeejay Surrendra Park Hotels Limited (ASPHL), a well-established Indian hospitality sector player, has released its Business Responsibility and Sustainability Report (BRSR) for the fiscal year 2023-24. It stresses the company’s commitment to sustainability, business responsibility, as well as employee, customer, and local community welfare. ASPHL is driving a portfolio of The Park hotels up to a benchmark in ethics and governance in the hospitality industry.
Commitment to ethical business practice and governance
The 2023-24 BRSR of ASPHL marks the commitment of the company towards doing business ethically and responsibly. It strictly abides by an enormous Code of Conduct that demands utmost transparency and fairness at all levels of the company. No complaint regarding conflict of interest or corruption was registered during the fiscal, and such a development goes to the testimonial of the ethicalness of the business environment maintained in ASPHL.
ASPHL has a strong governance structure with a Board of Directors and special committees that are in place to ensure compliance by the company’s business with responsibility policies. The company further states that it has grievance redressal mechanisms in place for its employees and workers, besides having a whistleblower policy that protects employees from reporting unethical practices.
Employee Welfare and Inclusivity
The heart of ASPHL’s operations is its multicultural workforce, and the company pays enormous care to the welfare of employees. According to the report, ASPHL provides health and accident insurance to 100 percent of permanent employees and maternity protection to female workers. The company has underlined having a diverse and inclusive workplace, with women making up 33.33% of the Board of Directors and 50% of the key management personnel.
ASPHL has ensured a good working environment through an occupational health and safety management system that targets all employees and workers. The company engages in periodic health and safety training of staff and offers personal protective equipment to employees. In FY 2023-24, ASPHL had a lost time injury frequency rate of 9.60 for employees, which is a very impressive improvement compared to the previous year.
Environmental Sustainability Initiatives
ASPHL has also been able to register impressive success in its pursuit of decreasing the impact it leaves on the environment. Its works towards sustainability include creating heat pumps LED bulbs and electric vehicles that amount to 4.56% of the total capital expenditure on environmental improvement during FY 2023-24. This has helped decrease the energy usage overall and carbon footprints for ASPHL.
The company has also been working on waste management and has engaged in 100% waste segregation at its hotels. Plastic in amenity chains has been replaced by wood and paper, and ASPHL engages with recognized agencies for electronic and hazardous wastes. ASPHL generated 19 metric tons of plastic waste during the period FY 2023-24 compared to the previous year, which indicates that the company continues to strive to reduce its waste.
Social Responsibility and Community Engagement
Social responsibility has been the initiative of ASPHL as a contribution to the societies where it operates. Health, education, and environment, though part of the focus on sustainability, are also the main concentrated areas of ASPHL’s CSR. All three projects are directed toward long-term business goals. ASPHL mainly approaches its relations with local communities through outreach programs and activities.
The report states that ASPHL is committed to environmentally friendly sourcing practices and that it sourced 12% of its inputs through micro, small, and medium enterprises (MSMEs) in FY 2023-24. Hopefully, this figure will be higher in the coming years, and by doing so, the company will promote a better local economic framework and reduce environmental damage.
Challenges and Opportunities Ahead
Rising from the ashes of the pandemic, the hospitality industry in India is now a challenge and opportunity for ASPHL. Climate change poses a big risk, mainly in terms of increasing the costs of running operations and access to the availability of resources such as water. The company is integrating renewable sources of energy and technologies that minimize energy consumption at all its properties.
In addition, ASPHL recognizes the tremendous demand for sustainable tourism and is excellently positioned to reap from this wind. The company’s investment in green initiatives and commitment to ethical business practices is likely to cement the company’s position in responsible hospitality practices.
Looking Forward
BRSR of Apeejay Surrendra Park Hotels Limited 2023-24 highlights the sustainability, governance, and social responsibility trends followed by the company. ASPHL, with its concentration on proper ethics in business activities, employees, and environmental stewardship, is well-orienting the Indian hospitality industry towards excellence. Continued efforts to achieve scale and growth will make sustainability a critical differentiator in its quest for long-term success for Apeejay Surrendra Park Hotels Limited.
Source: BRSR
Credit: Apeejay Surrendra Park Hotels Limited