Redtape Limited, one of the leading players in the fashion and footwear industry, has come out with its Business Responsibility and Sustainability Report (BRSR) for the fiscal year ending 2023-24. The said report, in conformation to SEBI’s regulatory requirements, has detailed Redtape’s commitment to sustainable business practices, corporate governance, and social responsibility. Redtape, popular for its wide range of footwear, garments, and accessories, has expressed strong belief in continuing its course of integrating Environmental, Social, and Governance (ESG) into its core operations.
It explains that RedTape strategizes responsible business conduct; it has put more emphasis on ethical governance, customer satisfaction, and the well-being of the employees. The company operates various plants and offices across the country, having a strong presence both in retail and online markets. The company’s core business involves trading and exporting fashion footwear and garments, contributing to 100% of its turnover.
The most important feature of sustainability for RedTape is its reliance on renewable sources of energy. Redtape has installed a solar power plant at one of the key units, which significantly reduces the carbon footprint of the company. Further, RedTape has set strict environmental parameters about hazardous waste and e-waste management, thus disposing of those elements by relevant regulations. The company is striving to cut down on energy use and reinforce sustainable sourcing, which is shown through its efforts to include recycled material in production processes.
The employee welfare policy forms the backbone of the RedTape business strategy. The company takes sufficient health and safety measures by providing insurance covers to all its employees and, continuously, imparts safety-related training. It also follows an inclusion policy, where there is a policy on differently-abled employees for equal opportunities. According to the report, 100% of its employees, including those with disabilities, have been covered under the health and accident insurance schemes.
One of the focus areas at RedTape is corporate social responsibility. The business processes undertaken by the organization have contributed to uplifting the underprivileged by educating the masses on health and helping them develop new skills. CSR at RedTape involves caring for economically disadvantaged groups and adopting historic monuments as part of the “Adopt Heritage” scheme.
Governance at RedTape demonstrates accountability and transparency. Its Board of Directors consists of 50% independent directors; it is through this that the company addresses ESG policies under the stewardship of the Board. BRSR gives an account of the anti-bribery and anti-corruption policy that offers assurance over ethics conducted in all activities involving business.
Conclusion
The BRSR of RedTape Limited for FY 2023-24 will reflect the integration of sustainability concerns into the core operations of the company. RedTape follows ethical governance and has taken responsibility for environmental stewardship and social responsibility, thus setting a benchmark in the fashion and footwear industry. This proactive move toward sustainable business operations strengthens the position of the company in the market while leading to positive outcomes in society and the environment.
Source: BRSR
Credit: Redtape Limited