Marico has a developed a comprehensive responsible sourcing framework, titled ‘Samyut’. The objective of this framework is to integrate environmental conservation principles, ethical standards, and socially responsible practices throughout the value chain by capacitating suppliers to commit sustainability goals. The framework is directly aligned with global standards including SDG 12 that promote responsible consumption and production. The Samyut program is applicable across 5 types of critical value-chain partners: raw material suppliers, packaging material suppliers, depots and warehouses, convertors and logistics.

The following principles are used to integrate ESG excellence within Marico’s value chain:

1. Ethical standards: Any business without ethics cannot win the trust of the stakeholders. Our philosophy is to conduct the business with high ethical standards in our dealings with all the stakeholders.
2. Environmental Protection: An ESG-focused organization ensures its processes to have minimal environmental footprint. We expect our suppliers and business associates to follow this and comply with all environment regulations.
3. Social value creation: Local communities and society provide the social license to conduct the business. Hence, we believe it is vital to demonstrate social responsibility by promoting values.

Marico’s Samyut initiative uses a three-pronged progressive approach based on the maturity of ESG appetites of our value-chain partners. Level 1 (Educate) is based on enhancing knowledge of our suppliers on ESG material issues and helping them identify the risks and opportunities related to their businesses. A self-declaration questionnaire is used to mark the completion of Level 1 certification. Level 2 (Evaluate) aims at monitoring the performance of value-chain partners against the identified ESG metrics. Structured third-party audits, screening and documentation review marks the completion of this level. Level 3 (Evolve) is a collaborative phase where Marico ideates with its partners to design market-leading ESG practices at each stage of the value chain. The aim of this level is to build a strong, robust and sustainable nexus towards shared ESG goals.