Our ESG Approach
(Environmental, Social and Governance)
Muthoot Microfin approves and embraces the Environmental, Social and Governance (ESG) metrics as the central themes for measuring the sustainability and positive impact of our business.
As these criteria help us to better determine the futuristic goals of our business, the organisation strives hard to positively impact the ESG aspects through its operations and societal interactions.
Given below is a snapshot of our imprint towards the organisation’s ESG goals.
- Creates employment opportunities in India’s rural sectors leading to less migration and less burden on urban infra and thereby reduces pollution.
- Seventy percent of finance offerings are utilised for agricultural and related activities.
- Promotes renewable energy & wellbeing by financing solar lanterns, sanitation facilities and bicycles.
- Undertakes sapling plantations across our operational geographies.
- Organisation is moving towards total paperless operations.
- As per MicroEnergy Credits:
Muthoot Microfin has empowered 513,124 households with clean energy
Has empowered 2,462,955 individuals
Helped reduce 296,271 tonnes CO2 emissions
Care for Society (Social)
- Committed to Financial Inclusion and Women Empowerment
- Promotes entrepreneurship among rural women
- #RestartIndia campaign helping micro and small enterprises to restart businesses post Covid-19 crisis
- Offers skill development training to rural women to help them find jobs or start their own ventures with minimum capital.
- Undertakes several Community Outreach Activities – starting from free breast cancer testing for rural women to relief activities during natural calamities and pandemic
- Offers financial literacy and insurance coverage for rural households
- Gives utmost importance to customer relationships and apart from grievance mechanism and customer care cells, engages them on social media
- For employees, the organisation offers the Industry best remuneration, monthly & yearly bonuses, upskilling training programs, paid leaves and much more apart from the legally bound benefits.
- Employee Protection Policies are in place to preserve the rights of every employee.
- Varied employee engagement activities are held continuously to keep up the morale and mental health of employees.
- Winner of the prestigious Great Place To Work certification and recognition among Best 30 BFSI companies in India by GPTW Institute.
Ensuring good Governance
- Long-term strategic and sustainable vision for the organisation.
- Diverse and highly experienced Board of Directors.
- Properly structured Board capable of taking independent and objective decisions
- Equal participation of Independent and Women directors in the board.
- Regular performance and compensation review
- Auditor independence and transparency
- Emphasis on shareholder rights
- Board remains in effective control of the affairs of the company
- Transparent financial reporting
- Addresses interest of all stakeholders
- Operates in a highly regulated environment with an excellent compliance track record.
Muthoot Pappachan Group initiatives
As one of the largest business houses in India, Muthoot Pappachan Group (MPG) realizes that it has a commitment towards the environment and society, which led it to pioneer a whole new energy farming culture.
Wind energy being the most cost-effective resource in India today, MPG had established wind farms in Tamil Nadu as early as 1993. Today, with its manifold farms, the total installed capacity in wind power is 25 megawatts. Significantly, MPG has put plans in place to double its wind power generation capacity.
As a part of Muthoot Pappachan Group’s decarbonisation efforts, a Garden Forest is being grown at the ‘Taj Green Cove Resort & Spa, Kovalam’ – an asset owned by Muthoot Hotels and managed by Taj Hotels. The Garden Forest – a regulated forest growth at the beach resort flaunts sprawling greenery. The resort and all its facilities are tucked inside this tropical garden designed by world-renowned landscape architects from Indonesia. The construction is done with minimum disturbance to the original landscape. Many indigenous as well as imported plants, trees, shrubs, vines, creepers etc. are planted and protected with scientific care.