Case study: How Expolanka creates economic value for its stakeholders
Expolanka Holdings is a global diversified conglomerate rooted in Sri Lanka, specialising in logistics, leisure and investments. Expolanka believes that its success depends on creating financial value for its shareholders, economic value to the economy, repayment of borrowing from financial institutions and creating value for its employees.
This case study is based on the 2020/21 Integrated Annual Report by Expolanka, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Abstract
Expolanka has adopted a value creation process that supports the well-being of the economy Tweet This!, by making sure that all its business transactions create positive economic impact. In order to create economic value for its stakeholders Expolanka took action to:
- create economic value for employees
- create economic value for providers of funds and the government
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With this case study you will see:
- Which are the most important impacts (material issues) Expolanka has identified;
- How Expolanka proceeded with stakeholder engagement, and
- What actions were taken by Expolanka to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2020/21 Integrated Annual Report Expolanka identified a range of material issues, such as anti-corruption, privacy and data protection, local development, human rights, environmental compliance. Among these, creating economic value for its stakeholders stands out as a key material issue for Expolanka.
Stakeholder engagement in accordance with the GRI Standards
The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:
Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.
Key stakeholder groups Expolanka engages with:
To identify and prioritise material topics Expolanka engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Regulators
| · Maintain and submit relevant documentation to relevant authorities · Maintain operational transparency · Maintain international good governance practices |
| Investors
| · Annual General Meeting · Investor Relations Team · Group website · Email access to management team |
| Customers
| · Customer relationship management · Meetings with Senior Management · Daily interactions at operational level · Social events |
| Employees
| · Open door policy for communication throughout the Group – daily · Round Table discussions · Cross functional committees · Video conferencing · Performance Reviews · Online training modules and systems – ongoing · Grievance handling procedure · Online systems for HR and Training, Measurement and management of Key Performance Indicators · Employee suggestion schemes |
| Suppliers
| · Supplier surveys for ongoing relationship management – Annually · Feedback evaluations · Registration of Suppliers · Procurement committees -Monthly · Committees to address supplier appeals and grievances – as per requirement |
| Community
| · Community based projects · Employee involvement and volunteerism in community projects · Through continuous dialogue |
| Environment
| · Report on progress of UNSDG environmental goals annually · Implement the P3 Sustainability System · Conduct awareness programmes · Meetings and Consultancy · Audits |
What actions were taken by Expolanka to create economic value for its stakeholders?
In its 2020/21 Integrated Annual Report Expolanka reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2020/21, Expolanka paid Mn 13,429 for employee wages and benefits. As at 31st March 2021, the Expo Group’s total global workforce amounted to 2,821 full time employees across its network, for whom a performance centric culture is created, thus opening avenues for increased efficiency and effectiveness.
- Creating economic value for providers of funds and the government
- In 2020/21, Expolanka paid Mn 1,344 to providers of funds and Rs. Mn 2,108 to the government. Expolanka’s total economic value distributed amounted to Rs. Mn 203,125.
Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?
The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed
Disclosure 201-1 Direct economic value generated and distributed corresponds to:
- Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
- Targets: 8.1, 8.2
- Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
- Targets: 9.1, 9.4, 9.5
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References:
This case study is based on published information by Expolanka, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
https://www.expolanka.com/uploads/Reports/ExpolankaHoldingsPLCAR2020-21.pdf
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