Case study: How Fiskars Group creates economic value for its stakeholders
Fiskars Group is the global home of design-driven brands for indoor and outdoor living, with a presence in 30 countries across Europe, Asia, and the Americas and brands available in more than 100 countries. By working together with its stakeholders, building on its strengths and innovating, Fiskars Group creates shared value and helps make the everyday extraordinary.
This case study is based on the 2021 Sustainability Report by Fiskars Group, 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
Achieving sustainable growth and generating long-term value for all its stakeholders is a top priority for Fiskars Group Tweet This!. In order to create economic value for its stakeholders Fiskars Group took action to:
- create economic value for employees
- create economic value for suppliers
- create economic value for the public sector
- create economic value for providers of capital and creditors
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Fiskars Group has identified;
- How Fiskars Group proceeded with stakeholder engagement, and
- What actions were taken by Fiskars Group to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2021 Sustainability Report Fiskars Group identified a range of material issues, such as against throwaway culture (developing circular solutions), for a carbon neutral future (taking climate action), and for increased joy (creating a positive impact on the quality of life for people and communities). Among these, creating economic value for its stakeholders stands out as a key material issue for Fiskars Group.
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 Fiskars Group engages with:
| Stakeholder Group | Method of engagement |
| Consumers
| · Surveys · Written communications · Social media · Discussions |
| Customers
| · Dedicated account teams · Joint initiatives · Customer care |
| Employees and potential employees
| · Employee surveys · Town halls · Employee communications · Individual development plans · Fiskars Group training sessions · Internal and external social media |
| Suppliers and subcontractors
| · Site visits · Annual supplier days · Audit programme |
| Shareholders and investors
| · Annual General Meeting for shareholders · Quarterly reporting and webcasts · Capital Markets Day · Investor meetings and presentations · Ongoing dialogue with investors and analysts |
| Non-governmental organisations
| · Partnerships · Memberships · Ongoing dialogue |
| Media | · Specific media events · Press releases · Connecting with media influencers, including bloggers |
| Research institutes, universities, and vocational schools | · Collaboration with universities and institutes through product development and with new business models |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Fiskars Group engaged with its stakeholders through interviews.
What actions were taken by Fiskars Group to create economic value for its stakeholders?
In its 2021 Sustainability Report Fiskars Group reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Fiskars Group paid EUR 294 million for employee wages and benefits.
- Creating economic value for suppliers
- In 2021, Fiskars Group paid EUR 849 million to suppliers.
- Creating economic value for the public sector
- In 2021, Fiskars Group paid EUR 36 million in corporate income taxes.
- Creating economic value for providers of capital and creditors
- In 2021, Fiskars Group paid EUR 49 million to providers of capital and EUR 3 million in interest to creditors.
- Creating economic value for communities
- In 2021, Fiskars Group spent EUR 0.7 million in sponsorship and donations.
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 Fiskars Group, 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://fiskarsgroup.com/wp-content/uploads/2022/02/Fiskars_Group_Sustainability_Report_2021.pdf
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