Case study: How Eti Soda creates economic value for its stakeholders
Eti Soda is a world leader in the production of natural Soda Ash, with 1.735 million tonnes of Soda Ash production per annum and exports to more than 70 countries. Eti Soda seeks to continuously improve its sustainability performance with the support of its stakeholders, generating long-term value for them all. Tweet This!
This case study is based on the 2021 Sustainability Report by Eti Soda, 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
Creating sustainable value for employees, the government, shareholders and all its stakeholders, has always been a top priority for Eti Soda. In order to create economic value for its stakeholders Eti Soda took action to:
- create economic value for employees
- create economic value for shareholders
- create economic value for the government
- create economic value for society
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With this case study you will see:
- Which are the most important impacts (material issues) Eti Soda has identified;
- How Eti Soda proceeded with stakeholder engagement, and
- What actions were taken by Eti Soda 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 Eti Soda identified a range of material issues, such as water management, GHG emissions, occupational health and safety, waste management. Among these, creating economic value for its stakeholders stands out as a key material issue for Eti Soda.
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 s 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 Eti Soda engages with:
To identify and prioritise material topics Eti Soda engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Employees | · Employee satisfaction surveys · Occupational Health and Safety (“OHS”) reports · Regular employee meetings · One-to-one interviews · Social media account · Website · Intranet network · Ethics hotline · Internal notification announcements · Employee trainings · Employee suggestion and complaint system · Sustainability reporting and priority issue analysis |
| Customers
| · Customer satisfaction surveys · Regular meetings · Social media · Audits and site visits · Conferences · Website · Sustainability reporting and priority issue analysis |
| Suppliers
| · Supplier surveys · Regular supplier meetings · Supplier evaluation process · Audits and site visits · Supplier days · Certificates · Social media · Website · Sustainability reporting and priority issue analysis |
| Local People
| · Open door practices · Stakeholder committee meetings · Corporate social responsibility projects · Social media · Website · Sustainability reporting and priority issue analysis · Visits to neighbouring villages · Community events |
| Shareholders and Investors
| · Committee meetings · Legal financial and sustainability reporting · Reporting as needed · Social media · Website · Industry trade fairs · Conferences and panels |
| Public Institutions
| · Official correspondence · Regular meetings · Audits and visits · Legal and financial reporting · Social media account · Website · Sustainability reporting and priority issue analysis |
| NGOs | · Stakeholder Committee meetings · Site visits · Social media account · Website · Sustainability reporting and material issue analysis · Certificates · Corporate social responsibility projects · Memberships |
| Educational Institutes
| · Internship programmes · Career days · Conferences · Graduate programmes · Social media account · Website · Sustainability reporting and priority issue analysis |
What actions were taken by Eti Soda to create economic value for its stakeholders?
In its 2021 Sustainability Report Eti Soda reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Eti Soda paid TL 86.29 million in personnel expenses.
- Creating economic value for shareholders
- In 2021, Eti Soda paid € 81.66 million in dividends.
- Creating economic value for the government
- In 2021, Eti Soda paid TL 305.65 million in corporate tax.
- Creating economic value for society
- In 2021, Eti Soda spent TL 2.82 million in social responsibility projects.
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 Eti Soda, 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.etisoda.com/wp-content/uploads/2022/12/Eti-Soda-S.R.-2021-EN-1.pdf
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