Case study: How Granite creates economic value for its stakeholders
Incorporated since 1922, Granite is one of the largest diversified construction and construction materials companies in the United States, delivering infrastructure solutions for public and private clients. Granite creates value for its shareholders and all its stakeholders by satisfying society’s need for mobility, power, water, and essential services that sustain living conditions and improve quality of life.
This case study is based on the 2022 Sustainability Report by Granite, 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
Granite is committed to a high-performance culture of continuous improvement, innovation, and quality in all aspects of its work, so as to generate sustainable value for its stakeholders. Tweet This! In order to create economic value for its stakeholders Granite took action to:
- create economic value for employees
- create economic value for providers of capital
Subscribe for free and read the rest of this case study
Please subscribe to the SustainCase Newsletter to keep up to date with the latest sustainability news and gain access to over 2000 case studies. These case studies demonstrate how companies are dealing responsibly with their most important impacts, building trust with their stakeholders (Identify > Measure > Manage > Change).
With this case study you will see:
- Which are the most important impacts (material issues) Granite has identified;
- How Granite proceeded with stakeholder engagement, and
- What actions were taken by Granite to create economic value for its stakeholders
Already Subscribed? Type your email below and click submit
What are the material issues the company has identified?
In its 2022 Sustainability Report Granite identified a range of material issues, such as workplace health and safety, ethical business practices, labour practices and employee well-being, environmental compliance. Among these, creating economic value for its stakeholders stands out as a key material issue for Granite.
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 Granite engages with:
| Stakeholder Group | Method of engagement |
| Employees
| · Surveyed in 2019 & 2022 Materiality Assessments · Sustainability Centre of Excellence discussion forums · Internal website & resources · Yammer page · Engagement surveys · Direct engagement · Quarterly webinars · Town hall meetings · Core value & onboarding trainings · Sustainability Week · Connections magazine |
| Investors
| · Surveyed in 2019 & 2022 Materiality Assessments · Quarterly investor calls · Direct engagement |
| Clients
| · Surveyed in 2019 & 2022 Materiality Assessments · Client alignment meetings · Client satisfaction surveys · Supplier questionnaires · Direct engagement · Sustainability strategic partnerships |
| Community
| · Elected officials & organisational representatives surveyed in 2022 Materiality Assessment · Direct engagement with public representatives & organisations · Press releases · Social media posts highlighting sustainability issues · Sustainability strategic partnerships |
| Partners & Suppliers
| · Surveyed in 2022 Materiality Assessment · Direct engagement related to sustainability initiatives · Sustainability strategic partnerships |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Granite engaged with its stakeholders through interviews and quantitative surveys.
What actions were taken by Granite to create economic value for its stakeholders?
In its 2022 Sustainability Report Granite reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2022, Granite paid $177,506 USD thousand for employee wages and benefits.
- Creating economic value for providers of capital
- In 2022, Granite paid $125,164 USD thousand to providers of capital.
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
78% of the world’s 250 largest companies report in accordance with the GRI Standards
SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.
Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.
7 GRI sustainability disclosures get you started
Any size business can start taking sustainability action
GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom (venue: London School of Economics)
- Exclusive FBRH template to begin reporting from day one
- Identify your most important impacts on the Environment, Economy and People
- Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP.
- Benchmarking methodology to set you on a path of continuous improvement
References:
This case study is based on published information by Granite, 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:
Note to Granite: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.