Case study: How Repsol creates economic value for its stakeholders
Repsol is a Spanish multinational energy and petrochemical company based in Madrid, with a mission to be an energy company committed to a sustainable world. Repsol’s vision is to be a global energy company that relies on innovation, efficiency and respect, to create sustainable value in the service of societal progress.
This case study is based on the 2022 Integrated Management Report by Repsol, 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
In 2022, the economic value distributed by Repsol reached €69,646 million. Tweet This! In order to create economic value for its stakeholders Repsol took action to:
- create economic value for employees
- create economic value for suppliers and contractors
- create economic value for the public administration
- create economic value for shareholders
- create economic value for the financial community
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Repsol has identified;
- How Repsol proceeded with stakeholder engagement, and
- What actions were taken by Repsol to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2022 Integrated Management Report Repsol identified a range of material issues, such as energy transition strategy and sustainable technologies, integrity, health and prevention of workplace accidents, labour rights and employee satisfaction. Among these, creating economic value for its stakeholders stands out as a key material issue for Repsol.
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 Repsol engages with:
To identify and prioritise material topics Repsol engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Shareholders and financial community | · Results presentations · Senior management Roadshows Events (AGM, Low Carbon Day) |
| Customers
| · Commercial network · Specialised events and trade fairs · Television and social networks · Repsol website |
| Society | · Social programmes · Grievance mechanisms · Television · Social networks · Repsol website |
| Regulatory bodies and Institutions | · Forums, seminars and conferences · Digital apps (webinars, etc.) · Repsol website (queries mailbox) |
| People in the organisation
| · Presentations or events · Intranet and e-mail · Trade union representatives |
| Media and opinion formers
| · Press releases · Specific interviews · Repsol website · Social networks |
| Companies and business associations | · Trade negotiations · Seminars and conferences · Sector associations (OGCI, etc.) |
| Suppliers and partners
| · Trade negotiations · Trade fairs, forums and conferences · Digital platforms |
| Research centre | · Conferences · Digital platforms · Seminars and conferences |
What actions were taken by Repsol to create economic value for its stakeholders?
In its 2022 Integrated Management Report Repsol reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2022, Repsol paid €1,955 million in personnel expenses.
- Creating economic value for suppliers and contractors
- In 2022, Repsol paid €57,058 million to suppliers and contractors.
- Creating economic value for the public administration
- In 2022, Repsol paid €9,230 million to the public administration.
- Creating economic value for shareholders
- In 2022, Repsol paid €910 million to shareholders.
- Creating economic value for the financial community
- In 2022, Repsol paid €444 million to the financial community.
- Creating economic value for communities
- In 2022, Repsol spent €49 million in community investments.
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 Repsol, 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:
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