Case study: How GCC creates economic value for its stakeholders
Founded in Chihuahua, Mexico in 1941, GCC is a vertically integrated company with a global and sustainable approach operating in the United States, Mexico, and Canada, engaged in the production, marketing and distribution of gray portland cement, ready-mix concrete, aggregates, coal and construction-related services. Long-term value creation for all its stakeholders, is a top priority for GCC. Tweet This!
This case study is based on the 2022 Sustainability Report by GCC, 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
GCC seeks, through its operations, to generate sustainable value for employees, providers of capital, communities, and all its stakeholders. In order to create economic value for its stakeholders GCC took action to:
- create economic value for employees
- create economic value for providers of capital
- create economic value for the government
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) GCC has identified;
- How GCC proceeded with stakeholder engagement, and
- What actions were taken by GCC to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2022 Sustainability Report GCC identified a range of material issues, such as climate change and GHGs, health and safety, energy management, product quality and safety. Among these, creating economic value for its stakeholders stands out as a key material issue for GCC.
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 GCC engages with:
| Stakeholder Group | Method of engagement |
| GCC Family
| · Safety talks · Humand · Team meetings · Surveys · Negotiations · One-on-one meetings · Corporate website · Project assignments |
| Suppliers
| · Surveys · Negotiations · RFP/RFQ · Corporate website · Information requests · Coupa Portal · Suppliers Portal |
| Customers
| · Surveys · Industry associations · Formal market research · Corporate website · Product information · One-on-one engagement |
| Investors
| · Annual, extraordinary or one-on-one meetings · Telephone calls · Investor conferences · Road shows · Website · Quarterly reports and conference calls |
| Government Relations & NGOs
| · Presentations · Website · Meetings · Industry associations · Third party audits · Multi-stakeholder forums · Permitting processes · Lobbying · Public meetings · Participation in local events |
| Communities
| · Participation in local events · Site tours · Website · Public meetings · Citizen advisory groups (U.S.) · Permitting processes · Donations (monetary and in kind) |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics GCC engaged with its stakeholders through a survey.
What actions were taken by GCC to create economic value for its stakeholders?
In its 2022 Sustainability Report GCC reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2022, GCC paid USD 196.2 million for employee wages and benefits.
- Creating economic value for providers of capital
- In 2022, GCC paid USD 37.6 million to providers of capital.
- Creating economic value for the government
- In 2022, GCC paid USD 26.9 million to the government.
- Creating economic value for communities
- In 2022, GCC spent USD 1.0 million in community investments (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 GCC, 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.gcc.com/wp-content/uploads/2023/07/GCC-Sustainability-Report-2022-MF-V2.pdf
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