Case study: How Bionap creates economic value for its stakeholders
Bionap is a vertically integrated Italian company specialised in the research and production of standardised botanical extracts derived from plants and fruits of the Mediterranean area, for nutraceutical, cosmetic and veterinary markets. For Bionap, sustainability means creating value to be shared with its stakeholders Tweet This! and maintained over time for future generations.
This case study is based on the 2021 Integrated Sustainability Report by Bionap, 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
The creation of value in the short/medium and long-term for all the company stakeholders, is a top priority for Bionap. In order to create economic value for its stakeholders Bionap took action to:
- create economic value for employees
- create economic value for capital providers
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Bionap has identified;
- How Bionap proceeded with stakeholder engagement, and
- What actions were taken by Bionap to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2021 Integrated Sustainability Report Bionap identified a range of material issues, such as carbon footprint, product quality and safety, raw material procurement, compliance, waste. Among these, creating economic value for its stakeholders stands out as a key material issue for Bionap.
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 Bionap engages with:
| Stakeholder Group |
| Employees |
| Customers |
| Community |
| Suppliers |
| Credit institutions |
| Schools |
| NGOs |
| Contractors |
| Trade associations |
| Unions |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Bionap engaged with its stakeholders through dedicated virtual meetings.
What actions were taken by Bionap to create economic value for its stakeholders?
In its 2021 Integrated Sustainability Report Bionap reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Bionap paid € 1,864,467 for employee wages and benefits.
- Creating economic value for capital providers
- In 2021, Bionap paid € 611,669 to capital providers.
- Creating economic value for communities
- In 2021, Bionap spent € 3,712 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 Bionap, 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://bionap.com/pdf/BIONAP_RI_2021.pdf
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