Case study: How Blumar creates economic value for its stakeholders
Blumar is a Chilean company that operates in the fishing and aquaculture industry with more than 70 years of experience. Blumar seeks to be a leading company in fishing and aquaculture while managing its resources sustainably, protecting the environment and creating value for its shareholders, customers, employees and other stakeholders.
This case study is based on the 2021 Integrated Report by Blumar, 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.
Blumar’s strategy, governance, and management create value for all of its shareholders and stakeholders Tweet This!, allowing Blumar to contribute to the socioeconomic development of the communities where it operates. In order to create economic value for its stakeholders Blumar took action to:
- create economic value for employees
- create economic value for suppliers
- create economic value for shareholders
- create economic value for the government of Chile
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Blumar has identified;
- How Blumar proceeded with stakeholder engagement, and
- What actions were taken by Blumar to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2021 Integrated Report Blumar identified a range of material issues, such as water management, climate change, supply chain management, wellbeing of the employees. Among these, creating economic value for its stakeholders stands out as a key material issue for Blumar.
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 Blumar engages with:
To identify and prioritise material topics Blumar engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Employees | · Joint Labour Committees · Work Climate Survey · Executive Committees for Occupational Health and Safety · Team meetings · Operational meetings · Meetings with Labour Unions · Staff Intranet · Notice Boards · HR Department |
| Suppliers and contractors
| · Joint Labour Committees · Outcome meetings concerning audit PEC [Competitive Company Programme] · Specific meetings (upon Blumar’s request) · Supplier follow-up meetings · Supplier fairs · Contractor portal · Supplier portal |
| Clients
| · Virtual meetings · International product fairs · Direct contact |
| Communities
| · Roundtables · Healthy food fairs · Bilateral Meetings |
| Investors
| · Shareholders’ Meeting · Financial Market Commission · Integrated Report · Outcome presentations · Individual meetings |
| Society and regulatory authorities
| · Direct contact · Press releases · Visits · Blumar Magazine · Newsletter · Social Media: Instagram, Twitter, and LinkedIn · Grievance channel · Integrated Report · Website |
What actions were taken by Blumar to create economic value for its stakeholders?
In its 2021 Integrated Report Blumar reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Blumar paid 603 million USD for employee salaries and benefits.
- Creating economic value for suppliers
- In 2021, Blumar paid 579.679 million USD to suppliers.
- Creating economic value for shareholders
- In 2021, Blumar paid 9.971 million USD to shareholders.
- Creating economic value for the government of Chile
- In 2021, Blumar paid 13.647 million USD to the government of Chile.
- Creating economic value for communities
- In 2021, Blumar spent 472 thousand USD 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 Blumar, 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.blumar.com/memorias/Blumars_Integrated_Report_2021.pdf
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