Case study: How Cambiaso Risso Marine creates economic value for its stakeholders
Cambiaso Risso Marine, headquartered in Genoa in Corso Andrea Podestà no.1, is an insurance consultant and broker in the hull and machine sectors, transported goods and Protection & Indemnity (P&I), shipyards and yachts. Distributing wealth to its stakeholders, such as employees (salaries and benefits), suppliers (operating costs) and the public administration (direct and indirect taxes), is a top priority for Cambiaso Risso Marine.
This case study is based on the 2021 Sustainability Report by Cambiaso Risso Marine, 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 2021, the economic value distributed by Cambiaso Risso Marine to its stakeholders reached 13.9 million euros. Tweet This! In order to create economic value for its stakeholders Cambiaso Risso Marine took action to:
- create economic value for employees
- create economic value for suppliers
- create economic value for providers of capital
- create economic value for the public administration
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Cambiaso Risso Marine has identified;
- How Cambiaso Risso Marine proceeded with stakeholder engagement, and
- What actions were taken by Cambiaso Risso Marine to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2021 Sustainability Report Cambiaso Risso Marine identified a range of material issues, such as service quality and customer satisfaction, ethics and compliance, internationalisation, corporate welfare. Among these, creating economic value for its stakeholders stands out as a key material issue for Cambiaso Risso Marine.
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 Cambiaso Risso Marine engages with:
To identify and prioritise material topics Cambiaso Risso Marine engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Customers | · Events and expos · Website and social network |
| Shareholders | · Periodic meetings |
| Operating partner | · Specific meetings/ events · Social network |
| Employees and associates | · Periodic meetings · Internal communication initiatives · Intranet · “Laboratory”: Body aimed at ensuring an open dialogue between top management and employees through bi-monthly meetings · Team building activities |
| Outsourced consultants | · Periodic meetings · Website and social network |
| Financial community
| · Periodic meetings · Sharing events · Website and social network |
| Community and territory | · Projects/ initiatives in favour of the territory
|
| Agents
| · Periodic meetings · Website and social network |
| Associations | · Periodic meetings · Participation in covering bodies · Website and social network |
| Suppliers
| · Periodic meetings · Sharing the Code of Ethics |
| Institutions and public administrations | · Periodic meetings with representatives of local and public administration institutions and bodies
|
What actions were taken by Cambiaso Risso Marine to create economic value for its stakeholders?
In its 2021 Sustainability Report Cambiaso Risso Marine reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Cambiaso Risso Marine paid 8.063 million euros for employee salaries and benefits.
- Creating economic value for suppliers
- In 2021, Cambiaso Risso Marine paid 3.298 million euros to suppliers.
- Creating economic value for providers of capital
- In 2021, Cambiaso Risso Marine paid 218 million euros to providers of capital.
- Creating economic value for the public administration
- In 2021, Cambiaso Risso Marine paid 2.063 million euros to the public administration.
- Creating economic value for communities
- In 2021, Cambiaso Risso Marine spent 252 million euros 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 Cambiaso Risso Marine, 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.cambiasorisso.com/wp-content/uploads/2023/01/BDS_2021_ENG-gennaio22.pdf
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