Case study: How Canvest creates economic value for its stakeholders
Headquartered in Hong Kong, Canvest Environmental Protection Group Company Limited is a leading integrated urban environmental protection and sanitation solutions provider. Canvest believes in the importance of creating shared value with its business activities, while supporting local economic development and prosperity.
This case study is based on the 2021 Sustainability Report by Canvest, 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
Generating shared value for employees, shareholders and all other stakeholders, is a top priority for Canvest. Tweet This! In order to create economic value for its stakeholders Canvest took action to:
- create economic value for employees
- create economic value for shareholders
- create economic value for the state
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Canvest has identified;
- How Canvest proceeded with stakeholder engagement, and
- What actions were taken by Canvest 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 Canvest identified a range of material issues, such as market presence, material usage, energy efficiency, waste management. Among these, creating economic value for its stakeholders stands out as a key material issue for Canvest.
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 Canvest engages with:
| Stakeholder Group | Method of engagement |
| Investors, Shareholders
| · General meetings · Annual report and Interim report · Announcements and circulars · Investor roadshows |
| Business Partners
| · Regular/ad hoc meetings · Site visits · Announcements and circulars · Telephone/email |
| Employees
| · Work/project meetings · Performance review meetings · Internal publications · Employee relations/community activities · Employee suggestion box |
| Customers
| · Meetings · Audits and inspections · Site visits · Customer satisfactory questionnaire · Telephone/email |
| Contractors, Suppliers
| · Tendering process · Regular and ad hoc meetings · Audits and inspections · Telephone/email |
| Industry Associations
| · Industry association activities · Exhibitions · Site visits · Telephone/email |
| Non-Governmental Organisations | · Site visits · Telephone/email |
| Media
| · Press releases · Site visits · Telephone/email |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Canvest engaged with its stakeholders through a survey.
What actions were taken by Canvest to create economic value for its stakeholders?
In its 2021 Sustainability Report Canvest reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Canvest paid HK$ 488,983 in staff costs.
- Creating economic value for shareholders
- In 2021, Canvest paid HK$ 263,470 in dividends.
- Creating economic value for the state
- In 2021, Canvest paid HK$ 123,479 in taxes.
- Creating economic value for communities
- In 2021, Canvest paid HK$ 4,520 in charitable 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 Canvest, 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:
http://www.cre8ir.com/static/pdf/01381/2053/2022053102493.pdf
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