Case study: How Chiesi creates economic value for its stakeholders
Chiesi is an international group based in Parma, research-oriented, with over 85 years of experience and present in 30 countries, researching, developing and marketing innovative drugs. In 2020, 71% of the economic value generated by Chiesi was distributed to its stakeholders. Tweet This!
This case study is based on the 2020 Annual & Sustainability Report by Chiesi, 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
Chiesi constantly seeks to create sustainable, long-term value for all its stakeholders, including community, capital providers, suppliers/ vendors, and employees. In order to create economic value for its stakeholders Chiesi took action to:
- create economic value for employees
- create economic value for suppliers/ vendors
- 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) Chiesi has identified;
- How Chiesi proceeded with stakeholder engagement, and
- What actions were taken by Chiesi to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2020 Annual & Sustainability Report Chiesi identified a range of material issues, such as employee wellbeing, health & safety, ethics & compliance, diversity, equity & inclusion, R&D, innovation & digitalisation. Among these, creating economic value for its stakeholders stands out as a key material issue for Chiesi.
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 Chiesi engages with:
| Stakeholder Group | Method of engagement |
| Employees
| · Intranet · CEO communications · Workshops · Materiality survey · Employees survey |
| Patients and caregivers
| · Regular survey · Projects with patients associations · Materiality survey |
| Suppliers | · Meetings and workshops · Partnership |
| Scientific community and universities
| · Conferences · Research projects · Publications |
| Institutions and public administration | · Dialogue with regulators through survey, meetings and conferences · Materiality survey |
| Healthcare service providers | · Conferences · Surveys |
| Media | · Corporate website · Press releases |
| Local communities | · Chiesi Foundation activities · Events sponsored by Chiesi · Materiality survey |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics, Chiesi engaged with its stakeholders through surveys to capture the voices of over 700 employees, 200 healthcare professionals and approximately 60 suppliers.
What actions were taken by Chiesi to create economic value for its stakeholders?
In its 2020 Annual & Sustainability Report Chiesi reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2020, Chiesi paid € 38 million for employees and collaborators’ wages and salaries.
- Creating economic value for suppliers/ vendors
- In 2020, Chiesi paid € 1,032.39 million to suppliers/ vendors (cost of goods and services purchased).
- Creating economic value for capital providers
- In 2020, Chiesi paid €03 million to capital providers.
- Creating economic value for communities
- In 2020, Chiesi invested € 20 million in communities (donations and contributions with social purposes).
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 Chiesi, 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:
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