Case study: How Corticeira Amorim creates economic value for its stakeholders
Corticeira Amorim is one of the biggest, most entrepreneurial and dynamic multinationals of Portuguese origin. Its activity in the cork business dates back to 1870 and, today, Corticeira Amorim is the world leader of the sector. Corticeira Amorim’s business activity generates direct, indirect and induced economic value for the communities where it is present internationally, nationally, regionally and locally, including salaries paid to employees, investments in the community and payments to the state in the form of taxes, royalties and fees.
This case study is based on the 2021 Sustainability Report by Corticeira Amorim, 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, Corticeira Amorim generated economic value of €842 million, and distributed €755 million to its stakeholders. Tweet This! In order to create economic value for its stakeholders Corticeira Amorim took action to:
- create economic value for employees
- create economic value for providers of capital
- create economic value for the government
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Corticeira Amorim has identified;
- How Corticeira Amorim proceeded with stakeholder engagement, and
- What actions were taken by Corticeira Amorim 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 Corticeira Amorim identified a range of material issues, such as emissions management, transparency and communication, customer satisfaction, research, development and innovation, energy efficiency and climate change. Among these, creating economic value for its stakeholders stands out as a key material issue for Corticeira Amorim.
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 Corticeira Amorim engages with:
To identify and prioritise material topics Corticeira Amorim engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Shareholders and investors | · General shareholders’ meeting · Meetings with investors and analysts · Periodic disclosure of evolution of the business · Annual reports & accounts · Sustainability report · Regular meetings and contacts · Responses to external requests · Visits to the cork oak forest and to Corticeira Amorim · Website · Social networks · Newsletter and Press releases · Information brochures |
| Customers | · Sustainability report · Environmental education/awareness actions · Support for initiatives/projects · Satisfaction surveys · Participation in fairs and industry events · Awareness and technical support programmes · Cooperation agreements for RDI · Publication of technical articles · Working groups · Regular meetings and contacts · Various seminars and workshops · Responses to external requests · Visits to the cork oak forest and Corticeira Amorim · Website · Social networks · Newsletter and press releases · Information brochures |
| Employees | · Sustainability report · Initiatives to defend the cork oak forest · Environmental education/awareness actions · Support for initiatives/projects · Satisfaction surveys · Information panels at the premises · Procedures and Policies · Intranet · Performance management systems · Various seminars and workshops · In-house thematic and awareness-raising initiatives · Responses to external requests · Visits to the cork oak forest and Corticeira Amorim · Website · Social networks · Newsletter and press releases · Information brochures · Periodic team meetings · Linkpeople (Human Resources ER) |
| Official and governmental entities | · Periodic disclosure of the evolution of the business activity · Annual Report & Accounts · Sustainability report · Initiatives to defend the cork oak forest · Participation in trade fairs and industry events · RDI collaboration protocols · Publication of technical articles · Support for initiatives/projects · Satisfaction surveys · Awareness and technical support programmes · Working groups · Periodic meetings and contacts · General and sectoral meetings · Various seminars and workshops · Responses to external requests · Visits to the cork oak forest and Corticeira Amorim · Website · Social networks · Newsletter and press releases · Information brochures |
| Suppliers | · Annual report & accounts · Sustainability report · Environmental education /awareness actions · Support for initiatives / projects · Selection and evaluation of suppliers · Participation in trade fairs and sectorial events · Awareness and technical support programmes · RDI collaboration protocols · Publication of technical articles · Working groups · Regular meetings and contacts · Seminars and various workshops · Responses to external requests · Visits to the cork oak forest and Corticeira Amorim · Website · Social networks · Newsletter and press releases · Information brochures |
| Media
| · Periodic disclosure of the evolution of the business activity · Annual report & accounts · Sustainability report · Support for initiatives / projects · Participation in trade fairs and sectorial events · Publication of technical articles · Responses to external requests · Visits to the cork oak forest and to Corticeira Amorim · Website · Social networks · Newsletter and press releases · Information brochures |
| NGO’s and community | · Periodic disclosure of the evolution of the business activity · Annual report & accounts · Sustainability report · Initiatives to defend the cork oak forest and the environment · Environmental education / awareness actions · Community engagement initiatives · Support for initiatives / projects · RDI collaboration protocols · Working groups · Regular meetings and contacts · General and sectoral meetings · Seminars and various workshops · In-house thematic and awareness-raising initiatives · Responses to external requests · Visits to the cork oak forest and Corticeira Amorim · Website · Social networks · Newsletter and press releases · Information brochures |
| Partners and civil society | · Sustainability report · Initiatives to defend the cork oak forest and the environment · Environmental education / awareness actions · Community engagement initiatives · Support for initiatives / projects · Participation in fairs and sectorial events · RDI collaboration protocols · Publication of technical articles · Working groups · Regular meetings and contacts · General and sectoral meetings · Seminars and various workshops · Responses to external requests · Visits to the cork oak forest and Corticeira Amorim · Website · Social networks · Newsletter and press releases · Information brochures |
What actions were taken by Corticeira Amorim to create economic value for its stakeholders?
In its 2021 Sustainability Report Corticeira Amorim reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Corticeira Amorim paid € 146,098 thousand for employee wages and benefits.
- Creating economic value for providers of capital
- In 2021, Corticeira Amorim paid € 39,580 thousand to providers of capital.
- Creating economic value for the government
- In 2021, Corticeira Amorim paid € 19,729 thousand to the government.
- Creating economic value for communities
- In 2021, Corticeira Amorim spent € 225 thousand 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 Corticeira Amorim, 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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