Case study: How Fastweb creates economic value for its stakeholders
With 2.7 million fixed network customers and 2.4 million mobile network customers, Fastweb is a leading telecommunications operator in Italy. Generating value for its stakeholders and guaranteeing that its customers enjoy high-performance services, is a top priority for Fastweb. Tweet This!
This case study is based on the 2021 Sustainability Report by Fastweb, 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.
Fastweb seeks to make sure, through its operations, that long-term, sustainable value is created for employees, the public administration and all other stakeholders. In order to create economic value for its stakeholders Fastweb took action to:
- create economic value for employees
- create economic value for investors
- create economic value for the public administration
- create economic value for the community
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With this case study you will see:
- Which are the most important impacts (material issues) Fastweb has identified;
- How Fastweb proceeded with stakeholder engagement, and
- What actions were taken by Fastweb 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 Fastweb identified a range of material issues, such as fight against climate change, energy efficiency, privacy and cybersecurity, digital skills for the future. Among these, creating economic value for its stakeholders stands out as a key material issue for Fastweb.
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 Fastweb engages with:
To identify and prioritise material topics Fastweb engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Employees | · Vision meeting · Communication and ongoing dialogue through Agorà, the company Intranet · Periodic conventions (Road Shows, Canvass, etc.) · Tools to formulate proposals and ideas or request information (group mailboxes, surveys, etc.) · Periodic staff meetings for each function · Periodic performance reviews |
| Customers | · Internet channels (website, monthly newsletters, MyFastweb) · Social Media · Forums · Net Promoter Score survey · Conciliation procedures · Alternative dispute resolution portal · Cooperation with Consumer Associations |
| Swisscom Group | · Meetings of the Board of Directors · Annual and periodic management reports · Periodic exchange of information between corresponding functions |
| Suppliers | · Online Platform · Periodic progress and supplier/company unit alignment meetings |
| Community
| · Ongoing management of partnerships with civil society and charitable organisations for digital, social and local development · Websites and social media · Monthly and annual company reputation surveys (RepTrack surveys) |
| Public administration and supervisory authority | · EWork groups · Industry technical workshops · Public consultation procedures · Contribution in defining new standards and corresponding binding provisions |
| Media | · Press releases · Press conferences · Website · Social Media |
What actions were taken by Fastweb to create economic value for its stakeholders?
In its 2021 Sustainability Report Fastweb reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Fastweb paid € 1 million in personnel costs.
- Creating economic value for investors
- In 2021, Fastweb paid €8 million in remuneration of loan capital.
- Creating economic value for the public administration
- In 2021, Fastweb paid € -19.6 million in duties and taxes.
- Creating economic value for the community
- In 2021, Fastweb spent € 6 million in the distribution of added value to the community.
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 Fastweb, 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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