Case study: How Framery creates economic value for its stakeholders
Framery is the pioneer and world’s leading manufacturer of acoustic pods, phone booths and soundproof private spaces for solving noise and privacy issues in offices and other venues. Creating, through its operations, sustainable value for all its stakeholders is a top priority for Framery. Tweet This!
This case study is based on the 2021 Sustainability Report by Framery, 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.
Framery’s largest economic impact on society flows from its tax footprint and the jobs it offers, both directly and indirectly through its own pay list, as well as through its global dealers and suppliers in many countries across the globe. In order to create economic value for its stakeholders Framery took action to:
- create economic value for employees
- create economic value for partners
- create economic value for society
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With this case study you will see:
- Which are the most important impacts (material issues) Framery has identified;
- How Framery proceeded with stakeholder engagement, and
- What actions were taken by Framery 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 Framery identified a range of material issues, such as customer happiness, product safety and regulation compliance, environmental efficiency (materials, energy, emissions, waste), occupational health and safety, supply chain compliance (environment, human rights). Among these, creating economic value for its stakeholders stands out as a key material issue for Framery.
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 Framery engages with:
| Stakeholder Group |
| Employees and wider workforce |
| Customers |
| Suppliers, dealers & partners |
| Owners, board & financiers |
| Media and other industry influencers / influencers in design industry |
| Universities |
| Authorities |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Framery engaged with its stakeholders through surveys and workshops.
What actions were taken by Framery to create economic value for its stakeholders?
In its 2021 Sustainability Report Framery reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Framery paid EUR 15 million for employee salaries and EUR 2 million for employee social security and pensions.
- Creating economic value for partners
- In 2021, Framery paid EUR 48 million for goods and services purchased.
- Creating economic value for society
- In 2021, Framery paid EUR 29.2 million in taxes to governments in countries where it has operations.
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 Framery, 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.frameryacoustics.com/wp-content/uploads/2022/04/framery_sustainability_report_2021.pdf
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