Case study: How Garrigues creates economic value for its stakeholders
Garrigues is an international legal and tax services firm that advises clients locally, regionally and globally from every angle of business law, with over 2,000 people working across four continents and multiple disciplines to deliver comprehensive client solutions. Delivering quality service to its clients and generating sustainable value for all its stakeholders, is a top priority for Garrigues. Tweet This!
This case study is based on the 2021 Integrated Report by Garrigues, 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.
In 2021, Garrigues’ aggregate billings totalled €414.2 million, enabling it to create and distribute long-term value to its stakeholders. In order to create economic value for its stakeholders Garrigues took action to:
- create economic value for employees
- create economic value for capital providers
- create economic value for public authorities
- 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) Garrigues has identified;
- How Garrigues proceeded with stakeholder engagement, and
- What actions were taken by Garrigues to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2021 Integrated Report Garrigues identified a range of material issues, such as professional conduct, ethics and compliance, information security (cybersecurity), aspects and practices relating to the impact on climate change, practices to safeguard occupational health and safety. Among these, creating economic value for its stakeholders stands out as a key material issue for Garrigues.
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 Garrigues engages with:
To identify and prioritise material topics Garrigues engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Clients
| · Integrated Report · Client experience and satisfaction · Direct comments / informal meetings · Corporate website · Testimonials and specialised media reports · Client and ethical requirements · Meetings, committees and external working groups |
| Partners
| · Integrated Report · Corporate website · Client experience and satisfaction · Direct comments / informal meetings · Formal meetings (Partners’ Meeting) and internal committees · GarriguesNET |
| Personnel
| · Integrated Report · GarriguesNET · Corporate website · Client experience and satisfaction · Direct comments / informal meetings |
| Regulatory bodies and public authorities
| · Integrated Report · Corporate website · Testimonials and specialised media reports · Client and ethical requirements · The media and social networks · Meetings, committees and external working groups · Legislation |
| The media
| · Integrated Report · Corporate website · Social networks · Meetings and telephone and email contact |
| Alliances
| · Integrated Report · Direct comments / informal meetings · Meetings, committees and external working groups · Corporate website |
| Entities (suppliers, etc.)
| · Integrated Report · Direct comments / informal meetings · Testimonials and specialised media reports · Meetings, committees and external working groups · Formal meetings and internal committees · Corporate website |
| Society
| · Integrated Report · Corporate website · Testimonials and specialised media reports · The media and social networks · Meetings, committees and external working groups · Legislation · Formal meetings and internal committees |
What actions were taken by Garrigues to create economic value for its stakeholders?
In its 2021 Integrated Report Garrigues reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Garrigues paid €291.9 million in personnel expenses.
- Creating economic value for capital providers
- In 2021, Garrigues paid €2.3 million to capital providers.
- Creating economic value for public authorities
- In 2021, Garrigues paid €29.8 million to public authorities.
- Creating economic value for the community
- In 2021, Garrigues spent €360 thousand in donations and other 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 Garrigues, 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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