Case study: How Great Panther creates economic value for its stakeholders
Great Panther Mining Limited is a growing gold and silver mining producer focused on the Americas, owning a diversified portfolio of assets in Brazil, Mexico and Peru. Great Panther seeks to earn and maintain its social acceptance (also known as social license to operate), which in turn supports the creation of sustained value for all of its stakeholders.
This case study is based on the 2020 Sustainability Report by Great Panther, 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 2020, Great Panther generated $260.8 million in economic value, of which it distributed $205.6 million to its various stakeholders. Tweet This! In order to create economic value for its stakeholders Great Panther took action to:
- create economic value for employees
- create economic value for shareholders
- create economic value for providers of capital
- create economic value for governments
- create economic value for communities
Subscribe for free and read the rest of this case study
Please subscribe to the SustainCase Newsletter to keep up to date with the latest sustainability news and gain access to over 2000 case studies. These case studies demonstrate how companies are dealing responsibly with their most important impacts, building trust with their stakeholders (Identify > Measure > Manage > Change).
With this case study you will see:
- Which are the most important impacts (material issues) Great Panther has identified;
- How Great Panther proceeded with stakeholder engagement, and
- What actions were taken by Great Panther to create economic value for its stakeholders
Already Subscribed? Type your email below and click submit
What are the material issues the company has identified?
In its 2020 Sustainability Report Great Panther identified a range of material issues, such as health and safety, environmental stewardship, community relations, tailings management. Among these, creating economic value for its stakeholders stands out as a key material issue for Great Panther.
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 Great Panther engages with:
| Stakeholder Group |
| Employees and contractors |
| Local communities |
| Governments |
| NGOs |
| Shareholders and investors |
| Union |
| Educational institutions |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Great Panther engaged with its stakeholders through face-to-face and phone interviews at each mine location and its headquarters, as well as an online questionnaire, engaging 801 individuals and organisations from 11 stakeholder groups inside and outside Great Panther’s business, spanning four countries.
What actions were taken by Great Panther to create economic value for its stakeholders?
In its 2020 Sustainability Report Great Panther reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2020, Great Panther paid $19.6 million in employee salaries and benefits.
- Creating economic value for shareholders
- In 2020, Great Panther delivered record mine operating earnings of $84 million ($0.24 per share).
- Creating economic value for providers of capital
- In 2020, Great Panther paid $1.9 million to providers of capital.
- Creating economic value for governments
- In 2020, Great Panther paid $13 million in taxes to governments.
- Creating economic value for communities
- In 2020, Great Panther spent $740,545 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
78% of the world’s 250 largest companies report in accordance with the GRI Standards
SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.
Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.
7 GRI sustainability disclosures get you started
Any size business can start taking sustainability action
GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom (venue: London School of Economics)
- Exclusive FBRH template to begin reporting from day one
- Identify your most important impacts on the Environment, Economy and People
- Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP.
- Benchmarking methodology to set you on a path of continuous improvement
See upcoming training dates.
References:
This case study is based on published information by Great Panther, 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:
Note to Great Panther: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.