Case study: How HannStar creates economic value for its stakeholders
HannStar is a Taiwan-based technology company that specialises in the R&D and innovation of TFT-LCD technology, hoping to create a more prosperous and more expansive visual space. HannStar values the interaction and communication with its stakeholders, and seeks to generate sustainable value for all. Tweet This!
This case study is based on the 2021 Sustainability Report by HannStar, 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.
Building business resilience and sustainability and creating long-term sustainable value for all its stakeholders, is a top priority for HannStar. In order to create economic value for its stakeholders HannStar took action to:
- create economic value for employees
- create economic value for providers of capital
- create economic value for governments
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) HannStar has identified;
- How HannStar proceeded with stakeholder engagement, and
- What actions were taken by HannStar 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 HannStar identified a range of material issues, such as non-toxic products, occupational health and safety, ethical management, talent attraction and retention, waste management, low-carbon products. Among these, creating economic value for its stakeholders stands out as a key material issue for HannStar.
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 HannStar engages with:
| Stakeholder Group | Method of engagement |
| Employees | · Employee Welfare Committee meeting · HannStar E-Newsletter · Online platform’s and company’s announcements · Labour-management meeting · Kick-off meeting · 850 grievance mailbox |
| Customers
| · Investor Sales department · Customer satisfaction survey · Customer grievance management system |
| Suppliers
| · Supplier meeting · Supplier audit · Supplier evaluation |
| Investors
| · Annual general meeting · Financial statements · Investor conference · Company website |
| Government Agencies
| · Correspondence and emails · Promotional conferences held by the competent authority · Letter issuance |
| Communities
| · Company website · External contacts of relevant departments |
| Media
| · Press release · Press conference · Interview |
| Non-governmental Organisations
| · Company website · External contacts of relevant departments · Meeting |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics HannStar engaged with its stakeholders through questionnaires, collecting 637 questionnaires from internal and external stakeholders.
What actions were taken by HannStar to create economic value for its stakeholders?
In its 2021 Sustainability Report HannStar reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, HannStar paid NT$ 4,523,077 thousand for employee wages and benefits.
- Creating economic value for providers of capital
- In 2021, HannStar paid NT$ 1,547,886 thousand to providers of capital.
- Creating economic value for governments
- In 2021, HannStar paid NT$ 385,345 thousand to governments.
- Creating economic value for communities
- In 2021, HannStar paid NT$ 500 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 HannStar, 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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