Case study: How Konecranes creates economic value for its stakeholders
Konecranes is a global leader in material handling solutions, serving a broad range of customers across multiple industries. Konecranes seeks to have a positive impact on the societies in which it operates, to remain a key player within local communities and an attractive employer. This is achieved by providing rewarding jobs and competitive salaries for employees, boosting local economies as an employer, supporting non-profit organisations, providing and buying local goods and services, and being a significant taxpayer in many countries where it operates.
This case study is based on the 2022 Sustainability Report by Konecranes, 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.
Abstract
With its knowledge, products, services and solutions Konecranes seeks to maximise the positive contributions to both its different stakeholders and society. Tweet This! In order to create economic value for its stakeholders Konecranes took action to:
- create economic value for employees
- create economic value for providers of capital
- create economic value for shareholders
- 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) Konecranes has identified;
- How Konecranes proceeded with stakeholder engagement, and
- What actions were taken by Konecranes to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2022 Sustainability Report Konecranes identified a range of material issues, such as responsible business conduct including data privacy and anti-competitive behaviour, greenhouse gas emissions, product related safety and security, respect of human rights, diversity, equity and inclusion. Among these, creating economic value for its stakeholders stands out as a key material issue for Copel.
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 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 Konecranes engages with:
| Stakeholder Group | Method of engagement |
| Employees
| · Engagement through internal communications (email, Konecranes’ intranet, Yammer) · Employee engagement survey (EES) · idea.konecranes.com · Pulse checks · E-learnings · Whistleblowing Channel and compliance email · Internal team meetings · Internal training and development |
| Customers
| · Engagement mainly with Konecranes’ sales department, their key account managers and service technicians · Surveys and the Voice of Customer (VoC) feedback tool after every delivery or installation · Replying to a significant number of data requests by stakeholders |
| Shareholders, investors
| · Investor briefings and meetings · Annual General Meetings · Annual Report and sustainability reporting · Replying to investor questionnaires |
| Suppliers, subcontractors
| · Engagement through procurement personnel · Supplier assessments and negotiations · Ongoing contract management |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Konecranes engaged with its stakeholders through investor ratings, customer requests, customer and competitor benchmarks, and internal employee surveys.
What actions were taken by Konecranes to create economic value for its stakeholders?
In its 2022 Sustainability Report Konecranes reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2022, Konecranes paid 1,091.9 million euros for employee wages and benefits.
- Creating economic value for providers of capital
- In 2022, Konecranes paid 26.5 million euros to providers of capital.
- Creating economic value for shareholders
- In 2022, Konecranes paid 98.9 million euros in dividends to shareholders.
- Creating economic value for governments
- In 2022, Konecranes paid 207.5 million euros to governments.
- Creating economic value for communities
- In 2022, Konecranes spent 0.2 million euros in donations and 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 Konecranes, 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.konecranes.com/sites/default/files/sustainability_report_2022.pdf
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