Case study: How Nordic Paper creates economic value for its stakeholders
Nordic Paper has produced paper in Scandinavia since the end of the 1800s and is, today, a world-leading producer of two types of high-quality speciality paper: kraft paper and natural greaseproof paper, which are used in a multitude of application areas. Nordic Paper seeks to make sure that production is operated as responsibly as possible by minimising resource use and emissions to air and water, while maximising value-creation for customers, employees and all other stakeholders.
This case study is based on the 2021 Annual and Sustainability Report by Nordic Paper, 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
Nordic Paper works in cooperation with its stakeholders up and down the value chain to create success, and generate sustainable, long-term value for all. Tweet This! In order to create economic value for its stakeholders Nordic Paper took action to:
- create economic value for employees
- create economic value for suppliers
- create economic value for lenders
- create economic value for shareholders
- create economic value for the state
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With this case study you will see:
- Which are the most important impacts (material issues) Nordic Paper has identified;
- How Nordic Paper proceeded with stakeholder engagement, and
- What actions were taken by Nordic Paper to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2021 Annual and Sustainability Report Nordic Paper identified a range of material issues, such as tax compliance, preventing forced or child labour, environmental compliance, emissions reduction. Among these, creating economic value for its stakeholders stands out as a key material issue for Nordic Paper.
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 Nordic Paper engages with:
| Stakeholder Group |
| Investors |
| Owners |
| Customers |
| End-consumers |
| Suppliers |
| Politicians |
| Employees |
| People living in the vicinity of production plants |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Nordic Paper engaged with its stakeholders through a survey.
What actions were taken by Nordic Paper to create economic value for its stakeholders?
In its 2021 Annual and Sustainability Report Nordic Paper reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Nordic Paper paid SEKm 519 in personnel expenses.
- Creating economic value for suppliers
- In 2021, Nordic Paper paid SEKm 2,232 to suppliers.
- Creating economic value for lenders
- In 2021, Nordic Paper paid SEKm 22 in interest to lenders.
- Creating economic value for shareholders
- In 2021, Nordic Paper paid SEKm 134 in dividends to shareholders.
- Creating economic value for the state
- In 2021, Nordic Paper paid SEKm 48 in tax.
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 Nordic Paper, 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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