Case study: How Pruksa creates economic value for its stakeholders
Pruksa Holding Company’s core business is the investment – not less than 75% of its total assets – in companies which invest in the property developing business, Healthcare Business and recurring income business. Pruksa seeks to create sustainable value for its customers and stakeholders, as well as create opportunities for societies and communities, to generate sustainable mutual growth. Tweet This!
This case study is based on the 2021 Sustainability Report by Pruksa, 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
Pruksa continuously searches for opportunities to generate and increase added value for the organisation, shareholders, society, community, and all its stakeholders. In order to create economic value for its stakeholders Pruksa took action to:
- create economic value for employees
- create economic value for the government
- create economic value for providers of capital
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With this case study you will see:
- Which are the most important impacts (material issues) Pruksa has identified;
- How Pruksa proceeded with stakeholder engagement, and
- What actions were taken by Pruksa 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 Pruksa identified a range of material issues, such as anti-corruption, sustainable procurement management, occupational safety, health and working environment, use of materials. Among these, creating economic value for its stakeholders stands out as a key material issue for Pruksa.
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 Pruksa engages with:
| Stakeholder Group | Method of engagement |
| Shareholders
| · E-mail: ir@pruksa.com · Website: www.psh.co.th (Investor Relations section) · Letters to: Chairman of the Board, Chairman of Audit Committee, Chairman of Group CEO · Annual General Meeting of Shareholders · Annual Report · Sustainability Report |
| Employees
| · E-mail: cg@pruksa.com · Internal Website: Pruksa Internal Communication (Google Site) · Digital Signage in front of the elevators of all floors · LINE@: Pruksa Engagement · LINE Official: @pruksacg · Meetings |
| Customers | Pruksa Real Estate · Pruksa Contact Centre: 1739 · Application on Mobile: The Living · Website: www.pruksa.com · PruksaChatbot Channel on www.pruksa.com · Website for Pruksa Member: https://member.pruksa.com/ · Facebook: Pruksa Family Club · Letters to: Chairman of the Board, Chairman of Audit Committee, Chairman of Group CEO ViMUT Hospital · Telephone: 0 2079 0000 · Website: www.vimut.com · Facebook: vimuthospital · LINE@: vimuthospital · E-mail: info@vimut.com · ViMUT’s Department of Public Relations Baan Mhor ViMUT Clinic · Telephone: 0 2102 1147 · Website: www.vimut.com · Facebook: vimutfamily · LINE@: vimutfamily · E-mail: vimutfamily@vimut.com · ViMUT’s Department of Public Relations |
| Business Competitors
| · Pruksa Contact Centre: 1739 · E-mail: cg@pruksa.com · LINE Official: @pruksacg · Website: www.psh.co.th (“Corporate governance / appeal for corruption or bribery” section) · Letters to: Chairman of the Board, Chairman of Audit Committee, Chairman of Group CEO |
| Business Counter Parties
| · Pruksa Contact Centre: 1739 · E-mail: srm@pruksa.com · LINE Official: @pruksacg · Website: www.psh.co.th (“Corporate governance/ appeal for corruption or bribery” section) · Letters to: Chairman of the Board, Chairman of Audit Committee, Chairman of Group CEO |
| Creditors
| · Pruksa Contact Centre: 1739 · Website: www.psh.co.th or www.pruksa.com · Facebook: Pruksa Family Club · E-mail: cg@pruksa.com · LINE Official: @pruksacg · Letters to: Chairman of the Board, Chairman of Audit Committee, Chairman of Group CEO |
| Public and Society
| · Pruksa Contact Centre: 1739 · E-mail: csr@pruksa.com · LINE Official: @pruksacg · Website: www.psh.co.th (“Corporate governance / appeal for corruption or bribery” section) · Letters to: Chairman of the Board, Chairman of Audit Committee, Chairman of Group CEO |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Pruksa engaged with its stakeholders through discussions, talks, meetings, seminars and informal opinion surveys of stakeholders in each group.
What actions were taken by Pruksa to create economic value for its stakeholders?
In its 2021 Sustainability Report Pruksa reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Pruksa paid 1,599 million baht for employee wages and benefits.
- Creating economic value for the government
- In 2021, Pruksa paid 1,935 million baht to the government. Payments to the government comprise 767M baht of corporate income tax, 1,049M baht of special business tax and 119M baht of transfer fees.
- Creating economic value for providers of capital
- In 2021, Pruksa paid 2,101 million baht to providers of capital.
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 Pruksa, 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.psh.co.th/storage/content/sustainable-development/report/psh-sdreport-2021-en.pdf
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