Case study: How Renaissance creates economic value for its stakeholders
Renaissance is a leading international facilities management (FM) and service solutions provider and one of the largest private companies in the Sultanate of Oman. Addressing business continuity matters and creating long-term value for all its stakeholders is the cornerstone for the sustenance of Renaissance’s strong and resilient relationships with them.
This case study is based on the 2020 Sustainability Report by Renaissance, 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, the economic value distributed by Renaissance reached OMR 95,956,000. Tweet This! In order to create economic value for its stakeholders Renaissance took action to:
- create economic value for employees
- create economic value for providers of capital
- create economic value for the government
- create economic value for the community
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With this case study you will see:
- Which are the most important impacts (material issues) Renaissance has identified;
- How Renaissance proceeded with stakeholder engagement, and
- What actions were taken by Renaissance to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2020 Sustainability Report Renaissance identified a range of material issues, such as customer satisfaction, emergency preparedness, water, customer health and safety. Among these, creating economic value for its stakeholders stands out as a key material issue for Renaissance.
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 Renaissance engages with:
To identify and prioritise material topics Renaissance engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Shareholders and providers of capital
| · Annual report · Quarterly reports · Shareholder and investor meetings · Website including social media |
| Board of Directors
| · In-person, by Executive Management, on a quarterly basis · Periodic reports |
| Customers and suppliers
| · QHSE reports · Quarterly customer service surveys · Emails and meetings · Brochures and advertising material · Events and conferences · Tenders and contracts · Newsletters and social media |
| Employees and other workers
| · Site visits · Communications on policies, HSE and quality manuals · Recruitment and training · Emails and meetings · Staff and union events · Volunteer programmes · Internal and external events · Website and social media · Internal newsletters |
| Local communities
| · Events and conferences · SME interactions · Training · CSR programmes · Advertising · Website and social media |
| Industry peer groups
| · Annual report · Industry events |
| Regulators and government
| · Compliance reports · Annual report · Events and conferences |
| Emergency Services | · Emergency drills |
What actions were taken by Renaissance to create economic value for its stakeholders?
In its 2020 Sustainability Report Renaissance reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2020, Renaissance paid RO 39,085 thousand for employee wages and benefits.
- Creating economic value for providers of capital
- In 2020, Renaissance paid RO 4,548 thousand to providers of capital.
- Creating economic value for the government
- In 2020, Renaissance paid RO 16 thousand to the government.
- Creating economic value for the community
- In 2020, Renaissance paid RO 44 thousand in voluntary contributions to the community.
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 Renaissance, 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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