Case study: How Scandic creates economic value for its stakeholders
Scandic has the largest and widest hotel network in the Nordic market and a unique offering in the mid-market segment for leisure and business travellers. Every day, Scandic’s guests are welcomed by some 18,600 dedicated team members who strive to create fantastic hotel experiences for all. Scandic’s ambition is to optimise long-term value creation for all its stakeholders Tweet This!, while also managing the external factors that impact the company.
This case study is based on the 2022 Annual & Sustainability Report by Scandic, 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
In 2022, the economic value distributed by Scandic reached SEK 17,100 million. In order to create economic value for its stakeholders Scandic took action to:
- create economic value for employees
- create economic value for shareholders
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Scandic has identified;
- How Scandic proceeded with stakeholder engagement, and
- What actions were taken by Scandic to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2022 Annual & Sustainability Report Scandic identified a range of material issues, such as reducing CO2 emissions, fair working conditions, minimising waste, occupational health and safety. Among these, creating economic value for its stakeholders stands out as a key material issue for Scandic.
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 Scandic engages with:
| Stakeholder Group |
| Team members |
| Owners and investors |
| NGOs |
| Future employees |
| Guests |
| Corporate customers |
| ESG analysts |
| Business partners |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Scandic engaged with its stakeholders through formal meetings, evaluations, surveys and seminars.
What actions were taken by Scandic to create economic value for its stakeholders?
In its 2022 Annual & Sustainability Report Scandic reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2022, Scandic paid SEK 5,957 million for employee wages and benefits.
- Creating economic value for shareholders
- In 2022, Scandic paid SEK 1,808 million in financial expenses (dividends & interest).
- Creating economic value for communities
- In 2022, Scandic spent SEK 1.17million 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 Scandic, 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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