Case study: How Vivara creates economic value for its stakeholders
Vivara is the largest jewellery chain in Latin America, designing, creating, producing, marketing, and distributing its products through a network of more than 330 stores spread across all regions of Brazil and a multi-channel platform that serves more than 2,900 municipalities. Generating sustainable value for its employees, the state, and all its other stakeholders, is a top priority for Vivara. Tweet This!
This case study is based on the 2021 Sustainability Report by Vivara, 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 2021, the economic value distributed by Vivara reached R$ 1,086,017,981. In order to create economic value for its stakeholders Vivara took action to:
- create economic value for employees
- create economic value for the state
- create economic value for capital providers
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With this case study you will see:
- Which are the most important impacts (material issues) Vivara has identified;
- How Vivara proceeded with stakeholder engagement, and
- What actions were taken by Vivara 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 Vivara identified a range of material issues, such as ethics and integrity, customer safety and satisfaction, environmental management and climate change. Among these, creating economic value for its stakeholders stands out as a key material issue for Vivara.
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 Vivara engages with:
| Stakeholder Group |
| Employees |
| Suppliers |
| Investors |
| Customers |
| Associations |
| The community |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Vivara engaged with its stakeholders through an online consultation questionnaire.
What actions were taken by Scandic to create economic value for its stakeholders?
In its 2021 Sustainability Report Vivara reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, Vivara paid R$ 283,974,055 in personnel expenses.
- Creating economic value for the state
- In 2021, Vivara paid R$ 423,936,397 in taxes and contributions.
- Creating economic value for capital providers
- In 2021, Vivara paid R$ 79,617,259 in remuneration of external 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 Vivara, 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://images.vivara.com.br/Stores/sustentabilidade/Vivara_sr_2021-eng.pdf
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