Case study: How Wharf creates economic value for its stakeholders
Founded in 1886 in Hong Kong, Wharf Holdings is a leading company with a wide range of business operations across various regions in Asia, now mainly operating investment properties and development properties in Hong Kong and Mainland China, and hospitality ownership and management in Mainland China and the Philippines. Wharf continuously embraces its long-standing mission of “Building for Tomorrow”, to ensure long-term value creation for its stakeholders.
This case study is based on the 2020 Sustainability Report by Wharf, 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
By paying attention to its stakeholders’ needs, protecting the natural environment and making positive social impacts, Wharf is committed to not only pursuing financial excellence, but also creating long-term shared value. Tweet This! In order to create economic value for its stakeholders Wharf took action to:
- create economic value for employees
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Wharf has identified;
- How Wharf proceeded with stakeholder engagement, and
- What actions were taken by Wharf 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 Wharf identified a range of material issues, such as socioeconomic compliance, customer privacy, anti-corruption, non-discrimination, environmental compliance. Among these, creating economic value for its stakeholders stands out as a key material issue for Wharf.
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 Wharf engages with:
Stakeholder Group | Method of engagement |
Government, regulatory bodies and industry associations | · Regulatory task forces and committees · Industry operational meetings · Forums and conferences |
Business partners (including suppliers, contractors and sub-contractors) | · Tendering · Operational meetings · Contract and performance review · Surveys |
Local community
| · Community investment programmes · Company visits · Social media platforms |
Non-governmental organisations (“NGOs”) | · Programme partnership meetings · Regular programme review and assessment |
Media
| · Media briefings and luncheons · Executive interviews · Instant internet updates |
Employees
| · Surveys and focus groups · Town hall meetings · Intranet and internal publications |
Customers
| · Surveys · Social media platforms · Service centres and hotlines |
Shareholders, investors and financial analysts
| · General meetings · Financial reports, announcements and circular(s) · Corporate communications and company websites · Phone interviews |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Wharf conducted an online survey, one-on-one interviews and focus groups among 570 stakeholders, including employees, business partners, government officials, tenants, customers, community partners, industry associations, investors and financial analysts.
What actions were taken by Wharf to create economic value for its stakeholders?
In its 2020 Sustainability Report Wharf reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2020, Wharf’s staff costs reached HK$ 1,791 million. Staff costs include contributions to defined contribution pension schemes of HK$128 million, which included equity-settled share-based payment expenses of HK$3 million.
- Creating economic value for communities
- In 2020, Wharf’s donations reached HK$ 7million. Wharf organised and supported more than 70 community events.
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 Wharf, 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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