Sector: Chemicals Archives - SustainCase - Sustainability Magazine https://sustaincase.com/category/chemicals/ Insights on how you can protect the environment, maintain and increase the value of your company, through a structured CSR/Sustainability process with the use of the GRI Standards. Learn how Today's Best-Run Companies are achieving Economic, Social, and Environmental Success - and How You Can Too... Wed, 04 Sep 2024 06:05:27 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.3 Case study: How SRF creates economic value for its stakeholders https://sustaincase.com/case-study-how-srf-creates-economic-value-for-its-stakeholders/ Wed, 04 Sep 2024 06:04:28 +0000 https://sustaincase.com/?p=19555 SRF is a chemical-based multi-business global entity engaged in the manufacturing of industrial and specialty intermediates, operating in 4 countries with 14 manufacturing plants. This case study is based on the 2019-21 Sustainability Report by SRF, 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 Committed to embedding sustainability within its businesses, SRF seeks, through its operations, […]

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]]> SRF is a chemical-based multi-business global entity engaged in the manufacturing of industrial and specialty intermediates, operating in 4 countries with 14 manufacturing plants. Creating long-term value for all its stakeholders, is a top priority for SRF.  Tweet This!

This case study is based on the 2019-21 Sustainability Report by SRF, 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.

Layout 1

Abstract

Committed to embedding sustainability within its businesses, SRF seeks, through its operations, to generate shared value for all its stakeholders. In order to create economic value for its stakeholders SRF took action to:

  • create economic value for employees
  • create economic value for the government

What are the material issues the company has identified? 

In its 2019-21 Sustainability Report SRF identified a range of material issues, such as occupational health and safety, air and GHG emissions, emergency preparedness, business risk management. Among these, creating economic value for its stakeholders stands out as a key material issue for SRF.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 SRF engages with:

To identify and prioritise material topics SRF engaged with its stakeholders through the following channels:

Stakeholder Group                Method of engagement
Shareholders, Investors

 

 ·      Company website

·      Quarterly publication of results followed by earnings calls

·      Periodic briefing by analysts and individual discussions between the management team and fund managers
Customers

 

 ·      Customer visits/audit and meetings

·      Customer recognition/ awards programmes

·      Customer satisfaction surveys

·      Joint development and product reengineering
Suppliers

 

 ·      Supplier evaluation programme

·      Periodic meetings

·      Visits to suppliers’ facilities
Employees

 

 ·      Structured and focused training programmes

·      IT enablement and digitisation

·      Employee-oriented work policies

·      Adequate grievance mechanism for reporting and redressal

·      Transparent and fair performance management systems and 360-degree feedback processes

·      Regular open-house meetings with senior leadership teams

·      Regular employee engagement and feedback surveys
Local Community

 

 ·      Social impact assessment

·      Joint development and partnership with local agencies and network partners to facilitate the servicing of a wider set of local communities

·      Local infrastructure development, structured learning through digital classrooms training, provision of scholarships, and other necessary support
Regulatory Bodies

 

 ·      Adherence to reporting requirements

·      Industry representation on key matters

What actions were taken by SRF to create economic value for its stakeholders?

In its 2019-21 Sustainability Report SRF reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2020-21, SRF paid INR 692.29 and 1,532.70 million for employee wages and benefits (Bhiwadi and Dahej, respectively).
  • Creating economic value for the government
  • In 2020-21, SRF paid INR 1093.78 and 5,270.90 million to the government (Bhiwadi and Dahej, respectively).

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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.

References:

This case study is based on published information by SRF, 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.srf.com/wp-content/uploads/2022/11/SRF-CB-2019-21-Sustainability-Report-V2.pdf

Note to SRF: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How SRF creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Pidilite creates economic value for its stakeholders https://sustaincase.com/case-study-how-pidilite-creates-economic-value-for-its-stakeholders/ Wed, 28 Aug 2024 06:04:16 +0000 https://sustaincase.com/?p=19518 Pidilite is a well-established Indian multi-national company that has a long history of producing high-quality adhesive and specialty chemical products, including adhesives, sealants, construction chemicals, art and craft supplies, and polymer emulsions. This case study is based on the 2021-22 Sustainability Report by Pidilite, 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 Determined to create value […]

The post Case study: How Pidilite creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Pidilite is a well-established Indian multi-national company that has a long history of producing high-quality adhesive and specialty chemical products, including adhesives, sealants, construction chemicals, art and craft supplies, and polymer emulsions. Pidilite’s sustainability strategy focuses on minimising its ecological footprint, while creating long term value for all its stakeholders.  Tweet This!

This case study is based on the 2021-22 Sustainability Report by Pidilite, 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.

Layout 1

Abstract

Determined to create value for all its respective stakeholders, Pidilite consistently works towards aligning as well as integrating its decision-making process with their expectations and aspirations. In order to create economic value for its stakeholders Pidilite 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 communities

What are the material issues the company has identified? 

In its 2021-22 Sustainability Report Pidilite identified a range of material issues, such as ethical business and transparency, process and product innovation, occupational health and safety, management of hazardous chemicals, employee development and diversity. Among these, creating economic value for its stakeholders stands out as a key material issue for Pidilite.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Pidilite engages with:

To identify and prioritise material topics Pidilite engaged with its stakeholders through the following channels:

Stakeholder Group                Method of engagement
Workforce

 

 ·      Training

·      Meetings

·      Email interaction

·      Employee satisfaction survey

·      Employee engagement activities

·      Open forums

·      Live chat
Customers

 

 ·      Telephone

·      Email

·      Customer meets

·      Personal visits

·      Advertisements

·      Customer satisfaction reports
Investors and shareholders

 

 ·      Media releases

·      Annual reports

·      Investor meets

·      Analyst meets

·      Contact through investor service centres

·      Annual general meeting

·      Company website
Dealers

 

 ·      Helpdesk

·      E-business portal

·      Personal interaction

·      E-communication/ telephonic conversations

·      Dealer visits/meets
Suppliers

 

 ·      Personal interaction

·      Telephonic conversations

·      Email communication
Local communities

 

 ·      Visits

·      Meetings

·      Medical camps

·      Need assessment
Non-governmental Organisations (NGOs) ·      CSR initiatives

·      Telephonic discussions
Regulatory authorities ·      Industry bodies and forums

What actions were taken by Pidilite to create economic value for its stakeholders?

In its 2021-22 Sustainability Report Pidilite reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In FY 2021-22, Pidilite paid 905.2 Crores for employee wages and benefits.
  • Creating economic value for providers of capital
  • In FY 2021-22, Pidilite paid 26.4 Crores to providers of capital.
  • Creating economic value for the government
  • In FY 2021-22, Pidilite paid 787.7 Crores to the government.
  • Creating economic value for communities
  • In FY 2021-22, Pidilite spent 26.2 Crores 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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.

References:

This case study is based on published information by Pidilite, 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://pidilite.com/wp-content/uploads/2023/07/Sustainability-Report-04-07-2023.pdf

Note to Pidilite: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How Pidilite creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Air Products creates economic value for its stakeholders https://sustaincase.com/case-study-how-air-products-creates-economic-value-for-its-stakeholders/ Wed, 31 Jul 2024 05:55:30 +0000 https://sustaincase.com/?p=19438 Air Products provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage, and is also the global leader in the supply of liquefied natural gas process technology and equipment. Having a strong financial position allows Air Products to continue to commit significant capital to grow into the future, creating value for all its stakeholders and society. This case study is based on the 2023 Sustainability Report by Air Products, prepared in accordance with the GRI Standards, that can be found at this link. Through all case […]

The post Case study: How Air Products creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Air Products provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage, and is also the global leader in the supply of liquefied natural gas process technology and equipment. Having a strong financial position allows Air Products to continue to commit significant capital to grow into the future, creating value for all its stakeholders and society.

This case study is based on the 2023 Sustainability Report by Air Products, 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.

Layout 1

Abstract

Generating, through its operations, sustainable value for all its stakeholders, is a top priority for Air Products.  Tweet This! In order to create economic value for its stakeholders Air Products took action to:

  • create economic value for the state
  • create economic value for shareholders
  • create economic value for communities

What are the material issues the company has identified?

In its 2023 Sustainability Report Air Products identified a range of material issues, such as energy and climate/CO2, ethics and integrity, safety and health, sustainable products and innovation. Among these, creating economic value for its stakeholders stands out as a key material issue for Air Products.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Air Products engages with:

Stakeholder Group
Customers
Employees
Investors
Communities
Suppliers
Government regulators

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Air Products engaged with its stakeholders through a survey.

What actions were taken by Air Products to create economic value for its stakeholders?

In its 2023 Sustainability Report Air Products reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for the state
  • In fiscal year 2022, Air Products paid $500.8 million in income tax.
  • Creating economic value for shareholders
  • In fiscal year 2022, Air Products paid $1,383.3 million in dividends.
  • Creating economic value for communities
  • In fiscal year 2022, Air Products paid $7 million in donations to communities.

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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.

References:

This case study is based on published information by Air Products, 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.airproducts.com/company/sustainability/sustainability-report  

Note to Air Products: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How Air Products creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Galaxy creates economic value for its stakeholders https://sustaincase.com/case-study-how-galaxy-creates-economic-value-for-its-stakeholders/ Mon, 29 Jul 2024 06:04:50 +0000 https://sustaincase.com/?p=19421 Galaxy Surfactants Limited is one of India’s leading manufacturers of surfactants and other specialty ingredients for the personal care and home care industry. The value creation approach at Galaxy is based on the concept of inclusivity and sustainable growth, i.e., value creation for both the organisation and society at large, including stakeholders. This case study is based on the 2021-22 Sustainability Report by Galaxy, 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 […]

The post Case study: How Galaxy creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Galaxy Surfactants Limited is one of India’s leading manufacturers of surfactants and other specialty ingredients for the personal care and home care industry. The value creation approach at Galaxy is based on the concept of inclusivity and sustainable growth, i.e., value creation for both the organisation and society at large, including stakeholders.

This case study is based on the 2021-22 Sustainability Report by Galaxy, 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.

Layout 1

Abstract

Galaxy understands that its ability to create value for itself, is connected to the value that it creates for all its stakeholders.  Tweet This! In order to create economic value for its stakeholders Galaxy took action to:

  • create economic value for employees
  • create economic value for the government
  • create economic value for shareholders
  • create economic value for communities

What are the material issues the company has identified?  

In its 2021-22 Sustainability Report Galaxy identified a range of material issues, such as employee health, safety and well-being, compliance, customer complaint resolution, water security, product sustainability. Among these, creating economic value for its stakeholders stands out as a key material issue for Galaxy.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Galaxy engages with:

Stakeholder Group                Method of engagement
Customers

 

 ·      Regular business reviews with key customers

·      Customer satisfaction surveys and feedback

·      Customer audits and customer questionnaire responses

·      Meeting customer requirements and requests for improvement on environmental and social responsibility
Investors

 

 ·      AGM

·      Annual Reports

·      Investor Meets

·      Investor call is arranged after declaration of financial results every quarter. The details for participation are updated on stock exchanges.
Government and regulatory bodies ·      Statutory and Legal Compliance filings
Suppliers and vendors

 

 ·      Supplier workshops and annual suppliers meet

·      Suppliers consultation and auditing

·      Informing suppliers through feedback mechanism

·      Supplier Sustainability assessment questionnaire
Transporter

 

 ·      Transporter consultation and auditing

·      Informing transporter through a feedback mechanism
Employees (Employee and contract employees)

 

 ·      Meetings and Trainings

·      Employee Engagement Survey

·      360-degree feedback

·      One-on-one interviews with managers

·      Performance communication

·      Communication meetings with new recruits

·      Employees can communicate through internal channels

·      Energy Week, Safety Month, Environment Day celebrations

·      EWC, Dialogue
Community ·      CSR initiatives

·      Sustainability Report

·      Participation in conferences

·      One to one interaction

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Galaxy engaged with its stakeholders through a survey.

What actions were taken by Galaxy to create economic value for its stakeholders?

In its 2021-22 Sustainability Report Galaxy reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2021-22, Galaxy paid INR Crores 211.81 in employee benefit expenses.
  • Creating economic value for the government
  • In 2021-22, Galaxy paid INR Crores 68.56 in income tax.
  • Creating economic value for shareholders
  • In 2021-22, Galaxy paid INR Crores 14.18 in dividends.
  • Creating economic value for communities
  • In 2021-22, Galaxy paid INR Crores 4.69 in donations/CSR expenses.

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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.

References:

This case study is based on published information by Galaxy, 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.galaxysurfactants.com/pdf/Sustainability-Report-2021-22.pdf

Note to Galaxy: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How Galaxy creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How NOVA Chemicals creates economic value for its stakeholders https://sustaincase.com/case-study-how-nova-chemicals-creates-economic-value-for-its-stakeholders/ Fri, 16 Feb 2024 07:01:43 +0000 https://sustaincase.com/?p=16456 Headquartered in Calgary, Alberta, Canada, with operations in Alberta and Ontario in Canada and Louisiana in the U.S., NOVA Chemicals develops and manufactures ethylene and polyethylene for plastic products and packaging that are essential to making everyday life healthier and safer. This case study is based on the 2021 ESG Report by NOVA Chemicals, 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, […]

The post Case study: How NOVA Chemicals creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Headquartered in Calgary, Alberta, Canada, with operations in Alberta and Ontario in Canada and Louisiana in the U.S., NOVA Chemicals develops and manufactures ethylene and polyethylene for plastic products and packaging that are essential to making everyday life healthier and safer. Meeting the expectations of its stakeholders and creating sustainable value for them all, is a top priority for NOVA Chemicals.  Tweet This!

This case study is based on the 2021 ESG Report by NOVA Chemicals, 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. 

Layout 1

Abstract

NOVA Chemicals is committed to generating, through its operations, shared value for a wide range of stakeholders, including employees, governments, and communities. In order to create economic value for its stakeholders NOVA Chemicals took action to:

  • create economic value for employees
  • create economic value for governments
  • create economic value for communities

What are the material issues the company has identified?

In its 2021 ESG Report NOVA Chemicals identified a range of material issues, such as climate care, inclusion and diversity, plastics circular economy, air emissions, employee and contractor safety. Among these, creating economic value for its stakeholders stands out as a key material issue for NOVA Chemicals.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 NOVA Chemicals engages with:

To identify and prioritise material topics NOVA Chemicals engaged with its stakeholders through the following channels:

Stakeholder Group                Method of engagement
Communities and

Indigenous Communities

 ·      Callout system

·      Conversations

·      Community advisory panels

·      Neighbour events/ open houses

·      Volunteer activities

·      Newsletters

·      Website community information

·      Responsible Care verification
Employees

 

 ·      Newsletters

·      Employee sessions

·      Quality conversations

·      Engagement surveys

·      Intranet and direct emails

·      Volunteer opportunities
Customers

 

 ·      Direct engagement (meetings and events)

·      Joint development programmes

·      Collaboration

·      Product information

·      Training/technical support

·      Innovation

·      Conferences
Suppliers

 

 

 ·      Meetings

·      Joint development programmes

·      Training

·      Technical support
Owner

 

 ·      Board meetings

·      Board site visits

·      Regular correspondence

·      Reports
Governments/Regulators

 

 

 ·      Reporting

·      Periodic conversations

·      Policy advocacy
Providers of Capital

 

 ·      Conference calls

·      Reporting

·      Conversations
Industry Associations

 

 ·      Industry association meetings

·      Conferences

·      Industry surveys

What actions were taken by NOVA Chemicals to create economic value for its stakeholders?

In its 2021 ESG Report NOVA Chemicals reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2021, NOVA Chemicals paid $472 million in employee salaries and benefits.
  • Creating economic value for governments
  • In 2021, NOVA Chemicals paid $15 million in income and property taxes.
  • Creating economic value for communities
  • In 2021, NOVA Chemicals spent $2.2 million 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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.

References:

This case study is based on published information by NOVA Chemicals, 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.novachem.com/wp-content/uploads/ESG_Report_2021.pdf

Note to NOVA Chemicals: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How NOVA Chemicals creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Huntsman creates economic value for its stakeholders https://sustaincase.com/case-study-how-huntsman-creates-economic-value-for-its-stakeholders/ Wed, 14 Feb 2024 07:00:35 +0000 https://sustaincase.com/?p=16441 Headquartered in The Woodlands, Texas, Huntsman Corporation is a global downstream, differentiated, and specialty chemicals company with operations in approximately 30 countries. This case study is based on the 2021 Sustainability Report by Huntsman, 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 Huntsman engages with its stakeholders to identify actual and potential impacts of its […]

The post Case study: How Huntsman creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Headquartered in The Woodlands, Texas, Huntsman Corporation is a global downstream, differentiated, and specialty chemicals company with operations in approximately 30 countries. Huntsman constantly seeks to generate sustainable, long-term value for employees, providers of capital, and all its other stakeholders.  Tweet This!

This case study is based on the 2021 Sustainability Report by Huntsman, 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. 

Layout 1

Abstract

Huntsman engages with its stakeholders to identify actual and potential impacts of its operations, also creating, in the context of its activities, shared value for every stakeholder. In order to create economic value for its stakeholders Huntsman 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 communities

What are the material issues the company has identified?

In its 2021 Sustainability Report Huntsman identified a range of material issues, such as diversity, equity, and inclusion, energy management, workforce health and safety, waste management, cybersecurity. Among these, creating economic value for its stakeholders stands out as a key material issue for Huntsman.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Huntsman engages with:

To identify and prioritise material topics Huntsman engaged with its stakeholders through the following channels:

Stakeholder Group                Method of engagement
Employees ·      EHS Scorecards

·      Sustainability Report

·      Training

·      EHS Conferences

·      CEO Awards

·      Huntsman Intranet

·      Global Emails
Contractors ·      Site EHS Leadership

·      Division EHS Business Partners

·      Purchasing/Contracts
Huntsman Board of Directors

 

 ·      EHS Scorecards

·      Sustainability Report

·      Quarterly Meetings/Reviews
Investment Community

 

 ·      Investor analytics reporting (e.g., MCSI, Sustainalytics, EcoVadis, ISS)

·      Sustainability Report

·      Disclosures on Climate (CDP)

·      Horizon 2025 Targets
Customers

 

 ·      Product Information (Material Safety Data Sheets, Labelling)

·      Product Safety Summaries

·      Sustainability Report

·      Sales Contact
Suppliers

 

 

 ·      Vendor Code of Conduct

·      Ethics Screening

·      PEHS Supplier Questionnaire

·      Vendor Safety Data Sheet (SDS) System
Community (at Large)

 

 ·      Huntsman Website

·      Social Media

·      Sustainability Report

·      Horizon 2025 Targets
Community

(Near Neighbours)

 ·      Corporate Crisis Plan

·      Site Emergency Response Plans

·      Community Advisory Panels

·      Chambers of Commerce

·      Fire Department Tours

·      Local Emergency Planning Committees

·      Phone Contact

·      Social Media

·      Huntsman Website
Regulatory Agencies ·      Direct Engagement with Regulators
Government Officials

 

 ·      Sustainability Report

·      Government Affairs Team
Chemical Industry Affiliates

 

 ·      Sustainability Report

·      Membership Reporting (ACC)

·      ACC Committee Involvement

What actions were taken by Huntsman to create economic value for its stakeholders?

In its 2021 Sustainability Report Huntsman reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2021, Huntsman paid USD 949 million for employee wages and benefits.
  • Creating economic value for providers of capital
  • In 2021, Huntsman paid USD 226 million to providers of capital.
  • Creating economic value for the government
  • In 2021, Huntsman paid USD 209 million to the government.
  • Creating economic value for communities
  • In 2021, Huntsman spent USD 2 million 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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.

References:

This case study is based on published information by Huntsman, 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://d1io3yog0oux5.cloudfront.net/huntsman/files/sustainability_report_2021/assets/downloads/Huntsman-2021-Sustainability-Report.pdf

Note to Huntsman: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How Huntsman creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Albemarle creates economic value for its stakeholders https://sustaincase.com/case-study-how-albemarle-creates-economic-value-for-its-stakeholders/ Fri, 22 Sep 2023 05:54:37 +0000 https://ccprowebs.com/new-sustaincase.com/?p=15402 Albemarle Corporation, headquartered in Charlotte, North Carolina, is a leading global developer, manufacturer, and marketer of highly engineered specialty chemicals. Albemarle is firmly grounded in its approach to sustainability investments and activities that generate long-term value for all its stakeholders, making substantial progress towards its sustainability goals. This case study is based on the 2021 Sustainability Report by Albemarle, 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 post Case study: How Albemarle creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Albemarle Corporation, headquartered in Charlotte, North Carolina, is a leading global developer, manufacturer, and marketer of highly engineered specialty chemicals. Albemarle is firmly grounded in its approach to sustainability investments and activities that generate long-term value for all its stakeholders, making substantial progress towards its sustainability goals.

This case study is based on the 2021 Sustainability Report by Albemarle, 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.    

Driving greater stakeholder value, generating lasting value and benefits for the wider society, is a top priority for Albemarle.  Tweet This! In order to create economic value for its stakeholders Albemarle took action to:

  • create economic value for employees
  • create economic value for suppliers
  • create economic value for the government
  • create economic value for shareholders

What are the material issues the company has identified?

In its 2021 Sustainability Report Albemarle identified a range of material issues, such as diversity, equity and inclusion, energy and greenhouse gases, safety, resource stewardship. Among these, creating economic value for its stakeholders stands out as a key material issue for Albemarle.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Albemarle engages with:

To identify and prioritise material topics Albemarle engaged with its stakeholders through the following channels:

Stakeholder Group                Method of engagement
Employees ·      Daily updates to Albert, the company intranet, and frequent updates to the corporate website

·      Quarterly town hall meetings hosted by the CEO and GBUs that are recorded and posted to Albert

·      Written memos

·      In-person meetings (where possible)

·      Employee Resource Groups (ERGs)

·      Email
Shareholder/Investment Community

 

 

 

 ·      SEC filings

·      Publicly available quarterly earnings calls

·      Presentations to industry and investor groups that are webcast and available for viewing on Albemarle’s website

·      Analyst events

·      Conferences

·      Direct outreach to address investor concerns and answer questions
Industry and Trade

Associations

 

 

 ·      Participation in trade and industry associations globally, such as the American Chemistry Council

·      Collaboration with global trade associations to conduct and publish peer-reviewed, scientific research
Government and Regulators

 

 ·      Engagement with governments and regulators via phone, email, or in-person meetings (when possible)

·      Political contributions
NGOs

 

 

 

 ·      Engagement with global, regional, and national NGOs on environmental, social, and governance issues to demonstrate the benefits of Albemarle’s products and the sustainable operation of its facilities
Media

 

 ·      Press releases

·      Interviews

What actions were taken by Albemarle to create economic value for its stakeholders?

In its 2021 Sustainability Report Albemarle reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2021, Albemarle paid $530 million in employee wages.
  • Creating economic value for suppliers
  • In 2021, Albemarle paid $2.2 billion to suppliers.
  • Creating economic value for the government
  • In 2021, Albemarle paid $185 million in taxes.
  • Creating economic value for shareholders
  • In 2021, Albemarle paid $178 million in dividends to shareholders.

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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

This case study is based on published information by Albemarle, 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.albemarle.com/skins/base/flipbooks/sustainability-report-2021/2021SustainabilityReport_2022-06-02_19-43-55.pdf

Note to Albemarle: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How Albemarle creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Bondalti creates economic value for its stakeholders https://sustaincase.com/case-study-how-bondalti-creates-economic-value-for-its-stakeholders/ Fri, 25 Aug 2023 05:56:36 +0000 https://ccprowebs.com/new-sustaincase.com/?p=15276 Operating in the chemical industry for over 150 years, Bondalti occupies a very competitive position in this market, focusing on the Chlor-alkalis (PCA) productive sectors in the inorganic chemicals segment and Aniline and by-products (PAD) in the organic chemicals segment. , while contributing to the sustainable development of the society in which it operates. This case study is based on the 2021 Integrated Report by Bondalti, 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) […]

The post Case study: How Bondalti creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Operating in the chemical industry for over 150 years, Bondalti occupies a very competitive position in this market, focusing on the Chlor-alkalis (PCA) productive sectors in the inorganic chemicals segment and Aniline and by-products (PAD) in the organic chemicals segment. Bondalti seeks to create long-term value for all its stakeholders  Tweet This!, while contributing to the sustainable development of the society in which it operates.

This case study is based on the 2021 Integrated Report by Bondalti, 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

Being a renowned chemical partner on the global market, creating value for employees, shareholders, clients, suppliers and the community, is a top priority for Bondalti. In order to create economic value for its stakeholders Bondalti took action to:

  • create economic value for employees
  • create economic value for capital suppliers
  • create economic value for the state
  • create economic value for the community

What are the material issues the company has identified?

In its 2021 Integrated Report Bondalti identified a range of material issues, such as occupational health and safety, customer satisfaction, energy management, employee development and training. Among these, creating economic value for its stakeholders stands out as a key material issue for Bondalti.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Bondalti engages with:

Stakeholder Group
Suppliers of raw materials, subsidiary materials and utilities
Shareholder
Employees
Transport Suppliers
Technology Suppliers
Clients – Organic
Clients – Inorganic
Regulatory Entities
Local Authorities
Local Community
Media
Sector Associations
Households
Services Suppliers
Partners
NGO

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Bondalti engaged with its stakeholders through a consultation survey among 539 stakeholders.

What actions were taken by Bondalti to create economic value for its stakeholders?

In its 2021 Integrated Report Bondalti reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2021, Bondalti paid €28 million for employee wages and benefits.
  • Creating economic value for capital suppliers
  • In 2021, Bondalti paid €16 million to capital suppliers.
  • Creating economic value for the state
  • In 2021, Bondalti paid €0,50 million to the state.
  • Creating economic value for the community
  • In 2021, Bondalti spent €1,60 million 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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

This case study is based on published information by Bondalti, 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://sustentabilidade.bondalti.com/relatorios/RI_BONDALTI_2021_EN_V4.pdf

Note to Bondalti: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How Bondalti creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Evonik creates economic value for its stakeholders https://sustaincase.com/case-study-how-evonik-creates-economic-value-for-its-stakeholders/ Fri, 28 Jul 2023 05:59:11 +0000 https://ccprowebs.com/new-sustaincase.com/?p=15263 Evonik is one of the world’s leading specialty chemicals companies, with operations in over 100 countries around the globe and approximately 33 thousand employees. This case study is based on the 2021 Sustainability Report by Evonik, 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 2021, Evonik’s total value added increased by 15 percent to €4,688 […]

The post Case study: How Evonik creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Evonik is one of the world’s leading specialty chemicals companies, with operations in over 100 countries around the globe and approximately 33 thousand employees. Creating, through its activities, long-term value for society and its stakeholders, is a top priority for Evonik.  Tweet This!

This case study is based on the 2021 Sustainability Report by Evonik, 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 2021, Evonik’s total value added increased by 15 percent to €4,688 million, with the largest share going to employees. In order to create economic value for its stakeholders Evonik took action to:

  • create economic value for employees
  • create economic value for the state
  • create economic value for creditors

What are the material issues the company has identified?

In its 2021 Sustainability Report Evonik identified a range of material issues, such as sustainable products/solutions for customers, climate change, occupational safety, efficient use of scarce resources/circular economy, responsible management and human rights. Among these, creating economic value for its stakeholders stands out as a key material issue for Evonik.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Evonik engages with:

Stakeholder Group                Method of engagement
Customers

 

 ·      Exchange of life cycle assessments

·      Exchange on sustainability

·      Sustainability workshop

·      Dialogue with leading tire manufacturers

·      Dialogue at trade shows
Employees

 

 

 ·      Regular dialogue with the Evonik regions on various sustainability topics

·      Employee development reviews

·      Meet & greet: workplace/staff meetings

·      Learning sessions on various topics

·      Intranet, blogs, employee magazine

·      Internal social media platforms (“communities”)

·      Competition for ideas on circularity & recycling
Suppliers

 

 ·      TfS and EcoVadis webinars/workshops

·      Workshops with strategic suppliers
Shareholders

 

 ·      Virtual shareholders’ meeting

·      Roadshows/conferences
Legislators

 

 ·      German government’s Sustainable Finance Committee

·      Dialogue with regional and national politicians

·      Site visits by national MPs
Authorities ·      Talks with authorities
Local residents ·      Magazines for local residents

·      Neighborhood networks
Lenders ·      Talks with rating agencies

·      Talks with lenders, including sustainability investors, e.g., on Evonik’s first green hybrid bond

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Evonik engaged with its stakeholders through a survey.

What actions were taken by Evonik to create economic value for its stakeholders?

In its 2021 Sustainability Report Evonik reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2021, Evonik paid €3,408 million in employee costs.
  • Creating economic value for the state
  • In 2021, Evonik paid €384 million to the state in income and other taxes.
  • Creating economic value for creditors
  • In 2021, Evonik paid €129 million to creditors.

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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

This case study is based on published information by Evonik, 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://corporate.evonik.com/media/public/misc/ir/bpk-2022/Sustainability_Report.pdf

Note to Evonik: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How Evonik creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Kemira creates economic value for its stakeholders https://sustaincase.com/case-study-how-kemira-creates-economic-value-for-its-stakeholders/ Fri, 07 Jul 2023 06:01:55 +0000 https://ccprowebs.com/new-sustaincase.com/?p=15202 Kemira is a global leader in sustainable chemical solutions for water intensive industries, providing best suited products and expertise to improve its customers’ product quality, process and resource efficiency. Kemira generates economic value from expertise, products and sustainable solutions and distributes the generated economic value to its various stakeholders, including suppliers and service providers through payments for raw materials and services, employees through compensation and benefits, capital providers through dividends and interest payments, the public sector through taxes, and society through local community projects, sponsorship and donations. This case study is based on the 2021 Sustainability Report by Kemira, prepared […]

The post Case study: How Kemira creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Kemira is a global leader in sustainable chemical solutions for water intensive industries, providing best suited products and expertise to improve its customers’ product quality, process and resource efficiency. Kemira generates economic value from expertise, products and sustainable solutions and distributes the generated economic value to its various stakeholders, including suppliers and service providers through payments for raw materials and services, employees through compensation and benefits, capital providers through dividends and interest payments, the public sector through taxes, and society through local community projects, sponsorship and donations.

This case study is based on the 2021 Sustainability Report by Kemira, 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. 

Creating, through its business operations, long term, sustainable value for all its stakeholders, is a top priority for Kemira.  Tweet This! In order to create economic value for its stakeholders Kemira took action to:

  • create economic value for employees
  • create economic value for suppliers
  • create economic value for investors and lenders
  • create economic value for the government and the public sector

What are the material issues the company has identified?

In its 2021 Sustainability Report Kemira identified a range of material issues, such as supporting customers to become more sustainable, water and wastewater, use of renewable and biobased materials, health and safety, climate and renewable energy. Among these, creating economic value for its stakeholders stands out as a key material issue for Kemira.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Kemira engages with:

Stakeholder Group                Method of engagement
Customers

 

 ·      Direct customer contacts

·      Customer webinars, events and newsletters

·      Customer satisfaction measure

·      Key drivers in customer satisfaction are the technical service, speed and proactivity, as well as Kemira’s ability to offer new and sustainable solutions
Shareholders and

lenders

 

 ·      Regulatory financial communications: financial reporting and stock exchange communication

·      Regular events like roadshows, conference calls and one-to-one meetings
Employees ·      Performance management and development process

·      Regular Town hall meetings globally

·      Co-operation with employee representatives

·      Continuous listening and employee feedback

·      Ethics and Compliance hotline and trainings

·      Local wellbeing programmes in all regions
Suppliers ·      Working closely with key suppliers to help them meet Kemira’s sustainability performance expectations, and take corrective actions if needed
Local communities

 

 

 ·      Dialogue and collaboration with local communities at major sites to ensure Kemira understands and addresses their concerns

·      Collaboration with schools and universities
Regulatory bodies,

trade associations,

decision makers and

opinion leaders

 ·      Memberships in industrial trade associations

·      Subject-specific dialogue with regulatory bodies on national and EU level

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Kemira engaged with its stakeholders through questionnaires and in-depth interviews with pre-identified key internal and external stakeholders, including investors, customers and Kemira employees and top management.

What actions were taken by Kemira to create economic value for its stakeholders?

In its 2021 Sustainability Report Kemira reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2021, Kemira paid EUR 371 million for employee wages and benefits.
  • Creating economic value for suppliers
  • In 2021, Kemira paid EUR 1922 million to suppliers of raw materials, goods and services.
  • Creating economic value for investors and lenders
  • In 2021, Kemira paid EUR 127 million in dividends, interests paid and financial expenses.
  • Creating economic value for the government and the public sector
  • In 2021, Kemira paid EUR 44 million in corporate income taxes.

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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

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References:

This case study is based on published information by Kemira, 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://mb.cision.com/Public/19578/3509808/b1b345a63810a18b.pdf

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The post Case study: How Kemira creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

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