Citycon Archives - SustainCase - Sustainability Magazine 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, 11 Oct 2023 06:04:40 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 Case study: How Citycon creates economic value for its stakeholders https://sustaincase.com/case-study-how-citycon-creates-economic-value-for-its-stakeholders/ Wed, 11 Oct 2023 06:04:08 +0000 https://ccprowebs.com/new-sustaincase.com/?p=15444 Citycon is a leading owner, manager and developer of mixed-use centres for urban living including retail, office space and housing, committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.5 billion. Citycon’s ambition is to make sustainable thinking and action the trademarks of its company culture, and to create long-term value for all its stakeholders while working for a better tomorrow. This case study is based on the 2021 Sustainability Accounts by Citycon, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to […]

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]]> Citycon is a leading owner, manager and developer of mixed-use centres for urban living including retail, office space and housing, committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.5 billion. Citycon’s ambition is to make sustainable thinking and action the trademarks of its company culture, and to create long-term value for all its stakeholders while working for a better tomorrow.

This case study is based on the 2021 Sustainability Accounts by Citycon, 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. 

Citycon is firmly committed to generating sustainable value for all its stakeholders  Tweet This!, including employees, providers of capital and governments. In order to create economic value for its stakeholders Citycon took action to:

  • create economic value for employees
  • create economic value for providers of capital
  • create economic value for governments

What are the material issues the company has identified?

In its 2021 Sustainability Accounts Citycon identified a range of material issues, such as health and safety in shopping centres, ethical business conduct and transparency, energy efficiency and CO2 footprint, sustainable construction and green buildings. Among these, creating economic value for its stakeholders stands out as a key material issue for Citycon.

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 Citycon engages with:

Stakeholder Group
Consumers
Tenants
Employees
Investors and shareholders
Analysts
Partners
Local communities
Municipalities
Media
NGOs
Industry associations

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Citycon engaged with its stakeholders through workshops, interviews and surveys that engaged both internal and external stakeholders.

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

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

  • Creating economic value for employees
  • In 2021, Citycon paid MEUR 20.3 for employee wages and salaries.
  • Creating economic value for providers of capital
  • In 2021, Citycon paid MEUR 91.1 to providers of capital (paid and received financial expenses as well as realised exchange rate losses/gains).
  • Creating economic value for governments
  • In 2021, Citycon paid MEUR 2.1 in income taxes and MEUR 9.1 in property 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

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 Citycon, 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.citycon.com/sites/default/files/material/sustainability-accounts-2021-citycon.pdf

Note to Citycon: 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.

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