What are the material issues the company has identified?

In its 2020/2021 Sustainability Report Löfbergs identified a range of material issues, such as climate impact and adaptation, diversity and inclusion, environmental compliance, business ethics and anti-corruption. Among these, creating economic value for its stakeholders stands out as a key material issue for Löfbergs.

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 Löfbergs engages with:

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

Stakeholder Group	Method of engagement
Market & Society – Consumers – Authorities – NGOs – Society	·      Consumer contact and surveys ·      Meetings ·      Events ·      Workshops ·      Seminars ·      Projects ·      Inspections and audits
Organisation – Unions – Co-workers – Managers – Board of directors	·      Employee surveys ·      Meetings ·      Events ·      Workshops ·      Seminars ·      Trainings ·      Negotiations ·      Counselling ·      Inspections
Partners & Suppliers – Customers – Networks – Banks, credit institutions – Trade associations – Certification bodies – Suppliers and traders	·      Customers surveys ·      Customer centre ·      Meetings ·      Visits ·      Events ·      Workshops ·      Seminars ·      Trainings ·      Courses ·      Projects ·      Revisions and inspections
Owners	·      Owners council ·      Meetings ·      Visits ·      Surveys

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

In its 2020/2021 Sustainability Report Löfbergs reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• In the financial year 1 July 2020 to 30 June 2021, Löfbergs paid SEK 227,466 thousand for employee salaries and remuneration.

• Creating economic value for providers of capital
• In the financial year 1 July 2020 to 30 June 2021, Löfbergs paid SEK 11,248 thousand to providers of capital.

• Creating economic value for the public sector
• In the financial year 1 July 2020 to 30 June 2021, Löfbergs paid, in tax, SEK 2,598 thousand to the public sector in Sweden, SEK 1,556 thousand to the public sector in Denmark, SEK 1,333 thousand to the public sector in Norway, and SEK 51 thousand to the public sector in Latvia.

• Creating economic value for communities
• In the financial year 1 July 2020 to 30 June 2021, Löfbergs spent SEK 7,700 thousand 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

 

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.

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References:

This case study is based on published information by Löfbergs, 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.lofbergs.ee/wp-content/uploads/2021/12/loofbergs-sustainability-report-2020-2021.pdf

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