Market Group 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... Fri, 15 Nov 2024 06:56:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 Case study: How the Market Group creates economic value for its stakeholders https://sustaincase.com/case-study-how-market-group-creates-economic-value-for-its-stakeholders/ Fri, 15 Nov 2024 06:56:09 +0000 https://sustaincase.com/?p=19949 Headquartered in Budapest, the Market Group has grown to become one of the leading players in the Hungarian construction industry, combining professionalism, dedication and the strength of its experiences. Step by step, with persistent work, This case study is based on the 2021 Sustainability Report by the Market Group, 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. […]

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]]> Headquartered in Budapest, the Market Group has grown to become one of the leading players in the Hungarian construction industry, combining professionalism, dedication and the strength of its experiences. Step by step, with persistent work, the Market Group seeks to create value in the long term, not only for the Group, but also for its customers, its stakeholders and society as a whole.  Tweet This!

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

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Abstract 

In 2021, the economic value generated by the Market Group reached HUF 367 068 million. In order to create economic value for its stakeholders the Market Group took action to:

  • create economic value for employees
  • create economic value for suppliers
  • create economic value for investors
  • create economic value for the state
  • create economic value for communities

What are the material issues the company has identified?

In its 2021 Sustainability Report the Market Group identified a range of material issues, such as responsible corporate governance, climate strategy, attracting and retaining talent, waste management. Among these, creating economic value for its stakeholders stands out as a key material issue for the Market Group.

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 the Market Group engages with:

Stakeholder Group
Customers
Staff
Suppliers and partners
NGOs
Members of the future generation

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics the Market Group engaged with its stakeholders through a survey.

What actions were taken by the Market Group to create economic value for its stakeholders?

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

  • Creating economic value for employees
  • In 2021, the Market Group paid HUF 17 939 million for employee wages and benefits.
  • Creating economic value for suppliers
  • In 2021, the Market Group paid HUF 299 792 million to suppliers.
  • Creating economic value for investors
  • In 2021, the Market Group paid HUF 6 370 million to investors.
  • Creating economic value for the state
  • In 2021, the Market Group paid HUF 4 420 million to the state.
  • Creating economic value for communities
  • In 2021, the Market Group spent HUF 1 051 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 the Market Group, 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.market.hu/_projects/market/uploads/docs/71/hu/640b4aa560c9amarket-fenntarthatosagijelentes-2023env2.pdf

Note to the Market Group: 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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