Scandic 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, 01 Nov 2024 06:59:19 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 Case study: How Scandic creates economic value for its stakeholders https://sustaincase.com/case-study-how-scandic-creates-economic-value-for-its-stakeholders/ Fri, 01 Nov 2024 06:58:38 +0000 https://sustaincase.com/?p=19862 Scandic has the largest and widest hotel network in the Nordic market and a unique offering in the mid-market segment for leisure and business travellers. Every day, Scandic’s guests are welcomed by some 18,600 dedicated team members who strive to create fantastic hotel experiences for all. , while also managing the external factors that impact the company. This case study is based on the 2022 Annual & Sustainability Report by Scandic, 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. […]

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]]> Scandic has the largest and widest hotel network in the Nordic market and a unique offering in the mid-market segment for leisure and business travellers. Every day, Scandic’s guests are welcomed by some 18,600 dedicated team members who strive to create fantastic hotel experiences for all. Scandic’s ambition is to optimise long-term value creation for all its stakeholders  Tweet This!, while also managing the external factors that impact the company.

This case study is based on the 2022 Annual & Sustainability Report by Scandic, 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 2022, the economic value distributed by Scandic reached SEK 17,100 million. In order to create economic value for its stakeholders Scandic took action to:

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

What are the material issues the company has identified?

In its 2022 Annual & Sustainability Report Scandic identified a range of material issues, such as reducing CO2 emissions, fair working conditions, minimising waste, occupational health and safety. Among these, creating economic value for its stakeholders stands out as a key material issue for Scandic.

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 Scandic engages with: 

Stakeholder Group
Team members
Owners and investors
NGOs
Future employees
Guests
Corporate customers
ESG analysts
Business partners

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Scandic engaged with its stakeholders through formal meetings, evaluations, surveys and seminars.

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

In its 2022 Annual & Sustainability Report Scandic reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2022, Scandic paid SEK 5,957 million for employee wages and benefits.
  • Creating economic value for shareholders
  • In 2022, Scandic paid SEK 1,808 million in financial expenses (dividends & interest).
  • Creating economic value for communities
  • In 2022, Scandic spent SEK 1.17million 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 Scandic, 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.scandichotelsgroup.com/files/Main/13379/3747216/scandic-annual–sustainability-report-2022.pdf

Note to Scandic: 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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