Sika 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... Mon, 06 Mar 2023 13:51:21 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 Case study: How Sika creates economic value for its stakeholders https://sustaincase.com/case-study-how-sika-creates-economic-value-for-its-stakeholders/ Wed, 19 Oct 2022 06:08:17 +0000 https://ccprowebs.com/new-sustaincase.com/?p=14244 Sika is a specialty chemicals company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing and protecting in the building sector and motor vehicle industry. Sika creates sustainable value for its customers and other stakeholders, including governments through taxes, employees through compensation and benefits, shareholders through dividends, suppliers and service providers through raw material and service prices, and society through taxes and local community projects. This case study is based on the 2020 GRI Report by Sika, prepared in accordance with the GRI Standards, that can be found at this link. Through all […]

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]]> Sika is a specialty chemicals company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing and protecting in the building sector and motor vehicle industry. Sika creates sustainable value for its customers and other stakeholders, including governments through taxes, employees through compensation and benefits, shareholders through dividends, suppliers and service providers through raw material and service prices, and society through taxes and local community projects.

This case study is based on the 2020 GRI Report by Sika, 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

Financial solidity and long-term profitability ensure that Sika remains a reliable and value-adding partner for all its stakeholders  Tweet This!, now and in the future. Economic health enables Sika to share created value with its various stakeholders, be a reliable employer, a responsible taxpayer, and a good corporate citizen that helps communities to flourish. In order to create economic value for its stakeholders Sika took action to:

  • create economic value for employees
  • create economic value for shareholders, governments and lenders

What are the material issues the company has identified?

In its 2020 GRI Report Sika identified a range of material issues, such as product quality and reliability, energy management, health and safety, environmental compliance, local community engagement. Among these, creating economic value for its stakeholders stands out as a key material issue for Sika.

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 Sika engages with:

Stakeholder Group
Employees
Customers
Suppliers
Financial analysts
Investors
Academia
Sika Management
Sika Board
Competitors
Regulators
Sponsorship partners
Local communities

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Sika engaged with its stakeholders through an online survey. The stakeholders approached through the survey included employees, customers, financial analysts, investors, Sika Management, suppliers, academia, and sponsoring partners.

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

In its 2020 GRI Report Sika reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • As a responsible employer, Sika seeks to create economic value for its employees through compensation and various benefits. Accordingly, in 2020, the net value added flows to the various stakeholders included mn CHF 1,528 to Sika’s employees.
  • Creating economic value for shareholders, governments and lenders
  • Sika creates value for – among others – its shareholders through dividends paid, and for governments through taxes. Thus, in 2020, the net value added flows to the various stakeholders included mn CHF 327 to Sika’s shareholders, mn CHF 280 to governments and mn CHF 33 to lenders.

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

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References:

This case study is based on published information by Sika, 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.sika.com/content/dam/dms/corporate/s/glo_Sika_GRI_Report_2020.pdf

Note to Sika: 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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