What are the material issues the company has identified?

In its 2021 ESG Report SINBON identified a range of material issues, such as environmental management, integrity and compliance, innovation and R&D, occupational safety and health. Among these, creating economic value for its stakeholders stands out as a key material issue for SINBON.

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 SINBON engages with: 

Stakeholder Group	Method of engagement (Inform)
Employees	·      Announcements / updates ·      Suggestion box ·      Staff symposium
Investors	·      Board of Directors ·      General Shareholders’ Meeting
Customers	·      Exclusive services ·      Customer service section
Suppliers	·      Supplier meeting ·      Document ·      Audit
Government/ School	·      Official correspondence ·      Government dissemination meetings
Media	·      Newspaper and magazine ·      Diversified communication channels
Community/ Non-profit organisation	·      Social charity event

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics SINBON engaged with its stakeholders through online questionnaires.

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

In its 2021 ESG Report SINBON reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• In 2021, SINBON paid NT$ 3,623,780 thousand in salary expenses, NT$ 372,883 thousand in labour and health insurance expenses, NT$ 61,472 thousand in pension expenses and NT$ 228,174 thousand in other employee benefit expenses.

• Creating economic value for shareholders
• In 2021, SINBON paid NT$ 7.0 in dividend expenses.

• Creating economic value for the state
• In 2021, SINBON paid NT$ 540,871 thousand in income tax expense.

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.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

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References:

This case study is based on published information by SINBON, 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.sinbon.com/csr/report

Note to SINBON: 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.