What are the material issues the company has identified? 

In its 2021/2022 Annual Review & Sustainability Report Stena Metall identified a range of material issues, such as product and service quality, climate footprint, recycling efficiency and waste management, occupational health and safety, compliance with laws and regulations. Among these, creating economic value for its stakeholders stands out as a key material issue for Stena Metall.

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 Stena Metall engages with:

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

Stakeholder Group	Method of engagement
Banks and financial institutions	·      Ongoing dialogue ·      Capital market information meetings
Customers, partners and suppliers	·      Ongoing dialogue ·      Digital meetings ·      Webinars ·      Customer surveys
Employees	·      Employee survey ·      Ongoing dialogues
Authorities	·      Consultation meetings ·      Supervision meetings ·      Participation in reference and consultation groups
Politicians and decision-makers	·      Meetings and seminars ·      Response to consultation rounds ·      Participation in reference and consultation groups
Owner and Board of Directors	·      Board meetings and reports prior to meetings ·      Ongoing meetings and reports ·      Strategy meetings ·      Shareholders’ meeting

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

In its 2021/2022 Annual Review & Sustainability Report Stena Metall reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• In 2021/2022, Stena Metall paid SEK 2,872 million for employee wages and benefits.

• Creating economic value for financiers

• In 2021/2022, Stena Metall paid SEK 615 million to financiers.

• Creating economic value for authorities
• In 2021/2022, Stena Metall paid SEK 267 million to authorities (income tax).

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 Stena Metall, 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.stenametall.com/about-us/sustainability/sustainability-reporting/

Note to Stena Metall: 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.