What are the material issues the company has identified?

In its 2019 Sustainability Report TPCORP identified a range of material issues, such as business ethics, client and product responsibility, occupational health and safety, human resource development. Among these, creating economic value for its stakeholders stands out as a key material issue for TPCORP.

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 TPCORP engages with:

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

Stakeholder Group	Method of engagement
Shareholders	·      Annual shareholder meetings ·      Annual reports ·      Email, company website, telephone
Employees	·      Meetings with employee /agency representatives ·      Seminars and trainings (in line with work plans) ·      Email, intranet, company website, announcements ·      Suggestions box
Communities	·      Discussions ·      Telephone ·      Public announcement boards ·      Annual meetings
Clients	·      Email, company website, telephone ·      Satisfaction survey form
Suppliers	·      Email, company website, telephone
Sub-Contractors	·      Email, company website, telephone
Government Sector	·      Email, company website, telephone ·      Reports in line with legal requirements ·      Participation in activities and projects organised by government agencies
Nearby Factories	·      Meetings, telephone ·      Participation in public relations activities on various occasions

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

In its 2019 Sustainability Report TPCORP reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for shareholders and employees
• TPCORP creates economic value for its shareholders through dividends (Rate of Dividend Payment per Net Profit: 86.96 %), and for its employees through different means, including:
  • Salaries, wages, and benefits
  • Payments into the provident fund
  • Employee development spending

• Generating economic benefits for communities, suppliers and sub-contractors
• TPCORP generates various economic benefits for local communities through:
  • The amount of support for community activities
  • The percentage of locally-sourced employees (in provinces where factories are located), which is 30.06 %
• Additionally, TPCORP generates economic benefits for suppliers and sub-contractors through its operating expenses.

• Creating economic value for the government sector
• TPCORP creates economic value for the government sector by paying various taxes, including the following:
  • Corporate income tax and local maintenance tax
  • Property tax, special business tax and other taxes

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:

1) This case study is based on published information by TPCORP, 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 original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

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