Umicore 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, 16 Oct 2023 05:55:35 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 Case study: How Umicore creates economic value for its stakeholders https://sustaincase.com/case-study-how-umicore-creates-economic-value-for-its-stakeholders/ Mon, 16 Oct 2023 05:55:35 +0000 https://ccprowebs.com/new-sustaincase.com/?p=15452 Umicore is a global materials technology and recycling group reducing harmful emissions, powering the vehicles and technologies of the future, and giving new life to used metals. The relationship that Umicore fosters with its stakeholders, generating sustainable value for all, has a direct influence on its success and impact on society. This case study is based on the 2021 Integrated Annual Report by Umicore, 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 […]

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]]> Umicore is a global materials technology and recycling group reducing harmful emissions, powering the vehicles and technologies of the future, and giving new life to used metals. The relationship that Umicore fosters with its stakeholders, generating sustainable value for all, has a direct influence on its success and impact on society.

This case study is based on the 2021 Integrated Annual Report by Umicore, 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. 

Creating financial value for its shareholders as well as long-term value for all its stakeholders, is a top priority for Umicore.  Tweet This! In order to create economic value for its stakeholders Umicore took action to:

  • create economic value for employees
  • create economic value for suppliers
  • create economic value for the state
  • create economic value for creditors and shareholders
  • create economic value for society

What are the material issues the company has identified?

In its 2021 Integrated Annual Report Umicore identified a range of material issues, such as responsible governance, employee health, safety and wellbeing, product stewardship, climate and environment. Among these, creating economic value for its stakeholders stands out as a key material issue for Umicore.

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 s 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 Umicore engages with:

Stakeholder Group
Public sector and Authorities
Suppliers
Customers
Society
Shareholders and fund providers
Employees
Business partners
Neighbours

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Umicore engaged with its stakeholders through online surveys, workshops and interviews.

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

In its 2021 Integrated Annual Report Umicore reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2021, Umicore paid 853 million Euros for employee compensation and benefits.
  • Creating economic value for suppliers
  • In 2021, Umicore paid 22,7 billion Euros to 18,000 suppliers in 87 countries.
  • Creating economic value for the state
  • In 2021, Umicore paid 202 million Euros in taxes.
  • Creating economic value for creditors and shareholders
  • In 2021, Umicore paid 52 million Euros to creditors, 8 million Euros to minority shareholders and 181 million Euros to shareholders (dividends only).
  • Creating economic value for society
  • In 2021, Umicore paid 1.6 million Euros in charitable donations.

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. 
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References:

This case study is based on published information by Umicore, 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://annualreport.umicore.com/en/2021/xmlpages/resources/TXP/umicore/finrep2021/pdf/Integrated%20Annual%20Report%202021.pdf

Note to Umicore: 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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