Results of stakeholder survey reinforce the importance of responsibility

News 26.11.2020

In October, we conducted a responsibility survey among our key stakeholders, including employees. A corresponding stakeholder analysis and materiality assessment was last performed in 2014. Since then, the Group’s operations have changed in many ways, so it was important to obtain fresh information.

The aim was to gain an up-to-date understanding of what our partners expect in terms of responsibility from Algol and Group companies. Although some new aspects of responsibility were added to the survey, for the most part it was conducted in the same format as in 2014 for the sake of comparability.

Responsibility perceived as important

The survey’s response rate was 37%, representing a significant increase compared to 2014 (25%). According to Tor Edgren, Group Corporate Responsibility Manager, the aspects of responsibility that were considered to be the most important and the least important remained the same as in the previous survey.

“Product safety remained the most important aspect of responsibility in the opinion of both external and internal stakeholders. Correspondingly, greenhouse gas emissions and their reduction remained the least important aspects of responsibility,” Edgren reports.

Although all aspects of responsibility – financial, social and environmental – were considered important, the order changed.

“We were surprised that in this survey the importance of social responsibility overtook that of environmental responsibility,” Edgren says.

Respondents also considered Algol’s financial responsibility and good corporate governance to be important. Work against the grey economy and corruption, which were added to the survey this year, were viewed as very important.

Growing importance of supply chain traceability

The importance of safety in both society and business is constantly being emphasised. In addition to product safety, supply chain traceability is becoming increasingly important to customers. They are also key components of corporate risk management.

“Our survey too shows that supply chain traceability is considered very important, especially among our customers,” Edgren points out.

The new materiality assessment that has now been performed will help us focus attention on the essentials, develop our operations and do long-term responsibility work. The stakeholder analysis and materiality assessment provided a wealth of information that can be used extensively.

“For example, we will utilise the results for management, internal and external communications, and planning our annual employee survey. Group companies will also be able to develop their own operating methods and business operations based on the results of the survey. Similarly, we will also use the results to develop our corporate responsibility reporting,” Edgren adds.

Further information

Tor Edgren, Group Corporate Responsibility Manager, +358 50 5257 625, tor.edgren@algol.fi