Measuring societal impact
Traditionally, there is a strong focus on a company’s corporate value creation, in particular its profit. However, companies also have many other impacts which are not reflected in their profits. It is increasingly important for companies to think about their impact on society and the environment, and the value they create for their stakeholders. Van Oord used KPMG’s True Value methodology to assess the value it creates for its stakeholders.
The wider socio-economic impact of marine infrastructure projects has existed for as long as marine contracting itself. Throughout history, contractors have created benefits for society for which they have not been fully compensated (positive externalities). They also imposed costs on society for which they have not paid (negative externalities).
In the dredging industry, such externalities have not – until recently – been fully included (“internalised”). This is simply because externalities traditionally fall (largely) beyond the scope of contractors. As a result, stakeholder value creation and corporate value creation have long remained separate concepts.
As a family-owned business, Van Oord clearly understands that delivering long-term added value is the key to success. We need to remember that we’ve borrowed this company from the next generation. The same is true of our environment and our area of operations, so let’s take care of them and treat them responsibly, without saddling the next generation with problems rooted in our work today
Two examples: Gemini Offshore Wind Farm and Moín Container Terminal
Together with KPMG, Van Oord has undertaken two studies to better understand, manage, and demonstrate the stakeholder value of its key business activities for society, with the aim of proactively making decisions on future projects. The Gemini Offshore Wind Farm was the first project subject to the analysis, followed by the Moín Container Terminal in Costa Rica. The enclosed article discusses the results of the two studies.
Related U.N. Sustainable Development Goals
- affordable clean energy
- decent work economic growth
- industry innovation infrastructure
- sustainable cities communities
- partnership goals