BONO Group: CSRD-compliant sustainability strategy
About BONO Group
BONO Group is a significant player in the Baltic Sea region's timber, biomass, and other wood product markets. As 52% of Latvia's territory is covered in forest, it's considered the region's “green gold.” A state-owned company manages 49% of Latvia's forest land, and the rest is owned and managed by the private sector.
According to 2023 data, BONO is the third largest privately owned forest industry company – offering solutions for wood harvesting, logistics, pre-processing, further processing, trade, and production of wooden houses. The company has developed successful cooperation with more than 1,200 partners in 27 countries across the globe.
Turnover in 2023
65 mil EUR
Employees
105
Wood products in 2023
600,000 m3
Context
BONO Group is a locally based, export-oriented company with ambitions to become the preferred partner for forest industry companies across the Baltic Sea region. To reach this goal, it's increasingly important to further develop the current sustainability practices.
In addition to customer demand, there's also regulatory pressure. The company's size falls under the Corporate Sustainability Reporting Directive (CSRD) scope, which requires large companies like BONO Group to publish their sustainability performance and set targets for improving it.
Challenge
BONO Group is already among the market leaders, and so are the company's current practices regarding supply chain certification, work safety, and innovation. However, the company currently does not have a sustainability manager who would create and oversee all aspects of sustainability and prepare the company for the CSRD requirements.
BONO Group reached out to get support with preparing for CSRD compliance and developing a sustainability strategy that supports the company's business goals.
Solution
To solve the challenge, Kristine worked as a freelance sustainability manager from March 2024 till August 2024. We started the collaboration by establishing an internal sustainability strategy development team with the key department leads and the company's board members.
The project's scope included a current ESG process audit, a Double Materiality Assessment (in line with CSRD requirements), the development of a sustainability strategy and action plan, and internal communication of the sustainability strategy.
Kristine managed the process, hosting regular sustainability strategy development team meetings and reporting progress directly to the company's CEO and Board Members.
Result
BONO Group has carried out the Double Materiality Assessment in accordance with CSRD. It describes the company's value chain, defines its key stakeholders, gathers stakeholders' insights on the company's positive and negative impacts (through interviews and surveys), and defines the financially material risks and opportunities. Based on the results of the Double Materiality Assessment, BONO Group has defined its material topics.
In collaboration with the internal sustainability team through several goal-setting working sessions, Kristine developed a sustainability strategy for Q4 2024 - Q3 2027. BONO Group also has an action plan for the next three years that covers the steps needed to prepare for the first sustainability report, reduce business risks, and develop new business opportunities in the long term.
The company's sustainability strategy was developed in close collaboration with the internal sustainability strategy development team, presented to the management team and board, and recorded in video format to share with all the company's employees.
Customer testimonial
“It was amazing working with Kristine. She showed a great sense of responsibility, experience, and knowledge in sustainability strategy development. We are delighted with the project's results. We have received full documentation and the next steps to implement and grow in an even more sustainable manner in the future.”
Jānis Upenieks, Board Member and CEO at BONO Group
