Resumo

The pulp industry reflects a potential to lead to advanced sustainable practices. Also, is considered crucial for the development of global sustainability, as it uses particular raw material basis for its production. The society has discussed about the firm's purpose and value creation, which can be to maximize shareholder value or more broadly, to create value for a key group of Stakeholders in the firm.To strengthen relationships with stakeholders, the disclosure of information is very important,specially through the materiality issues and matrix present in the GRI type sustainability report

This study analyzes the differences and similarities from Brazilians, Americans and Canadians pulp companies, regarding value creation for Stakeholders. Also, it proposes a complement for Tantalo and Priem value drivers table. For that, it uses the materiality issues disclosed in the 2016 GRI reports from pulp companies on Brazil, USA and Canada. So, it should identify the legitimate Stakeholders declared by the GRI reports from the researched companies; as well as identify the perception of value creation for Stakeholders utilized by the researchead companies.

Tantalo and Priem consider value creation as essential for strategic success of a company. They view it as a sum of the valuation estimated by each stakeholder group, considering the multiple utilities they receive as a participant of the system. Therefore, we use this table as the basis for our study. Also, we use the concept of materiality, that can be considered as the threshold from which data is expressive enough to be related. It shouldn't be limited to financial aspects. It should address eloquent social, environmental, and economic impacts that could influence stakeholders' assessment.

We collected data from sustainability reports- GRI- of six Brazilian, two American and five Canadian pulp and paper companies, from the year of 2016. In those thirteen reports, we examined the materiality matrix, as well as all materiality issues, as we understand it has the most connection with value creation for Stakeholders groups considered by the firms. After, each GRI collected was analyzed, looking for their materiality aspects, and then a specific table was drawn, containing the materiality aspects according to each stakeholder classification.

The data showed some aspects that were common to all countries, as the preoccupation of all with the return of the money invested, but mostly, big concerns on how the companies treat their employees and the environment.Also all three countries also showed big concern with the externalities linked to their business. As it deals with forestry industry, the preoccupation with the conservation of the nature, pollution and emissions is very relevant.Also, when comparing to Tantalo and Priem value drives, the differences are mainly due to the type of report used(sustainability reports- GRI type).

some value drivers founded in the GRI reports could not fit into the basic Tantalo and Priem table. Therefore, it was also necessary to create a line that represented the ‘multiple stakeholders’ and one representing 'government and regulatory agencies'. Some material issues fit the five groups categorization (shareholders, customers, employees, suppliers and community), but did not fit in any of the cells defined by Tantalo and Priem table. Therefore, it was necessary to create a part of the table that encompassed additional value drivers than the ones presented by the basic table.

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