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Corporate Social Responsibility In The Tobacco Industry
Corporate Social Responsibility In The Tobacco Industry
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Introduction
The performance of contemporary corporations is highly reliant on the business activities, and the efforts they make to sustain long term goodwill and reputation, which in other words is referred to as Corporate Social Responsibility (CSR). CSR refers to the subset of the overall corporate governance practices of firms pertaining to ethical and legal practices, as well as business procedures focusing on the protection of the investors’ rights and the firm’s social stakeholders. In the last number of years, there has been growing public awareness on firms’ role as far as corporate social responsibility is concerned. Quite a large number of firms that contribute immensely to economic growth have been accused of creating social problems in the host societies. In most cases, the issues that are brought up include employee safety and health, waste management, environmental proactiveness and resource depletion, as well as product quality. Corporations, therefore, are induced to show accountability to the public and not the shareholders only. As much as the manager has a social responsibility of maximizing the profitability of the company to the shareholders, there is the wider corporate governance role where the maximization of the shareholders’ wealth has to be done alongside sustainable returns for all societal stakeholders. Corporate Social Responsibility came from the realization of the need to be accountable for, as well as redress the adverse impact that transnational corporations have on society. These impacts specifically relate to labor practices, the environment and human rights. As numerous companies take on this trend, tobacco companies have not been left behind. Key tobacco corporations have come up with programs aimed at enhancing small business development, prevent crime, as well as alleviate poverty. In essence, the tobacco industry has used CSR tactics to enhance its corporate image with the press, regulators and the public who have for a long time viewed it as the merchant of death (Dorgan, 1995). However, there exists an obstinate problem that these tactics may cover up but not resolve. It is noteworthy that the products of the tobacco industry are deadly even when the products are utilized in line with the directions. In essence, no amount of effort pertaining to corporate social responsibility would reconcile the fundamental contradiction with the principles of ethical, corporate citizenship. This study aims at gaining an enhanced understanding of the CSR efforts made by the tobacco industry, as well as assess there is any significant modification in the manner in which it conducts business.
Thesis: The tobacco industry has not made any considerable modifications in the way it does business even after adopting CSR tactics. In essence, the CSR practices have only been a public relations exercise.
Youth smoking prevention
One area that quite a large number of the tobacco industry players have invested intensively in an effort to enhance their corporate image is the establishment, as well as the promotion of programs aimed at preventing youths from smoking. These programs have been created established so as to appear as if they are dissuading youths from smoking by incorporating stickers to portray smoking as an activity for adults. In addition, they incorporate stickers saying that cigarette smoking can harm one’s health. However, research shows that these programs, while aligned to the Principle of Protection of Public health and aimed at addressing the concerns of the public, have only produced contrary results (Harned 1994). The programs enhance the appeal that cigarettes have on adolescents once they depict them as a precinct of adults only. These programs have also proposed that young people be required to prove that they are above a certain age in order to purchase tobacco products at the counter (Farell, 2007). Unfortunately, these restrictions are ineffective since young people have their own way of circumventing them. In essence, it appears that these programs only serve the purpose of bringing about the appearance that the tobacco companies are providing solutions for the problems that they have created (Muller 1976). However, it is noteworthy that they, in reality, distract attention from effective and proven solutions that would be more effective than the programs. In addition, it is noteworthy that key transnational tobacco companies, as well as their trade organizations were, in 1999, found guilty of a number of offenses including “intentionally marketing their tobacco products to underage smokers while viewing them as replacement smokers” (Friedman, 2009). This, therefore, puts a question mark on the sincerity of these companies to lower underage smoking. After all, their profits are dependent on the number of people who smoke, in which case they may not have the incentive to discourage young smokers from smoking, (Fredrick, 2006).
In line with the dignity principle which encompasses health and safety, the tobacco industry has seemingly played a key role in enhancing environmental cleanliness. In 2000, BAT Malaysia’s annual report indicated that it would tackle global warming issues in line with the efforts of the government (Barraclough & Morrow, 2008). The company, supposedly, aimed at becoming a carbon-neutral business operation and was involved in negotiation for a collaborative partnership in afforestation. In essence, the company engaged in intensive projects that involved planting trees in Sabah and Pahang. However, as much as the company’s operations were said to have gone beyond carbon neutrality, the company has been skimpy about the issue of discarded packets and cigarette butts citing insufficient data on the impact. In addition, the company has never addressed the issue of passive smoking and environmental tobacco smoke, which pose a higher and more immediate risk on the health of public and the smokers (Plan 2009).
In line with the citizenship principle, the tobacco industry has been playing a key or significant role in development of communities and other philanthropic activities. When PM was changing its name to Altria, its CEO stated that it aimed at focusing its attention away from tobacco to responsibility, compliance, environment and philanthropy, among other things that it wanted the company to be associated with at the time (Hirschhorn, 2004). However, as much as it made statements founded on CSR concepts, the company soon realized that philanthropy and public relation statements were not enough to sway the investigations, and litigations, as well as internal documents that were coming to light about its underhand dealings (Hirschhorn, 2004). It is also noteworthy that while the company seeks to comply with CSR principles, it claims that the adult smoker is one of its principal stakeholders, in which case his right to make an informed choice has to be maintained. However, there is no way that the company can claim to be committed to CSR principles while half of its products’ users die of the effects, not to mention non-users who are exposed to secondhand smoke.
In Kenya, the tobacco industry has taken up community development projects. For example, the Kerio Trade Winds Project is a partnership between the community in Kenya and BAT that has the sole aim of enhancing tobacco growing activities (Harned 1994). These are seen as options of alleviating poverty thereby conforming to the poverty alleviation strategy of the Kenyan government. In addition, the Tobacco Association of Malawi joined in ILO efforts aiming at discouraging and preventing child labor practices that are deemed as abusive in Malawi’s tobacco farms (Plan 2009). However, it is noteworthy that these efforts came at almost the same time when a report by the Christian Aid that had investigated Souza Cruz, a BAT subsidiary, had exposed a wide range of abusive labor practices (Monbiot, 2006). These practices included suspected price control abuses, failure to give their workers protection against hazardous chemicals that they work with, as well as the failure to enhance the conditions where children were forced to work in the tobacco field in an effort to alleviate their family (Fredrick, 2006).
In conclusion, it is evident that the tobacco industry efforts that aim at contributing to the social welfare have not been genuine. It is, obviously, a tall order for tobacco companies to reconcile their key goal, which is to maximize profits through productions and sale of a lethal product, with the CSR goals that are based on respect for employees, communities, and even the environment (Barry, 1991). It would be foolhardy for them to call for open dialogue among the key stakeholders whereas legal testimonies and public enquiries in numerous countries around the globe attest to their strategies and actions to conceal the lethal nature of their products, destroy incriminating evidence and ruin efforts aimed at protecting public health (Hastings & Angus, 2008). As much as tobacco products are perfectly legal, they are also deadly. In essence, this fact in itself renders all efforts that tobacco companies may make at social responsibility useless (Monbiot, 2006).
References
Madeley, J , (1983), presentation to the 5th World Conference on Smoking and Health, Canada,
Frederick WC (2006). Year 1978 Walking the Talk: From Social Responsibility to Social Responsiveness. In Corporation, be Good! The Story of Corporate Social Responsibility. Dog Ear Publishing
Muller, M (1976). Tobacco in the Third World: Tommorrow’s Epidenic?, London: War on Want
Hastings G B & Angus K (2008). Forever Cool: The Influence of Smoking Imagery on Young People. London: British Medical Association Board of Science
Taylor, P (1994), “Smoke Ring: The Politics of Tobacco”. London: Panos Briefing Paper
Harned, D.A (1994). Pesticides in surface and ground water at four sites of intensive tobacco cultivation in the Piedmont of North Carolina: Proceedings of the American Water Resources Association, National Symposium of Water Quality. Chicago, Illinois, November 1994.
Plan, 2009. Hard work, long hours and little pay. Research with children working on tobacco farms in Malawi.
Farrell, B (2007). Tobacco stains. The global footprint of a deadly crop. In These Times.
Barry, M, (1991). The influence of the US Tobacco industry on the health, economy and environment of developing countries. New England Journal of Medicine
Dorgan CA (1995). Statistical record of the environment, 3rd ed. New York.
Barraclough. S & Morrow, M (2008). A grim contradiction: The practice and consequences of corporate social responsibility by British American Tobacco in Malaysia. Social Science & Medicine
Hirschhorn, N. (2004). Corporate social responsibility and the tobacco industry: hope or hype? Tobacco Control
Corporate Social Responsibility Final
Social Responsibility
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Date
Most companies’ major aim is to maximize their profits; they work towards making sure that their shareholders wealth is maximized. Companies however have now realized that they should make sure that all the wealth of the company should not belong to shareholders. This is why companies now aim at maximizing the stakeholder’s welfare. The stakeholders are the employees, the shareholders, the customers and the society in general. This is why most companies now engage in corporate social responsibilities. This is recognizing that you owe the society you operate in, they have given the company a place to exist and welcomed them hence an obligation to cater their needs (Purdy, 2008). Corporate social responsibilities involve ensuring that businesses comply with the law, ethical standards and also the international norms.
Thomas Cook group is one successful leisure travel groups company. This can be seen by the fact that they make sales of up to 9.5 billion pounds according to their financial statements in 2012. Their customers are around 23 million that is in their economic year. The company has branches in 21 countries hence increasing their sales. The company was founded in the year 2007 and has June, and its main consumer brands consist of Thomas Cook, My Sunquest, Aitours, Direct holidays, Neckermann, Condor airlines and also Ving (Thomas Cook Group, 2010).The company has continued to invest in many countries with their aim being to provide inspiring soul searching journeys and they have continued to emphasize that the fact that they get more customers because of their ability to personalize their services and the fact that they can be trusted.
Thomas Cook group services include selling package holidays; this includes the flight and also the hotel. They offer their services through making calls but with the development of technology now they can easily do that by using online websites. Good governance has also led to the growth of this company; their board of directors has certain responsibilities to ensure that there is good governance. They have a close look at all the projects that the company can invest in and choose the most viable one; this also includes approving business plans. Board of directors also approves both the yearly and half yearly financial statements and looks for any loopholes just in case there are any. The shares of Thomas Cook group are actually listed in London Stock Exchange and the board of directors approves recommendation of final shares (Thomas Cook Group, 2010).
Thomas Cook group take corporate social responsibilities very seriously, this is because they know that their clients destinations should be places where they can enjoy. Their corporate social responsibilities are not only for the society and consumers but also the employees. The company has a large number of employees whom their associate with their success. They come up with ways to motivate them and the company sues the behavior modification approach to motivate them (Purdy, 2008) whereby the human resource manager ensures employees have positive attitude towards their job. They also ensure that their employees have good salaries and allowances; they also give them benefits like health insurance, vacation and time off. It has always been said that happy employees offer the best services and hence by being socially responsible to employees it increases their sales. It will also reduce employee turnover.
The company defines CSR as a way to enhance positive environment and they have board that’s actually involved with CSR especially in terms of taking care of the environment. They have the health; safety and environmental committee so as to evaluate if their activities harm the environment and if they do how to minimize them and them also come up with ways to make the environment better (Karp, & Thomas, 2010). They also have a hazard prevention program whose aim is to safeguard the society from harmful substances and they do this by educating the society. The company is involved in charitable activities and fundraising in the community where they also involve their employees. Thomas Cook group plc should ensure that they involve in more environment friendly activities like planting trees and also cleaning the environment. This way they will be able to improve their brand image and reputation hence gaining competitive advantage.
Ethical leadership can lead to the growth of a company; this is leadership where the leader is expected to load in a way that they respect the rights and also dignity of others. They have integrity (Cohen 2011) which makes the others trust them and follow their example. Thomas Cook Group plc leaders aim is to put the interests of others first and this is why they have established websites to listen to their customers and act effectively.
The leaders in Thomas Cook Group also ensure that the employees follow their example of good ethics. They work towards ensuring services provided are fair to all consumers and that the company is a corruption free zone. Ethical leadership in the company has helped in molding the employee’s attitudes and values leading to offering good service to their customers (Duggar, 2009).
Thomas Cook group trains their employees before hiring them and they should take this opportunity to educate them on business ethics to enhance ethical leadership. They should have a code of ethics that should be clear to all employees on what the company identifies as ethical behavior. They should be consequence to those who do not adhere but at the same time there should be rewards to those who adhere. The leaders should also come up with ways to socialize with society as their obligations are not only to motivate their employees but to ensure their customers are happy with their existence (Duggar, 2009). Ethical leadership increases employee morale and productivity.
Organizational viability is the ability of a company to survive for a long term. There is more that is needed to ensure a company’s viability. Thomas Cook has recognized that for the organization to have long term survival they need to check on their economic viability, their ethic viability and also the manageability system viability. The company’s spirit of innovation has helped in their growth and they believe it will come in handy to ensure their future existence. Thomas Cook Group plc has embraced technology and used it wisely, they have websites where customers get their services online and also where they can communicate with them by answering their questions about their products (Karp, & Thomas, 2010). This reduces costs and gains more customers for such strategies.
Thomas Cook should actually invest fully in online advertising and get more employees to work on that sector so that customers can feel like they have a one communication with them. The company should also be aware that they will have competitors who have better ways of getting customers and shareholders hence taking care of their future include having strategies to keep their stakeholders (Purdy, 2008). The company needs to have strategic plans and also get strategic leadership that is based on ethical conducts.
Legal considerations are something that all business is aware of. The government can control businesses both directly and also indirectly. They can control what businesses produces so as to safeguard interest of the consumers. There is also protection for employees to ensure that there is no discrimination in the work areas and also to ensure fair pay. There are also the legislations for health and safety working environment to protect the employees as they work and ensure no harm comes to the environment (Kish-Gephart, Harrison, & Trevino, 2010). The most common is the consumer protection legislation to protect them from fake products and also to ensure the prices are fair.
Thomas Cook Group is not an exemption and hence has to operate within the law since there is a penalty for those who do not adhere. Adhering to these laws also ensures company’s reputation is protected (Whitley, 2000). Thomas Cook group being in the tourism sector have to comply with all the environmental standards required. They have someone responsible of ensuring that they adhere to all legal requirements.
Thomas Cook Group plc ensures that they are aware of the disparities in cultures and institutional environments in most countries they operate in. This gives them competitive advantage over those companies that have no knowledge of where they are operating in. The headquarters of Thomas Cook Group is the United States and they enjoy the fact that the political scene there is very much stable (Duggar, 2009). One of the benefits they have enjoyed is being able to conduct their business in other foreign countries because the US government has enacted trade agreements with foreign countries.
The company should ensure that in all their activities they comply with government and legislations. This will enable them work peacefully without incurring costs of penalties actually having a committee that works to ensure no government or environment legislations are not adhered to. Engaging in social responsibility has led to increase in sales of Thomas Cook Group plc. People want to be associated with a company that is not selfish; one that looks at the society’s needs and provides quality products (Karp, & Thomas, 2010). Corporate social responsibility leads to a better brand image and reputation for the company hence increasing their profits.
References
Cai, L. A., Liu, J., & Huang, J. (2010). Effects of population migration on rural tourism. International Journal of Services Technology and Management, 13 (3), p. 192.
Duggar, J (2009). ‘The role of integrity in individual and effective corporate leadership’, Journal Of Academic & Business Ethics, 3, p. 1-7.
Jingting, M, Shumei, W, & Jian, G (2010). A Study on the Influences of Financing on Technological Innovation in Small and Medium-Sized Enterprises’, International Journal Of Business & Management, 5, 2, pp. 209-212.
Karp, T, and Thomas I. H. (2009). “Leadership as Identity Construction: The Act of Leading People in Organisations.” The Journal of Management Development 28.10: 880-96.
Kish-Gephart, J. J., Harrison, D. A., & Trevino, K. L. (2010). Bad Apples, Bad Cases, and Bad Barrels: Meta-Analytic Evidence About Sources of Unethical Decisions at Work. Journal of Applied Psychology, Vol. 95, No. 1, 1–31.
Purdy, J. (2008). Job Satisfaction Within a Nonprofit Organization: An Application of Hertzberg’s Motivation-hygiene Theory. Michigan: ProQuest Publishers. Print.
Thomas Cook Group. (2010).Corporate governance retrieved on 6th January 2013 from < HYPERLINK “http://www.thomascookgroup.com/” http://www.thomascookgroup.com/>
Whitley, R., (2000). The institutional structuring of innovation strategies: business systems, firm types and patterns of technical change in different market economies. Organization Studies 21/5, 855 – 886.
Corporate Social Responsibility at HSBC Bank
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Corporate Social Responsibility at HSBC Bank
Introduction
Corporate social responsibility is an important regulatory aspect that has been continuously employed by businesses to ensure that their activities are in line with the legal, ethical and environmental expectations of the community within which they are located. Effective functioning of an organization is usually influenced by a host of factors that characterize both its internal and external environment. Corporate social responsibility constitutes an obligation that all businesses have on the society. Its goals seek not only to encourage active involvement of stakeholders and shareholders in management, but they also eliminate practices that are likely to undermine its performance in the corporate sphere. Essentially, public interest is given preference in corporate decision making to enhance sustainable development. It is against this background that this paper reviews the role of HSBC bank in social corporate responsibility. It also underscores a specific strategic thing that the organization did and the implications it had on the community as well as HSBC.
HSBC is an international bank that has close to seventy six branches across the globe. It has a large clientele and offers a wide range of activities to the society. In order to maintain optimal growth, it partners with different organizations and individuals at all levels. Its corporate social responsibility services are all inclusive and factor in the needs and interests of the environment, community and its stakeholders. This has enabled it not only to attain its business goals but also to have public approval. This can be used to explain why the bank has prospered over time.
With regard to the environment, the organization believes that climate change is an actual phenomenon that can have far reaching implications on human survival. It is for this reason that HSBC (2006) cites that the need to incorporate the concept of sustainable development in its activities was imperative. This was done in light of the basic definition that postulates that sustainable development should not only satisfy the needs of present populations but should also be in position to safeguard those of future populations.
The organization has established a professional and fully operational team that addresses issues pertaining to environment and sustainability. In particular, it is charged with the responsibility of formulating as well as implementing an EMS (Environmental Management System) that is imperative for managing the environmental impacts that accrue from the organization’s activities. In addition, EMS is also elemental in identifying specific areas that require improvement. This is attained through frequent assessments, measurement and monitoring.
HSBC has attained significant results with respect to environmental management, protection and sustainable development. In particular, HSBC (2010) notes that here are credible systems in place that have enhanced environmental reporting. This covers different areas that range from waste production, water consumption, carbon dioxide emissions to energy consumption. Recent reports in this regard indicate that the organization managed to reduce waste production, energy consumption and water consumption. Of great importance is the fact that it is working towards adopting the vital principles of ISO14001.
Specific approaches that have been instrumental in helping the organization to attain these goals include e-procurement that reduces the costs related to purchasing the relative implications on the environment. Essentially, it has ensured that all transactions in all areas are carried out electronically. The employment of green electricity in the United States has been a major step in enhancing sustainability by curbing the level of pollution. With respect to use of paper, the organization acknowledges the fact that it uses significant quantities of this.
However, it has put strategic measures in place to reduce the quantities employed by recycling. Further, the vehicles employed in running operations are hybrid and environmentally friendly. Of great importance according to HSBC (2010) has been the partnering with other environmental organizations such as Erath watch Institute and The environmental group to protect watershed areas and biodiversity as well as carry out relative research aimed at attaining similar goals.
Ravichi (2010) ascertains that HSBC also supports the communities within which it is located through donations and enhancing the involvement of employees in community activities and voluntary work. Furthermore, it liaises with other organizations to support a wide range of local efforts on a global scale. To begin with, donations made to the community are sourced from staff and customers in different countries. This is done through cash machines, e-banking and through the telephone. Perhaps the most important contribution that has benefited the community in the recent past has been the education program. Efforts in this respect are concentrated on financing education, helping the disadvantaged children, making diverse contributions to primary as well as secondary education, teaching local languages and initiating projects that seek to enhance international understanding. These projects lay emphasis on active involvement of employees.
The most important project form the above has been financing education. This has been carried out under the Financial Literacy program and has currently been running for the past three years (HSBC, 2006). A total of twenty seven countries have benefited from this goal of enhancing literacy to the population between 26 and 25 age cohorts. Another group of individuals that have equally benefited significantly from this project are the women entrepreneurs.
The organization funds the relative programs that are implemented with the help of Student in Free Enterprise (SIFE) organization across the globe. Notably, these programs are sustainable and of great value to the communities. Students form deprived areas in primary and secondary learning institutions benefit immensely from these programs. This is undertaken under the department of philanthropic services within the organization. Also, it partners with Junior Achievement, a renowned nonprofit organization that seeks to educate young people and provide value in areas of business economics and free enterprise.
With respect to enhancing literacy among the adults, the organization collaborates with The Center for Neighborhood Enterprise (CNE) to deliver workshops that enhance adult literacy. In particular, The Center for Management Research (2005) indicates that the organization provides funding that is imperative for the development of a viable curriculum. The main area of concern of this project is to assist the consumers in different aspects of credit. Furthermore, it imparts vital skills that pertain to home ownership.
Also worth mentioning is the role of the organization in nurturing the talents of young people. In this respect, HSBC (2006) ascertains that the organization identifies young people with exemplary talents in different countries and provides them with financial support. The respective students are given scholarships and to fund for their tuition fees in colleges; both at home and abroad. For instance, it is indicated that the Hong Kong Bank foundation reserved a significant US$900000 to go towards bursaries, scholarships and a wide range of development programs (HSBC, 2006).
The program is also active in Malaysia and thirty seven universities in this have had their scholarship programs funded by the bank. Notably, the education program has been instrumental in enhancing the literacy levels of different persons across the globe. The bank has in return benefited by not only attaining public approval through awards and accreditation but also by exposing its employees to different work environments and enhancing awareness about different issues. Most importantly, they have ensured that their moral standards are within the expectations of the society. It is certain that this is fundamental for effective functioning and sustainable development.
Another area of corporate social responsibility that the bank has had an exemplary performance is stakeholder engagement. The inherent interaction provides the organization with credible knowledge with respect to the expectations of business associates. It also enhances transparency and helps to boost trust that is fundamental for this area of business. Objective feedback from these stakeholders also provides the organization with fresh and useful insights that are essential for organizational success (HSBC, 2006).
Customers are the first group of stakeholders that contribute significantly to the success of these organizations. HSBC has improved and maintained viable customer relations by ensuring a quick response to their demands. Regular monitoring and research derives important information from the customers that are then incorporated in decision making. Specific customer concerns about personal money management, identity theft, savings and credit are employed in aligning education programs to the needs of the customers. The relative practical measures that address the concerns in a sustainable manner include development of education programs and dissemination of vital information about the respective issues.
The employees of this organization are also an important asset and engaging them in management has been accorded utmost attention by the bank. In this regard, HSBC (2006) cites that employees are trained and allowed to participate in different voluntary programs at the community level. In particular, they are involved in development of education curriculums with which they carry out workshops in communities. This has significant benefits to the organization as it diversifies the skills of the employees and enhances their performance. Employees are encouraged to complete employee surveys after every 12-18 months.
These evaluate different issues that affect the employees such as job satisfaction, employee intention to stay at the organization and their capacity to make references to other individuals about the bank. The results of these are then employed in developing important regional plans and benchmarks of decision making. Further, there are employee unions that are imperative in addressing different concerns of the employees. These have enabled the organization to develop viable ways of adapting to the dynamic environment. It also enhances understanding that enables the organization to address the emergent employee needs with ease.
With respect to the needs of the investors, Gitshami (2005) ascertains that the organization has close to 200,000 registered shareholders that have diverse needs and interests. These encompass insurance companies, mutual funds and pension funds that provide the bank with a very large client base that is interested in the services that they provide. The organization has enhanced their participation in management by improving information flow and communication with them. The characteristic direct dialogue during meetings has been instrumental in promoting trust. This has improved the number of investors in the recent past (HSBC, 2010). The organization also partners with the government in ensuring that it maintains a legal standing in its operations. It has refrained from funding political activities over time but instead participated actively in advocating for policy positions that enhance public welfare.
Finally, the bank liaises with different nonprofit oriented organizations in attainment of sustainable development. This relationship enables it to maintain a high degree of transparency in its operations. In particular, the Nongovernmental organizations investigate the operations of the organization to ensure that they are in line with the legal and ethical expectations of the society. Frequent consultations and reviews have been imperative in keeping the bank in check and enhancing its effectiveness and credibility. Of great importance has been the ability of the bank to emphasize on the impacts of their products and tailor the same to meet the desires and interests of the consumers.
Conclusion
Corporate social responsibility is an important aspect of organizational management and regulation. It enables the organization to address the emergent and complex needs of the society without compromising its ability to meet its goals. Most importantly, it enables the organization to maintain a good moral standing that enhances public approval. The diverse benefits accruing from this also entail improvement of employee performance and overall productivity of the organization.
HSBC is an international bank that has gained prominence over time and expanded to international levels. This is attributed not only to the basic factors of production but also to its active participation in corporate social responsibility. Its emphasis on the environment, community and stakeholders has enabled it to address holistic interests of the community in a sustainable manner. From this, it has derived different benefits that continue to boost its performance. At this point, it can be concluded that its exemplary performance in the corporate sphere is contributed to by its social corporate responsibility.
List of Reference
Center for Management Research, 2005, Corporate Social Initiatives at HSBC, Making Good Business Sense, Retrieved 16th May, 2010 from, HYPERLINK “http://www.icmrindia.org/casestudies/catalogue/Business%20Ethics/CSR%20Initiatives%20at%20HSBC%20-%20Making%20Good%20Business%20Sense.htm” http://www.icmrindia.org/casestudies/catalogue/Business%20Ethics/CSR%20Initiatives%20at%20HSBC%20-%20Making%20Good%20Business%20Sense.htm
Gitshami M, 2005, An Assessment of HSBC Corporate Social Responsibility Report, 2004, Retrieved, 16th May, 2010 , from: HYPERLINK “http://www.ethicalcorp.com/content.asp?ContentID=3881” http://www.ethicalcorp.com/content.asp?ContentID=3881
HSBC, 2006, HSBC Corporate Social responsibility Report, 2005, Retrieved, 16th May, 2010 from, HYPERLINK “http://www.hsbc.com/1/PA_1_1_S5/content/assets/csr/hsbc_csr_report_2005.pdf” http://www.hsbc.com/1/PA_1_1_S5/content/assets/csr/hsbc_csr_report_2005.pdf
HSBC, 2010, Corporate Responsibility, Retrieved 16th , May 2010, from, HYPERLINK “http://www.hsbcusa.com/corporateresponsibility” http://www.hsbcusa.com/corporateresponsibility
Ravichi M, 2010, CSR in Banking, HSBC Steps Beyond the Equator Principles, Retrieved, 16th, May, 2010 from, HYPERLINK “http://www.justmeans.com/CSR-in-Banking-HSBC-Steps-Beyond-Equator-Principles/14735.html” http://www.justmeans.com/CSR-in-Banking-HSBC-Steps-Beyond-Equator-Principles/14735.html