Corporate Sustainability Strategy: The case for the banking sector Anne-Lise Virginie Couronne-Appapoulay ID number: 170010 University of Technology, Mauritius (UTM) October 2017 Table of Contents 1 Chapter one 1.1 Introduction 1.2 Corporate Sustainability 1.3 Corporate sustainability: the other side of the coin 1.4 Corporate performance and assessment 1.5 Corporate sustainability: measuring tools 1.5.1 Global Reporting Initiative 1.5.2 ISO 14001 1.5.3 ISO 26000 1.5.4 Dow Jones Sustainability Index 1.5.5 Go!planet 1.6 Corporate sustainability in the banking sector 1.7 The banking sector in Mauritius 1.8 Aims and Objectives 2 Chapter two 2.1 About ABC Banking Corporation Ltd 2.1.1 Mission, Vision and Values 3 Chapter …show more content…
According to White (2012), the responsibility is to operate ethically, and by doing so, ensuring that the goods, services and operations offered by the company are safe for individuals and the environment equally. The author further argues that it also gives the opportunity to businesses to meet different consumer needs and demands, to build top-line business, to reduce costs efficiently, to increase employee’s motivation level, and to deliver greater value to both society and shareholders in …show more content…
(2016), have conducted researches on corporate sustainability and have come to the conclusion that it is today a key driver to corporate strategy and behaviour at large. Not only are companies acting in sustainable ways, but they also incite their audiences to do same because they are increasingly aware that efforts cannot be done in isolation, but have to be shared and implemented as a common behaviour if success is the expected end-result. This opinion is shared by Avery (2015), who takes the debate a step further by taking as reference the Boston/Sloan study which stipulates that not only is the engagement of the board of directors important in successfully reaching corporate sustainability goals but collaborative partnerships are as equally vital in the business field. In fact, the Boston/Sloan study carried out a survey among 2,587 professionals (managers, practitioners and experts) around the world and 37% confirmed that their companies are actually involved in 10 or more collaborative partnerships, out of which 10% are involved in more than 50
This day and age, change has become the new norm that shapes and develops the business world and global economy. A rising topic that has shepherd the direction of innovation is climate change and environmental awareness. The sustainability of a company encompasses their ability to manage social and environmental risks, obligations and opportunities. This concept is important for managers and to understand and implement because of government regulations and potential cost efficiency. In Oregon, there are numerous companies that express the importance of being sustainable.
Research, indicates that positive relationships exists with the stakeholder and the organization when organizations practice corporate social responsibility (Becchetti, Solferino, & Tessitore, 2016). Thus, Lowe’s takes this responsibility seriously as they have created a Sustainability & Product Stewardship Council headed by senior management that makes recommendations for sustainability across the organization as well as incorporating measures to track their carbon footprint and installing LED lighting in all store locations to conserve
Federal Reserve Bank of Kansas City Mission Statement Analysis While I have been employed at the Federal Reserve Bank of Kansas City (the Bank) for six months I have had the privilege of learning more about our country’s monetary policies and the role that the entire Federal Reserve Bank System plays in providing supervision and regulation oversight. The Federal Reserve was established in 1913 as part of the Federal Reserve Act. The purpose of the Federal Reserve and the continuing function of the Federal Reserve are to provide the nation with safe and stable monetary policies. The Bank has defined our overall identity into three main areas; our mission, our vision, and our values.
Strategic Plan, Part 3: Strategic Evaluation Introduction Owens Corning develops and produces insulation, fiberglass composites, and roofing in the global market. The company has five potential business strategies that it can use to plan their function in the business operations. The strategies enable the company to cooperate the different department. Monitoring the product strategies is to review the business level strategy to implement in their action (Bui, & de Villiers, 2017). The review involves the economic acquisition resources, equipment used to produce goods and services, business facilities and other administrative costs.
Modern day businesses have to be socially responsible; actions are taken to satisfy customers who might have a cause that they care deeply. Social responsibility occurs when a person or a company acts in an ethical and sensitive way towards important social issues of the day such as economic, environmental, and cultural concerns. Many businesses have a section of their website or business literature dedicated to social responsibility. Companies proudly detail the steps they are taking to address concerns that people have with the environment and economic issues. Having companies act in a socially responsible way is necessary because their actions have a tremendous positive impact on society.
The company was founded in 18837 by William Proctor and James and it has been into business then to date adopting and leaving various business strategies. It currently has an organizational structure that is based on the market development organizations and then divided into beauty and grooming at the same household care. The company has fully adapted to the cost differentiation generic strategy where the firms tens to acquire or produce products that sell at average industry prices. It has developed high production efficiencies in its operations that are fostered by various strategic alliances that enable it to have lo operational costs at all times. By so doing the firm is able to lock out most of its competitors since it’s viewed as a low
Knowing what CEOs are doing helps the group strategies on how to bring companies that are not already on board, jump o the bandwagon increase their awareness in sustainability. The aim is to have CEO implementing sustainable business practices that enables opening of new markets. Why are some of the most prominent CEOs willing to spend time on this
Introduction Sustainability has been mentioned as a goal of businesses. During the mid 1990s John Elkington created the triple bottom line plan under the concept of sustainability. Sustainability can be defined in many ways, but the simplest way is “Ability to sustain” (Sustainability, 2010). The triple bottom line is an accounting framework, and there are three dimensions of sustainability among them people, planet and profit (3Ps). The concept of TBL is to measure the profitable, social and environmental performance of the company.
Thus, instead of focus on short-term profit maximizing or costs saving, firms should be stakeholder-oriented. A firm which is stakeholder-oriented focuses on the need of their stakeholder such as employees, customers, society and others who have a direct economic link to the firm (Habil, n.d.). Businesses that are socially responsible will avoid actions that may cause detrimental to stakeholders. They have greater concern on stakeholder well –being. A firm that decided to ignore the social issues may results in a loss of strategic opportunities ('Shareholder value or social responsiblity?', 2007).
A company must make a competitive return for its shareholders and treat its employees fairly. A company also has wider responsibilities. It should minimize any harm to the environment and work in ways that do not damage the communities in which it operates. This is known as corporate social responsibility, CSR (Businesscasestudies.co.uk, 2015).
ARAB OPEN UNIVERSITY FACULTY OF BUSINESS STUDIES (MBA) B 820 _ STRATEGY (TMA ONE)_ TUTOR MARKING ASSESSMENT _ Fall, 2014 TMA ONE: Answer Bader Abdullah AL-Sumri (130348) Question 1: strategies, deliberate or emergent 1) Introduction Planning, and particularly strategic planning, has been characterized as a learning process.
“An organizational strategy is the sum of the actions a company intends to take to achieve long-term goals (Johnson, 2016)”. Organizational strategy is derived from a company 's mission, which tells why an organisation is in business. There are three important aspects of organizational strategy such as resources, scope and the company’s core competency (Johnson, 2016). As Johnson (2016) postulated that top management produces the larger organizational strategy, while middle and lower management adopt goals and plans to satisfy the overall strategy. Germano (2010) states that leadership has a significant impact upon organisation and its success, whereby leaders determine values, culture and employee motivation.
This statement is supported by Bennett (2014) wherein ethics clearly defines what is the right and wrong things and shapes what kind of behavior the business should act on. For the sense of business according to Joseph (2013), ethics are constructed and decided by each business and underpins decision that an employee makes. When it comes to the business’ environment, a well-constructed ethics is a key for a considerate and responsible decision making in a business (Bennett, 2014). Business Ethics is very important inside the company, it will show the moral standards that a company or business have whether it is right or wrong and good or bad.
Ethics and integrity is essential and played an important role in helping the growth of the business. Behave ethically could contribute to good performance and customers’ satisfaction. This lead maintains and expands the relationship between both parties and indirectly would increase company reputation (Bandsuch, M 2009). According to the Trevino & Nelson (2010), behave in ethics and integrity not only could stronger the relationship with the customers, but also the relationship with the stakeholders.
• Ethical Responsibilities Even though economical and legal responsibilities exemplify about fairness and justice, ethical responsibilities cover those activities and practices that are expected or prohibited by members of society even though they are not codified in law. Ethical responsibilities represent those norms, standards or expectations that reflect a jest of what employees, consumers and shareholders regard as just, fair or in keeping the protection or respect of stakeholders’ moral rights. They are important to perform in a manner consistent with expectations of societal and ethical norms. The firms should recognize and respect the ethical moral norms adopted by society from time to time.