Corporate Sustainability at HSBC India
Corporate entities have historically focused on financial bottom lines and profits as a key measure of success. And, more often than not, corporate social responsibilityhas been relegated to sporadic philanthropic donations to charities. Over the years, increasing citizen activism, demands from regulatory authorities and the enhanced self-learning of businesses around the world that we live on a finite planet with finite resources, have indeed created a new trend.
Businesses now understand that the pursuit of profits need not be at the expense of social equity, environmental quality and overall economic prosperity for communities, countries and regions in which they operate. In fact, integration of social, environmental and economic concerns into business strategy can indeed help corporates succeed not only financially, but also make a visible impact in communities worldwide by helping resolve the pressing social and environmental problems of our time.
It is now a foregone conclusion that businesses do not operate in vacuum. They are increasingly connected to a web of stakeholders: employees, customers, government, regulatory authorities, NGOs, citizen activists, consumer watchdogs and communities, across disperse geographies. Issues of social development, environmental management, natural resource conservation now assume as much importance as deliberations on corporate strategy, product /service delivery, innovation and value addition. Indeed, companies who believe in corporate responsibility and sustainable development have remodeled their mission and operating frameworks taking cognizance of social and environmental needs, both locally and globally.
HSBC is no exception. Our vision is to be the world's leading financial services company. We want HSBC to be the first choice for our customers and for our employees - the best place to bank and the best place to work. We also believe that we can play a role in helping to address the formidable challenges facing society today. And by helping to make the world a better place to live, we will also make our own business more sustainable.
HSBC's definition of sustainable development is based on the principles of the 1987 Bruntland Commission - that development should meet the needs of the present without compromising the ability of future generations to meet their own needs. In practice, this means continuing to observe the highest standards of conduct in the provision of financial services to our customers and in discharging our responsibility to society as we have done throughout our history.
So how do we link our CSR work with our business vision and strategy and how do we measure our success?
Banks have an important role to play in driving economic growth. But this can only happen if communities are in a position to participate in India’s success story. We realize this dichotomoy, hence channelise our CSR efforts in the direction of financial inclusion initiatives. We also understand the need to protect the environment for posterity as an essential prerequisite to have a healthy world and hence invest in a number of initiatives in ecosystem conservation, environmental awareness and climate change.
In October 2005, we became the first bank to go carbon neutral, off setting those emissions that, inevitably, we cannot eliminate. Our London HQ has been recognised for its green credentials. We are also delighted that our new Mexico HQ was the first building in Latin America to be accredited by the US Green Building Council for its environment-friendly construction. Our Global Resourcing company in Hyderabad has recently received the LEEDS green building rating from the US Green Business Council. In India, we are taking steps to ensure clean energy sourcing and energy saving for all our premises. We have also initiated rainwater harvesting in some premises to recycle rainwater to the ground and replenish groundwater reserves. Our energy audits result in further energy savings and reduction of our carbon footprint.
To read the full article, click here...
To read the ePaper, visit: http://emagazine.managementnext.com
Businesses now understand that the pursuit of profits need not be at the expense of social equity, environmental quality and overall economic prosperity for communities, countries and regions in which they operate. In fact, integration of social, environmental and economic concerns into business strategy can indeed help corporates succeed not only financially, but also make a visible impact in communities worldwide by helping resolve the pressing social and environmental problems of our time.
It is now a foregone conclusion that businesses do not operate in vacuum. They are increasingly connected to a web of stakeholders: employees, customers, government, regulatory authorities, NGOs, citizen activists, consumer watchdogs and communities, across disperse geographies. Issues of social development, environmental management, natural resource conservation now assume as much importance as deliberations on corporate strategy, product /service delivery, innovation and value addition. Indeed, companies who believe in corporate responsibility and sustainable development have remodeled their mission and operating frameworks taking cognizance of social and environmental needs, both locally and globally.
HSBC is no exception. Our vision is to be the world's leading financial services company. We want HSBC to be the first choice for our customers and for our employees - the best place to bank and the best place to work. We also believe that we can play a role in helping to address the formidable challenges facing society today. And by helping to make the world a better place to live, we will also make our own business more sustainable.
HSBC's definition of sustainable development is based on the principles of the 1987 Bruntland Commission - that development should meet the needs of the present without compromising the ability of future generations to meet their own needs. In practice, this means continuing to observe the highest standards of conduct in the provision of financial services to our customers and in discharging our responsibility to society as we have done throughout our history.
So how do we link our CSR work with our business vision and strategy and how do we measure our success?
Banks have an important role to play in driving economic growth. But this can only happen if communities are in a position to participate in India’s success story. We realize this dichotomoy, hence channelise our CSR efforts in the direction of financial inclusion initiatives. We also understand the need to protect the environment for posterity as an essential prerequisite to have a healthy world and hence invest in a number of initiatives in ecosystem conservation, environmental awareness and climate change.
In October 2005, we became the first bank to go carbon neutral, off setting those emissions that, inevitably, we cannot eliminate. Our London HQ has been recognised for its green credentials. We are also delighted that our new Mexico HQ was the first building in Latin America to be accredited by the US Green Building Council for its environment-friendly construction. Our Global Resourcing company in Hyderabad has recently received the LEEDS green building rating from the US Green Business Council. In India, we are taking steps to ensure clean energy sourcing and energy saving for all our premises. We have also initiated rainwater harvesting in some premises to recycle rainwater to the ground and replenish groundwater reserves. Our energy audits result in further energy savings and reduction of our carbon footprint.
To read the full article, click here...
To read the ePaper, visit: http://emagazine.managementnext.com
Labels: carbon neutral, Corporate entities, CSR, customers, economic concerns employees, first bank, HSBC, profits, world's leading financial services company
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