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Corporate Social Responsibility - PR Fashion or Urgent Need - Term Paper Example

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The focus of the paper “Corporate Social Responsibility – PR Fashion or Urgent Need” is on responsible banking when the bank embraces own responsibility towards its sustainable development. Following this strategy gives long-term benefits, as happened with Eurobank, and ignoring can be catastrophic…
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Corporate Social Responsibility - PR Fashion or Urgent Need
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 Abstract CSR has so far been seen as PR fashion or an obligation to be fulfilled to comply with mandatory laws. The banking sector has been slow to adopt the CSR initiatives but this has proved to be disastrous as demonstrated by the recent collapse of the banking system. It only demonstrates lack of responsibility and accountability. Banks exist in the society for the society and have responsibility to the society. This responsibility does not remain restricted to activities concerning the environment, or sports or education. It stretches far beyond and includes responsible banking without compromising on the profitability. Eurobank demonstrates that if CSR is integrated into the overall strategy of the bank, it yields higher profitability and enhances the customer base. Lack of risk management strategies, lack of accountability and responsibility in the banking sector can be disastrous or the economy, for the bank and for the nation. This is evident from the irresponsible indulgence of the investment banks in supporting the energy giant Enron. CSR is no more a choice but a commercial imperative. Banks have the responsibility to establish order in the current global scenario. Both CSR activities and CSR reporting have to be transparent if the bank sector wants to sustain the confidence of the customers. CSR activities should be taken as a strategic imperative, as it is can be a driver of growth and profitability. The banking sector must accept CSR not merely as a commercial imperative but as a force of necessary good and long-term sustainability. CSR can then be a sustainable practice. CSR encompasses legal, environment, financial and social issues and all have to be complied with. Introduction Corporate social responsibility (CSR) till a few years ago was virtually a PR fashion but over time competitive business environment has exerted pressure over firms to examine and accept their social responsibility (Perrini, 2007). Socially responsible behaviour can be directly related to performance and those that do not support CSR or consider it to be at the core of their corporate strategy, pay for it. No doubt the business of business is to maximize profits, in the words of Economist Milton Friedman, but the recent collapse of the banking system proves that lack of accountability and responsibility can be disastrous to the economy, to the society and to the nation. The financial and banking sector have been trying to create a new organizational culture and business model to keep up with the changing demands of the market place. It is no more sufficient to help towards the economy or provide for employment. The consumers have become conscious of ethics and environment. This has prompted the organizations to take stock of their CSR initiatives and try to improve upon them. Besides, in any countries, it is now obligatory to pursue certain policies which also make the banks adhere to them. In the words of the British Bankers’ Association, it is now less of a choice and more of a necessity for businesses to flourish (BBA, 2002). The banking sector is implementing CSR activities as a strategic imperative, as a driver of growth and profitability. However, the banking sector has to accept CSR not merely as a commercial imperative but as a force of necessary good and long-term sustainability. CSR can then be a sustainable practice. This paper aims to discuss how the definition of CSR has evolved over time to encompass elements beyond ethics and environment. CSR has so far been used as a PR strategy but unless it is integrated into the corporate strategy, the benefits may not be derived. Using the example of Eurobank EFG, this paper aims to understand to what extent the banks have incorporated CSR as a part of the overall strategy and whether they have been able to achieve synergies. CSR reporting has come under scrutiny because firms try to colour it to suit their requirements. Initiatives of different banks on their CSR strategy as well as CSR reporting would help to determine if integrating CSR into the corporate strategy can lead to sustainable growth. Corporate Social Responsibility The European Commission Green Paper, 2001 defines CSR as a “concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment” (Dijken, 2007). The initiatives taken by the companies should go beyond the legal requirements. Shareholders are not the only stakeholders in the company and the company has to be accountable equally to all the stakeholders. MacMillan is of the opinion that the term should be coined “corporate responsibility” (CR) and the term ‘social’ should be dropped to emphasize that ‘responsibilities are integral to corporate actions, decision, behaviours and impacts’ (qtd by Dijken, p2). The Chartered Institute of Personnel and Development (CIPD) agree with this definition of MacMillan and use CR to include social, environmental and financial issues as well as legal compliance. (The article does not name any representative from CIPD and merely says according to CIPD) CSR is now used as a strategic dimension and to gain competitive advantage. CSR is concerned with societal obligations but the nature and scope of these obligations is uncertain. According to the best known CSR-model, Carroll’s CSR pyramid, an organization’s social obligations comprises of economic, legal, ethical and philanthropic responsibilities. As societies are facing challenges to adopt a more sustainable approach, the European Parliament states that the emphasis for CSR should now shift from ‘processes’ to ‘outcomes’ where businesses should make a transparent contribution in combating social exclusion and environmental degradation (Konzepte, 2007). A study conducted by RARE (Rhetoric and Reality) revealed that the banks use CSR to achieve compliance with the national laws, based on EU directives or international conventions endorsed by the EU. Eurobank EFG Eurobank EFG, a banking organization employing over 24,000 people has over 1700 branches and points of sale. It is a member of the EFG Group, the third largest Swiss-based banking group. They have been experiencing organic growth and solid profitability and have been granted the corporate social responsibility award for “COMPANIES AND BUSINESSMEN WHO MARKED 2008” (Belgrade, 2008). This award highlights an active contribution of the bank towards development programmes for the society and implementation of campaigns as a support to public health. Towards environmental protection, Eurobank EFG has recently launched a campaign “I recycle paper – and you?” They now no longer throw away unwanted paper. Thus, they demonstrate their consciousness towards environmental protection. The strategic direction for a firm is embedded in the corporate values. At Eurobank, the values meritocracy, Team Work, Quality, Trust, Efficiency, Creativity, Respect for People, Social Contribution, guide the daily activities of the firm (EFG Eurobank, 2010). In fact, its existence and leadership is based on the vision to operate in the banking sector with a sense of responsibility towards its prime stake holders namely, its employees, customers, shareholders and the society. Towards their employees, they create and maintain an environment that fosters and rewards initiative and efficiency while their customers are the foundation and the prerequisite for its success. To ensure meritocracy and quality, they have a consistent procurement procedure for their suppliers while they continue to add to shareholder value. In addition, they continue to devise new programs and initiatives towards their commitment to society. Such initiatives can be found in the field of education, sports, environment and culture. Eurobank honours the best undergraduate students of Serbian State Universities (Eurobank, 2007). Such initiatives help to highlight positive examples and serves to enhance the European values and the prosperity of Siberia. The selection of the students for the scholarships is done by the Institute of International Education (IIE), an independent non-profit organization, among the worlds largest and most experienced organization is international education and training. Eurobank has another program called Eurobank EFG Parks, for which they have received the VIRTUS award for 2009 (EMportal, 2009). Eurobank is committed to the local area where they operate and this award has been granted for their efforts for environmental improvements and protection. They have refurbished eight central parks in Serbia in the past two years. This demonstrates excellent partnership between the local communities, the local self-management and the private sector. The VIRTUS award identified meant for the company that helps in resolving the problems and needs of the community. However, all these efforts of Eurobank may appear to be obligatory in nature. As a strategic direction, CSR becomes an obligation to pursue policies to make decisions and to take actions that are compatible with the overall objectives and values of the society (Douglas, Doris & Johnson, 2004). In fact it is now a quality management issue as both EFQM Excellence Model criteria and the Malcolm Baldrige National Quality Award include ethical and social factors in their criteria for awards. However, the organizational culture towards social responsibility has trickled down to the individual employees as well. This suggests that the socially responsible activities at Eurobank may not all be under obligation or with the intention to achieve awards. In Bulgaria, the bank operates under the name of Postbank. Postbank received the “Biggest time donor” award for 2008 by the US Embassy in Bulgaria (Postbank, 2009). This was granted for the time and efforts that the individual employees have given for the society in different ways. CSR is a part of their strategy; it is a part of their profitability and growth driver. This is evident from the fact they have been included for the seventh consecutive year in the FTSE4Good Europe and FTSE4Good World indices, which comprises of companies who adhere to strict criteria concerning the environment, stakeholder consultation and cooperation and human rights issues (EFG Eurobank, 2010). They contend that the stakeholders fashion the environment in which the bank operates and grows and hence it is their responsibility to protect the environment. They take it as their duty to actively and creatively help the society to improve and benefit from the actions which may not always be related to their core function of banking (Eurobank EFG, 2009). They chalk out their social responsibility calendar at the beginning of the year and ensure they adhere to it. CSR and responsible banking CSR is no more confined to green environment or sustainable environment. In the banking industry, the CSR stretches in different directions. For instance, JP Morgan Chase, the second largest bank in the USA has been accused of underwriting of illegal logging in Indonesia and human-rights abuses ties to a Chase-funded mining operation in Peru (Dijken, 2007). JP Morgan Chase was forced to introduce a series of policies including promotion of sustainable forestry, block funding to be used in illegal logging and reduce its carbon emissions. The “Equador Principles” have now become the industry standards and the guidelines cover 80% of the global project finance market. The initiatives of JP Morgan were directed at self-interest but under compulsion they had to resort to sustainable forestry. Had the objectives been different the accusations would not have marred the image of the bank. Responsible banking does not end with philanthropy and risk management. It is not restricted to credit evaluation and operational risks. It also relates to supporting the right industry and sectors. The collapse of the energy giant Enron was partly due to the irresponsible act by the investment bankers who supported the company in the takeover and the merger bid. The complicity of the investment banking firms including J.P. Morgan, Citigroup, and Merrill Lynch through prepays enabled the executives to bloat up the shares and also raise more capital from the investment banks (Cengage, 2004). Efforts are being made so that the general public finds that the banking community is becoming socially responsible. Banks have started implementing loan standards for high risk sectors and a total of 30 major private banks including Citigroup, JP Morgan Chase, Bank of America, ABN Amro, Barclays, HSBC and ING have signed the Equator Principles agreement which supports the socially responsible development (McDonald & Rundle-Thiele, 2008). CSR reporting CSR reporting has gained importance as making donations is not the end of the corporate social responsibility. Organizations must report their social performance for the benefit of all their stakeholders. Reporting usually takes place through company website or through the annual company report (Douglas, Doris & Johnson, 2004). Studies reveal discrepancies in corporate social reporting and usually address shareholders’ concerns. Social reporting is restricted to legislative requirements and insignificant quantifiable information is provided. The stakeholders demand CSR information and the organizations issue CSR report as a part of their annual report. As stakeholders have become demanding, CSR reporting is now given a colouring. The favourable information is reported while the negative information is hidden or camouflaged (Bansal, Maurer & Salwinski, 2008). Investors now rely on independent research firms to dig out the truth. When CSR was measured in the banking industry, a survey of 39 banks revealed that inexpensive financials services provided by banks aimed at facilitating financial inclusion (Abrak, 2009). The primary objective of CSR in banks was found to be customer satisfaction followed by the need to develop CSR activities. Reputation of the bank was important but the banks were not really concerned with business development. However, it is worth mentioning that focusing on financial inclusion itself is a part of business development. CSR reporting through the website is merely a demonstration of their activities. It is supposed to be an extension of the accountability of the organizations beyond giving a financial account to the shareholders but it is influenced by the corporate characteristics, the internal contextual factor and the general contextual factors. CSR reporting practices can vary across countries and moreover MNCs are more likely to give an exhaustive reporting than firms in single countries. CSR voluntary disclosures usually take place to promote a reputation for transparent reporting, to reduce the information risk assigned to the company’s stock or to address the deficiencies of mandatory reporting (Kotonen, 2009). However, most companies face barriers to honest reporting even though it has several advantages. CSR reporting has gained importance because the consumers not only expect organizations to be socially responsible but they also want to be informed about what the banks are doing (Pomering & Dolnicar, 2008). Initiatives by banks Social responsibility has its reach beyond the environment and stretches towards the development and growth of the economy as well. National Bank of Greece, for instance, was awarded the social responsibility prize for its contribution towards the growth of the national economy, the progress and prosperity of Greek society, environmental protection, and the conservation of the Greek cultural heritage, by the Athens Chamber of Trade and Industry (NBG, 2009). As CSR has become a necessity, a commercial imperative, it also requires guidance on which activities to conduct and how to report the activities. Corporate activities have come under scrutiny and the investment guidelines have been laid down. In the UK, eight financial services companies have together formed the FORGE Group for guidance of the UK financial services sector for the management and reporting of CSR (BBA, 2002). The Guidance emphasizes on the inclusion of CSR in corporate values and the governance structures. Even the internal functions like risk management, ethical procurement and debt recovery services have been advised upon. The inclusion of advisors like PricewaterhouseCoopers and consultees such as NGOs, cooperative banks and WWF suggest that CSR is enforced; it is not a voluntary act. While it may benefit the communities in which the banks operate, the banks too derive immense benefits such as reputation as well as enhanced profits. In Italy too, the Italian banking sector signed an agreement in 2004 that lays down principles aimed at achieving the 'socially sustainable and compatible development' of the industry (Eurofound, 2004). The trade union partners to the agreement and the main objective is to enhance human resources through equal opportunities policies, continuing training and employment mobility. This draws upon the rights of the employees to receive full and fair information on the products and services to be sold. The agreement also covers analysis of good practices in CSR and provides guidance on how to disseminate and promote them in the Italian banking sector. Thus, the intention is to conduct business ethically because it drives long-term objectives of the company. The drawing up of an agreement itself indicates that without an agreement the banking sector would not have complied with ethical issues. Such issues should form the core of the principles in a firm and should not require any agreement to implement them. The fact that globally CSR has become a commercial imperative is highlighted when, in Australia, the banking sector was hammered by the politicians and the public opinion when they failed in discharging social responsibility (Baker, 2003). Westpac is however, the global corporate sustainability leader in the banking sector. Their environmental management system is the best in the industry. They annually conduct reviews and take a feedback from all their stakeholders which help them improve their socially responsible activities. The bank feels that helping the SMEs is a socially responsible activity and they also contend that social reporting of such activities have to be done in the right manner. They focus on the social reporting of their lending policies to the SMEs, institutional lending and its lending policies in the rural areas. Thus, while the bank claims to be carrying out socially responsible service for the communities, it engages in public relations in the name of social reporting. This implies that it is not just sufficient to carry out activities as CSR but they much be highlighted because only when highlighted these are recognized and add to the brand value of the organization. Thus, once again CSR is a commercial imperative. Barclays, a major global financial services provider, engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, has branches in about 50 countries (Article 13, 2009). Barclays approach to CSR has a long-term vision of financial inclusion of the unbanked. Towards this end, they are working with the government, industry and the consumer groups to meet the needs of the low income earners. They are also entering the community finance sector because that would help them to fulfill their financial inclusion objectives. Their strategy is meant to achieve multi-objectives – improved access to banking for the unbanked, economic gains for the customers, for the communities in which it operates and for the bank itself. Hence, what this suggests is that even though CSR is used to provide strategic direction, even though it may be discharged under obligation, ultimately the bank drives its growth. Banks necessarily have to assume responsibility and have the confidence in being able to discharge their responsibility. Under the current economic situation, banks are resorting to cost-cutting measures and CSR cannot be relinquished. It is during the crisis that banks have to demonstrate their CSR. Ethical conduct of business should be the core strategy and what is required is to move away from short-term gains to longer-term economic, environmental and social successes. Banks such as Dutch Tridos Bank and UK’s Cooperative Bank have not moved their focus from transparency and responsible investing (Thomé, 2009). Responsible investing helps banks to make a positive impact on the society with a healthy financial return. Because of such an approach, the crisis has not adversely impacted Tridos Bank. This suggests that if CSR is embedded as the core strategy, it creates oppurtunities and enhances performances. Eurobank EFG responded with steadiness during the crisis because CSR is embedded in its corporate strategy and values. Their focus was on loan portfolio quality, liquidity and risk management and they managed to create a safe cushion for future potential risks (Media Release, 2008). The bank could thereby protect its balance sheet and be responsible to its existing customer base through such measures. They maintained robust profits in 2008 despite global downturn. This is because they have a well-defined credit approval process, independent credit reviews and an effective risk management function (Annual Report, 2007). Even for mortgage lending they have centralized approval. Their risk management strategy covers market risk, liquidity risk and operational risks, demonstrating their responsibility towards the customers and the society. CSR should not be considered merely as an organizational philosophy to detract from the core function of a business – to make profits. In fact CSR serves to enhance the firm’s reputation, improve profitability and customer satisfaction (Keating, Quazi, Kriz & Coltman, 2008). This is precisely what Eurobank has been able to achieve through its CSR strategy. And this is precisely where the UK banks failed during the crisis. In fact the lack of CSR can be attributed to the mounting crisis. The British government had consciously relaxed the regulatory norms to attract business to London from New York (Reykjavik, 2009). The banks did not demonstrate their responsibility towards the society because households were encouraged to accumulate excessive debts. Even the balance sheets were green washed to hide the toxic assets on and off their balance sheet and they valued them much higher than the fair value. While on one side the CSR has been imposed through the association, namely the FORGE Group, on the other side, the International Accounting Standards Board (IASB) allowed reclassification of investments. This enabled the banks to hide the capital losses which at best could only delay the projection of the true scenario. This was basically the process of socialization of the balance sheets risk of the UK banks. Beyond environment and philanthropy CSR has to stretch beyond environment and philanthropy. Risk management is as important a CSR initiative as education and scholarships. The banks in UK suffered losses because they took excessive risks with the bank’s capital (Peston, August 9, 2008). They even offered incentives to their staff to take risks despite warning by the Financial Services Authority (FSA). This resulted in massive losses in investment and this also shows poor CSR strategy. The prime motive in the case of these banks was profits, which too could not be achieved due to lack of responsibility. Poor risk management strategies in banks led to the Bank of England to slash the interest rates to the lowest level to stimulate the economy (Charette, 2009). The banks started lending too much to the customers with very little chances of recovery (Peston, August 4, 2008). Moreover, the banks did not even realize the risks they were taking. Eurobank and Dutch Tridos Bank have both demonstrated how CSR provides an oppurtunity during crisis. Banks invariably find that credit quality deteriorates during economic crisis as economy slides and unemployment rises. Royal Bank of Scotland (RBS) took this as an oppurtunity to continue to lend to hard-pressed customers (Adams, 2009). This makes the investors lose confidence in the bank and which in the long-run affects its customer base. RBS could not roll out any dividends as the borrowers found it difficult to pay back the loans (Peston, August 9, 2008). Of late banks have started recognizing the impact of their lending and investment operations (RARE, 2006). They have adopted certain instruments that have substantial influence along the supply chain which requires compliance by customers and clients. The banking sector had initially been quite slow in considering the issue of sustainability despite their exposure to risk having an intermediary role in the economy. Today banks are realizing that the CSR strategy should meet customer expectations without weakening their global competitiveness or disappointing shareholders. The strategy should link social responsibility to their core business. The CSR strategy cannot be independent of the overall objectives of the bank. The society has expectation in unrelated banking fields like health, education, environment and sports but banks such as Eurobank have their values clear. They implement CSR in unrelated fields and banks are expected to create conditions for mutual sustainable advancement. According to Homann (2009) following the current financial crisis, grave deficits exist in the industry governance at the global level. Under the circumstances, banks should accept the responsibility for establishing a viable global economic order. Free market economy is essential and the general people should be educated on its ethical significance in a clear and concise manner. While integrating the CSR issues into their core strategy, banks would also need to partner with NGOS, educational institutions and the media. Discussion Several issues emerge from the study of the CSR in banks. Compared to other businesses, the banking sector has been slow in implementing the CSR initiatives. CSR was usually considered as an imperative, a compulsion to be abided by merely to fulfill the obligation. The banks felt they existed to make profits and that was their prime motive. However, since certain benefits were available for engaging in CSR activities, banks started taking some interest. They needed the cooperation of the society and the local communities and hence engaged in philanthropy. Thus, many banks can be found to be involved in activities such as educational scholarships, or environmental protection. While engaging in such activities, banks virtually ignored their prime responsibility to the society – of being accountable and responsible for the funds entrusted to them. This was the cause of collapse of the European banking system in 2008. Operation and other risks were ignored and the quality of loans deteriorated. This was what supported firms like Enron to carry on activities that led to their collapse. Had the investment banks been socially responsible and not supported Enron in its endeavours, the situation could have been averted. Banks thus demonstrated lack of accountability and responsibility to the larger interests of the society. What results is that CSR should be embedded in the core values and the vision of the company, as in the case of Eurobank. They engage in all sorts of socially responsible activities but have not compromised on their core business. CSR is a part of their corporate strategy and this has made them withstand the pressures during the financial crisis. Their credit policies and risk management strategies demonstrate their CSR embedded into their system. The Italian banks too conduct business ethically because it drives long-term objectives. CSR should not become a commercial imperative. Anything that is done under obligation and compulsion would not drive the desired results. Barclays uses CSR as a strategic direction. Their core strategy is integrated with their CSR and this has enabled them to achieve benefits not only for themselves as a bank but also for the society, for the unbanked and the communities. Banks exist to make profits but the profits have to be achieved in the right and ethical manner. What the study of the banking sector reveals is that when ethics and principles are compromised with, even profits will erode. Thus, if CSR is not taken as a duty or obligation to be discharged, if it is accepted as a commercial imperative, which will invariably fetch good, profits are bound to come. However, CSR should always be a long-term objective and no short-term gains should be expected from it. When the motives are clear, the benefits are immense. Dutch Tridos Bank and the Eurobank could find and create oppurtunities even amidst the financial crisis. This was simply because they had CSR embedded into their core strategy. When banks encourage households to accumulate debts, they demonstrate lack of responsible banking. They are neither fair nor responsible to the bank nor to the individual or the society. However, recently several initiatives have been taken at the bank level as well as at the government level. Thirty major banks have participated in the Equador Principles Agreement which supports socially responsible development. Besides, in the UK eight financial services companies have formed a consortium which provides guidance on how to implement CSR. The scope of CSR has changed. It is no more confined to environment and education. It has grown beyond and encompasses responsible banking. Responsible banking includes trying to establish order in the current banking and financial sector globally. If CSR is a part of the overall strategy, it serves to be the driver for profitability and growth. Banks also have to engage in CSR reporting, which has risen as a major issue. It is no more sufficient to engage in CSR activities. Customers demand to know what the banks are actually doing. This has given importance to CSR reporting but then there have been instances when reporting is tainted. The positive impacts are highlighted while the negative impacts are hidden. The efforts are only towards trying to comply with the regulatory obligations. This is not a CSR strategy and nor is it responsible banking. It is only delaying the reality from projecting; it is merely holding back the truth from the community and the public. CSR implementation and reporting have to be transparent to gain the customer confidence. A bank needs to be transparent in its approach. Any organization exists for making profits and hence driving profits is fair. However, the CSR approach has become a commercial imperative and obligatory. This approach reaps benefits to the society as well as the bank concerned. CSR should be a long-term strategy and should not be focused on immediate benefits. Conclusion CSR was considered a PR fashion till some years ago till firms started embracing the responsibility towards sustainable growth. CSR is known by different names and terms and today it encompasses responsible banking. CSR is nor more a choice but a necessity for business. In fact ignoring CSR can be disastrous for the banks. The study found that initially banks had been slow to responding to the CSR initiatives but now they have embraced it as a part of their overall strategy. Doing so yields long-term benefits as has been found in the case of Eurobank. Not doing so can be disastrous as in the case of RBS. The study also finds that CSR activities should be transparent and should be duly reported as it enhances customer confidence. CSR can be used as a means if sustainable growth and competitive advantage. The case of Eurobank demonstrates that while adhering to its core banking business, it is able to fulfill its obligation to the society. It proves that by integrating CSR with the corporate strategy, it is possible to maximize profits. This is what economist Friedman states and this is possible only when CSR is embedded into the corporate system. Risk management and responsible banking have to be the core philosophy of any bank or any firm in the banking sector which includes the investment banks. Banks exist for the society and are meant to benefit the society while benefiting themselves. Lack of accountability and responsibility towards the society in which and for which it exists, goes against the nature of any business and especially the banks. CSR reporting too has gained importance although very often the reporting is inaccurate. It is most often to present a healthy picture to the public while hiding the negative impacts. This has to change and this can change only when the benefits of CSR as a part of the core strategy is accepted. References Abrak, E. (2009) 'Measuring CSR in Banking'. Centre for European Policy Studies [Online] accessed from < http://www.fininc.eu/gallery/documents/w8/11earbakcepsmeasuringcsrinbanking.pdf> 29 January 2010 Adams, J. (2009) 'Stability returns to the bank'. [Online] accessed from 29 January 2010 Annual Report. (2007) [Online] accessed from 29 January 2010 Article 13. (2009) 'Barclays'. [Online] accessed from 29 January 2010 BBA. 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(2004) 'Corporate social reporting in Irish financial institutions'. The TQM Magazine 16 (6), 387-395 EFG Eurobank. (2010) 'Our Vision & Values'. [Online] accessed from http://www.eurobank.gr/online/home/generic.aspx?id=14&mid=344&lang=en 28 January 2010 EMportal. (2009) 'Award for company’s contribution to the local community'. [Online] accessed from 28 January 2010 Eurobank. (2007) 'Eurobank EFG Scholarship Program for the Best Students of Serbia'. [Online] accessed from 28 January 2010 Eurobank EFG. (2009) 'News and Events'. [Online] accessed from 28 January 2010 Eurofound. (2004) 'Agreement on corporate social responsibility signed in banking'. [Online] accessed from 29 January 2010 Homann, K. (2009) 'Corporate Social Responsibility in Transition'. [Online] accessed from 29 January 2010 Keating, B., Quazi, A., Kriz, A., & Coltman, T. (2008) 'In pursuit of a sustainable supply chain: insights from Westpac Banking Corporation'. Supply Chain Management: An International Journal 13 (3), 175-179 Konzepte, N. (2007) 'CSR between Rhetoric and Reality'. [Online] accessed from 29 January 2010 Kotonen, U. (2009) 'Formal corporate social responsibility reporting in Finnish listed companies'. Journal of Applied Accounting 10 (3), 176-207 McDonald, L. M., & Rundle-Thiele, S. (2008) 'Corporate social responsibility and bank customer satisfaction A research agenda'. International Journal of Bank Marketing 26 (3), 170-182 Media Release. (2008) 'EUROBANK EFG GROUP RECORDS ROBUST PROFITABILITY IN 2008'. [Online] accessed from 29 January 2010 NBG. (2009) 'Awards and distinctions'. [Online] accessed from 28 January 2010 Perrini, F. (2007) 'Encouraging CSR in Italy: The enabling role of government in mandating, motivating, and supporting responsible business practices'. Corporate Social Responsibility initiative, Working Paper no 35. Cambridge, MA. Peston, R. (August 4, 2008) 'HSBC: Half right'. [Online] accessed from 29 January 2010 Peston, R. (August 9, 2008) 'May be as bad as early 90s'. [Online] accessed from 29 January 2010 Pomering, A., & Dolnicar, S. (2008) 'Assessing the Prerequisite of Successful CSR Implementation: Are Consumers Aware of CSR Initiatives?' Journal of Business Ethics 85, 285-301 Postbank. (2009) 'Postbank Received a Corporate Donor Award'. [Online] accessed from 28 January 2010 RARE. (2006) 'Rhetoric And Realities: Analysing Corporate Social Responsibility in Europe'. [Online] accessed from 29 January 2010 Reykjavik. (2009) 'Can the UK government stop the UK banking system going down the snyrting without risking a sovereign debt crisis?' Financial Times. [Online] accessed from 29 January 2010 Thomé, F. (2009) 'Corporate Responsibility in the Age of Irresponsibility: A symbiotic relationship between CSR and the financial crisis?' IISD. [Online] accessed from 29 January 2010 Read More
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8 Pages (2000 words) Essay

Need of a Salesperson to Push Products

An essay "need of a Salesperson to Push Products" claims that the salesperson sells, products, company, and services for which he has the duty to sell.... In a firm, the sales people belong to the marketing department that is tasked with the objectives of increasing the desirability....
6 Pages (1500 words) Essay

Management decision

It would tend to analyze the corporate social responsibility objectives of the company and thereby help in citing potential… The mining disaster relates to the catastrophic incident that occurred in the Upper Big Branch (UBB) Coal Mine of Massey Energy.... Massey's approach to ethical and social responsibility is reflected in the company information published in its company reports.... It states that the company management is committed in conducting its activities in the correct fashion to help protect the stakes of the people, community and the natural environment....
4 Pages (1000 words) Coursework

Milton Friedmans Statement about Business

This paper outlines the role of government,  the role of corporate social responsibility, learning avenue of business, and management concerns and scenarios.... Because of this, the aspect of corporate social responsibility has come about in the fold.... corporate social responsibility is internal to an organization; it dictates the manner in which it has to plan about the courses of action it has to carry out with respect to society.... It all comes under this heading of corporate social responsibility....
12 Pages (3000 words) Coursework
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