TD Bank Sustainability - Case Study Example

TD Bank Sustainability Brief Overview The banking industry all over the world has undergone some levels of evolution over the past several years. There have been moments of growth for some banks and in some cases, banks have posted vey dwindling results. This has been aggravated by several factors all that have worked to contribute in several ways to the larger economic development in one way or the other. One of these banks is the TD Bank, a national banking institution in America. The historical perspective of the bank is multi faceted. This makes it interesting to find out how it has come through all these stages and still manages to remain relevant and recognizable. Considering for instance , that the bank’s roots can be traced to its time as Portland Savings Banking 1852 then becoming Banknorth and operating under this name for quite some time, there is no doubt that finding out how all these mergers have helped to make the bank what it is today would give in-depth understanding. It is important to note that the bank assumed its current name in 2008, after the acquisition and renaming of Commerce Bank plus a merger with TD Banknorth. These changes mean a lot to an organization and it would be important to see how they would work in shaping the Bank. My Choice of TD Bank I am interested in this bank for a number of reasons. To begin with, I would like to work there after my graduation. This would help me establish some of the important areas where I would have an opportunity to grow in my career. The main reason why a person chooses a given career path is a believe in themselves that they are able to recognize and utilize their abilities for personal and societal benefit. By many ways, I have come to like the structure of the bank and the growth opportunities it provides. While looking at growth opportunities, I may particularly refer to the spread of the bank internationally. This means that bank may offer one an opportunity to work in several places across the globe thereby gaining knowledge and experience at a global perspective. In addition, the bank observes and confers to some of attributes that are of community intrest. The institution has undertaken the bold step to include in their portfolio programs that seek to conserve the environment. In this day and age, matters of climate concern continue to raise debate and must be looked into from a solution based perspective. The bank has adopted and implemented several programs that are well outline and relate o the conservation of energy though adaptation of renewable energy solutions. Underlining my choice of DT Bank is the fact that the bank has been performing considerably well against its competitors. In a rather competitive world, it is important to tie ones goal around a winning background. From its past records, the bank is on a winning path and there are all prospects of growth. This is a positive perspective that would put my career on a growth path and greatly enhance my future prospects. TD Bank Sustainability F or an organization to be cited as having achieved some level of sustainability, it must be seen to assume some level of success or adoption in key areas such as technology, budget and consumer demand. In other words, the ability of an organization to effectively execute these areas and many more within the spectrum from which it operates underlines its sustainability effectiveness. Sustainability is more concerned with the manner in which a company formulates and implements polices and strategies. TD bank has in the recent time gained recognition for its decision to adopt sustainable renewable energy system. One element that is important to point out is that quantify sustainability is not an undertaking that can be done by plain observation but one that needs a deeper understanding of an organization’s operation. However, one would be right to note that TD Bank’s decision to go green makes it one of the first banks in the US to adopt the “go green” policy. As has been established, an institution can adopt or formulate its own polices and programs that will shape its sustainability agenda. For TD Bank, adopting the going green strategy means that the organization is able to invest in a wide range of products such as in wind, solar, and low-impact hydro power. Such a program translates to the fact that the bank is committed to reduce its use of non-renewable energy while maintaining the a comparatively low standard of energy consumption. Several measures have been put in place to this effect. For instance , the bank has about 2, 600 ATMs that would be powered by the energy sustainability program. Recently the Bank was awarded LEED certification for 15 of its stores. Through this evaluation, six main areas that include sustainable sites, water use, energy efficiency, materials and resource use, indoor environmental quality, and innovation and design have been given prirority in relation to their conformity to environmental factors. The first LEED store design for TD Bank was brought into the limelight in 2010. After this period , the bank has been able to construct a further 21 stores – and four corporate buildings all of which have achieved LEED certification. There are also 70 building projects associated with the bank that have been registered for certification. In some way the 3,800 square foot stands as a significant example and an outstanding achievement mostly because of its features. The prototype reduces energy consumption by 50 percent which is a greater improvement from previous designs that had been developed. It generates approximately up to 20 percent the total electricity needed for its efficient operation. This is enhanced through on-site via solar panels and also what is referred to as solar drive-thru canopies. The bank has also included forests in its programs through the TD Forest Programs. These programs are designed to protect the forest cover particularly in the U.S. and Canada. One of the major highlights of these programs is that they are geared towards reducing the use of paper by at least 20 percent by 2015. This undertaking will ensure that forest cover in these countries is protected and increased where possible. Unarguably, forests are a major component of livelihood. Americans in particular are very much awake to this fact and this has even been demonstrated in various facets of their life. A survey that involved 1,502 Americans living within TD Bank's Maine to Florida footprint highlighted that as much as ninety percent of those interviewed could associate with the benefits of forests. With such a background in the picture, it can be seen that acknowledging forest care as one of TD Bank's growing environmental initiatives and committing to enhance this program brings several benefits to the nation and to the institution at large. The also aims at promoting customer and employee usage of less paper while further executing business expenses. TD Bank Adherence to ethical standards. In carrying out business in a competitive environment , it is required that an organization observes a given set of rules and conforms to some standards that are self motivated and self driven and slightly distinguished from those of the general business environment. These rules helps an organization in governing and drawing boundaries as to what they define and hold to be right in the their own eyes and that of the general public. In a bid to ensure that the correct ethical performances in regard to business undertakings are upheld, TD Bank cites maintaining high standards of honesty, integrity, confidentiality, impartiality and overall conduct as some of its core strengths. This has helped to keep off eventualities of misconduct and conflicts of interest especially where these factors may affect their business outlook. In an effort to make sure that these values are at the centre of the business and are well understood by key partners, the bank has established and adopted a well defined Code of Conduct and Ethics for Employees and Directors. These set of rules are applicable uniformly across all employee and directors of the bank. In fact, the code of conduct has been standardize in such a way that it applies to all TDBG associates and all over the world. The rules that have the back up of The Board of Directors sets the stage for action to be taken in through a set of specialized rules that are well defined for business conduct and guidelines in the United States. This applies for all the persons employed by the organization as well as any other subsidiaries or associates of the company and Directors of the Company and its subsidiaries. It is important to highlight that this code is taken to be above any other codes or policies This observation ensures that any other rule that by any chance may raise contradictions, is over ruled by the code. The code is so well entrenched into the system that violoation of any of its part may lead in disciplinary action to an extent of discharge Information on environmental performance. As part of its commitment to care for the environment, the bank has taken an objective role where it makes its undertakings and other information regarding environmental contribution in the public domain. One of the tools that the company uses to communicate its environmental message to the public is its logo. This is a symbolic representation of the commitment to make a positive contribution to the environment. The bank takes note of the fact that there are several environmental concerns that call for attention. The bank has opted to put more efforts around three major areas where they believe they cam achieve the greatest results. These areas are; energy efficiency, reduced paper use and employee engagement on environmental issues. Further, the company holds Annual General Meetings through which it makes important announcements. Apart from acknowledging the financial developments of the bank in various sectors, the bank calls annual general meetings to notify stakeholders on various projects carried out within that period.This important undertaking since the public an opportunity to discus these developments. In this manner, the public feels part of the wider community. This ideology is cemented by the banks underscoring of the importance of involving communities in seeking practical solutions to various environmental problems. Here , the banks employees involve a given community on selected days to sensitize them on issues of environmental concern. Through such forum, the bank disseminates information that is relevant to these communities and that contributes to the wider participation of the society. Critical Thinking From a general point of view, the projects that the bank undertakes ha been greatly enhanced by the polices it has put in place. This can be seen through the successful implementation of the various aspects of the its projects. It is nonetheless important to investigate in detail other relevant elements of these programs Weakness: Although the projects undertaken by the organization in relation to the environment has been satisfactory, a number of weakness are notable. To start with, the bank doesn’t not avail the information of the projects they are willing to undertake to the general public until and unless these projects come to fruition. It can be said that most of the project that the bank have come to undertake have only been known to the public when the projects are complete. It is only at the some pints and in the cases that involve larger projects that the bank makes its undertakings known to the public well before undertaking these projects. This undertaking is viewed as a weakness in that it is from the general public that ideas are generated. Strengths: Undoubtedly, the company has successfully utilized valuable resources in conservation of the environment through its various projects. One of the strong points of this strategy is that although most of these projects are concentrated in America , they have been spread to other subsidiaries of the bank spread all over the world. In areas where these projects have not been implemented, there are plans to involve various partners to advocate for a cleaner environment. Another strong point is the involvement of like minded partners in implementing of these projects. It is important to point out that the projects highlighted in this discussion involve a great deal of research .In that regard, input from interested parties is necessary to ensure that the projects are sustainable and reliable for a long period of time. There is also the recognition of the fact that these projects are carried out in the background of strong laid down polices. This contributes to the success of the project in a number of ways. It gives the projects the legality that is necessary and also ensures that there can be reference in case some flaws occurs through the process. In shaping organizations, polices are necessary because they help to define the values that the company stands for. Issues: The primary issue of concern here is the contribution the organization makes through its sustainability program. The program can best be measured in terms of its sustainability and achieving long term objectives. There is no doubt that the projects highlighted in this discussion are sustainable for a long period of time. Another issue that is worth underlining is the fact that the company makes a positive contribution to the society. In spite of all these points though there is the concern about the amount of resources committed to these projects. It is deducible that these sustainability programs are resource intensive and require a great deal of commitment. In this regard this issue becomes a point of debate by the stakeholders. Unique Strategy: In achieving its objectives, the company has adopted a unique model through which it addresses several aspects of environmental challenges as opposed to looking into a single aspect. The organization, for instance, initiated the TD Forests is a program that aims at protecting critical forest habitat in the U.S. and Canada. The choice of this program is closely related and directly relates to the wider program. Recommendation TD Bank’s sustainability program is a program that assumes a great of success so far .It has been well crafted and executed and the bank has been firm to contain its operations in spite of the seemingly overwhelming strains caused by these projects. A few items would however need to be looked into. One of this is community involvement in these projects. Given that these projects are meant to be for the wider benefit of the society, it is important the organization engages the community in greater details. In the analysis of how the bank engages the wider public , it is noted that the participation of the general public is only at a small scale and at those points when the bank calls on its employs to participate in some community based activity. Community involvement is important in that it makes the people to feel that they own the projects. This way, they can safeguard the project and even contribute through ideas and resources, if need be, to enhancing the program. Given the magnitude of these projects , its is important that the organization considers bringing on board other partners. Although the organization does not entirely implement these projects on its own, it would probably save a great deal of money if the project involved other partners particularly those in the banking sector. In recent times, several organizations have gained interest in this are of conservation. Finding a partner who is willing and able to implement such projects with you may not be a hard task .This help to publicize this project. The issue of publicizing the project is considered important in this discussion because it is at such a rime when the public becomes aware of the issues surrounding this subject that they can initiate important undertakings that are all aimed at making a positive contribution to the whole process. Conclusion This discussion has in several ways brought out the importance of organizations becoming aware of the environment in which they operate. In this context, environment refers to both the set up, as well as the natural environmental conditions. Being alert to the factors that affect this environments is vital in that the community is able to make positive contributions to various issues that affect it. The issue of global warming and climatic change in general has been in the public domain and largely debated through various forums. The world is still struggling to come up with solutions to various hazards that continue to degrade the environment. For an organization such as TD bank to choose this as its sustainability project it lays emphasis to the fact that it would take collective responsibility to tackle some of the problems. In fact, this discussion underlines the importance of partnerships in ensuring that these projects are accomplished. The importance of including such a plan in the long term goals and objectives of the institution also comes into the picture. Cases have been highlighted in which organizations take up projects and end up abandoning them without seeing the their better end. Entrenching these projects in the long term vision and mission of the an organization n helps to include the various stakeholders and their contributions into such a project. For TD bank, this is seen through the inclusion of their employees in participations that parting to these conservation efforts. Work Cited Blewitt, Jell.. Understanding Sustainable Development. London: Earthscan. 2008 Read More