Corporate Social Responsibility Issues in Business and Law - Essay Example

?Corporate Social Responsibility Issues in Business and Law Introduction The 2008 banking crisis has significantly affected not just the European, but the global market as well. It sent the world into an economic crisis, and into a period of recession. As a result, banks have been confronted with calls to behave more ethically and to address their faulty behaviour. Those who have been defending the voluntary approach to corporate social responsibility (CSR) have pointed out that banks have to prescribe new self-regulatory rules. Three years after the financial crisis, the UK’s biggest establishments have agreed to the new provisions of ethical conduct, mostly aimed towards improving the way people are doing business. Critics of this approach have pointed out the need for formal standards of governing bank operations; other interest groups are emphasizing for initiatives on the promotion of CSR in the banks. Based on the above premises, this paper shall now discuss the effectiveness of the instruments used to promote CSR in the UK and in the international banking sector. Body Corporate Social Responsibility The concept of corporate social responsibility or CSR can be understood in the sense of companies voluntarily incorporating their social and environmental considerations in their activities and in their interactions with their stakeholders1. CSR therefore involves ethical and moral considerations impacting on the corporate decision-making processes and behaviours. The discussion on CSR expanded from its original definition, utilizing the practice of CSR as a base point or a building block from which other similar concepts can be drawn2. Wood pointed out that CSR needs to be established in a bigger context, with the highlight made on the outcomes of one’s performance3. Swanson and Crane suggested that any establishment may be motivated to comply with CSR based on the utilitarian perspective where CSR is used as a means of gaining performance objectives4. They may also be motivated to comply with CSR based on the negative duty approach where compliance is made due to socially prescribed initiatives. Finally, the motivation may also be based on the positive duty view5. In the positive duty view, businesses are self-motivated to comply with their corporate social responsibilities regardless of the pressure from society or from the government authorities6. There are also different processes which are being considered by businesses in complying with their CSR, and these processes include environmental, issues, and stakeholder management. As these processes are being implemented in the organization, they help the business comply with their CSR and with the demands of the stakeholders7. The responsibility of businesses to general society has been a major source of debate throughout the years. Issues in its implementation include the fact that CSR has long been a contested policy as questions on its benefits have been raised consistently8. Various issues on the definition and coverage of the CSR have also been raised. Its coverage has spanned a wide range of considerations throughout the years with its concerns on the environment, on human rights considerations, and on the fair treatment of the consuming public. Regardless of these issues, the concept of CSR is founded on the socio-political and economic concept of transparency, as well as sensitivity to the consequences of corporate actions9. The increased scrutiny and frequent changes in CSR policies are all part of the current trend towards making CSR more responsive to the needs of the people, the stakeholders, and the environment. Amidst growing concerns for environmental and cultural concerns, CSR policies are also being adjusted and conceptualized, giving the concerned individuals or groups the chance to make better business choices. In relation to banks, their decisions and policies in relation to CSR have been slow in coming even when their overall impact on the economy has always been considered significant10. The initial consideration of banks as they started to consider their CSR was on environmental and social concerns while attempting to establish potential solution to these concerns. In a discussion by Carroll, four categories of corporate social responsibilities have been suggested11. The framework upon which CSR is based on the pyramid below: First, economic responsibility is at the bottom of the pyramid and is considered to be the basis of all CSRs and if this is not secured, other responsibilities would not be fulfilled12. A corporation’s primary responsibility is to his business and to the profits which he can earn. As such, the business institution must be adept at identifying the needs of its customers and to respond well to such needs13. The second tier of the pyramid is on the legal responsibility. Adeoti discusses that businesses must fulfil the particular provisions set forth by government authorities, and comply with the code of ethics which are imposed by these authorities14. These provisions may include policies on taxes, environmental regulations, and corporate practices. The next tier refers to ethical responsibility. Ethical responsibility stresses the activities expected of society in general; this includes compliance with the particular guidelines on operation15. The last tier speaks of philanthropic responsibility. Philanthropic responsibility expects businesses and corporations to be attentive corporate citizens and as such to make contributions of their profits to those in need and to improve the lives of the people in their communities. In effect, it makes corporations more human and more in touch with the realities and hardships of ordinary citizens16. All of these concepts build up the CSR of corporations and other business institutions. They provide the particular standards for corporations, including banks on how to exist responsibly as corporations. The concept of CSR in the banking sector The constant interactions of banks with their immediate and with the bigger environment and reactions from such environment, including their customers provide some responsibilities on business interactions with society. The theory on stakeholders supports the idea that corporations have social responsibility to their stakeholders based on their social contract with them17. Companies are therefore required to carry out improvements and adjustments on the economic satisfaction of the employees as well as the customers without causing any damage to the environment or abusing natural resources, or even subjecting employees to unfavourable work conditions. These vices often impact negatively on stakeholders18. Corporate social responsibility policies come from the social impact of businesses, and from society’s ethical values. Generally, CSR is based on an organization’s commitment to exist in a sustainable manner which also acknowledging the interests of the different stakeholders19. Research studies indicate that the benefits of CSR in any institution are based on its corporate applications, and the ethical principles applied by the corporation20. Even with the importance of CSR to corporations and their adequate functioning, the question of the amount of resources which corporations must surrender to social causes is still an unsettled one. In actuality, however, marginal contributions to profits are welcomed21. In effect, social responsibility is an accepted offshoot of profitability and researchers admit that firms which base their performance on CSR turn up to be the most profitable over time22. As a result, CSR is based on corporate survival through profits gained, while still complying with the laws, and following ethical principles, as well as requirements of social responsibility. However, profits are not the only advantages which can be linked with CSR. Hodgson discusses that other benefits of the improved commitment to CSR also include strong brands and good reputation23. Being favoured by stockholders also assists in the CSR commitment. Finally, sustained product loyalty from consumers as well as strong government support ensures that CSR is easily secured. CSR is applicable to all corporations and establishments and banks seem to be most vulnerable to its impact24. This is due to the fact that banks are subject to a diverse and complex consumer market, one which is not apparent in any other economic enterprises. A bank has a corporate social obligation to satisfy all these complex responsibilities; it undertakes to maximize profit for shareholders who contributed funds to set it up. It must also maintain optimal liquidity to meet depositors demand25. It is obliged to satisfy the legitimate deficit sector demand for credits. The bank must comply with regulators’ requirements to continue in business26. Above all, for the bank to be seen as a good corporate citizen, it has to contribute to the maximum development of the economy as well as satisfy its immediate community27. With globalization, the structure of the banking public may be far more complex than can be readily envisaged. Moreover, the dynamism of modern society continues to change the composition and intricacies of CSR requirements of the banking industry. The complexities and indispensability of these interrelationships have made CSR and corporate existence of banks inseparable. The banking sector is pivotal to the socio-economic development of any economy. Banks need to be socially responsible to be able to build their “reputational capital which enables them to attract high-quality employees, enable them to charge higher fees, negotiate better deals, expand customer base, attract more investors and win public trust”28. Abou El-Fotouh discusses that the banking industry sometimes does not realize the significance of defined CSR policies and these banks do not even understand the value of CSR29. The promotion processes being considered for the CSR have recognized the fact that CSR involves the promotion of communities and enhancing the local economic performance, as well as enabling community development while also improving the profitability of these banks30. The concept of CSR is based on the function of companies, including banks and how they contribute their ideals and goals to the business and to charitable donations. CSR applications are usually implemented in the banks and their core businesses, mostly in relation to credit and investments31. Banks often consider how to balance the risk as well as the interests of different participants, including how to protect the interests of those directly and indirectly impacted by the local communities. Government institutions acknowledge that they have the burden of preventing or managing the social and environmental harm which may be caused by corporations; and they have to implement analytical and verification processes in order to adequately assess the activities of corporations, including banks32. Banks have both a direct and an indirect impact on the environment and the lending institutions have an indirect effect on the environment. The government authorities acknowledge the fact that banks must be encouraged to consider environmentally-friendly options in their credit allocations. In effect, banks are required to provide support and incentives to those businesses which focus on environmentally-friendly investments, including the management of building insulation, efficient lighting and the application of alternative fuel sources33. In order to support CSR, banks have considered the application of less strict rules in the imposition of collaterals or in discounted loans to clients which are considering environment-friendly investments. There are remedies which evaluate how banks are coordinating traditional credit risk evaluation with the borrower’s environmental impact assessment34. In effect, banks can evaluate the environmental credit impact of the borrower, include such factors in totaling results and in deciding the creditworthiness of an institution. In the UK, CSR practices in relation to banks have been considered as the basis of sustainability35. In fact, banks’ involvement in the community has been considered the primary basis for evaluating the CSR initiatives of banks. The CSR activities in relation to banks have included the introduction of permanent learning programs for the disadvantaged individuals in society, the introduction of sponsors for young entrepreneurs, provisions for academic scholars and research proposals, the support for environmental concerns, health programs, and community support programs. A transparent commitment to CSR policies have also been considered by banks and by authorities implementing CSR. Processes which promote and support CSR adopted by banks include activities like: setting aside sections of annual reports to exemplify CSR activities; and publishing Sustainability reports, as well as policy statements on CSR, with these statements being mostly web-based. The banks recognize that their CSR go beyond charitable activities36. In order to comply with CSR policies, banks are required to improve the activities of all individuals in the community through the adoption of CSR policies and programmes. These programmes are also there to promote the future sustainability of the banks37. In Europe, changes have been made on the kind of CSR reporting. A shift has been made from simple environmental evaluation to socio-economic and environmental reporting. This type of reporting has always been apparent among top-listed corporations38. As a result of these changes, more banks and corporations have included CSR data in their reporting as a crucial element of their yearly reporting processes. Banks have always had a significant impact on the environment, with its significant consumption of paper, energy, waste, as well as transport39. The environmental impact of these banks have been reduced with the practice of keeping environmental order within the banks by controlling the use of energy, by securing favourable waste management practices, as well as strictly implementing environmental policies40. In effect, banks can limit their impact systematically by complying with environmental policies. They can also comply with ISO 14001 in order to limit the footprints that their businesses leave on the environment and to reduce their pollution and waste41. Favourable practices manifested by banks include the Deutsche Bank, Barclays Bank, and the Alpine Bank in Colorado. These banks have established specific Sustainability Management Systems in compliance with the ISO 14001, and they have allowed independent agencies to evaluate their commitment in relation to sustainability in order to ensure compliance with ISO 14001 policies42. The financial world where banks exist calls for a wide range of products which focus on new customer features, mostly for those who are not fully integrated in society and who are not using banks43. These individuals include temporary workers, lower income families, and micro-businesses in poverty stricken areas. Banks in this situation are challenged in terms of how to establish suitable tools to fit the particular needs of the community, especially possible needs in relation to microfinance and financial education44. Banks are often prompted to support financial education projects, mostly in relation to specific target groups. This can be done first by finalizing arguments and arrangements with partners which would support them. Support for financial education projects can also be established by developing links and contacts with local authorities as well as target groups45. These target groups may include primary schools, secondary schools, and universities. Initiatives to assist in CSR include the conduct of surveys in the hope of securing insights into the challenges and opportunities which relate to financial literacy in target groups, including children and teens46. Other initiatives include the development of new products, mostly those which helps improve education materials and events which stimulate financial opportunities and knowledge. All in all, the successful implementation of CSR among banks is based on the overall support of senior management and staff for these CSR initiatives47. It is also based on CSR reporting, both in the internal and external sense, on the long-term and with regular reviews of activities. Including CSR as a major part of corporate strategy would also help secure CSR in the activities of the bank. Banks which adopt CSR in their activities are also involved in activities: which support the sustainable behaviour of consumers, which support the development of diverse business considerations for various segments, which provide benefits for the general society, which motivate the employees, and which encourage the overall potential of the society and of the community48. The practice of CSR in the banking industry have included the practice of taking deposits and approving loans, as well as issuing similar services within the core processes of banks49. Banks, in most countries and cultures have been called on to be responsible for their customers and to act in a socially responsible way. In Europe, their regulations have imposed policies for banks to hold reserves against loans and attaining AAA grade classifications50. Traditionally banks have tried to bundle their loans to benefit their private customers and corporations, and then to sell these to other banks on the inter-bank markets. Mcllroy discusses that loans with securities have also been labelled as asset-backed securities (ABS) and later sold as financial prospects for collaterised debt obligations, otherwise known as CDOs51. With loans taken away from the balance sheet of banks, the banks were later able to make advances. Issues on the security of loans and the risks on investors have been raised since then. Socially responsible banks are required to implement lawful banking practice and also to practice wisely with the favourable supervision of transactions. Risk management has been implemented in general among banks, however reforms in three areas: calling for banks to maintain their proportion of loans they originate, emphasizing the transparency of risks in financial ventures, and holding capital in a less cyclical manner52. In implementing these reforms, banks have accepted that they have to be regulated because of the systematic risks they inherently present; moreover a more systematic nature in such risks would not likely be secured53. Mcllroy also emphasizes that issues being encountered with the application of CSR among banks are related to the increased acceptability of routine risks caused by the business participants who place their own interests above everything else54. Consequently, possible regulations to fulfil the elements of CSR have been proposed, including regulations on human rights, the environment, unbiased operations, reducing practices of banks selling all of the incurred risks in their products, and increasing the visibility of risks in financial processes55. Businesses often have to face various challenges, including the harsh realities of doing business, but they also have to contend with both the negative and positive perceptions of their consumers. Corporations are therefore compelled to make the necessary adjustments in order to change negative perceptions about their overall business process in relation to their consumers. However, for the most part, the type of adjustment which is specifically required is sometimes difficult to determine56. As a means of complying with the elements of the CSR as mentioned above, banking expert Murphy 57discussed that there are various steps which can be used to assess ethics in service management. Firstly, banking managers and similar marketers need to specify and evaluate ethical activities and behaviour. They also need to build the channels to set forth specific marketing programs with a formal ethical evaluation of products58. The impact of marketing activities must be specifically identified and unethical policies must be adequately controlled through strong staff commitment. Instances where ethical marketing activities can be implemented include the establishment of adequate product instructions, as well as sufficient warning labels in the products introduced and maintained in the marketplace59. Safeguarding the environment, as well as the safety of products are significant concerns in the current marketplace. Moreover, business institutions, including marketing personnel of banking institutions must have the necessary ethical policies in order to develop and bring in new products60. The particular ethical standards are often established in order to develop the ethical practices among staff members. Moreover, the significance of internal audit has already been secured, especially within the banking world. Scholars Coetzee and Fourie discuss that internal audits have been positively received, especially in most banking institutions61. It is a practice which has been secured as a means to highlight the strategic and business risks, as well as the financial risks for external stockholders. Primary managers and chairpersons sitting in audit committees seem to perceive that there may be increases in internal audits especially in relation to financial risks involved. Coetzee and Fourie further discuss that risk assessments have to be carried out yearly, especially for highly risky enterprises62. The impact of Internal Audit Function is therefore based on value adding elements of this function. These elements include organizational alignment, significant staff expertise, strong work environment, risk evaluation of the audit universe, and various audit standards63. Barac also discusses the act of carrying out effective internal audit processes64. These processes include the act of interacting with the organization as a whole; it also includes internal reformations, establishing innovative services, and establishing new methods and technologies. On the whole, CSR in banks includes the management of above enumerated structures and elements: risk management efficient auditing processes, and profit or value added to the stakeholders65. In effect, in order to secure a competitive market and to maintain the responsibility owed to customers, banking managers have to review the economic situation, rethink market strategies through a strict risk management system, and specify the concerns of consumers, as well as implement the fair management of procedures in the protection of the community in general. In considering the specific issues which have emerged in recent years which exemplify gaps in CSR within banking and financial institutions, tax evasion seems to be at the very top. The issue of tax evasion seems to stem from the fact that although financial activities have turned global, tax laws and policies are still very much local or national66. As a result, different financial and banking institutions have been able to avoid tax payments and governments have lost significant tax revenues in wake of such evasive practices. The impact of these activities has been felt more in the developing nations where tax revenues are main sources of their activities and development projects67. Countries in Europe have applied coordinated approaches or actions in order to decrease tax avoidance practices. Tax after all plays a huge role in protecting civil societies and taxes are considered the lifeblood of nations and it is also the basis for democracy or of equalizing the wealth of the people68. Banks have applied ways to circumvent these government policies, and the liberalization of the market has often made it easier for them to shift their wealth in offshore institutions. With the globalization of financial services, illicit practices have been implemented by various corporations and financial institutions. The global banking groups manage the worldwide assets which limit the economic results of developing nations. Based on the British Bankers Association, the Royal Bank of Scotland reported about 600 billion pounds in world assets in 2004 alone and this represents about seven times the overall flow of foreign investments to developing nations evaluated by the World Bank within the same time period69. Such economic powers give banks a significant power and impact on the socio-economic and environmental activities of countries where they are found. However, in relation to the favourable position of banks and in terms of international progress, not evaluated is the extent to which these banks stick to the standards of CSR in nations where they are based – mostly countries which are members of the Organization for Economic Cooperation and Development (OECD)70. To demonstrate the performance of the financial services in Europe, the UK banking has been made vulnerable to critical assessment. The banking sector in the UK is dominated by five major banks which control about 80 percent of financial provisions for British citizens71. All in all, four of the five major banks were able to gain profits amounting to more than 23 million pounds. This means that banks have made a profit of more than 100 pounds per customer on an annual basis. With a consistent expected return of investments amounting to 20 percent equity, the UK retail institutions are already considered extremely profitable in their activities72. CSR guidelines under the BBA have been specified to report on its corporate activities. A strong commitment to CSR is apparent in the philanthropic activities and investments of many UK banks. Various resources have actually been set aside for giving and partnering with local communities. This commitment to CSR however has not covered considerations on the direct economic and social impact of business models on individuals supported and served73. The absence of social responsibility is apparent in the policies of UK banks in relation to unsupported lending, fairness as well as financial exclusion. As banks emphasize the favourable impact of their investments and provide support for the suffering groups in society, in actuality, they are compromising their work with the various products and services which do not contribute well to their customers. The practice of oligopoly and voluntary regulations has not been favourable in the banking sector74. British banks are considered the worse at creating confusion among their consumers and in charging extra to them. Through major market shares and a very supportive consumer base, banks have not taken the time to review their customer services and practices, including their fee-charges. This unfavourable rating and evaluation of banks was first pointed out by the Cruickshank report in 2000 where the report established the lack of competition in the banking sector75. In a 2004 survey of about 5000 banking consumers, bigger banks which had more market shares, did not rank high in terms of customer satisfaction. Banking services are essential to our daily survival. They provide identification and access to various services. However, financial exclusion is often overlooked. About 13% of people in the UK do not have access to current accounts. When evaluated based on deprivation standards, individuals without accounts have been known to increase to about 35% of individuals residing in poor areas76. In effect, the UK authorities pressured their banks to entice depositors with basic bank accounts. These basic accounts are simple transactional accounts which are available to most individuals without considering their credit history or their incomes. These accounts were considered as part of the social responsibility of banks and a strong commitment to the UK bank code. The banking industry agreed to work with the government authorities to reduce the number of individuals not holding bank accounts77. However, the commitment of the UK banks to these accounts has been faced with various issues. Reports from the National Consumer Council point out issues with the banks in their failure to support basic bank accounts, causing further discouragement of applicants. Despite the CSR policies being implemented in the UK and in different parts of Europe, some banks still fail in this regard. For one, UK banks seem to fail in the service of their customer’s best interests78. These banks seem to deliver bad services and lack transparency in relation to consumer interests. As banks have significantly committed to the principles of CSR in order to gain improved societal and environmental goals, they have lost impetus on the impact of their business activities on customers. Due to the lack of competition in the UK banking industry, banking leaders have not been sufficiently motivated to respond to customer demands79. Banks in effect, have been driven by profit-focused motives in the hope of satisfying their shareholders, and in the process, these motives often conflict with the interests of the customers. There is a significant level of inefficiency in the implementation of CSR with banks being pressured to take advantage of their customers with the imposition of significant fees and charges. This is apparent in banking policies which relate to unauthorised overdrafts and delays in check clearances80. Banks have also been known to charge monthly fees which often exceed the overdraft limits, including additional unpaid fees for each transaction with insufficient funds. These are activities which seek to increase the profit of banks, but in cumulative amounts burden the consumers significantly81. More often than not, consumers are also sold inappropriate products, like loan covers which are packaged in terms of payment protection insurance. Reports have been released on insurance products being mis-sold and many claims being turned down. An assessment of the Financial Services Authority pointed out that the actual and accurate advice from banks on the PPI may often be poor and the incentives for sales staff may often prompt more mis-selling practices82. Irresponsible lending has also been apparent in recent years among UK banks. Individuals point out that UK banks often support people taking out credit which they may not be able to afford. Many staff members are often encouraged to fulfil their quotas in selling loan products through incentives which do not support the evaluation of a customer’s ability to pay83. The negative impact of personal and credit card debts have been established in recent representations from the Department of Trade and Industry. The negative impact has been seen in the burdens that these debts often bring to the cash-strapped and poverty-stricken customers84. And yet banks do not seem to look beyond the profits they earn through interests and various amortizations collected from their debtors. Conclusion The discussion above establishes that CSR is a crucial responsibility for corporations including banks. In the current UK and European context, the CSR practices of banks have been established through policies and voluntary practices. For the most part, these practices have attempted to ensure that customers, as well as the banks are served well in their goals and purposes. Various practices in CSR have called for services rendered to the community, the socio-economic venues, as well as the environment. So far banks have tried to comply with these policies but have not been considered wholly successful. The lack of competition within the banking sector in the UK has made competition unsuccessful. In effect, the customers have borne the brunt of CSR issues. 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