Corporate Social Responsibility and Sustainability
Added on 2020-10-22
12 Pages2998 Words76 Views
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BUSINESS SOCIETY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3PART A...........................................................................................................................................31. Common wealth Bank of Australia and Danske bank............................................................32. Comparing Commonwealth Bank of Australia and Danske Bank..........................................43. Sustainable Development Goals.............................................................................................54. Assessing quality of social accounting approach ...................................................................85. Values and mission of both organisations...............................................................................96. Discussion ............................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONBusiness society provides highly result oriented individual about opportunity ofemployment, resources and various other aspect. The present report had considered two banks asDanske and Commonwealth bank of Australia for understanding its CSR activities, issues andimpact on its performance. These banks come in industry of financial services which providescustomers with several investment plans. Further, report will shed light on the similarity and keydifference with aspect of CSR pertaining to both Danske and Commonwealth bank of Australia.In the same series it had reflected sustainable development goals of both organizations withquality of social accounting approach.PART A1. Common wealth Bank of Australia and Danske bankThe commonwealth Bank of Australia is referred as Australian multinational financialinstitution which perform its operations across United States, Asia, New Zealand and UnitedKingdom. It is a public limited organization and largest Australian listed organisation which istraded as ASX: CBA (Australian Securities Exchange). It comprises in industry of banking andfinancial services Brown, (2018). The variety of financial services along with institutionalbanking, retail business, fund management, insurance, broking, superannuation and investmentservices have been provided. It consists of huge branch and network of ATM. The services areoffered to people who are planning to move to Australia. Its subsidiaries are reflected in threeregions such as:RegionsSubsidiariesNew ZealandASB BankAustralia BankwestCommInsureColonial First StatesCommonwealth SecuritiesAsia PacificAMTD Group Company Limited(Hong-Kong)Colonial national Parl (Fiji)PT Bank Commonwealth (Indonesia)3
Danske bank referred as Danish monetary firm which has headquartered in Copenhagen.It is recognized as the largest bank and one of the major retail banking institution in the region ofNorthern European along with 5 million customers (retail) as in industry of financial services. Itis traded as Nasdaq Copenhagen: DANSKE. It performs its operation in various local banksacross Nordic region along with Ireland. This bank serves institutional, business and personalcustomers along with banking services. The life insurance, wealth management, leasing and realestate services and mortgage credit had been offered. Generally, they serve into four businessunites such as Banking Nordic, Wealth Management, Banking DK and Corporates andinstitutions Szabó, (2018).2. Comparing Commonwealth Bank of Australia and Danske BankThe consolidated financial statements of these banks are considered as factual numberswith absence of commentary.These banks comprise code of ethics with corporate responsibilityreport. Both of the banks apply various principles, documents for the purpose of outlining itsvalues and cultures along with highlighting its commitment towards corporate socialresponsibility as well as sustainability Bauer, Watson, & Gylling, (2018). In the same series,both banks signify that they had faced huge external pressure as compared to internal forimproving its CSR activities. With context of differences, CSR of Commonwealth Bank ofAustralia applies 8 sustainable goals from UN Global compact 2030 but Danske Bank haschosen 2 goals such as quality education and decent work and economic growth.With the approach of sourcing based on risk Danske bank had performed with referenceto collaborate with its suppliers for increment in standards of corporate responsibility in itssupply chain. Danske Bank had contributed to its society as its target was 12.5% ROE as itperformed and gave outcome as 13.6% ROE. The consumption of electricity is supplied throughrenewable electricity as it was referred as second best in Carbon Disclosure Project in 2016among Nordic Financial institutions. Commonwealth Bank of Australia considers long termapproach on every activity. Along with its initiatives and programs, people are engaged,customers are assisted, communities are supported as these all provide less impact onenvironment as it continues for delivering its vision (Corporate Responsibility, 2017).The material issues are extracted from both organizations such as:Danske bankCommonwealth Bank of AustraliaFinancial stabilityPerformance and financial stability is4
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