Business and Society Assignment (Doc)
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Added on 2020-11-12
Business and Society Assignment (Doc)
Added on 2020-11-12
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Business Society
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY ..................................................................................................................................11. Identify and describe Commonwealth Bank and Danske Bank..............................................12. What are the differences are evident between Commonwealth and Danske Bank................23. Sustainable Development Goals of Commonwealth and Danske Bank. ...............................34. Social accounting approach utilized by Commonwealth and Danske Bank as per Zadeket.al.'s criteria..............................................................................................................................45. Social Reports provided by Common Wealth and Danske Bank reflect there values............56. Reflection and conclusion.......................................................................................................5REFERENCES................................................................................................................................7
INTRODUCTIONIn society business is the cornerstone of prosperity. In order to develop as well as for thewelfare of society, companies create resources. There is a great impact of society on businessesas it influences the decision of customers, employees, competitors and suppliers whereas theoperation of companies affect society, environment and government (Carroll & Buchholtz,2014). In this report, the entire description is about business society in Australia. CommonwealthBank of Australia and Danske Bank are chosen in this assessment. Both are banking industries inAustralia. This report will identify and describe the activities of business of both the companies.Furthermore, this report will also discuss sustainable development goals that are relevant to bothorganisations. Apart from this, various approaches of social accounting will also be included inthis assignment. MAIN BODY 1. Identify and describe Commonwealth Bank and Danske Bank.Both the companies are of banking industries. Commonwealth Bank (CBA) is amultinational bank which has businesses across New Zealand, United States, Asia and UnitedKingdom. It is public limited company traded as ASX: CBA. It was founded in year22December 1911 as a government bank and in 1997 as public company by Australian Governmentand in 1966 it was fully privatised. It is one of the big four banks of Australia. The chairman andCEO/ Managing Director of bank is Catherine Livingstone AO and Matt Comyn respectively. Itsheadquarters are located in Darling Harbour, Sydney, Australia. More than 1100 branches areoperating in the world. Commonwealth Bank has opened up about 4300+ ATM. About 51,800employees are workers in this company in 2017. Its revenue is about A$26.005 billion in 2017.Commonwealth Bank provides variety of financial services including institutional banking, retailbusiness, management of fund, superannuation insurance, broking as well as investment services(Polman, 2014). It is one of the largest company listed on the security exchange board of countryin 1991. Danske Bank is an Akitieselskab (either private or public) type organisation. It is calledas Danish Bank as its name was literally translates into Danish Bank and it was founded in 5October in 1871. The chairmen and CEO of Danske Bank is Ole Andersen and Thomas F.Borgen respectively. Its headquarters are located in Copenhagen, Denmark. Its revenue is about1
DKK 47.959 billion. More than 19000 employees are employed in Danske Bank. It is one of thelargest bank in Denmark as well as a major retail bank in northern European region. It has morethan 5 million retail customers in Denmark. On the Future Global List of 2011, Danske has 454number. So many local banks are operated by Danske Bank around Nordic Region as well asacross Ireland (Doppelt, 2017). 2. What are the differences are evident between Commonwealth and Danske Bank.Commonwealth Bank and Danske Bank both are contributing large to the society.According to their CSR report, it was identified that both have appreciable contribution in thesociety. In the recent report of Commonwealth Bank, it was stated that billions of fund is givenfor the welfare and betterment of society. They find issues in society about literacy and womenrights. They make huge investment in providing education to children and youth. They startededucation programmes and it was the biggest financial education program. The management ofcompany found that people does not have management skill (Corporate Responsibility Report ofCommonwealth Bank, 2017). It is not new that Commonwealth Bank has contributed investmentin education as they are investing since 85 years ago. Apart from this, they also contribute largeamount of fund in the rights of women. It was found that more than 45% employees are femaleworkers and they are playing the roles of managers. They have noticed that women's does nothave equal rights as compare to men's. Beside all these, they also find the issues related tocustomer experience. It includes protection, satisfaction and remediation. Company isovercoming or solving this issue by providing annual reports publicly as well as CSR Report forthem (Jones, Wicks & Freeman, 2017). The CSR report of Danske Bank is also very good as they are also contributing large tosociety. They always make their goals as per the norms and standard that needs to be fulfilled.They always focus on furnishing betterment and welfare of the society. They find the issues incustomer satisfaction, welfare of society as whole and effective environment. They always makebalance between economic growth and in financial stability that results in solving the issues thatare coming in society. In order to satisfy their customers, they have provided DKK1,723 billionfund in terms of loans in 2017 so that customers can utilize those funds where they needed. Apartfrom this, they identify the issues related to environmental like lack of plantation in the society.Thus, in order to solve the issue that have invested fund in environmental protection and anti-corruption (Corporate Responsibility Report of Danske Bank, 2017). 2
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