This assignment compares the CSR reports of Coles and Commonwealth Bank, analyzing their core business activities, values, and approaches to sustainability.
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Running head: COMPARISION OF CSR REPORT COMPARISION OF CSR REPORT Student’s Name University Name Author note
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1COMPARISION OF CSR REPORT Introduction Corporate Social responsibility (CSR) is the way in which a particular business organization operates in an ethical and sustainable manner and deals with the environmental and social impacts responsible. It is very essential that a business organization operates in a way that demonstrates social responsibility; it needs to take into account the social and environmental issues. The consumers today actively seeks products and services from the companies that are increasingly aware of the importance of social responsible and they seek the products and services from the business organizations that operates its business activities in a most ethical way possible(Asseembly, 2015). Therefore, it is evident that business organizations must take interest in the social and environmental issues as it impacts there profit margin. This enables the company to attract customers who share the same values which in turns makes the business operate in a sustainable manner. This assignment identifies and describes the core business activities and countries of two selected companies that are Coles, and Common Wealth Bank. It compares the two companies in terms of the issues dealt. It analysis and compares the values and approaches to business sustainability and compares the CSR report of two companies. Discussion Comparison of two companies Cole’s supermarket Australia Pty Ltd. is a supermarket based in Australia. It offers wide range of products and services including grocery, electronics, gift cares, and other poultry items. The company was founded in the year 1914. Coles Supermarket strives to offer real value to their customers by offering its products at a reduced price and improves the quality of its products and services by offering fresh products and delivering an easier and by
2COMPARISION OF CSR REPORT providing the customers a better shopping every day in a week(Bass, & Milosevic, 2018). It builds a deeper long term relationship with its key stakeholders while having caring and passionate team members. Coles operates throughout Australia including various re-branded BI-LO supermarkets. The company has over 100,000 employees with its rival Woolworths, it accounts for more than 80% of the Australian market(Visser, 2016).The company claims to support other Australian business by offering q1uality products to their customers. It provides ethically sourced food products to its customers. On the other hand Commonwealth Bank Australia is known as the Australia’s leading provider of integrated financial services, it is associated with the business activities which provided financial support to its customers including retail premium, business and institutional banking. It carries out its business activities mainly in Australia. Further, it provides additional business and institutional banking, provides funds management, superannuation insurance and other investments. Commonwealth Bank Australia ensures its customers to become a better and more customer focused bank. It continues to focus on delivering plan and maintain to become a simpler and better bank of their customers(Spence, 2016).They are determined in keeping their business activities and their progress transparent. In the last year there were reports outlining the shortcomings in governance, culture and accountability of the company. However, it has implemented a remedial action plan and they ensure to improve their risk management capability and deliver better service for its customers. The company is determines in undertaking cultural change and takes a sustained focus on their customers. Commonwealth Bank Australia has an approach towards measureable goals, has clean responsibilities, and accountability. It continuously reviews its business activities to ensure that they are on their tract(Maas & Reniers, 2014).The company plans to improve management of non financial risks and improve their level of execution of their plan.
3COMPARISION OF CSR REPORT Differences evident between two companies in terms of issues dealt Analyzing the corporate social responsibility report of Coles Australia, it has been seen that the company has effectively implemented CSR strategies and plans in its business activities and operations. Coles Australia builds good relationship with the communities it works for such as their team members and customers(Jenkins, 2014). The company provides trainings to their employees and suppliers in order to protect the environment. Besides that, the company invests highly upon implementing new and advanced technology to reduce the environmental pollutions. Moreover, Coles has gained a good reputation in the market by using latest technologies. It is considered as the new eco friendly supermarket, which aims to consume around 30% less energy(Górny, 2014). However, according to the reports, the company have behaved irresponsible with its small suppliers; they have imposed unrealistic conditions on fishing companies operate in Pacific area. Commonwealth Bank is guided by their vision and enhance the financial wellbeing of their customers by focusing on their long term strategy. They continue to deliver strong value to their stakeholders. The company has been improving customer remediation has been their priority. The company provides support and they are building capabilities to better deal with their customers facing financial hardship, domestic violence. The company plays a vital role in the economy. They have maintained theircommitmentsininvestinginnovationstoensurelongtermsupport,growthand prosperity. However, as per reports, they needs to change their culture, they need to enhance their accountability and be more open to challenge(Devin, & Richards, 2018). Further they need to improve their performance. To cover up their social issues, the company have implemented plan to take a proactive approach to risks. They are determined to improve their execution of the plan, the track their progress and continued having transparency to their
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4COMPARISION OF CSR REPORT stakeholders(Costa & Menichini, 2013).They plan to improve customer experience and handle the risks outcomes. The leaders of the company have a deep sense of accountability; they demonstrate a better risks and customer outcomes. Sustainable development goals and the extent to which these were addressed As per the report, the sustainable development goals must fulfil the major goals of organizations. It includes having full transparency and accountability having wide variety of porters such as the national and local governments, agencies and others. The sustainable development goals of the organizations must include operational effectiveness, and national ownership. The organizational size must be reduces to be global level and organize joint programme coordinating teams. It must respect the country leadership and support capacity building for such leadership(Corporate responsibility, 2018).Concerning Coles Australia, it is committed in providing fresh food and groceries to its customers, financial services through its supermarket and online channels. The company, as per their CSR reports supports farmers, community, suppliers and other team members. It offers great products, sources its products ethically and highly focuses on human rights. It sources its products responsibly with a focus on animal welfare and the environment. Furthermore, the company ensures quality and provides safe products to its customers and promotes health and nutrition(Costa, & Menichini, 2013).Apart from that, the Coles Australia is reducing its environmental impacts like minimising waste and promoting recycling, the company involves in sustainable packages and uses energy efficiently and reduces its greenhouse emissions. Therefore, by taking measures, the company have efficiently addressed to the sustainable development goals. As compared to Commonwealth Bank Australia, is considered as the most sustainable business and ranked first among the banks all across the world. The global sustainability ranking of the company indicates that the sustainability goals have been addressed. It
5COMPARISION OF CSR REPORT considers balanced social, environmental and its governance performance while it committed in providing superior returns to its investors (Górny, 2014).It launched its opportunity initiatives as a part of their corporate responsibility plan and addresses the sustainable development goals. Identification and analysis of company’s sustainability phase It has been analysis that Coles Australian has been vying for leadership in sustainability. As per reports Coles Australia has strategically implemented ambitious new environmental and sustainability targets in order to cope up with the growing pressure from the customers to reduce waste generation. The company reduced plastic packaging on fruits and vegetables. It has recycled new range of grocery bags and announced a program to proceed with the sale of bags. Therefore, it can be said that the company has transformed its business model into a sustainable return design(Corporate responsibility, 2018).From analyzing the sustainability reports f the company it has been evident that the company is committed to sustainability. It follows sustainability principles into its values. Further, it coordinates the sustainability approach with the key business strategies. At this stage the company initiatives clean predicts, effectiveness and enjoys competitive advantage from the sustainability initiatives. As compared to Commonwealth Bank of Australia, it adopts a transformative culture. It is committed towards having high level of transparency, accountability. As mentioned in the sustainability and the CSR report of the company, they have maintained their commitments in investing innovating and continue to support long term growth and prosperity. The company is transforming itself to support major technological advances. It ensures new ways to enhance the customer’s financial wellbeing (Spence, 2016). Further, it has rolled out an onsite renewable program. At every level the Common wealth Bank Australia aims to reflect diversity in the society. The company heightens the value of the contribution that is made to
6COMPARISION OF CSR REPORT the society and considers reviewing the emerging issues and changing the stakeholder expectations. Extent to which social reports reflect values of the companies The stated values of Coles Australia is to strive towards providing value to their customers and the values of the company is to underpin there strategy and drive a behaviour which enables the company to build deeper and long term relationship with the customers and have an outstanding shopping experience fort the customers (Spence, 2016). It has been analyzed that the company has effective implemented its core business values and strategies in their operations. It has been reported that the company works with the communities of business including team members and customers in order to maintain a long term relationship with them as it has been stated in their values (Visser, 2016).Further the company is highly engaged in social works such as funding in health care institutes and child care. However, some of the company’s policies towards the suppliers and distributors have been criticised as they considerable hurt the vendors and distributors. This way they have behaved against their Corporate Social responsibility. Based on the research and the report there are evidences of charges and allegations filed against Coles (Jenkins, 2014). This has been beyond their values and ethics. As compared to common wealth bank Australia, the core values of the company includes integrity, collaboration that is working as one team, they highly values excellence anddeeplyvaluesaccountability.However,asperthereportithavebeenseveral shortcomings in the governance of the bank, its culture and issues with accountability, which is not as per there values. However, the company have addressed the issues effectively (Costa & Menichini, 2013). In order to overcome the issues, the company made a comprehensive remedial action plan. It outlines the company’s actions to be taken in order to improve its risk management capability and deliver better outcome to their customers. Moreover the company
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7COMPARISION OF CSR REPORT has a sustained focus on measurable goals; they have clear responsibilities and plans to keep their activities transparent (Devin & Richards, 2018).The company efficiently strengthens its governance and oversight, it aims to achieve a better customers and risks outcomes. They aim to achieve a better customer and risks outcomes. Commonwealth Bank Australia is highly focused on building a culture that is highly accountable, consumer focused and transparent, as stated in their values. Conclusion From the group’s discussion and the analysis of the CSR reports of two companies, it can be concludedthat both the companies Coles Australia and commonwealth bank Australia have effectively implemented their CSR strategies and goals. Both the companies faced issues and dealt with them effectively. However, it was analyzed comparing both the company, that Commonwealth Bank have better addressed the issues faced, they publically ensured that they will be addressing the issues and therefore, they have already implemented a remedial action to enhance their accountability, which an issue faced by the company. It has beensuccessfulinmaintainingitsoperatingandconductingitsbusinessoperations efficiently. There are in a transformational stage of sustainability. On the other hand, Coles Australia has also maintained their business operation in a sustainable manner, which has enables the business organization to gain a good reputation in the market by using the latest technologies. They strive to achieve leadership position and compete with its rivals. It has been evident from the research and reports, that it is more dedicated towards managing its business in a more environmentally sustainable manner. It is evident from its CSR reports. However, it was found there Coles Australia faced issues as well. It was therefore learned that CSR is increasingly important to maintain as it enhances profitability and sustainability.
8COMPARISION OF CSR REPORT 1.References: Assembly, G. (2015). Sustainable development goals.SDGs), Transforming our world: the,2030. Bass, A. E., & Milosevic, I. (2018). The ethnographic method in CSR research: The role and importance of methodological fit.Business & Society,57(1), 174-215. Corporateresponsibility.(2018).Retrievedfrom https://www.commbank.com.au/content/dam/commbank/aboutus/shareholders/pdfs/ corporate-responsibility/2017/2017-corporate-responsibility-report.pdf Corporateresponsibility.(2018).Retrievedfromhttps://www.coles.com.au/corporate- responsibility Costa, R., & Menichini, T. (2013). A multidimensional approach for CSR assessment: The importance of the stakeholder perception.Expert systems with applications,40(1), 150-161. Devin, B., & Richards, C. (2018). Food waste, power, and corporate social responsibility in the Australian food supply chain.Journal of Business Ethics,150(1), 199-210. Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency.Journal of Accounting and Public Policy,33(4), 328-355. Górny,A.(2014).Influenceofcorporatesocialresponsibility(CSR)onsafety culture.Management,18(1), 43-57.
9COMPARISION OF CSR REPORT Jenkins, H. (2014). A ‘business opportunity’model of corporate social responsibility for small‐and medium‐sized enterprises.Business ethics: A European review,18(1), 21- 36. Maas, S., & Reniers, G. (2014). Development of a CSR model for practice: connecting five inherent areas of sustainable business.Journal of Cleaner Production,64, 104-114. McAdam, R., & Leonard, D. (2013). Corporate social responsibility in a total quality management context: opportunities for sustainable growth.Corporate Governance: The international journal of business in society,3(4), 36-45. Rexhepi, G., Kurtishi, S., & Bexheti, G. (2013). Corporate social responsibility (CSR) and innovation–thedriversofbusinessgrowth?.Procedia-SocialandBehavioral Sciences,75, 532-541. Spence,L.J.(2016).Smallbusinesssocialresponsibility:ExpandingcoreCSR theory.Business & Society,55(1), 23-55. Visser, W. (2016).The age of responsibility: CSR 2.0 and the new DNA of business. John Wiley & Sons.