Business Ethics, Responsibility and

Sustainability
Contents
Executive Summary.........................................................................................................................3

Introduction......................................................................................................................................4

The Banking Industry......................................................................................................................4

The Challenges of the banking industry in CSR.............................................................................5

The way they maintain Corporate social responsibility..................................................................6

Yorkshire Bank in the UK...........................................................................................................7

Hang Seng Bank Limited in Hong Kong.....................................................................................8

Bank of England..........................................................................................................................9

Recommendation...........................................................................................................................10

Conclusion.....................................................................................................................................12

References......................................................................................................................................13
Executive Summary
In teaching and study at business schools worldwide, ethics, responsibility and sustainability
(ERS) have been increasing significantly. Many business colleges Deans, professors and
managers are aggressively pursuing the incorporation of ERS in all facets of business education,
in reaction to an evolving economic environment and along with growing concern among
students and other stakeholders. Corporate ethics is the mindset and the methods of creating a
business and how it interacts with the environment. Many businesses behave in deviation or rely
on the way the business is built by its shareholders. The philosophy and norm of conduct of
people in the corporation can be defined as business ethics. Similar clear and quick concepts of
good ethical conduct are therefore not always simple to develop. A business must give its owners
a good return and negotiate equally with its workers. There are other competencies for an
organization too. It will mitigate environmental harm and seek to ensure that the neighbourhoods
in which it works are not affected. That is considered corporate accountability for businesses.
Throughout the report, the challenges of the banking industry in CSR, how a few banks maintain
CSR, and recommendations in the arena of concern are presented to gain a thorough
understanding over ERS.
Introduction
Corporate social responsibility is also shortened to "CSR" as a metric for assessing and taking
the blame for the environmental and social gains impacts of companies (Cohn, Fehr & Maréchal,
2014). The dedication to social welfare through discretionary commercial activity and company
donation capital can be described as corporate social responsibility. Corporate
Social Responsibility (CSR) applies to corporation activities including social programs, a
company's CSR may include a range of strategies, the production of certain income for an
organization and the operation of "greener" companies.

The Banking Industry

Banking is a type of policy control that allows it necessary for banks to follow some conditions,
regulations and rules aimed at maintaining market integrity between banks and individuals and
companies who interact with them. The key administrative obligation for banks is to report the
bank's financial position. Banks traded in the free market such as the United States Securities and
Exchange Commission (SEC), in particular, allow management to plan, inspect and file or post
annual financial reports on the basis of financial reporting requirements. Such banks also need to
plan for more financial reports, including quarterly releases of income (Wu, W & Shen, 2013).

The stability of the banking sector is recovered and finance firms become more involved in their
corporate operations 10 years since the global financial crisis. 85% of banks in 2018 listed their
market priority as the Digital Transformation Strategy. The Global Bank Industry Survey 221
financial institutions in 29 countries have shown that bankers are consistently involved in
enhancing financial efficiency between 2018 and 2008 (Global Banking, 2018). This is an
important move forward for sustained growth.

The article explains the business and bank transparency. Private accountability represents civic
and private practices. Corporate banks are essential to management in the interest of clients,
including workers and the public. This reflects corporate profits, especially the actions of global
corporate independence, and business accountability reflects corporate success and development
in individual industries. Corporate responsibilities such as control structure, wages, hours of
service, training and welfare. Therefore, many bank businesses have their own corporate
accountability policies (KanagaretnamLim & Lobo, 2010), the efficiency of company obligations
impacting the banking businesses implicitly or explicitly. The internal performance of the
organization often relies on the actions of corporate accountability. As stated above, it is
important for quality extraction to take care of stakeholders in the banking industry. In fact,
corporate liability practices move the company in a better direction as it allows the owners to
increase job performance, to draw further attention to customers and to benefit a client, too.
Throughout the banking sector, the idea of corporate accountability enhances both financial
prosperity and the moral prestige of the country (Pruteanu-Podpiera, Weill & Schobert, 2016).

The Challenges of the banking industry in CSR

One difficulty is that certain owners disagree with corporate social responsibility practices. The
primary objective of a corporation is to ethically favour shareholders or members. Milton
Friedman is the most prominent defender. Friedman (1962) claims that the business achieves
little to benefit the owners in the product. Friedman further claims that a boss, as a corporate
employee, is expected to play his part in meeting the requirements of the employer. In
instrumental words, the company's only responsibility is, while providing products and services
that meet consumer needs, that optimize its shareholders 'profits (Lu & Boateng, 2018).

Another obstacle is the obstacle to the bank industry to the waste production and use of
electricity and to use goods and services that are environmentally sustainable in its activities
(Fatma, Rahman & Khan, 2014). Corporate Social Responsibility is a sort of corporate social
responsibility which refers simultaneously, in order to achieve their own economic interests, to
the company's output and activity, and to the society, in order to protect its environmental
obligations, should also be provided fair resources to take steps to prevent pollution. Throughout
recent years, with very severe environmental concerns, businesses have a corporate duty of
preserving the atmosphere that is general standards and criteria, which still demonstrates that
environmental degradation by corporations is particularly harmful to people and to the world as a
whole and that businesses can step up emission management. In order to avoid hazardous
contaminants and pathogenic factors in the atmosphere, the bank industry will strengthen the
technologies to monitor emissions during processing, while aggressively improving the "safe
manufacturing" system for effectively putting wastes and pollutant processes in waste and
cleaning products. Minimize environmental impact.
Nevertheless, certain banks 'discriminatory conduct has had a detrimental effect on the
community as well. Some also avoided taxation and payments to social welfare. Some felt social
workers would be burdened by the government, some of them less concerned with preserving the
atmosphere and having earnings limited. In spite of the contamination of the atmosphere, a
considerable volume of income results of fraudulently defrauding customers, selling counterfeit
goods, others in arrears with workers and healthcare, others failing to offer public facilities and
others ignoring transparency and industrial fraud. Although many of these factors are still shown
in a few institutions, their extreme consequences and negative implications can not be
overlooked (Wu & Shen, 2013).

Ultimately, certain leaders of national governments learn nothing or less about corporate social
responsibility and do not grasp many of the bank circumstances. The branch of justice just pays
heed to business income and taxation and does not properly supervise company law enforcement.
Although if certain municipal councils are mindful of this, they have not embraced this as a
whole aggressively. Local governments were tougher than ever in terms of workplace safety, but
there are still a variety of industrial health issues and the defence of employee rights (Pérez & del
Bosque, 2015). Many local authorities see the connection between the company's growth and the
local economy's long-term development and for the existing economic interests of bank firms
and they do not. As a consequence, banking companies have such laissez-faires.

The way they maintain Corporate social responsibility

Over the past few years, it has become more important to understand the idea of Corporate
Social Responsibility (CSR), and social accountability has been extremely relevant for
corporations. Social challenges are growing more complicated and fractured, and what the
government should do to address these concerns constantly restricts. Therefore, it is gradually
anticipated that further private sector investments would be made by CSR programs. A business
will decide what sort of business social obligations are beneficial to the community and to
businesses to facilitate the problem solving centred on client behaviour.
Yorkshire Bank in the UK
Shareholder perspective

CSR is a Bank responsibility because that is the organization that is dedicated to following the
policies that its stakeholders will affect. The strategies differ from the topic of the stockholder
interest maximization or profit-generating in the business. In the UK, the banks would be more
profitable in comparison to their shareholders in time, if they proceed with the CSR programs.
Today CSR has become very relevant in the world, especially in banking and financial
institutions. Owing to the responsibility of the manufacturers, Yorkshire Bank and sales raise
legal stakeholder compensation problems, including bonuses. To order to ensure that venture
holder participate in potential growth, Yorkshire Bank corporate accountability through the
incentives and promotions demonstrate a constructive partnership through customers. The sector
is also liable for establishing stronger ties with investors (Secure.ybonline.co.uk., 2020).

Environment perspective

Yorkshire bank claims that sanitation is a necessity for the UK's prosperity in schools and
workplaces. In line with safe, pollution-free UK dream mission. Initiatives have been taken to
create a strong rural UK learning climate (Secure.ybonline.co.uk., 2020).

Community perspective

This promotes the empowerment of thousands of citizens, in particular women in the rural
regions of the UK, through the initiatives they reach out to people beyond the basic banking
foundations to have a better livelihood. The CBP (Canadian Business Building Program 2010) is
bringing about a meaningful shift in the Society. Flagship CSR initiatives were established and
successfully led by Yorkshire Bank for managing community welfare, education and
empowerment programmes.

Customer perspective

According to the Yorkshire, they plan to take additional measures to include extensive business
banking solution which will assist much of its clients on how they can invest and raise, on order
to strengthen their partnerships with their consumers and to meet their proper needs and wishes.
Exclusive travel opportunities for a broad variety of luxury credit cards where consumers with a
purchasing potential are willing to get a choice, allowing them to get more cash money in the
market and so their buyers 'outlook is strong both at employment and later retirement.

Government perspective

In order to increase its role in society and in the country, the Yorkshire Bank seeks to boost the
employability of rural young people and women. We strive to inspire and involve numerous rural
residents through a number of skills growth programs. We provide instruction in forestry,
animals, digital skills, community education in computer technology, nursery production and
resource management. More than 16,000 rural households have now been entered in 6 countries
around the world (Secure.ybonline.co.uk., 2020).

Society Perspective.

Yorkshire Bank considers schooling as the most critical link to society's overall economic and
social growth. Our mission is to meet "every kid at school and by learning" through facilitating
and maintaining quality education for as many kids as possible in the most distant areas of the
world. We think that only a mix of classrooms, teachers and students will understand the value of
education. The Bank also acknowledges its obligation for the promotion of financial literacy and
undertakes initiatives to encourage financial literacy among community participants. Throughout
a few states of the UK, we have crossed over 60,000 students and 2 lakh instructors.

Hang Seng Bank Limited in Hong Kong

Shareholder perspective

I chose the China Development Bank as the first example. Her board is dedicated to the strong
levels of honesty and fairness with respect to corporate governance. The Board discusses
concerns related to risk regulation, management monitoring and legal and regulatory
enforcement (Hangseng.com, 2020). The bank complies with the Hong Kong Monetary
Authority and the Stock Exchange rules and regulations. The Executive Board has set up 5
committees to monitor different critical issues-implementation, assessment, benefits, threats and
appointments (Hangseng.com, 2020).
Supplier perspective

Strict criteria for selecting vendors are in force for Hang Seng (2020) as well as financial, social
and ethical requirements. Suppliers should follow Sustainability Requirements of Hang Seng's
Supplier. Manufacturers, for example, would honour their "Conduct Code for the conduct of
manufacturers of products and services." Suppliers shall support workers 'and individuals' civil
rights and shall comply with applicable community laws and regulations. In the procurement
process, the manufacturer must also complete a questionnaire on environmental concerns. In
coping with recruitment problems, Hang Seng has stringent professional management
procedures. The e-procurement framework decreases paper use and distribution time as well as
strengthens the monitoring and maintenance of suppliers 'knowledge (Hangseng.com, 2020).

Bank of England
Community perspective

Bank of England offers medical treatment and hygiene, one of the key growth priorities is to
encourage well-being. Primary care services have gradually been required to manage cancer,
girls 'young people such that the bank insures and health care areas for youth and elderly people.
(The Act 2013 of the Companies)

These five nationalized banks contribute significantly to schooling because it is of tremendous

significance in this new age. BoE (Bank of England) as the leading public sector bank in this
area lets the communities obtain educational assistance through lending the BoE Education loan,
which increased to 9.43% in FY 2012-2013 and a vocational learning scheme was launched in
July 2012 (IOSR Market and Management Report, 2013).

Environment perspective

We are seeking to raise our green footprint in the UK’s Bank of England. Many steps have been
developed to do that. For examples, in addition to PoS access points and mini ATMs, we have
sponsored ATMs, kiosks and cash deposit machines. They also take meaningful action in raising
the potential impact of our industry on the climate. The Bank is aiming to increase its carbon
footprint (Responsibility, 2020), incorporating energy-saving initiatives in corporate and branch
offices.
Government perspective
As the UK's leading banking group, and with UK's government as our key shareholder, we aim
to comply promptly with policy guidelines. Many primary policy initiatives are made simpler to
enforce.

Shareholder perspective

UK’s Bank of England gives interest to creditors and indirectly adds to the UK's global
economic force commitment. A shareholder is a person, corporation or other entity that has the
stock of the firm. Corporate accountability is the advantages and incentives of individual
suppliers in terms of their partnership with the stakeholder, where the long-term partnerships
with the company are focused on the treatment of the business and that the standard of the
product and service of the customers becomes the commodity supplier. As reported in the annual
reports, the shareholder of the Bank of England is quite significant. According to the annual
reports, the Bank's stock would rise by five per cent over the next five years (Responsibility,
2020). The consequence is that more buyers would purchase Bank of England securities.

Recommendation
CSR is also the foundation of what organisation is performing good in the constantly developing
environment. Context of the research CSR the engagement of NGOs, the government and the
producer in order to further change the climate is my recommendation to tackle these challenges.
While decision-makers and applying environmental laws and current or established law, NGOs
need to work with the government. The principle of social accountability for businesses will be
applied threefold, comprising of economic sustainability, financial sustainability and
environmental sustainability businesses. Since this is the path with a sustainable entity, economic
growth will depend on the long term. The distribution of financial control in the community
takes precedence on social sustainability. Efforts will be made to rebuild a portion to historically
destroyed ecosystems in terms of environmental protection.

Utilitarianism claims that the advantages and disadvantages of levied on the community will be
focused on behaviour and policies. Around the same time, utilitarianism holds that the morally
appropriate solution in every case provides the largest amount of gains over losses for all
involved individuals compared with any other potential acts. This is, therefore, a utilitarian
philosophy of ethics that mainly relies on the consequences (causes) of taking one action/policy
overall actions/policies (Hollander, 2016). As such, it reaches beyond one's own desires and
brings the needs of others into consideration. For instance, Yorkshire Bank is a well-functioning
business in UK's bank sector, which aims to meet 'every child in school and in learning' by
promoting quality training for the maximum number of beneficiaries in the most remote parts of
the country (Cremaschi, S. 2015).

The portion research for the broadest subdiscipline of ethics within the field of philosophy is also
referred to as practical ethics (Brennan, 2011). It does not suggest that only philosophers are
applicable ethicists, or that even university philosophy departments use fruitfully applicable
ethics. In reality, certain people feel that it is better to take a more educated approach outside of
or at least beyond the area of philosophy.

The philosophy of applied ethics reflects on how positive actions should be seen in the conduct
of people or organisations. It also allows the banking sector to carry out fully responsible
practices. To order to preserve the atmosphere and use reclaimed water to decrease water
emissions, Yorkshire Bank will leverage modern technologies to order to minimize carbon
dioxide usage. Both of these behaviours will have a clear effect on culture.

The Bank sector in the UK can be effectively regulated by the government because of the
essence of applied ethics. The business will make the banking sector more transparent.
Conclusion
Eventually, CSR has become more critical to a company's competitive performance. Via
corporation, it will contribute to society. CSR's value not just in-income, but also in creating
effective public relations. A known ethical declaration outlines the principles and aspirations of
the organization. The need for CSR inaction stems from rising societal opportunities, resources
and globalisation. In the CSR operation, both businesses have gained advantages. These involve
corporate branding, improved brand placement, market share and revenue. Their capacity to hire
and maintain workers has also improved.
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