Table of Contents
Introduction CSR
Corporate Social Responsibility (CSR) is a moral or ideological theory that discusses whether governments, corporations, institutions, and individuals have a responsibility to contribute to society. It is divided into positive and negative: positive refers to responsible participation (social activities); negative refers to responsibility and does not participate. There is no recognized definition of corporate social responsibility, but generally refers to the standards of enterprises that transcend ethical, legal and public requirements. The business activities also take into account the impact on stakeholders.
The concept of corporate social responsibility is based on business operations. The idea of sustainable development, in addition to considering its own financial and operational conditions, companies must also consider their impact on the social and natural environment. Corporate social responsibility will be different from the concept of social enterprise, the concept of corporate social responsibility is initiated by for-profit organizations, with the concept of sustainable development as the concept, the concept originated earlier; then the social enterprise, by non-profit. The charity group initiated and took the public welfare activity as the core concept.
Stakeholders are individuals or groups that may influence or may be affected by the decisions and actions of the company, including but not limited to: employees, customers, suppliers, community groups, parent companies or subsidiaries, partners, investors and shareholders. In this case, companies are trying to integrate social and environmental considerations into contact with relevant stakeholders. The Corporate Sustainability Report (CSR), which is based on the various stakeholders of the company, can also be called the Corporate Social Responsibility (CSR). The way to disclose the company’s goals, achievements, commitments and plans for sustainable management and social responsibility.
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The organization that I have chosen is RHB Capital Berhad. RHB Capital Berhad is the fourth largest financial institution in Malaysia. The RHB Banking Group offers financial products and services through its major subsidiaries– RHB Investment Bank Berhad, RHB Bank Berhad, RHB Insurance Berhad, OSK Investment Bank Berhad and RHB Islamic Bank Berhad, while RHB Asset Management Sdn is responsible for its asset management and unit trust businesses. Bhd. and RHB Berhad Islamic Asset Management Group.
The RHB Banking Group became Malaysia’s first domestic financial group to set up an Islamic banking branch, known as RHB Islamic Bank Berhad, on 16 March 2005. The RHB Banking Group acquired OSK Investment Bank Berhad (OSKIB) in November 2012 and the merger of OSKIB and RHB Investment Bank (RHBIB) in April 2013 made RHBIB the largest investment bank in Malaysia by assets. With the recent merger of OSKIB and RHBIB, the investment banking company now operates in seven ASEAN and Hong Kong countries. The bank was the result of Kwong Yik Bank and DCB Bank merging. The CSR services of the company are specifically aimed at children. The programs include: the National Challenge for RHB-The Star Mighty Minds, the Leadership Program for Students Academic Enrichment Creation, and the Spell-It-Right Challenge for RHB-NST.
The organization has also provided a helping hand since 2007 to reconnect missing children with their families. Due to the limited action taken by RHB capital berhad, there is no commitment to assist the authorities in finding these missing children. Therefore, RHB began to explore arrangements with the Royal Malaysian Police to see what it could help. The Jom Sihat and the RHB TrEx Broga Challenge both promote healthy understanding of living and the environment. The company’s efforts have not gone unnoticed as they won The Asset’s Innovation in Benchmarking Management and Corporate Governance Award, the 2015 Asia Corporate Excellence & Sustainability Awards, and the ASEAN Corporate Governance Awards for Top 50 ASEAN Publicly Listed Companies.
Discuss Further the Concept of CSR
Relationship of CSR to business ethics
In particular, business ethics focuses on the role of managers and employees as business agents. It can also address issues of corporate behavior and broader issues related to the position and control of capitalism. On the other hand, corporate social responsibility is more centered in the larger social structure on the company (or organization) and its responsibilities and actions towards other stakeholders. In this sense, CSR is a narrower framework than business ethics, focusing less on employee behavior issues and their personal motivations and goals and more on the so-called corporate ‘guy.’
And this emphasis on what the company is ‘doing’ also raises questions related to the environment, workers ‘ rights and sustainability. And this emphasis on what the organization is ‘doing’ also raises questions about the economy, the rights of workers and sustainability. Business ethics has to do with things such as fairness, equality, equity, and the exercise of corporate power. CSR can also discuss any of these concerns, but typically focuses on the last, the exercise of corporate power.
Benefits of practicing CSR
The benefit of practicing corporate social responsibility is the opportunity to positively influence the environment. Keep in mind that social responsibility enables RHB to take responsible actions and consider the social and environmental impact of its business. Therefore, RHB can prevent or reduce the adverse effects of its business on the public. In some cases, RHB will find ways to improve its programs and value chains to effectively benefit communities that have never been. In addition, CSR enhances relationships with customers.
A clear corporate social responsibility structure is important to build and maintain trust between the company and its customers. It strengthens RHB’s connections with customers, builds alliances and builds strong working relationships with existing and new customers. One way to achieve this is to provide free grants and related programs, in which RHB can work with non-profit organizations to improve the outcome of their community’s interests, in which case funds or assets may Very few. This, in turn, helps deliver the results of community concerns that may not be delivered.
Future of CSR
‘When you’re working in the area of corporate social responsibility, the old joke is that you’re trying to work yourself out of a career, so CSR should be twisted in every way that businesses do. But until we achieve this ambitious dream, the next 10-15 years of CSR will probably make the annual CSR study – now the backbone of many CSR initiatives – a thing of the past. Companies are already turning their attention away from seeing CSR as simply a tool for public relations and thinking about how CSR could lead to transformative developments not only for the business, but for the industry.
At Thornton Tomasetti, we are researching how to better understand embodied carbon – the invisible carbon contained in the building materials ‘ lifecycle, as opposed to the building’s use of functional energy – Could change the way in which buildings are built in the future as buildings become more efficient in terms of operating energy and as net-zero power buildings become all carbon buildings. If we really want to address the climate change issue, then we need to invent new emission reduction strategies. CSR is becoming a way for companies to help solve pressing societal issues, and we are re-imagining business as mission-driven.
Suggestion for Improvement
RHB Capital Berhad was the first banking group in Malaysia to display posters of missing children electronically on all ATM screens nationwide and also continue leverage on this and a variety of other platforms to spread the word. RHB Capital Berhad determination to influence positive changes for future generations. Besides, RHB continues to take a number of initiatives to enhance the well-being of the communities in which they operate. In 2011, RHB was the exclusive host of musical sounds – musicals. RHB and the musical actor received 200 orphans from six homes in the Klang Valley at a special meeting, while 150 minor children from Selangor and four homes in the Federal District attended a party.
One improvement I would like to make is to involve communities or schools in their CSR projects. When a student participates in CSR activities at a very young age, they will have a sense of social responsibility from an early age. When they realize that corporate social responsibility efforts will always be part of their lives, they will be passionate about it. Corporate social responsibility will also help to establish a global barrier among students. For example, students at Sharda University formed a non-profit organization called Kartavya, and a Nigerian student is teaching disadvantaged children in India.
By participating in social activities, students are opening the door to more opportunities for intercontinental opportunities and opportunities outside their home country. Engaging communities and students in advice, planning and organizing corporate social responsibility activities can help build creativity and enthusiasm in their contributions to society. In this way, I believe we will be able to see the true impact of the community and students on society.
Conclusion
In today’s global society, the role of the company plays a vital role in ensuring the environment and the surrounding environment. The company has social obligations to society. Companies that incorporate corporate social responsibility into their strategic realization have a transparent reputation and are able to gain the legitimacy and trust of society. In the whole process of development, people no longer regard corporate social responsibility as an altruistic mentality, but an instrumental strategic rationality. Business and society have a common obligation because business requires society and vice versa.
