Executive SummaryThe report aims to highlight on the use of technology by HSBC Holdings in its corporate social responsibility (CSR) efforts. The HSBC Group has been known worldwide for its various social and developmental works. The Group spends millions of dollars each year in its various developmental programs. Further, the financial organisation being a forerunner in providing technologically advanced services to its customers, has leveraged similar technology or invested into newer technologies to promote its CSR activities as well. The report would focus on the various ongoing and completed CSR projects, wherein the organisation implemented various technologies.
It would also analyse the efficacy of these technologies in furthering the CSR projects. However, in order to understand these projects, I would first and foremost provide an overview on the HSBC Group and discuss its CSR model of Equator Principles. Thereafter, the report would analyse various CSR projects undertaken by HSBC wherein it leveraged its technological know-how or promoted the use of advanced technology. This section would also critically analyse the impact of the projects. Further, the report would also provide comprehensive recommendations based on the critical analysis of the various CSR projects undertaken by HSBC.
IntroductionThe HSBC Group, established in 1865, is named after the Hongkong and Shanghai Banking Corporation Limited – the founding member – to facilitate trade between Europe & China. Headquartered in London’s Canary Wharf and with more than 8,000 offices in 88 countries, it is one of the biggest financial services and banking organisations in the world. It has branches in Asia-Pacific, the Middle East, the American continent, Africa and Europe. HSBC provides financial services through its personal financial services, commercial banking, global banking & markets and private banking offerings.
It is listed in all the major stock exchanges in the world namely, New York, London, Paris, Hong Kong and Bermuda. The organisation boosts of more than 220,000 shareholders (About HSBC 2010). In the fiscal year ending December 2009, HSBC earned revenue of around US$ 2430 million. It employed around 325,000 people by 2008. The company is headed by Mr. Stephen K. Green, Group Chairman. Mr. Michael F. Geoghegan is the CEO and Director and Chairman, Hongkong and Shanghai Banking, while Mr.
Douglas J. Flint is the CFO, Executive Director Risk and Regulation and Chairman of HSBC (Source: Yahoo Finance). The organisation provides comprehensive financial services through an international system that is being connected through highly developed technology such as e-commerce. HSBC and CSR model of Equator Principles (HSBC implements the Equator Principles as their CSR theory, as suggested by its webpage http: //www. hsbc. com/1/2/sustainability/sustainable-finance/equator-principles. Please specify any other theory that you might want to incorporate) HSBC believes in the need to value environmental limits and invest in the progress of the community, provide value to all its stakeholders, environment as well as society, and diminish risks associated with globalisation and climate change.
In order to set its standards for providing financing to its environmentally and socially responsible projects, the organisation implemented the corporate social responsibility (CSR) theory of Equator Principles. HSBC introduced this principle in the year 2007 and since have been providing financial aid based on this theory. Presently, the organisation is preparing to set up governance regulations for this principle (Equator Principles 2010).