Abstract
Corporate social responsibility is one of the latest developments in the business world. It is a phenomenon which is yet to be adopted in several parts of the world. It is a mechanism whereby companies and businesses take responsibility of the effects of their activities on the welfare of the occupants of the environment. Basically, corporate social responsibility is meant to enhance the conditions of the environment. Under this program, companies take responsibility of costs that may not benefit them directly.
Summary of the company
The National Bank of Abu Dhabi (NBAD) is a financial institution that offers its services in the United Arab Emirates. It is one of the leading financial institutions in the United Arab Emirates. NBAD’s shares are traded in the Abu Dhabi Securities Exchange. The bank’s market capitalization is the largest in the United Arab Emirates. The growth of the bank has been steady. It has set up several regional branches in Arabia and Asia. Currently, it has branches in Hong Kong, Shanghai and Kuala Lumpur.
SMART goals for the project
Goal setting is a very crucial process. When setting goals, it is important to ensure that they are not subjective. Studying the corporate social responsibility of any organization is very significant. It enables us to evaluate and rate how a firm responds to various issues that affect us directly and indirectly. Our decision to investigate the corporate social responsibility of the National Bank of Abu Dhabi was driven by our goals. NBAD is an established bank. It was worthy to find out if the bank is mindful about the environment that it operates in. The goals of our study were:
- There are more than one NBAD branches in United Arab Emirates. We will carry out our study at the bank’s head quarters. We hope to spend two weeks.
- We will use questionnaires and interviews to gather the information. We will interview ten members of staff within a period of one week.
- Our environmental conditions are changing and we will disclose these facts in three weeks.
The National Bank of Abu Dhabi has played significant roles in promoting corporate social responsibility. This is evident in what the bank has achieved since it was founded in 1968. It has offered employment to thousands of citizens in various countries. The bank has also transformed the lives of its clients. The following areas show what the bank has achieved in its corporate social responsibility quest.
Environmental protection
Corporate social responsibility emphasizes on the protection of the environment because poor environment will affect the progress of various sectors in the economy. (Chanlett, 1973).
The National bank of Abu Dhabi has made major contributions towards environmental protection. According to the corporate social responsibility report that was released in 2011, NBAD has made tremendous achievements in the protection of the environment. The bank has facilitated the reduction of greenhouse gases. According to the bank’s goals, a reduction of the gases by 15% should be achieved by 2030. NBAD has given sound reasons as to why the gas emissions should be reduced. Surprisingly, the bank has received tremendous support from various international organizations and environmentalists.
Recycling
One of the most effective ways to protect the environment is through use of recycled products. Through its recycling platform, protection of the environment has also been achieved. Recycling reduces the costs of living because cheaper products will be available. The National Bank of Abu Dhabi has been in the foreground in the promotion of recycled papers. Through use of recycled papers, trees will be saved. Excessive cutting of tress is disastrous. It reduced the chances of receiving rainfall. Trees are also good wind break agents. They help in protection of structures such as buildings from being destroyed by strong winds. NBAD’s program has therefore benefited the environment. The benefits have been enjoyed in several parts of the United Arab Emirates.
Community Liaison
For a business to carry out its operations in a smooth way, it should create a good relationship with its customers and the surrounding community. (Raman & Lipschutz, 2010). Basically, corporate social responsibility focuses on giving back to the community. It is a mechanism that is used by organizations to ensure that they offer the best to the community. Giving back to the community can be through protecting the environment or by safeguarding their welfare. When a firm considers the community in its activities, the firm will obtain a lot of benefits. (Schreck, 2009). For example, the company will be able to get more customers since more people will develop positive opinions about the company.
The national Bank of Abu Dhabi has played significant roles in sensitizing the community on the importance of working hard. It has mobilized a lot of people to improve their standards of living by engaging in income generating activities. Women and youths are one of the groups that have benefited a lot from the bank’s initiatives. Through the bank’s initiatives, the government of Abu Dhabi is sure to achieve its “Economic Vision 2030”. While laying its strategies, the government has considered the roles that women play for the economic goals to be realized.
The three areas indicate that NBAD is active in the promotion of corporate social responsibility. It has set an example that should be followed by other organizations. Other organizations should therefore adopt the bank’s way of doing business.
Our environment is under threat. Everyone is expected to protect it because it is what we depend on. Our presentation at the forum will be on protection of the environment. We hope to present in details what we have learnt from our research. We will share the results of our study with other members because corporate social responsibility is implemented as a group. In this regard, we should work together to sensitize other individuals and companies to follow the footsteps of NBAD. Every stakeholder in a company should participate in corporate social responsibility. The groups of people should come together in order to facilitate its implementation. All levels of an organization should strive to implement it because its benefits are not enjoyed by specific individuals. (Hunnicutt, 2009)
References
Chanlett, E. T. (1973). Environmental protection. New York: McGraw-Hill.
Hunnicutt, S. (2009). Corporate social responsibility. Detroit, MI: Greenhaven Press.
Raman, K., & Lipschutz, R. D. (2010). Corporate social responsibility: comparative critiques. Basingstoke [England: Palgrave Macmillan.
Schreck, P. (2009). The business case for corporate social responsibility understanding and measuring economic impacts of corporate social responsibility. Heidelberg: Physica-Verlag.