CSR Initiatives at HSBC: Making Good Business Sense

These internal policies, standards, and procedures applied across business units worldwide. They were communicated internally through the Group Standards Manual, a 160-page internal publication that covered the roles and functions of key departments.

It also had detailed instructions for individual HSBC businesses, which took into account the local circumstances, relevant laws, and regulations.

Employees were expected to take personal responsibility and accountability in adhering to these policies and standards. These systems enabled HSBC to conduct their businesses in a responsible manner...

The bank therefore, began supporting a large number of local community projects. Employees at HSBC actively involved themselves in volunteer work for various community programs. These efforts were supplemented by contributions and fund-raising efforts from corporate houses. Employees were also encouraged to donate from their salaries to charity. In 2003, employees of Household pledged more than US$ 4.6 million, resulting in the American Cancer Society naming it as one of the top contributors through the 'workplace giving' campaign. HSBC's fund-raising efforts in 2003 resulted in donations of US$ 47.4 million that were used to fund numerous projects in education, environment, and other areas (Refer to Figure I)...