Corporate Social Responsibility Practices in Banking Industry

Abstract

Corporate social responsibility is getting more attention from public and business. Besides profit, public and business also concern whether corporations are operating socially responsible nowadays. Although the key objective of a business corporation is to earn maximum profits for shareholders or owners, it is expected to conduct its operations in a manner to fulfill its social obligations. Big corporations are expected to have more corporate social responsibility practices because they have more resources. This study is to examine the current practices of corporate social responsibility in three biggest banking corporations in Hong Kong. The selected banks are ranked top three in terms of total assets and net profit after tax in a banking survey of 2013. Similarities and differences of their practices are discussed in the study. The study provides insights to other banks in taking up the corporate social responsibility, such as resources allocation and action plan towards better community and environment etc. Furthermore, their practices may also act as references to other industries.