Corporate Social Responsibility

Project Report:

Corporate Social
Responsibility

Subject

Indian Management Thoughts and

Practices
Presented to :

Prof. Rumana Shaikh

Prepared by :

Nida Shaikh (33), Adil Shaikh (34),

Shehzad (27), Sufiyan (26), Mustafa (31)
Zeeshan (25), Sharjil (36), Roma Khot (32).

Corporate Social Responsibility

Date

: 31.03.2009

Index:

Sr. Nos.

Contents

Page Nos.

1 Introduction

2 Interest Group

3 Why social responsibilities of

business?
4 Standard Chartered Bank

13

5 Conclusion, Recommendation

26

6 Bibliography

28

Corporate Social Responsibility

INTRODUCTION
Business as it is said, is a product of environment. The
nature

of

business,

manufactured,

the

location,

size,

the

product

of

operation,

volume

to

be

etc

is

determined by the environment in which it operates.

Similarly it has an impact on the environment in which it
exists. The business decisions in an organization completely
depend upon the environment and their impact.
The environment can be divided into:
Internal Environment
External Environment

Internal
Environme
nt

Social Responsibility of

Busin
ess
Decisi
on

business

External
Environm
ent

refers

to

what

business does over and above the statutory requirement for

Corporate Social Responsibility

the benefit of the society. The word

responsibility

emphasizes that the business has some moral obligations

towards the society.
The term corporate citizenship is also commonly
used to refer to the moral obligations of the business
towards

the

society.

It

implies

that

like

individuals,

corporates are also the part of the society and their

behavior shall be guided by the social norms.
Social Responsibility has been defined by Davis as
follows:
Social responsibilities refer to businessmans decision and
actions taken to reason at least partially beyond the firms
direct economic or technical interest.
Still broader view has been suggested by Andrews
when he says that:
By social responsibility, we mean the intelligent and
objective concern for the welfare of the society that
restrains individual and corporate behavior from ultimately
destructive activities, no mater how immediately profitable,
and leads in the direction of positive contributions to human
betterment, variously as the latter may be defined.

Corporate Social Responsibility

There has been a growing acceptance of the plea
that business should be socially responsible i.e. it should
discharge its duties and responsibilities in enhancing the
welfare of the society of which it is an integral part.
H. S. Singhania classifies CSR into two categories:
The manner in which a business carries out its own business
activity.
The welfare activity that it takes upon itself as an additional
function.

Corporate Social Responsibility

THE INTEREST GROUPS
Social Responsibility requires the identification of various
interest groups, which may affect the functioning of a
business organization and may also be affected by its
functioning. Normally various groups associated with a
business

organization

are

shareholders,

workers,

customers, creditors, suppliers, government and society in

general. The management owes responsibility towards all

Corporate Social Responsibility

these groups. Therefore, management should show a
standardized norm of behavior.

Shareholders:
The first responsibility of the management is to protect the
interest of shareholders. The interests of majority of
shareholders

and

large

minority

of

shareholders

are

generally well protected through either direct participation

in the management actions or they have real power to
intervene, if necessary. They should be informed about the
functioning of the organization adequately and timely.
Therefore, management has a responsibility to provide
proper safeguard to the money invested by shareholders.

Workers:
Workers have direct interest in an organization because by
working there, they satisfy their needs. Thus, it is the
managements responsibility to protect the interest of
workers in the organization. This can be done by the
management in the following ways:
Management should treat workers as another wheel of
the cart
Management should develop administrative process in
such a way that promotes cooperative endeavor
between employers and employees.

Corporate Social Responsibility

The management should adopt a progressive labor
policy based on recognition of genuine trade union
rights participation of workers in management,
creating a sense of belongingness, improving their
living and working conditions.
Management should pay fair and reasonable wages
and other financial benefits to workers.

Customers:
Management owes a primary obligation to give a fair
deal to the customers. This can be done in the
following ways:
Customers should be charged a fair and reasonable
price.
The supply of goods and services should be of uniform
standard and of reasonable quality.
Management

should

not

indulge

in

profiteering,

hoarding, or creating artificial scarcity.

Management should not mislead the customers by
false, misleading and exaggerated advertisements.

Corporate Social Responsibility

Creditors, Suppliers and Others:
They affect the organization in various ways. Therefore
, the management is responsible to fulfill its obligations
towards them. This can be done in the following ways.
Management should create healthy and cooperative
inter

business

relationship

between

different

businesses.
Management should provide accurate and relevant
information to creditors and suppliers.
Payments of price of materials, interest on borrowings,
other charges should be prompt.

Government:
It is very closely related with the business system of the
country. It provides various facilities for the development of
business. Government, no doubt, exercises control over
business,

but

these

controls

are

meant

for

overall

development of business. Management can discharge its

obligation to government by:
Management should be a law-abiding citizen
Management should pay taxes and other dues fully,
timely & honestly.

Corporate Social Responsibility

It should not corrupt government workers and public
servants and the democratic process
It should not buy political favors by any means

Society:
Organizations exist within a social system and get facilities
from the system. Therefore, they owe obligations to the
society as a whole. This can be done by:
Management should maintain fair business policies
and practices.
It should play a proper role in civic affairs.
It should provide and promote general amenities and
help in creating better living conditions in general.

WHY SOCIAL RESPONSIBILITIES OF BUSINESS?

Why

business

should

be

concerned

about

social

responsibilities? is a question that has attracted the

attention of many thinkers, both from academics as well as
from

practitioners.

There

have

been

arguments

and

10

Corporate Social Responsibility

counterarguments

in

favour

of

and

against

social

responsibility of business.

Arguments against Social Responsibility:

1. Profit Maximization:
The first and the most important argument against CSR is
that a business organizations primary objective is profit
maximization. Since business operates in a world of poverty
and hunger, the economic efficiency of the business is a
matter of top priority and should be the sole mission of
business. Its function is economic and not social and
economic values should be the only criteria used to measure
success.
2. Society has to pay the cost:
Another argument is that the costs of social responsibility
will be passed on to the society and it is the society, which
has to bear its cost. The question is whether the society can
afford these costs?
3. Lack of Social Skills:
Business managers are best in managing matters related to
business. They are not equally good at solving social
problems. If society is going to depend on someone to work

11

Corporate Social Responsibility

with social problems, why choose a group, which is not
qualified to do it.

4. Lack of Accountability:
Another point of view is that business has not direct
accountability towards the people, so it is unwise to give the
businessman

the

responsibility

for

areas

he

is

not

accountable. Until the society can develop mechanisms,

which establish direct lines of social accountability from
business to the public, it should pursue its goal of profit
where it is directly accountable through the market system.
5. Friedmans Views:
The most convincing criticism has been voiced by the
economist Milton Friedman. Friedman based his arguments
on two principal contentions, one economic and one legal.
From

the

economic

perspective,

he

asserted

that

if

managers spend corporate funds on projects not intended to

maximize profits, the efficiency of the market mechanism
will be undermined and resources will be misallocated
within the economy.
On the legal side, Friedman contended that because
managers are legal agents of the stockholders, their sole
duty is to maximize the financial return to the stockholders.

12

Corporate Social Responsibility

Hence if they spend corporate funds for social purposes
they are essentially stealing from the stockholders.

Arguments for Social Responsibility:

1. Changed Public Expectations of Business:
One of the most potent arguments for social responsibilities
is that public expectations from business have changed. It is
reasoned that the institution of business exists only because
it satisfies the valuable need of the society. Society gave
business its charter to exist, and the charter can be
amended or revoked at any time that business fails to live
up to societys expectations. Therefore, if business wishes to
remain viable in the long run, it must respond to societys
needs and give societys needs and give society what it
wants.
2. Public Image:
Another argument in favor of social responsibility is that it
improves public image. Each individual firm seeks an
enhanced public image so that it may gain more customers,
better employees more responsive money market and other
benefits. Affirm which seeks better public image should
support social goal.
3. Avoidance of Government Regulation:

13

Corporate Social Responsibility

It seeks to regulate business in the public interest.
Government regulation is costly and denies the much
needed freedom in decision-making. Before government
stretches its long arms, business should discharge its
obligation to society.
4. Business has the Resources:
Another argument for social responsibility is that business
has a vast pool of resources in terms of men, talents,
fictional expertise and money. Probably, business is without
peers in respect of the resources it possesses. With these
resources at its command, business is in a better position to
work for social goals.
5. Prevention is Better then Cure:
If business delays dealing with social problems now, it may
find itself constantly occupied with social problems now, it
may find itself constantly occupied with putting out social
fires so that it has no time to accomplish its goal of
producing goods and services. Since these social problems
have to be dealt some time, it is actually more economical to
deal with them before they develop into serious social
breakdowns that consume management time.
6. Citizenship argument:

14

Corporate Social Responsibility

If individual members of society have an obligation to
improve society, corporations also have this responsibility.
After all, corporations unlike citizens are created by the
society. Corporations are citizens and citizens have civic
duties and responsibilities.
The proponents of social responsibility say that the old
concept of profit maximization has vanished and even
economists have accepted it. The have substituted profit
maximization

with

satisfactory

profit.

Today,

business

decision making is a mixture of altruism, self interest and

good citizenship. Managers do take actions, which are in
the social interest even though there is a cost involved and
the connection with the long-range profit is quite remote.
Therefore,

the

responsibilities

of

business

can

be

represented as follows:

Economic
Concern

Mutual
Concern

Social
Concern

The figure shows that though there may be some cleary

distinct economic and social goals of an organisation, there
is always a common area. This is the area that provides a
realistic view of the social responsibility of a business.

15

Corporate Social Responsibility

STANDARD CHARTERED BANK

HISTORY
The Standard Chartered Group
was formed in 1969 through a
merger

of

two

banks:

The

Standard Bank of British South

Africa founded in 1863 and the Chartered Bank of India,
Australia and China, founded in 1853.
Both companies were keen to capitalise on the huge
expansion of trade and to earn the handsome profits to be
made from financing the movement of goods from Europe to
the East and to Africa.
SERVICES
Personal Banking
Through our global network of over 1,750 branches and
outlets, we offer personal financial solutions to meet the
needs of more than 14 million customers across Asia, Africa
and the Middle East.
SME Banking
Our SME Banking division offers a wide range of products
and services to help small and medium-sized enterprises
manage the demands of a growing business.

16

Corporate Social Responsibility

Wholesale Banking
Headquartered in Singapore and London, with on-theground expertise that spans our global network, our
Wholesale

Banking

division

provides

corporate

and

institutional clients with innovative solutions in trade

finance, cash management, securities services, foreign
exchange

and

risk

management,

capital

raising,

and

corporate finance.

Islamic Banking
Standard Chartered Saadiq's dedicated Islamic Banking
team

provides

comprehensive

international

banking

services and a wide range of Shariah compliant financial

products that are based on Islamic values.

Private Banking
Our Private Bank advisors and investment specialists
provide customised solutions to meet the unique needs and
aspirations of high net worth clients.

Principles & Values

At Standard Chartered success is built on teamwork,
partnership and the diversity of their people. At the heart of
their

values

lie

diversity

and

inclusion.

They

are

fundamental part of culture, and constitute a long-term

17

Corporate Social Responsibility

priority

in

their

aim

to

become

the

world's

best

international bank.

What SCB stand for:

Strategic intent
The world's best international bank
Leading the way in Asia, Africa and the Middle East
Brand promise
Leading by Example to be The Right Partner

Values
Responsive
Trustworthy
International
Creative
Courageous
Approach
Participation
Focusing on attractive, growing markets where we can
leverage our relationships and expertise

18

Corporate Social Responsibility

Competitive positioning
Combining global capability, deep local knowledge and
creativity to outperform our competitors
Management Discipline
Continuously improving the way we work, balancing the
pursuit of growth with firm control of costs and risks
Commitment to stakeholders
Customers
Passionate about the customers' success, delighting them
with the quality of our service
Our People
Helping our people to grow, enabling individuals to make a
difference and teams to win
Communities
Trusted and caring, dedicated to making a difference
Investors
A

distinctive

investment

delivering

outstanding

performance and superior returns

Regulators
Exemplary governance and ethics wherever we are

19

Corporate Social Responsibility

Corporate Social Responsibilities
Standard Chartered employs 38,000 people in 950 locations
in more than 50 countries in the Asia Pacific Region, South
Asia, the Middle East, Africa, the United Kingdom and the
United States of America. Standard Chartered is one of the
world's

most

international

banks,

with

employees

representing 80 nationalities. Since SCB operates all

around the globe and in such a diverse culture they face a
variety of corporate responsibility issues.
In June 2004 SCB carried out an audit of Corporate
Responsibility activities through a cross section of the
Banks operations. The audit provided a snapshot of the
organizations

strength

and

weakness

in the

area

of

Corporate Responsibility and covered its approach and

management of Corporate Responsibility related issues and
the

effectiveness

of

both

its

internal

and

external

communication.
SCB like most of the leading organizers sees Corporate
Responsibility as an opportunity to make its brand stand
out. Working on this, SCB has set some goals for itself for
the year 2005 which were as follows: By the end of 2009 it aimed to have:

20

Corporate Social Responsibility

An

established

governance

structure

for

Corporate

Responsibility
Raised

awareness,

internally

and

externally,

of

its

priorities and intentions

Corporate Responsibility aspirations that are aligned with
its business goals
Established clear goals for all areas overseen by the
Corporate Responsibility Committee
Actively engaged all its employees in its Corporate
Responsibility programme to spread understanding and
best practice.

Community Partnership around the Globe

Seeing is Believing
Seeing is Believing is one of the major global community
programmes conducted by SCB. It was launched in 2003 to
help alleviate the issue of blindness across the globe. In first
year of its functioning SCB raised enough money to restore
the sight of 56,000 people. This achievement exceeded their
goal of raising enough to restore sight to 28,000 people by
World Sight Day on the 9th October 2003.
Due to this overwhelming success, SCB has continued with
its programme, in partnership with VISION 2020 the

21

Corporate Social Responsibility

international body for the elimination of avoidable blindness
- and together aim to raise US$ 6 million over the next three
years which will help to restore sight of about one million
people.
The bank believed in discharging its social responsibility
and so as part of the bank's 150th anniversary in 2003, a
global fund raising campaign - 'Seeing is Believing' -- was
launched that aimed to restore eyesight for nearly 30,000
persons globally (one for each Standard Chartered Bank
employee). The Bank raised over US$ 1.44 million globally
(enough to restore eyesight for 56,000 persons). In India,
the Bank raised about US$ 200,000 from its staff and
customers and is in the process of partnering with several
organizations and NGOs across the country to restore
eyesight to over 7,500 persons.
Living with HIV
SCBs Living with HIV programme focuses on training all
of its 30,000 plus employees in more than 50 countries on
the facts about HIV/AIDS, how it spreads, how it can be
prevented and how to care for those who are infected or
affected by HIV.
SCB in through their unique programme hopes to take away
the stigma attached to HIV/AIDS in the hope that more

22

Corporate Social Responsibility

people will come forward for testing and treatment, which
they also offer to their staff members.
In Botswana for example SCBs work with the youth
organizations

has

helped

to

educate

people

about

prevention and treatment. Similarly, in Malaysia, SCB is

working with the student organization, AIESEC, and have
trained 30 young people who will in turn train a further
3,000 counselors, thus spreading awareness in the country.

Community Partnership Programmes in India

International Marathon
Standard Chartered had organized an
International Marathon in Mumbai on 15th
February 2004, as an innovative platform
to bring together the corporates and the
NGOs. What emerged from this initiative
was a fun-filled way to channel funds to
those in the country who needed it the
most. Like, Give India, the charity partner
for the event, raised an impressive figure close to Rs.
52,00,000/- for various causes. The funds are now been
allotted to various causes as per the choices of the
participants. They range from child welfare and education
to aid for the blind and programmes for the elderly.

23

Corporate Social Responsibility

SCB, through this marathon was able to bring closer donors
like ICICI, McKinsey, celebrities and international sports
personality to various NGOs like the Give India and National
association for the Blind (NAB).
The participants of the Marathon began at the start and
ended at the finish line. But the funds generated began at
the Marathon and ended in spurring social action for the
under privileged. Following the choice of the donors and the
variety of donation options, funds have found their way to a
variety of causes. It took Rs 600 to sponsor a mid-day meal
for 120 children, Rs700 to sponsor an artificial limb for a
disabled child, Rs2000 to sponsor a blind childs education
for a year, Rs5000 to sponsor a set of books and journals for
a rural library and Rs11,250 to sponsor teacher training
workshops for 25 women.
The Nation Association for the Blind (NAB) has spread the
Marathon generated funds for cataract operations, Braille
presses and rehabilitation activities, while the Children Toy
Foundation is busy formulating nutrition programmes,
teaching aides, uniforms and libraries with it. 125 children
are now assured of an education while 30 disabled people
will have access to rehabilitation facilities. Dream a Dream
will initiate the Dream Outdoor Programme, aimed at giving

24

Corporate Social Responsibility

disadvantaged

children

exposure

and

empowerment

through the means of outdoor activities.

SCB will be arranging similar such marathons this year in
Nairobi and Singapore and in Hong Kong the next year.

Ashray Centre:
In continuing the Bank's pledge for providing support to
HIV affected people Standard Chartered India has recently
supported

the

children

of

Ashray Centre.
Ashray centre is a local NGO
which provides residential shelter for children of 0-12 years
affected and infected by HIV /AIDS. A total of 60 children
are currently housed at the centre. The Standard Chartered
Branch staff donated generously for the mission along with
money that was available out of selling old newspapers.
School bags, notebooks and pencil were donated to each
child.
And as a token of their gratitude towards the Bank, the
children, all trained by Shiamak Davar, entertained the
Banks staff when the staff had visited the NGO to distribute
the gift items.
Mobile Medical Unit :

25

Corporate Social Responsibility

The Mobile Medicine Unit sponsored by
Standard Chartered Bank to Helpage
India has continued to render primary
healthcare at the doorsteps of the poor
and needy old persons living in slums and
peripheral villages of Kanpur and Patna in India. During the
period of April to June 2002, a total number of beneficiaries
for treatments reached 12,521.
Health

education

and

awareness activities

were also

undertaken by the Mobile Medical Unit to address eyes

related problems and organizes preventive health-checking
camps. Arrangements have also been made under which the
patients can be referred for a secondary level and tertiary
level health care.
The Mobile Medicine Unit is believed to have fulfilled a long
felt need of the disadvantaged older persons in the society
who were otherwise neglected by the society.

Central School for the Education of the Deaf :

The Bank is a strong supporter of the
Central School for the Education of
the Deaf - a registered society and
public charitable trust founded in
1966. Its prime concern is to rehabilitate profoundly and

26

Corporate Social Responsibility

severely deaf children by providing model teaching and
training facilities, both in English and Marathi. In doing so,
the School also endeavors to bring vocational and other
employment

opportunities,

which

would

otherwise

be

denied to them, within the reach of deaf children.

The Central School for the Deaf has 62 children divided into
6 classes. Education is imparted to the children free of
charge and a school bus service is provided for bringing and
taking the children to and from school. A balanced mid-day
meal is also provided to the children free of cost. Regular
medical and dental camps are conducted every year for the
children and follow-up treatment is ensured. The school also
offers assistance for the purchase of the individual hearing
aids wherever necessary.
The Bank provides ongoing assistance to the School,
through cash donation, as well as the Standard Chartered
Income Fund, in which the Bank's donations and the
School's own funds are invested, and which interest returns
fund the School.
Prem Dan :
Prem Dan, a charity run by Sister Felicity Morris in
Mumbai, has three learning centers for children forced into
living on the streets.

27

Corporate Social Responsibility

Standard

Chartered

Bank

has

committed

an

annual

donation for a period of five years towards the Education

and Nutrition Programme for the under privileged children
in Mumbai.
The children covered under programme are provided with a
wholesome mid-day meal and are given free tuition classes
to help them cope with their studies. This programme has
helped the children because they leave their homes early
morning and return home only in the night for their supper.
The programme supports around 572 children in four local
schools in Mumbai.
Victoria Memorial School for the Blind:
In 1995, during the visit to India of
Chairman Sir Patrick Gillam, the Bank
undertook to sponsor the refurbishment
of

the

central

Memorial

hall

School

for

of

the
the

Victoria
Blind

in

Mumbai.
The school required nearly five years to
complete the renovation project, due to
the meticulous care with which the renovation to an 86-year
old Heritage building needed to be carried out. The hall,
now complete and known as the Standard Chartered Hall,

28

Corporate Social Responsibility

was inaugurated by Dr. P. C. Alexander, Governor of the
state of Maharashtra, in January 2001.
Pratham Mumbai Initiative :
The Bank has made a three-year commitment to Pratham to
contribute necessary funds towards the running of 50
balwadis (pre-primary schools) per year.

Pratham is a

registered public charitable trust, founded in 1994, and

their successful model of tripartite collaboration between
corporates, government and the voluntary sector is being
replicated in Delhi, Bangalore, Pune,
Vadodara,

Surat,

Ahmedabad

and

Patna. The model has three basic

elements:

supplementing

and

strengthening the government school

system, working on a city or large regional scale and cost
effectiveness expected of a catalyst. The uniqueness of
Pratham is that the organization allows and encourages
young executives to volunteer time to work in their balwadis
which are pre-primary classes set up in slum colonies in
Mumbai,

with

bridge

courses

and

computer-assisted

learning centre.
Standard Chartered is the largest donor and supporter of
the Balwadi programme and the bank is now exploring the

29

Corporate Social Responsibility

possibility

of

taking

on

the

role

of

the

'Leading

Organization' in this ward. Standard Chartered India has

increased its involvement with this organization, to embrace
not only donations of funds, but also the inclusion of needspecific

contributions,

with

the

Bank

donating

old

computers and furniture for the Mahila Mandals during the

Pratham Mumbai Initiative in 2001.
SCB to fund Sankara Nethralaya Project
Under

its

Seeing

Chartered
partnered

is

Bank
with

Believing

campaign,

Standard

has
Sankara

Nethralaya. In this project,

with the help of SCB, the fund
could

conduct

cataract

1,000

surgeries

for

free
the

poor and needy people in Tamil Nadu in 2004.

Chris Low, then the CEO of Standard Chartered Bank, India
Region, had presented a cheque of Rs. 12.50 lakh to Dr. S.
S. Badrinath, President and Chairman, Sankara Nethralaya
and also committed that the Bank would continue to fund
the Nethralaya projects to perform surgeries for the poor.
Scope International, a wholly-owned subsidiary of Standard
Chartered Bank, UK, has also partnered with Sankara

30

Corporate Social Responsibility

Nethralaya to support the cause of Pediatric Ophthalmology
in the area of restorative surgeries for children. These
surgeries

vary

from

simple

corrective

surgeries

to

complicated cases such as retinal detachment, oculoplasty

and vitreoretinal surgeries.

CONCLUSION
The concept of corporate social responsibility is not new in
India. Right from the pre-independence times, the Gandhian

31

Corporate Social Responsibility

model has been in practice. Many family owned businesses
continue to engage in philanthropic activities. However with
the passage of time and increased privatization and
globalization,

the

stakeholder model

is

gaining

more

importance. Hence, corporate responsibility is becoming an

integral part of the business strategy. A poll reveals a
number of areas where further progress is needed for the
business sector to keep pace with greater expectations for
responsible, transparent and accountable corporate conduct
from various stakeholders.
High expectations from companies are not yet matched
by judgments about CSRs.
More trust is placed in media and NGOs than the
industry.
Finding creative ways to work in collaboration with the
NGOs would help to enhance the corporate image.
The emerging message to corporations seems quite clear.
Take care of your customers; do not ignore your suppliers.
Your employees are your most important partners in the
wealth creation process: share your potential prosperity
with your people. Meet your debt service obligations
promptly and on schedule. All these are imperative in
ensuring shareholder wealth maximization, which is indeed

32

Corporate Social Responsibility

the primary goal of the corporation. Companies must focus
on their prime responsibility to the shareholders, the
owners of the company. But in order to sustain such
achievements, working within and as part of society is allimportant, failing which society will reject the socially
unconscientiously corporation, often sooner rather than
later. Such are the challenges and opportunities for
corporations in quest of world-class standards of excellence
in the twenty first century.

33

Corporate Social Responsibility

BIBLIOGRAPHY
BOOKS:
Principles and Practice of Management
Business environment - Francis Cherunilam
Essentials

of

Business

Environment

K.

Aswathappa
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imgurl=http://mumbaimarathon.indiatimes.com/images/halfmaraho
n_map1.jpg&imgrefurl=http://fitho.in/2008/10/25/standardchartered-mumbai-marathon-2009
information/&usg=__s_Vr7ni59p7wBFLcmRWHaA3BJw=&h=1101&w=700&sz=85&hl=en&start=3&um=1
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34

Corporate Social Responsibility

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