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Ethical Policy, Corporate Social Responsibility and Larger Social Impact within UBS - Essay Example

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The essay "Ethical Policy, Corporate Social Responsibility, and Larger Social Impact within UBS" considers one very aspect of business ethics that includes social and environmental awareness of an organization. The essay discusses how corporate practices can contribute to individual learning…
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Ethical Policy, Corporate Social Responsibility and Larger Social Impact within UBS
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Ethical policy, corporate social responsibility and larger social impact (intentional or unintentional) within UBS and the value it creates (or possibly destroys) for the local and/or global community Content Introduction………………………………………………………………………..3 What is Corporate Social Responsibility?………………………………………..4 Corporate social responsibility and UBS………………………………………….5 Steps taken for further improvement……………………………………………..12 Recommendations ………………………………………………………………….15 Concluding remarks…………………………………………………………………16 References Introduction Since the 1990s, there has been a growing demand from private and institutional stakeholders for a corporate ethical environment and social accountability (Palmer and Hartley, 2008). This was an indication of a new awareness in the civic society. Consumers, employees and investors were raising questions about an organization’s economical, ecological and social sustainability. Companies are not assessed solely on their financial sustainability but also on the basis of their social contributions. (Grey and Willmott, 2005, p.11; Linstead and Fulop, 2004) Thus, the companies are now evaluated based on the Triple Bottom Line (TBL) principle, which incorporates both economic success and environmental and social efficiency. Companies around the world are now accountable for their performance through environmental and social Reporting. The collapse of giant enterprises like Enron, World Com and Tyco in the USA or Ahold and Parmalat in Europe, moved the focus to business ethics and basic management. The paper considers one very aspect of business ethics that includes social and environmental awareness of an organization. The discussion incorporates how corporate practices can contribute to individual learning and development, and hence bring about awareness about the society and environment. In addition, this would actually help managers better understand and manage their role as managers and lead to more moral behavior in a company. Most organizations do not follow these business ethics. It is usually overlooked, to pursue the most common motive of earning profit at the cost of ethics. Business organizations might be referred as the most efficient economic tools, as they can impact human development and enhance the well being of the entire society. The impact can be global for multi-nationals. (The Aspen Institute’s Business & Society Program, 2007; Slack & Chambers, 2006) How managers see this role and understand their ability is the most important contributing factor and the biggest question about their ethical conduct. Corporate Social Responsibility has been the focus of most organizations. What is Corporate Social Responsibility? Corporate social responsibilities include an organization’s policies and measures on issues such as environment, education, regeneration, empowerment, governance and anti-money laundering. (McEwan, 2007, pp.9-10; Mullins, 2007) These social, environmental, and economic impacts of a particular company’s operations and products cannot be studied from the annual report of the company. The CSR report is required to get an insight into the company’s efforts for a sustainable global development. The research here takes up the case of Corporate Social Responsibility in UBS. Based in Zurich and Basel, UBS is a firm providing financial services to its private, corporate and institutional clients. It has employee strength of 64,000 people and has offices across 50 nations and more. (UBS, 2010) The paper thus tries to throw light on these aspects of ethical policy that have been undertaken by UBS. The study is restricted to Corporate Social Responsibility issues in UBS and the impact it had socially. Being a global organization, the impact is spread across countries. Business ethics corporate volunteering Corporate citizenship Corporate governance corporate accountability Corporate and Corporate sustainability social responsibility Corporate responsibility Fig. 1: Paradigms to ethics related to corporate (Bertelsmann Foundation, 2006. p. 13) Corporate Social responsibility and UBS: Recently, UBS was honored with the second rank in the corporate social responsibility (CSR) online appraisal Global Leaders 2009’. The selection was done by a survey carried out by financial communications consultancy, Lundquist among 91 participants belonging to the Dow Jones sustainability index. Among the 76 categories, UBS scored above average in every category unlike the other financial service organizations. Other than this, UBS also accomplished the CSR Online Awards Switzerland 2009. In general, Swiss companies do not attach much importance to corporate social responsibility aspects and fair badly compared to other international leading organizations in the context of sustainability. UBS is one exception. (UBS, 2006, p. 5) Our purpose: the ultimate source of success Our distinct core competencies: We define the way we work together and strive for success Corporate Responsibility Our ethical beliefs: our foundation Note: E.L.: Entrepreneurial leadership Fig. 2: UBS’s ethical beliefs (UBS, 2006, p. 5) In-house ecology: The very basis of UBS’s sustainability motive is the principle of the eco-efficiency, in terms of the World Business Council on Sustainable Development (WBCSD). UBS adopted the concept ‘Factor 10’ of the Club of Rome ‘Factor 4’ for the design of eco-efficiency within the organizational framework. This concept says that the current and future wealth of a nation can be achieved by using only one fourth or one tenth of its resources. There have been serious initiatives related to the environment as their business activities had direct environmental consequences. This included the huge amount of electricity consumption by its businesses, use of paper by its employees when they travel for work and hence the large amount of waste created, and the heating and cooling appliances set up in its offices. These influences can be reduced and techniques that are more efficient can be adopted as a measure to improve the environmental performance and the organization’s cost structure. UBS has accordingly taken up the necessary steps, has set-up targets to reduce CO2 emissions and wastage of paper and measures for efficient management of any other environmental impact. In February 2006, the target for cutback of CO2 production was fixed at 40% or below 2004 levels by the year 2012. Some necessary steps have been planned by UBS. (UBS, 2009) They may be listed as follows: In-house energy efficiency measures: The purpose here is to reduce energy consumption in its offices by investing in energy-efficient technology and good housekeeping measures. At its Newport Office Center VII in New Jersey, the Building Management system was changed such that it turns off fan power boxes when the heating, ventilating and air conditioning system are not at work. This is estimated to save around 850,000 kwh per year. UBS has also ensured that an environment friendly technical standard is maintained globally. According to the standard, energy efficient target has been set for all its operations whether in its owned buildings or leased buildings. The outcome of these measures can be seen in 2009, which recorded a fall in energy consumption by 6%. UBS’s IT driven initiative in 2007 was responsible for such enhancement in energy efficiency. This program has reduced the number of distributed servers by 2,200. This server efficiency program saved around 25 GWh amount of energy. (UBS, 2009) Increased proportion of renewable energy: This aimed to avoid or minimize emissions at its very source. To achieve this, UBS seeks to adopt the energy mix that has a higher proportion of renewable energy. The figures justify this move. The amount of renewable energy in the production process of UBS increased from 24% in 2004 to 51% in 2009. The electricity that was used in the UBS offices, specifically in Switzerland and UK, were from renewable sources of energy. (UBS, 2009) Offsetting: Business travel impacts the environmental conditions largely. UBS encourages its employees to travel less by airways or roadways, and instead take up other alternatives like video conferencing. Being a global financial service firm, traveling is a necessity to build up relations with its client. So, UBS has invested in third party CO2 reduction projects as a substitute to reduce its emissions from business travel. In 2009, 68,000 tons of CO2 emissions had been reduced by investing in third party projects in Brazil, Russia, India, China, Turkey and Germany. (UBS, 2009) Responsible supply chain management: The procurement aspects of UBS have been in line with its human rights and environment friendly approach, endorsing the UN Global Compact principles, and in support of the UBS Group Environmental Policy and the UBS Statement on Human Rights. UBS since 2002 have been making efforts to increase awareness among its suppliers about its environmental targets and grow corporate responsibility among them. This interaction with the suppliers were highlighted in 2004 when UBS engaged a small but innovative firm in Zurich for the production of merchandising products, backpacks, suitcases and wallets. This firm became the first among the UBS suppliers to meet the social and environmental standards formed by Business Social Compliance Initiative (BSCI) and SA8000. This helped the firm’s producers to maintain a production method in other countries where there is limited environment and social laws. Thus, the norms set by UBS helped in an overall improvement of production processes that are environmental friendly and socially viable. The suppliers also benefited as they attracted new clients for their reputation in corporate responsibility and better quality products. Paper and waste management is the most prominent side of the environment initiative and requires the involvement of the staffs. To control the wastage of paper, UBS looked to reduce its stationary consumption and hence the cost. It also aimed at improving the speed and quality of the printing and scanning machines. As a result of this, it installed 1040 Multi Function Device (MFDs) in UK replacing over 2500 printing, fax, photocopying and scanning devices. The move also ensured black and white and double-sided printing with the MFC working at a low power after 10 minutes and sleep mode after 30 minutes. This saved power and paper as well. The second measure undertaken by UBS was the introduction of e-documents. In Switzerland and US, clients were asked to given their account statements, stock exchange transaction statements, prospectus and other documents online. This again reduced the use of paper. Clients have responded positively to this move. In Switzerland, the move was started in October 2007 and till date 130,000 clients have switched to e-documents. Over 10 million pages (that is a 64% increase from 2008) have been saved due to e- Banking in 2009. In US the move has resulted in even better results. The project started late in 2009 and already there are 900,000 clients who registered for e-delivery of certain statements. The other move has been the waste- recycling. In the year 2009 in UK, recycle of waste in the offices and removal general waste bins from the offices were undertaken. Staffs were also trained to take their waste (general waste, paper vending cup, cans/plastic, glass and paper bins) to the recycling stations in the office areas. About 3400 bins have been removed for recycling. This resulted in an increase in recycling levels from 43% in 2008 to 56% in 2009. All these led to increased recycle of wastes, reduced volume of waste, reduced cleaning cost and enhanced employee well being. The staff along with proper management in implementing the moves played a crucial role. (UBS, 2008) Target 2006-09 Achievement 2009 Use of paper per FTE is 5% lower than the level achieved in 2006 Consumption of paper per FTE has declined by 31 percent relative to 2006. The declination in use of paper per employee occurred significantly in 2009 owing to a lesser number of publications and the popularity of e-documents and initiatives taken towards both-sided printouts. Percentage of recycled paper was set at 20% The share of paper recycled stands at 16%. This stands much below the target of 20%, which was set. However the company has managed to attain 17 % share in terms of FSC (Forest Stewardship Council) approved paper. This is an improvement from 0 % in 2006 Waste paper was targeted to be brought down by 10 percent from the mark reached in 2006. Compared to the target of 10 % reduction set in 2006, the waste paper was brought down by 13% The waste-recycling ratio was targeted to be brought down to 70 percent. The waste-recycling ratio stayed down at 54%. One of the reasons for this is the decline in paper use. Source: UBS, 2009 Renewable energy is another side of the responsible supply chain management. Furthermore, UBS purchased renewable energy credits (RECs) as has been discussed in the in-house energy section. Renewable energy has been used in the production processes more frequently and the increase from 24% in 2004 to 51% in 2009 justified this. Simultaneously the use of electricity from renewable sources increased specifically in Switzerland and UK accounted for 18% of its total electricity consumption in 2009. (UBS, 2008) Accessibility: This was a social move on the part of UBS. The move was started in UK first and then Switzerland. The motive was to focus on client satisfaction and to reach as many people as possible with optimized service. It wanted to make its official website accessible to all, particularly the blind and visually impaired and this was in accordance with the Web Accessibility Initiative (WAI) of the World Wide Web Consortium W3C. A screen reader will guide a visually impaired person through the contents of the pages. The font sizes have been optimized, in such a way to make it easy for people who have problem with small fonts or fonts with low contrast. The e-Banking facility of UBS also comes under this category and this facility is still going through the stages of continuous advancement. The introduction of cash machines in accordance with the guidelines of Americans with Disabilities ACT Accessibility Guidelines (ADAAG), can be easily used by the visually impaired as it is enabled with PIN keypads. Clients who have problems with cash machines also, can withdraw cash from the counter directly and without any extra fee for the service. There have been many events to assist in spreading the disability awareness. UBS has taken up the initiative not only to enhance its client satisfaction, but also for a social cause. Consumers now look forward to further corporate responsibilities and clarity in terms of the organization’s policies. The pressure groups and media function as catalysts for such desires among the customers. (Brassington and Pettitt, 2004, p. 46) Various seminars on taking care of disabled children and aged people and recruiting people with disabilities, have taken place. Therefore October 2009 witnessed the name of UBS in the list sorted for the Disability Champion Award 2009 according to the choice of the Employers’ Forum on Disability (UK). Sustainability regarding the macro-level Implementation on a company’s micro-level Fig. 3: Sustainability on the macro and micro level (Bertelsmann Foundation, 2006. p. 17) Steps undertaken for further improvement: Corporate Governance is another aspect that addresses the management and control of a particular company, to ensure a balance of interest between all related groups of stakeholders. This helps in building the base for a strong relationship between the company management and investors and the other stakeholders. (Mallin, 2007). In this way, a set of goals and approaches for monitoring corporate efficiency are recognized. UBS is a minor stakeholder in the corporate governance research and ratings firm, Governance Metrics International (GMI). The motive is to expand the firm’s number of customers and work jointly to enhance the product techniques and research to reach their goal of overall customer satisfaction. The Global head of Equity Research at UBS, Mark Steinert said, “UBS is always looking for ways to offer our clients access to the most sophisticated and relevant investment information and analytical tools. Now more than ever before, assessing a companys relative governance characteristics is critical to investment analysis. Our partnership with GMI allows UBS to introduce first-rate governance research and data to clients, will enable our analysts to incorporate this important metric into a comprehensive coverage offering and will enable the creation of governance friendly structured products." (CSR wire, 2008) The President and CEO of GMI, Howard Sherman said that, "GMI was established in 2000 under the premise that companies that emphasize corporate governance and transparency will, over time, generate superior return and economic performance and lower their cost of capital. This is as relevant now as it was back then. We look forward to working with our new partners at UBS to help our clients further integrate governance issues into their investment decision making process." (CSR wire, 2008). Julie Hudson, the UBSs Global Head of Socially Responsible Investing and Sustainability Research added that "Given the volatility and recent rapid market developments clients are looking for new ways to understand the companies in which they have invested" (CSR wire, 2008). Such a move indicated UBS’s motive to get utmost satisfaction for its clients and thus looks for better governance and further betterment (CSR wire, 2008). The problem lies in the fact that there is a certain amount of investment required to carry out these responsibilities. Unless the firm is an established one, incurring such costs for structural improvement, which is socially viable, there is a huge liability on its revenue. On the other hand, there will be even greater stakeholders’ expectations and profitability with the rise in reputation. The amount of risk associated is determined by the way the costs are distributed under the different heads. When companies change their management plans in any respect, we assume that financial and commercial considerations are in line with the decision, even though social considerations were the main driving force. In a nutshell, when firms make changes in their product strategy, financing decisions, governance, or social issues, it is probable that the cost (or risk) to the company for not taking such an action is perceived by the firm to be even greater than the cost (or risk) of adopting some measures. Thus, for companies, this suggests that there is a big connection between some social issues and finance. Saying that social risks are business risks can summarize this. This has affected many companies’ valuation in the financial market. There has been large fall in the share prices, in response to their policies about social and environmental events. (Hudson & Knott, 2005) UBS’s SRI research teams are engaged in analyzing such market risks associated with the ethical policies undertaken by the organization. It focuses on the budding socio-economic and environmental drift and appraises the associated probable effect on investment scenario and stock prices of the companies. This is a challenging task. Usually there are three things that help to determine critical environmental and social issues: society’s perception of what is important; the nature of the competitive pressures facing firms in an industry; and how costs and benefits are (or will be) distributed between stakeholders. The UBS’s SRI research teams are present in all the business sections of the firm across the world in order to cater to the customers. In the Investment Bank, the teams that are involved with equity research proposes suggestions and information on alternative sources of energy, the market for carbon and the effect of climatic alteration on firms in a large number of segments for the clients engaged in institutional investment. Thus, SRI and the sustainability research initiatives by UBS, to have a social impact, is provided by a team of dedicated researchers and managers framing ethical policies to create a global awareness. The idea is to create “value, wealth or human well being” (Boddy, 2005, p.9). In 2008, this sustainability research team and SRI initiated a plan to cover corporate governance issues and in 2009 SRI conference, corporate governance was the theme adopted by UBS. Apart from publishing the research reports on such issues on a regular basis, UBS has included information related to governance within a number of UBSs research equipments. This further helped to progress the whole process and incorporate corporate social responsibility from a new dimension. Each of UBS’s departments has experts dealing with particular social issues associated with that department. For instance, in case of asset management a SRI research group within the company organizes portfolios centering on issues like climate transformation, energy effectiveness, demographics, etc. The SRI research team in UBS’s wealth administration segment carries out SRI research and caters recommendation to private customers on investment decisions. In issues such as climate change, demographics and water, client interest has developed over time and thus has been the area of concern for research. (UBS, 2009; Baue, 2005) Recommendations An attempt to introduce the SMART recommendations guidelines might help UBS achieve its goal of corporate social responsibility faster. Specific: The first step is to identify the immediate impact of their business on the stakeholders and their customers. As mentioned before there are three issues (“society’s perception of what is important; the nature of the competitive pressures facing firms in an industry; and how costs and benefits are (or will be) distributed between stakeholders”) (UBS, 2009) which help determine the specific socio-economic factors, which needs to be addressed and treated critically. Measurable: It is important to determine the probable impact of any socio-economic change before it actually affects the environment, the society and the stakeholders. The goals are set to be reached within a certain time span. Before introducing any product or investing in an asset UBS therefore needs to assess whether any such steps caused any problems in the past. Instead of experimenting it is very important to take preventive measures. Accountable: the company needs to hire a team or perhaps a group form the SRI team to research on the problem identified and find out ways to resolve it. This team would be engage din communication among the company, its stakeholders and the customers. Reasonable: The solution provided should be in such a way that the profitability of the firm is untouched or even increased and the process does not involve too much cost. Saving power is one such approach already adopted. Timely: It is very important for the company to implement the solution measures in a timely fashion instead of allowing time and scope for a single complain or problem to arise owing to the already identified problem or socio-economic issue. (Writing S.M.A.R.T.E.R. Recommendations, n.d.) Conclusion: UBS has made much progress compared to other companies with respect to its ethical policies to have a positive social impact. The best way of attaining perfection is by getting feedbacks form customers. For a trader or entrepreneur, “self-development means self-evaluation” (Have, 2002, p.xiv). Initiatives regarding research and innovation works are still being made on the various issues discussed above. Some future issues on which research works have been planned include micro finance, human rights, water, supply chain management. Regular supervision on the changing themes of SRI and analysis of the growing environmental issues are carried out to bring about advancement in the performance of the business in a more socially responsible and ethical way. The company has to keep a balance between its revenue expenditure, the cost incurred for such initiatives, and an understanding of its core competences necessary for corporate survival. (Johnson & Scholes, 2008; Pablo, 2008) This balance is necessary for the company to run successfully and carry out its objectives, which are in line with the environmental and social norms. References 1) UBS (2009). CR in operations. Retrieved on July 19, 2010 from http://www.ubs.com/1/e/about/corp_responsibility/cr_in_operations/ecology.html UBS (2009). CR in operations- In house ecology. Retrieved on July 19, 2010 from http://www.ubs.com/1/e/about/corp_responsibility/cr_in_operations/ecology.html UBS (2008). CR in operations- Responsible supply chain management. Retrieved on July 19, 2010 from http://www.ubs.com/1/e/about/corp_responsibility/cr_in_operations/chain_management.html UBS (2010). CR in operations- Accessibility. Retrieved on July 19, 2010 from http://www.ubs.com/1/e/about/corp_responsibility/cr_in_operations/accessibility.html 2) UBS (February, 2006). Visions and Values. Retrieved on July 19, 2010. http://www.csrglobe.com/pdf/vision%26values_ubs.pdf 3) CSRwire (November, 2008). UBS investment bank acquires minority interest in GMI. Retrieved on July 21, 2010 from http://www.csrwire.com/press_releases/15093-UBS-Investment-Bank-Acquires-Minority-Interest-in-GMI 4) Schafer H., Beer J., Zenker J. & Fernandes P. (2006). Who is who in Corporate Social Responsibility Rating? . Bertelsmann Foundation. Retrieved on July 21, 2010 from http://www.bertelsmann-stiftung.de/bst/de/media/xcms_bst_dms_18175_18176_2.pdf 5) Hudson J. & Knott S. (2005). Q-series: Corporate social responsibilities. UBS investment research. Retrieved on July 21, 2010 from http://www.gppi.net/fileadmin/gppi/UBS_Why_try_to_quantify_report_4-2005.pdf 6) Mallin C.A. (2007). Corporate Governance. New York: Oxford University Press 7) Have, S (2002) Key Management Models. New Jersey: Prentice Hall 8) Pablo, C (2008) Managing by Missions. Oxford University Press 9) Boddy, D. (2005). Management: An Introduction, New Jersey: Prentice Hall. 10) Mullins, L (2007) Management and Organisational Behaviour. New Jersey: Prentice Hall 11) Grey, C, Willmott, H (2005) Critical Management Studies. Oxford University Press 12) McEwan, T (2007) Managing Values and Beliefs in Organisations Prentice Hall 13) Brassington, F. and S. Pettitt (2004). Essentials of Marketing. New Jersey: Prentice Hall 14) Linstead, S, Fulop, L (2004) Management and Organisations Oxford University Press 15) The Aspen Institute’s Business & Society Program (2001). Social Impact management. Retrieved on July 21, 2010 from http://www.aspencbe.org/documents/SocImpManage2Pager.pdf 16) Baue W. (2005). SRI Research from UBS Strikes Balance Between Ethics and Economics. Social Funds. Retrieved on July 21, 2010 from http://www.socialfunds.com/news/article.cgi/1846.html 17) Johnson, G & Scholes, K (2008). Exploring Corporate Strategy. Edinburgh Gate: Prentice Hall 18) Slack, N, Chambers S. (2006). Operations and Process Management. Edinburgh Gate: Pearson education limited 19) Pablo, C (2008) Managing by Missions Oxford University Press 20) Palmer, A, Hartley, R (2008) The Business Environment, New York: McGraw-Hill 21) Writing S.M.A.R.T.E.R. Recommendations, (n.d.) Accident Investigation solutions, available at: http://www.jcshort.com/art_smartrecommendations.html (accessed on July 23, 2010) Read More
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