HSBC Holdings plc is a worldwide universal bank and financial services holding corporation based in the United Kingdom. With US$2.953 trillion in assets as of December 2021, it surpassed BNP Paribas to hold the title of biggest bank in Europe.
The Hongkong and Shanghai Banking Corporation created HSBC in its current form in London to serve as a new group holding company in 1991; the name is derived from the letters of that organisation. HSBC can trace its roots back to a hong in British Hong Kong. Shanghai branches of the Hongkong and Shanghai Banking Corporation were initially established in 1865, and the company was first formally incorporated in 1866.
HSBC chose to consider the possibility of their office furniture being reused by smaller businesses and charitable trusts even though it was 10% more expensive than dumping the furniture in a landfill because it was consistent with their values and ideals regarding environmental management and social responsibility.
They had the difficult task of getting rid of 3000 metric tonnes of office furniture. They had to decide whether to recycle the furniture or dispose of it in a landfill, among other possibilities.
According to Friend of Earth, HSBC provided financial support to oil firms involved in human rights abuses in Sudan and Indonesian environmental destruction.
Additionally, they were charged with having ties to China’s contentious Three Gorges Dam.
HSBC and the three Ps of Corporate Social Responsibility?
Planet: Although it would have been easier and less expensive to dispose of the furniture in a landfill, HSBC management decided to look into the prospect of reuse by smaller businesses and charitable trusts. Even though it was 10% more expensive than throwing the furniture in a landfill, the company chose the Green-Works option because it was consistent with their beliefs and principles on environmental management and social responsibility.
At its locations around the world, the company optimised its use of water and energy while lowering greenhouse gas emissions and waste.
Using the Equator Principle, the company decided to provide online statements to its personal banking customers in order to improve the environmental data reporting system.
People: HSBC began funding a variety of neighbourhood and local government initiatives. Employees actively participated in numerous community initiatives by volunteering. Household employees donated more than $4.6 million to charity in 2003. HSBC’s fund-raising efforts in 2004 resulted in donations totaling US $ 69.2 million. Beneficiaries included the 850 children choir, which cared for eight charities in Brazil. They also collaborated with Young Enterprise to encourage young people to manage their businesses while attending full-time school, and they helped the Royal Botanic Gardens design the HSBC Oriental Garden.
Profit: After adopting the Equator Principles in September 2003, HSBC was able to save an annualised $1.1 million in costs in 2004 by offering online statements to its personal banking customers. This was made possible by the reduction of 52 tonnes of paper consumption.
