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Question a) Discuss similarities and differences in disclosure of social responsibility. In the last few decades the main goal of the companies was to make a profit. However, today the situation is changing. Today companies have not only commercial responsibilities such as running a business successfully, generating profits and satisfying shareholders needs but also social responsibilities such as protecting the environment and looking after employees. Social responsibility can be defined as “a company that does not pollute the environment, does not produce unsafe products and provides a healthy and safe workplace, therefore, be classified as social responsible” (Henderson, Peirson 2002, p.30.1). There are three companies such as Australia and New Zealand Banking Group Ltd (ANZ), Westpac Banking Corporation and National Australia has been chosen for discussion of how corporation disclose social responsibilities. All these companies are in banking industry. The internet source was used for gathering such information which can be found on www.library.cqu.au/faculty/business/companyinfo.htm . Also examples of disclosures can be found in appendix 1.Comparing annual reports of these three companies there are some similarities and differences in disclosure of social responsibilities. Companies using inventory approach, which is most prevalent approach to reporting a company’s social and environmental activities (Henderson ET al.2002, p.928). The similarities are all three companies have disclosed environment information and achievements such as energy, waste and paper. Firstly consider ANZ, the aim of the company is to achieve long-term shareholder value by focusing on the market’s potential for sustainability products and services. Moreover in June 2002, ANZ established Wind Power Investment Trust to develop wind farms in New South Wales, South Australia and Victoria. Also ANZ have expanded Environmental Management Program through ANZ Green Office initiative including joining the Federal Government’s Greenhouse Challenge. The main objectives of the Green Office of ANZ are energy, waste and water. ANZ has joined Property Council of Australia/Sustainable Energy Authority of Victoria’s Energy Smart Leaders Program to reduce energy consumption and Greenhouse emissions. Also ANZ Company participated in a Best Practice Waste Management Trial to ensure recovering and recycling of all used office paper. Lastly it uses recycled paper, cleaning chemicals and sustainable office furniture. These achievements are recognized in two leading indices of Corporate Sustainability in 2002-the Dow Jones Sustainability World Index and Financial Times FTSE4 Good Global Index. Second company is National Australia, which has been a member of Australian Government’s Greenhouse Challenge since 1997. Moreover National Company underlined commitment to sustainability in 2001 by signing the United Nations Environment Program Financial Institution Initiative. It is believed that Docklands headquarters will be Australian first commercial buildings to achieve a four-star energy rating. Also Australian Environmental Champions program encouraging employees of National to reduce consumption of energy, paper and waste. Company has also signed an agreement to supply 80 percent of branches with renewable energy such as wind power. Third company is Westpac Bank, the aim is to screen lending proposals for environmental risk. Also company screen all the investments made by the company and then together with Monash Sustainability Enterprises rates each performance against world’s best practice benchmark. Westpac utilizes ratings in stock selection for Westpac Australian Sustainability Share Fund. (These ratings can be seen in appendix 1 under Westpac banking, Social responsibilities, Emissions source.) . There are few differences in the discloser of social responsibilities among companies such as ANZ bank has participated in environmental developments, whether National bank mostly supports community and Westpac is looking out for employees.
Approximate Word count = 2160
Approximate Pages = 8.6
(250 words per page double spaced)
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