Standard Chartered's CSR bank
Organisations can no longer afford to ignore the communities that they operate within. They need to be aware and engaged with the issues affecting their customers, business partners and the wider economies of their markets. In this case study, Standard Chartered Bank reveals its key focuses for corporate social responsibility.
Standard Chartered Bank operates in over 70 countries, impacting and influencing economies as far a field as Asia, Africa and the Middle East. The bank works in communities that are particularly vulnerable to both climate change and economic disparity. DM Arulraj, head of HR for Singapore and South Asia, says Standard Chartered therefore has a responsibility to play a role in stimulating social development in the markets it operates in.
Beyond the philanthropy, developing a useful and visible CSR agenda helps the bank to differentiate its brand and strengthen stakeholder relationships. "It's our response to a rapidly-changing world and global challenges like climate change and poverty," Arulraj says. The bank has defined seven key areas where it feels it can make the greatest contribution. These include domains directly linked to its core business (sustainable lending, improving access to financial services and tackling financial crime) and areas of more general need (the environment and community).
Global initiatives
"Through our CSR activities and in particular, our community investment strategy, we develop and support initiatives that address key issues affecting the countries in which we operate," Arulraj says. In Singapore, Standard Chartered Bank's community investments help fund two important programmemes:
» Living with HIV
It was estimated that there were 2.5 million new HIV infections around the world last year, many of which existed in the communities where the bank operated. "With neither a cure nor a vaccine probable in the near future, we believe education and testing remain crucial in order to win the fight against HIV/AIDS," Arulraj notes. Standard Chartered Bank's 'Living with HIV' programme won the Global Business Coalition award for Workplace Excellence in 2006 and was commended by UNAIDS in 2008.
In Singapore, the bank has a team of 110 staff "Champions" who volunteer their time to share their knowledge on HIV and AIDS with the community. In July last year the 'Living with HIV' programme was extended to SMEs, aiming to raise awareness of HIV/AIDS in the workplace. The bank is committed to train 10,000 SME employees on the issue.
Standard Chartered has also adapted the programme to make it suitable for vulnerable teenagers. The 'Be Aware, Be Safe' programme has been endorsed by the Singapore Ministries of Health and Education. "This initiative has so far reached 30,000 youth in our secondary schools and tertiary institutions," Arulraj shared.
Seeing is Believing
Standard Chartered's Seeing is Believing (SiB) programme, tackling the issue of preventable blindness, is now in its fifth year. In its first phase, SiB restored the eyesight of 56,000 people through much-needed cataract operations. Phase two helped restore the sight of nearly a million people around the world. Arulraj says the goal of phase three was to raise $10 million by 2010 but clearly the target was too low. "We've already met this fundraising target, three years ahead of schedule," he elaborates. "We've just announced phase four which intends to raise $20 million to assist 20 million people." Staff in Singapore have raised around $470,000 for this programme.
Local initiatives
Apart from these large-scale international programmes, Standard Chartered Bank also aims to work closely within the Singaporean community. It has been the title sponsor of the Standard Chartered Singapore marathon since 2002, working with the organisers, the Singapore Sports Council and the Singapore Athletic Association to deliver the running event for both elite athletes and casual runners. Since 2002, it has raised over $500,000 for various local charities by sponsoring 500 runners each year. This year, it proposes to raise a further $500,000 for seven charities supported by the Community Chest of Singapore.
The bank has been a corporate supporter of the Movement for the Intellectually Disabled of Singapore (MINDS) since 2002 when Standard Chartered staff raised funds to set up the "Creative MINDS" Thrift Shop. "The bank continues to support the store through an annual collection of used items from staff and customers," Arulraj says. Last financial year, staff contributed 10 truckloads of used items. They have also engaged in a range of other MINDS-related community events including beach clean-ups and a sports and community day.
The bank is also involved with the Boy's Brigade Christmas Charity Box. Since 2005, staff have participated in fulfilling the Christmas wishes of underprivileged children and the elderly. In addition, employees have also carried out volunteer projects with the Patient Care Centre, the Singapore Association for the Visually Handicapped, Beyond Social Services, Habitat for Humanity, Green Volunteers Network and the Singapore Disabled Peoples' Association.
Driving employee participation
There are over 2,000 employees, representing 52 nationalities, working with Standard Chartered Bank in Singapore. Between 15 and 20% of these people are involved in regular volunteering. That's high compared to many similarly-sized institutions but Arulraj's target is 50%. He says one of the challenges related to having so many staff willing and eager to lend a hand is finding projects that are relevant and make a difference to the community. The projects also need to take staff capabilities, skills and interests into consideration. But he has a plan to maximise the impact of the programme.
"We implemented a volunteer leave scheme in 2006," he points out. "The scheme provides employees with an additional two days leave each year for voluntary work."
Under the programme, employees who demonstrate outstanding performance are rewarded with an additional five days leave to spend on a project that ties in with the bank's community strategy. "Employees utilise their core skills and effectively use their talents and abilities to take part in a wide range of activities and projects worldwide."
Arulraj says the corporation's CSR goals even affect recruiting. "We share with potential candidates our community investment strategy," he said. "We find this extremely useful in attracting like-minded individuals who believe and are supportive of our values."