Corporate social responsibility is still a new concept to public and corporates. When Taiwan is known for its over-time culture and low salary, this reflects a lack of understanding about how working environment should be included as CSR. However, employment benefit and reasonable working environment is also a vital part of social responsibility. There should be more education to public, or employees on what CSR is so they can also monitoring the corporates they are working for.
Financing company and people for wealth creation are the key business of financial industry.
When talking about CSR, obligation to regulations, ethical selling and conducts should also be included. Financial institution should not only focuses on how much money and how much media value generated from the CSR event, but a holistic and comprehensive social responsibility implementation in their business. Being an industry that is so vital to our daily life, financial industry should also focus on how they should oblige to CSR on daily operation.
They should also focus on how the obligation could help the society to develop, rather than media value and the branding effect.
Especially, when Taiwan is linking with international market, CSR can serve as a guideline to improve the society. Finance and insurance industry accounted for 14.8% GDP of Taiwan in 2013. The percentage may not be high but financial industry is the backbone of support economic growth by making international cash flow available. Taiwan financial industry could help Taiwanese corporates to expand overseas. Behind them, a sound financial system is to support these international cash flows. By adapting an all-round CSR system into their operation, financial industry could protect themselves and corporates from risk as well as
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avoiding the repetition of 2008 financial crisis. This is the true value of corporate social responsibility.
To conclude, financial industry support corporates growth, corporates is the backbone of economic growth. How to make this chain effect brew properly, corporate social responsibility serves as a catalyst by guiding all these into right direction. Financial industry should not only link charity to CSR, nor media as key performance of CSR approach. To truly embrace a CSR strategy, financial industry should regards public as the beneficiary and the key performance index should be in a more macro aspect.
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13. http://www.greenpeace.org/taiwan/zh/news/stories/forests/2014/j_and_j_commits/
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14. http://forbesindia.com/blog/the-good-company/the-flag-off-of-csr-rules-india-inc-s-to-do -list-for-compliance-to-section-135/
15. http://www.otc.org.tw/ch/csr/content/introduction.html 16. http://www.gvm.com.tw/2014CSR/event.html
17. http://topic.cw.com.tw/csr/rules-5.aspx 18. http://csr.moea.gov.tw/main.aspx
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Appendix
Quantitative Survey results
1. Have you ever heard of these CSR initiatives?
CTBC Charity Foundation 62%
United Way 64%
Prudential Spirit of Community Awards 11%
Fubon Cultural & Educational Foundation 75%
Equator Principle 3%
Seeing is Believing 19%
None of the above 9%
2. Do you know the purpose and beneficiary of these initiatives?
Yes 44%
No 51%
3. CSR of a corporate should be in high profile or low profile?
High profile (to Q4) 70%
Low profile (to Q5) 30%
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4. What is the reason of being high profile in CSR?
Promoting good cause to society 51%
Help encourage more people to join 38%
Arousing public interest in joining the good cause 51%
Others 3%
5. What is the reason of being low profile in CSR?
Not necessary as this is good cause to help others 21%
Real help is more vital than promotion 69%
Purpose of CSR is to help others 36%
Others 2%
6. Does CSR awards help improve your preception to a company?
Yes 83%
No 17%
7. Does CSR annual report help improve your perception to a company?
Yes 76%
No 24%
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8. Do you think philanthropy equals to CSR?
Yes (to Q10) 60%
No (to Q9) 40%
9. If not, what is also included in CSR?
Reasonable working environment and packages 87%
Code of conduct 66%
Environmental protection 87%
Transparent corporate governance 82%
Reasonable pricing to clients and suppliers 57%
Others 4%
10. What do you think is the purpose of promoting CSR?
Encourage positive value to society 54%
Promoting corporate image 82%
Minimizing negative news 30%
Part of public relations 64%
For tax deduction 53%
Others 0%
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11. Will CSR offset the negative feelings to a company with poor service?
Yes 32%
No 68%
12. Will CSR offset the negative feelings to a company which management is with scandals?
Yes 23%
No 77%
13. Will CSR offset the negative feelings to a company laying off staff in large scale?
Yes 24%
No 76%
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14. If a company does no charity event but is with good employee benefits, will it affect your positive feeling?
Yes 27%
No 73%