Has Uob Implemented Csr and Can More Be Done?

Corporate social responsibility (CSR) refers to a corporation’s accountability for its actions towards its people, the communities it interacts with, and the environment it is situated in. By implementing CSR as part of its corporate strategy, a firm seeks to align its economic interests with its legal and social responsibilities to its employees, its community and the rest of its stakeholders.
In Singapore, though CSR is still a relatively new notion when compared to the Western countries, it is increasingly shaping up to be a critical corporate strategy that is synonymous with a firm’s reliability and success. This is because Singapore is situated in the rapidly-developing Asia-Pacific region where more and more businesses are inevitably drawn to the trend of globalisation. Now, firms operating in this region have to compete on a global stage for economic viability. They are no longer bound by local norms and regulations, but are instead subjected to the perspectives and standards of the vastly mature international community. Firms have to adapt responsibly to global concerns like climate change, human rights issues and the evolving financial landscape. Furthermore, in today’s economic climate, following the many scandals and irresponsible practices that have contributed to the financial meltdown of 2008/09, it is especially pertinent for firms, especially financial institutions, to implement sound CSR practices and be responsible in dealing with their stakeholders. After all, the essence of CSR is instilling “trust” – trust in a company to make the responsible decisions. This ultimately enhances brand value and reputation.
United Overseas Bank (UOB) is one such institution. A leading bank in Asia with a network of over 500 offices in 18 countries and territories in Asia Pacific, Western Europe and North America, UOB provides a diverse range of financial services including personal financial services, investment banking and asset management, amongst many