TUAN BUI 129107147]

Student Number TUAN BUI

Programme BA business management

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Module Code: 3BM150 Module Title: Business Ethics

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TUAN BUI 129107147]

“I [Tuan Bui] declare that I am the sole author of this assignment and the work is a result of my own investigations, except where otherwise stated. All references have been duly cited”

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Contents

I. The importance of business ethics and their impacts on the organization.............................3

II. Environmental analysis for HSBC to explore its practice in business ethics and analyses

the impacts on its stakeholders:.........................................................................................................5

III.Challenges posed by business ethics to both the selected organisation and its stakeholders.......9

IV. Recommendations to HSBC management as to how they should improve the

organizations’ current business approach:......................................................................................11

BIBIOGRAPHY:.............................................................................................................................12

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I. The importance of business ethics and their impacts on the

organization

This part of the report will discuss about the importance of business ethics and illustrate the

effect of business ethics on businesses. To gain comprehension about these two mentioned

aspects, the first thing that should be mentioned is the definition of ‘business ethics’. In the

definition of Andrew Crane and Dirk Matten (2010), business ethics is ‘the study of business

situations, activities and decisions’ in which there are concerns about the ‘right’ and ‘wrong’

issues. In detail, the authors explained the issues of right or wrong are morally right and wrong

and they stated that the field of business ethics comprises of not only commercial businesses

(Andrew Crane and Dick Matten, 2010, pp5). Therefore the issues of business ethics also include

of other organizations such as non-profit organizations (NGOs), government organizations,

charities, et cetera. It is also claimed in the book that there are differences between the terms

‘ethics’ and ‘morality’. Authors agreed that ‘morality’ is concerned with issues that are relevant

with culture of an individual or a community such as ‘norms, values and beliefs’. On the other

hand, ethics, according to authors, are the study of how morality is applied in a given situation

where the issue of right or wrong is determined by the ethical theories- which are specific rules

and principles (Crane and Matten, 2010, pp8). According to Visser et al (2007 cited in Michael

Blowfield and Alan Murray, 2011, pp15), business ethics ‘is a sub-set of corporate responsibility

offering a crucial analytical tool for understanding, conceptualizing and legitimizing whether the

actions and behavior of companies is morally right or wrong’. This definition seems to have

familiarity with the given definition of Crane and Matten (2010). Blowfield and Murray also

stated that business ethics concerned with both of individual level and institution level. This idea

is supported by Johnson and his colleagues when they determined that business ethics exits at

two levels of macro level and individual level-actions and behaviors (Johnson, Scholes and

Whittington, 2008, pp145).

The next thing to be discussed is the importance of business ethics. Crane and Matten (2010)

has stated out seven reasons of why business ethics is important. Among those reasons, it can be

said that the most noticeable reason is the increase of business influence on the society. The

authors gave the evidences by citing the finding that 75% residents of more than 20 leading

economic nations believe that large corporations had ‘too much influence’ on governments’

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decisions (Czywinski, 2008 cited in Crane and Matten, 2010). Businesses also provide several

contributions to the society such as providing jobs, products and services, paying taxes and so

on. Whether those contributions are positive or negative to the contemporary society is a

question that concerning with the role of business with the rise of ethical issues. Therefore,

authors believed that business ethics will give more comprehension about that issue and suggest

‘how we might address this situation’ (Crane and Matten, 2010, pp9). Since businesses now are

in the situations of internationalization and globalization, ethical violations could happen across

countries and sectors (Crane and Matten, 2010). That is the reason why with the comprehension

of business ethics, different stakeholders of the organization including managers or different

parties and individuals could make easier decisions of how to deal with those violations

problems. The authors also suggested that business ethics ‘can provide us with the ability to

access the benefits and problems associated with different ways of managing ethics in

organizations’. There are also rising in demand of different stakeholders in terms of

understanding and practicing business ethics. Collins (2009, pp10) showed the findings of a

survey in 2007 within American which stated that 94% of Americans believe that ‘it is “critical”

or “important” to work for an ethical companies’.

In terms of the influences that business ethics has on the organization, several authors had

done research in order to answer the question whether business ethics pays. Webley and Moore

(2003 cited in Fisher and Lovell, 2005) had shown their findings for the questions about the

impact of business ethics on organizations. Their research’s objects are the organizations with

and without the code of conduct. In terms of company’s rating, they found out that the

companies with code of conduct had better ratings for the one who did not in terms of SERM

(Social-Ethical Risk Management) rating and ‘Britain’s Most Admired Companies’ (Webley and

More, 2003 cited in Fisher and Lovell, 2005, pp11). Denis Collins (2009) stated that there are

several competitive advantages for ethical organizations. The competitive advantages that he

found out comprises of better relationship within different stakeholders that will help companies

attract and retain them. According to the author, companies who are ‘ethical and trustworthy’

also earn goodwill with other stakeholders like community and government as well.

Additionally, one of the most worth-mentioning competitive advantages is that with the uses of

business ethics, companies can achieve greater efficiency in decision making based on ‘more

reliable information from stakeholders’ (Collins, 2009, pp8).

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II. Environmental analysis for HSBC to explore its practice in business

ethics and analyses the impacts on its stakeholders:

HSBC Plc. will be the organization that is chosen in order to carry out the environmental

analysis- mainly stakeholder analysis to explore whether it recognises, values and manages

business ethics effectively and analyse the impact on its stakeholders. In order to find out

whether HSBC recognizes, values and manages business ethics effectively, this report will

examine the practice of HSBC in reality as well as in the code of conduct that they has

established. For further comprehension of how effective HSBC is in terms of business ethics

practices, it is crucial to scrutinize its practices toward specific stakeholders. This report will

focus on some key stakeholders of HSBC such as the managers, customers, shareholders,

employees, government and civil society. In the case of HSBC, the organization also set up its

own values that connected with customers, communities, regulators and each other. These values

including of two statements in which HSBC commits to:’ Building connection, being aware of

external issues, collaborating across boundaries’ and ‘Caring about individuals and their

progress, showing respect, being supportive and responsive’ (HSBC,2013). The company is also

aware of the community in which it is operating with the set-up of sustainability strategies. It is

stated in HSBC website that the success of HSBC including of providing customers with needed

products and services, understanding and managing its impact on society and environment as

well as investing in the future of its employees and the communities in general (HSBC, 2013).

The group chairman of HSBC- Douglas Flint stated: we have responsibilities not only toward

our customers, employees and shareholders but also to the countries and communities in which

we operate’ (HSBC, 2012). This report will examine the practice of how effectiveness those

sustainability strategies are in practical with the information given by HSBC as well as from

other sources.

The first stakeholder that the report will discuss is shareholder of HSBC. In terms of

shareholders, it is one of the main stakeholders of HSBC Plc. with the total population of

220,000 shareholders from London, Hong Kong, New York, Paris and Bermuda Stock Exchange

(HSBC, 2012). For its shareholders, HSBC set the shareholder communication policy as a

guideline for any practice with shareholders based on HSBC’s values. Within this policy, HSBC

stated out different issues in communicating with its shareholders in which there are guidelines

of how HSBC should communicate with the shareholders via different communicating channels

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such as websites, annual reports including of financial and sustainability reports, annual general

meetings (AGM) and so on. It is said in the policy that ‘shareholders are encouraged to attend the

AGM in the United Kingdom or the Informal Meeting of Shareholders (IMS) held in Hong

Kong’ (HSBC, May 2012). In practice, HSBC ran a program of ‘906 senior executive meetings

with representatives of institutional shareholders in 27 countries and territories’, according to

HSBC Sustainability Report 2011 (HSBC, 2012). It is also can be seen how HSBC issues the

importance of its shareholders with the plan to bump up its first three interim dividends for next

year by 11 per cent to 10 cents a share (Harry Wilson, 2013). The next stakeholder to be

discussed is the managers of HSBC Plc. Managers are the key employees of HSBC including of

the Board of Directors and the Senior Managers. For this stakeholder, HSBC Plc. sets out the

governance practices where the obligations for Senior Financial Officers (including of the Group

Chairman, Group Chief Executive, Group Finance Director and Group Chief Accounting

Officer) require the financial officers to ‘engage in honest and ethical conduct’ and to ‘ take such

measures as appropriate to assure that HSBC complies with all applicable governmental laws,

rules and regulations…’ (HSBC, 2013). The governance practices also give recommendations

for its senior financial officer to avoid conflicts of interest and should report promptly to the

Chairman of Group Audit Committee any violations that she or he is aware (HSBC, 2013).

Employee is one of the key stakeholders that are worth mentioned also. According to

Marketline (2012), the total numbers of HSBC’s employees are 298,000. HSBC designed the

HSBC Employee Handbook which provides terms and conditions of employment, guidance on

the standards of conduct that are expected of the employees as well as the main benefits that

employees can get for working in HSBC. In this handbook, there is a specific section which is

called the code of business ethics and responsible behaviour (section 2-the code). The section

includes of several principles that HSBC expects form any employee which consists of three

main principles- integrity, fidelity and self-respect (HSBC, 2008). Moreover, this section also

includes of corporate values that the company subscribes and also the core standards of

behaviour for its employees. It can be seen that those principles are stated clearly for the purpose

of inform promptly and fully for the employees about the comprehension of the codes of ethics.

In practice, HSBC also values its employees via the employee engagement. It is reported that 81

per cent of its workforce participated in the annual Global People Survey which is designed to

give employees ‘the opportunity to feed back their priorities and concerns’ and ‘ in identify

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actions to improve their engagement’. The example actions, according to HSBC Sustainability

Report 2011, includes of job sharing, encouraging better work-life balance or part-time working

programmes, et cetera (HSBC, 2012). The report also stated that there are a rise in the percentage

point of employee engagement which made up to 69 per cent in 2011, which leads to ‘seven

percentage higher that the external global average’. There might be some issues that the

employees should concern in this year since HSBC announced to eliminate 30,000 jobs by 2013

to ‘improve efficiency’ as a part of global cost-cutting plan for sustainable successes (HSBC,

2012). Sparkes (2012) indicated the UK reduction numbers will be 2,217 employees after having

950 new positions. In its report, HSBC stated that the company regrets with the employee loses

however also said that it is curial to ‘remain competitive’ for long-term successes. It also

committed to investigate in faster growing segment in order to create new and sustainable jobs

(HSBC, 2012).

In terms of customers, HSBC serves about 89 million customers in 85 countries and

territories (Marketline, 2013). According to HSBC, the company engages with its customers

through wide variety of channels including both written and electronic communications as well

as client events, customer panels and one-to-one meetings (HSBC, 2012). As a multinational

organization, HSBC understands that it is important to meet the expectation of customers for

long-term business. In addition, as a business, HSBC also has the responsibilities to access the

environmental and social impacts that is lending and investment can have. HSBC is a large

corporation with 4 main business activities including: Commercial Banking, Global Banking

and Markets, Private Banking, Retail Banking and Wealth Management. Each of its business

also has its own management for the long-term sustainability. For instance, about the Retail

Banking and Wealth Management (RBWM), its main object is to meet the daily customers’

needs in the major markets of UK, Hong Kong, France, the US, Mexico, Brazil and Turkey. The

main activities of RBWM includes of helping people meet their long-terms ambitions. For

example, in 2011, new mortgage lending in Brazil grew by 85 per cent. RBWM also widen

access for helping customers. In UK, RBWM established the UK Management Team to support

customers before they go into arrears, helping customers to avoid the stress of missed payments,

for instance. It is said that the team has helped over 70,000 people since it was set up (HSBC,

2012). About the global private banking, the main activities in terms of sustainability of HSBC is

to sustain wealth for future generations, social finance, Islamic finance, responsible investment

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and preventing crime (HSBC, 2012). About the community as a stakeholder, the total community

investment in 2011 of HSBC was US$m 115.7 ranges from education programs, environmental

programs and engagement to customers, people and communities (HSBC, 2012).

It can be said that with the comprehension of sustainability and ethics practices, HSBC had

set up several principles and ethics code with the involvement of as much as stakeholders as they

can for the purpose of become trustworthy and sustainability. However, in practice, HSBC also

has several scandals that related to the violations of business ethics. They had several scandals

that involve with customers. For instance, HSBC lost thousands of customers’ details in 2009

and was fined 3 million pounds for that (Moore, 2009). Moreover, the Financial Services

Authority (FSA) found HSBC was guilty of mis-sold complicated financial contracts to hundreds

of small-to-medium enterprises (Brinded, 2012). One of the biggest scandals of HSBC is the

scandal in the United State that involved with criminals. According to BBC (2012), US Senate’s

report showed that HSBC was failed to stop criminals using the bank for money-laundering. The

main findings of this 300-page report showed that HSBC Mexico had ‘high-profile clients in

drug trafficking’ and the HSBC US failed to properly monitor transfers between the two banks.

Moreover, it is said in the report that HSBC US carried out transactions with Iran- a country that

was prevented to do business by the US laws, during the period from 2001 to 2007. The banks

also found guilty including with violations in the Middle East whilst its branch was doing

business with Al Rajhi Bank- which had the owners had links to ‘financial organization

associated with terrorism’. That last finding is that HSBC cleared large amounts of travelers’

checks without proper anti-money laundering controls, despite evidence of suspicious activity

(BBC, 2012). Due to those scandals, HSBC had to pay 1.9bn US dollars for penalties (BBC,

December 2012). The firm responded with the sorry of chief executive Stuart Gulliver and

admitted that the complex structure makes it difficult to control the money-laundering structure

(Roland, 2013). For fixing the scandal, the bank also appointed a new director of financial crime

compliance- a newly position (Werdigier, 2012). The scandals also have effects on various

stakeholders. For instance, due to the penalties payment, HSBC had to decrease the bonuses of

employees. In detail, bonuses across the bank decreased $4.2bn to $3.7bn (Wilson, 2013). The

CEO was also been forced to forfeit £1.3 million of his bonus (Salmon, 2012). HSBC was also

criticized by activists of still having hug bonuses after those scandals. More (2013) quoted the

saying of activists that: “it is beyond belief that in a year marked by dodgy dealings, 200 of

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HSBC’s top brass are celebrating bonuses greater than many people earn in lifetime”. With such

of those critics and scandals, it can be said that HSBC still had problems in terms of business

ethics management even when they had aware of the importance of business ethics. It can

concluded that HSBC still has challenges in terms of how to manage business ethics effectively

both in the view of the company and from the view of its stakeholders. The next part of this

report will discuss about those implied challenges that the firm can have.

III. Challenges posed by business ethics to both the selected organisation

and its stakeholders.

In the circumstance of HSBC Plc., the brand has recognised the importance of business ethics

has set out several principles and conduct codes for its different stakeholders. The evidences for

that can be found in its values as well as their sustainability report. However there are still

problems that it faces in reality. The report will point out some of the possible challenges that

come from others researches. The first issue that can be pointed out is the uses of shareholder

theory or stakeholder theory of the company, or in a broader context- the corporate governance.

Definition of corporate governance is that corporate governance is ‘concerned with the structures

and systems of control by which managers are held accountable to those who have a legitimate

stake in an organization’ (Jacoby, 2005, cited in Johnson, Scholes and Whittington, 2008). By

the means of the one who was held accountable of the managers, the authors said that it is argued

that corporations need to be more accountable to wider social interest, not only to the owners and

managers of the corporation only (Johnson, Scholes and Whittington, 2008, pp133). According

to Sun (2002 cited in Nwanji and Howell, n.d), the issue of corporate governance has centered

on’ whether shareholder-ship or stakeholder-ship was best for corporations and society’ and

which one should the corporation follow to. There are different frameworks in term of corporate

governance globally. In the case of HSBC, it can be believed that the firm is using the Anglo-

American model. The Anglo-American model, according to Crane and Matten (2010, pp241), is

the model which focuses on the stock market as a ‘central element of the system of governance’.

Also according to the authors, the goals of ownership in the Anglo-American model are the

shareholder value and short-term profits, which also results to shareholders is the key

stakeholders in the model (Crane and Matten, 2010, pp242). However, the shareholder-ship

governance model has the problem where several authors stated:’ this created the agency

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problem where managers push short-term policies that lead to their own interests against the

long-term profits objectives of the shareholders (Manne, 1965; Friedman, 1970; Jenson and

Meckling, 1976 cited in Nwanji and Howell, n.d). The agency relation between shareholder

(principal) and manager (agent) can create dilemmas which are the conflict of interests or

informational asymmetry (Shankman, 1999 cited in Crane and Matten, 2010, pp240). Conflict of

interests of the agent is to seek remuneration, power, esteem, et cetera. In order to achieve their

interests, manager can go against the will of shareholder- seeking profit or rising in share price.

The principle has only limited knowledge and insight into the actions and goals of the agents-

which is called informational asymmetry. The example given by authors is about the Porsche

shareholder when they are happy with the profitability of the company however ‘had limited

insight into the actual running and the risks associated with it’ (Johnson and Scholes 2002: 332-

40 cited in Crane and Matten 2010: pp240).

In terms of the stakeholder-ship approach, it is also have criticism from different authors

cited in Nwanji and Howell. Stenberg (2004 cited in Nwanji and Howell, n.d, pp7) claimed that

since each stakeholder has own interest, the manager can become unaccountably for their

actions. Authors also suggested that the reason why firms to follow stakeholder theory might be

that the stakeholders’ interest meet with director’s own interest, therefore can lead to

‘opportunistic directors could more easily act in their interests’ (Phillip, 2003; Marcoux, 2000;

Stenberg, 2004 cited in Nwanji and Howell, n.d). The journal gave the example in 2003 while

total revenues of world’s largest corporations- about 500 groups of CEOs, are 14.9 trillion US

dollars while millions of workers after contributing to such achievements ‘lost their jobs and

continue to suffer in the name of maximising shareholders value’. It is also suited with the

criticism of the activists for HSBC that given above of Moore (2013). There is another

suggestion of why sustainability cannot make into reality, which is the suggestion where

stakeholders perceptions are differ from corporate reality (Peloza, Loock, Cerruti and Muyot,

2012). The authors, in their article, try to find out the answers by examine stakeholders’

perception of the sustainability activities of firms, and compare that perception with the reality of

a firm’s investment in sustainability. The findings of ‘why does perception not meet reality’ can

be due to the communication problems within the company. It is said that due to the message

delivery was caused problem by noise can distract the audience from the original message, which

can cause to the different in perception and reality.

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IV. Recommendations to HSBC management as to how they should

improve the organizations’ current business approach:

As a large multinational organization, it is hard to change its approach in their corporate

governance. However to improve the current business approach of the firms, it is still some

appropriate recommendations will be given in this report. Since it is stated that ‘a firm cannot

maximise value if ignores the interest of its stakeholders’ (Jansen, 2001 cited in Nwanji and

Howell, n.d.), it is crucial for HSBC to carefully plan their actions regarding the effects and

consequences that might occur for the environment and society as well, not only for the

economy. The recommendation is that HSBC should have the approach in business ethics

include of both deontological approach and teleological approach. The former is the approach

that states the duty for business ethics is basic moral category, ‘independent from the

consequences’ of the actions (Nwanji and Howell, n.d.). The latter is the approach where the

firm will examine the consequences to find out the actions are moral or not (Beu et al 2003 cited

in Nwanji and Howell, n.d.). HSBC should take into account that how such shareholder ‘value’

can affect the local and global communities hence have more internal controls and actions in

order to follow ethical codes that they set. According to Peloza, Loock, Cerruti and Muyot

(2012), to deal with the problems that stakeholders’ perception can differ from the sustainability

performance of the firm, they have several suggestions in terms of having more effective

delivery of sustainability messages. With different issues that can occur to distract the

sustainability messages, the journal stated out each recommendation related with each issues. For

instance, dealing with the negative category bias, the recommendation is ‘to align benefits of

sustainability with individual stakeholder group’s interest’. Another example is the issues related

with the conflict between sustainability and brand positioning, the suggestion is that to ‘integrate

sustainability message into positioning’ (Peloza, Loock, Cerruti and Muyot, 2012, pp89-90). The

authors of the article also gave suggestions for the firm in macro level such as HSBC. There are

two of those recommendations that could be used for HSBC. The first is responsibility is taken

for the impact of internal operations, as well as those of associated entities such as supply chain

partners’. That is the reason why HSBC should have more control in terms of their supply chains

after the scandals involving with dealing business with criminal-related bank. A suggestion for

that is to form alliances between banks or other sectors to foster the progress on targeted

sustainability issues. The second suggestion that worth to be mentioned is that firm should

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‘understand that sustainability is more than reporting’. For large corporations, it is important to

integrate sustainability themes into their brand and customers value propositions for better

success.

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BBC News (2012) HSBC to pay $1.9bn in US money laundering penalties [Internet], December

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Brinded, L. (2012) Libor fixing scandal: HSBC fix six rate probes as CEO admits bank’s failure.

IBTimes [Internet], July 2012. Available from:

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Collins, D. (2009). Essentials of business ethics: creating an organization of high integrity and

superior performance. John Wiley & Sons Inc, pp8-10.

Crane, A. and Matten, D., 2010. Business Ethics. 3rd ed. Oxford: Oxford University Press.

Fisher, C. and Lovell, A., 2005. Business Ethics and Values. Harlow: Pearson Education,

pp11.

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[Accessed 15 May 2013].

HSBC (2013) Our values [Internet] Available from: http://www.hsbc.com/citizenship/our-values

[Accessed 14 May 2013].

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Johnson, G., Sholes, K., Whittington, R. (2008). Exploring corporate strategy. 8th ed. Harlow:

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Moore, J. (2009) HSBC hit with big fine after losing thousands of customers’ details. The

Independent [Internet], July 2009. Available from:

http://www.independent.co.uk/news/business/news/hsbc-hit-with-big-fine-after-losing-

thousands-of-customers-details-1757497.html [Accessed 15 May 2013].

Moore, J. (2013) Outrage as HSBC hand £2m bonus to Chief Stuart Gulliver after fine in US.

The Independent [Internet], March 2013. Available from:

http://www.independent.co.uk/news/business/news/outrage-as-hsbc-hands-2m-bonus-to-chief-

stuart-gulliver-after-fine-in-us-8518814.html?origin=internalSearch [Accessed 15 May 2013].

Nwanji, T., Howell, K (n.d.) The Stakeholder Theory in the Modern Global Business

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Peloza, J., Moritz, L., Cerruti, J., Muyot, M. (2012) Sustainability: How stakeholder perception

differ from corporate reality. California Management Review, 55 (1).

Roland, D. (2013) HSBC Chief admits complexity exposed the bank to crime. The Telegraph

[Internet], Feb 2013. Available from:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9852625/HSBC-chief-

admits-complexity-exposed-the-bank-to-crime.html [Accessed 15 May 2013].

Sparkes, M. (2012) HSBC to cut 3,167 jobs across the UK. The Telegraph [Internet], April

2012. Available from

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jobs-across-the-UK.html [Accessed 15 May 2013].

Werdigier, J. (2012) HSBC names head of financial crime compliance. The New York Times

[Internet], December 2012. Available from: http://dealbook.nytimes.com/2012/12/10/hsbc-

names-head-of-financial-crime-compliance/ [Accessed 15 May 2013].

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