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FSR Forum 14th Volume Edition 03, Corporate Social Responsibility
Citation preview
Corporate SocialResponsibility
14th VolumeMarch 2012issue #3
Interview prof J.P. BalkenendeExpert on CSR
Strategic Implications of Corporate Social ResponsibilityArticle
Column J. G. GroeneveldThe Vestia case
p32p17 p38
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Corporate Social Responsibility
Preface
Dear readers,
I present you the third edition of the 14th volume. The central theme of this edition is Corpo-
rate Social Responsibility (“CSR”). When I selected this theme my knowledge of the practice of CSR
was less developed than it is today. In my view CSR was a side activity, a PR instrument and a
practice that you would only invest in in times of economic prosperity. After reading this edi-
tion it will become clear to you that this view has become outdated. Nowadays the general con-
sensus is that our responsibilities are not restricted to our immediate vicinity but extend to
global issues as well as future generations. For that reason businesses incorporate CSR in their
main business strategies and don’t treat it as a side activity.
As in previous editions this edition includes three scientific articles. These articles provide you
with a theoretical framework on CSR. The first article, by Archie B. Carroll and Kareem M.
Shabana, explains why firms should engage in CSR practices and what the benefits are of these
engagements. By means of a business case, arguments for and against CSR practices are set
out. Furthermore the researchers provide you with an overview of the history and background
of CSR.
The second article is a summary of the research paper by McWilliams, Siegel and Wright.
According to these researchers, engaging in CSR practices is beneficial for companies. However,
the definitions and measurements of CSR should be defined more profound. Since there are no
accurate models available to managers, it is difficult to develop a concrete CSR strategy. Based
on several theories, such as the stakeholders’ theory, the researchers provide you with an over-
view of the theoretical perspectives on CSR since 1970 and subsequently propose an agenda for
future theoretical and empirical research on CSR.
The final article written by Karen Maas en Frank Boons approaches the CSR practice from a
strategic perspective. For CSR to become a strategic activity two conditions have to be met;
CSR has to be implemented into the strategy of the firm and secondly the value that the firm
adds to its environment has to be measured. The researchers first define three strategic CSR
activities, after which they develop a method to measure the firm’s contribution to its environment.
As I have mentioned before the articles provide you with a theoretical framework. In an interview
with Jan Peter Balkenende, our former Prime Minister who is now Partner at Ernst & Young,
gives an insight into how CSR has become a main activity in doing business. Furthermore he
links the practice of CSR to the financial crisis and he states the differences between countries
globally. Personally, for me interviewing Jan Peter Balkenende was truly inspiring, and I now
realize that we as students need to recognize the importance of CSR. Hereby I would like to
thank Jan Peter Balkenende for his contribution to this FSR Forum.
As in every edition a teacher has written a column especially for the FSR Forum. This time
Karen Maas has written the column in which she states the latest developments in the field of
CSR, both from a research and a firm’s perspective. She concludes her column by mentioning
the importance of teaching students about the practices of CSR and that CSR is no longer a
hype.
fsrforum • volume 14 • issue #3
2 • Preface
In the remainder of this edition you will find the column of Mister Groeneveld, who has dedicated
his column to Vestia, a housing corporation that recently got in financial trouble. Naturally
this edition also includes the FSR News; among which the News Update, the Former Board
Member column and the FSR Member column. The Former Board Member column is this time
written by Gideon Sternfeld, who was a member of the fifth FSR Board. Throughout the years
Gideon has gained work experience at several companies, which I found truly interesting to
read. Don’t forget that his career actually started at the FSR.
Finally I would like go through our activities calendar. Last edition I mentioned that we are
already looking for our successors. For this reason we are going to organize a social drink especially
for those who are interested in a board year or in participating in one of our committees next
year. The drink will take place on April 12th. The exact location and time will be announced
shortly on www.fsr.nl. Go to page 54 or to our website where you can find an overview of the
possible board functions or committees.
I hope you will enjoy reading this FSR Forum and that it will enrich your knowledge about the
practice of Corporate Social Responsibility.
Sincerely,
Anne van Driesum
Editor in Chief FSR Forum
FSR board 2011-2012
Preface • 3
Table of contents
ColofonFSR FORUM appears five times a year and is an edition of the Financial Study Association RotterdamKvK Rotterdam no: V 40346422VAT no: NL 805159125 B01ISSN no: 1389-0913
14th volume, number 3, circulation 1550 copies
Editor in chiefAnne van Driesum
Editorial department Jeroen van Oerle
Editorial advisoryDr. M. B. J. SchautenDr. W. F. C. VerschoorDrs. R. Van der Wal RA
With the cooperation ofA. B. Carroll K. M. ShabanaA. Mc WilliamsD. S. Siegel P. M. WrightJ.P. BalkenendeK. Maas F. BoonsDrs. J. G. Groeneveld RA RV
K. MaasD. Smits
Editorial addressEditiorial office FSR Forum, Erasmus Universiteit Rotterdam Room H14-06Postbus 1738, 3000 DR RotterdamTel. 010 408 1830E-mail: [email protected]
The business case for corporate social responsibility: a review of concepts, research and practiceBy Archie B. Carroll and Kareem M. ShabanaThe business case is concerned with the primary question: What do the business community and
organizations get out of CSR? That is, how do they benefit tangibly from engaging in CSR
policies, activities and practices? 8
Strategic Implications of Corporate Social Responsibility: Review and AgendaBy Abagail Mc Williams, Donald S. Siegel & Patrick M. WrightThis is a summary of McWilliams, Siegel and Wright (2006). It describes a variety of perspectives
on Corporate Social Responsibility from which we develop a framework for understanding the
strategic implications of CSR. Based on this framework, an agenda for future theoretical and
empirical research on CSR is proposed. 17
CSR as a strategic activity. Value creation, redistribution and integrationBy Karen Maas and Frank BoonsCSR has potential to become a strategic activity adding value on different dimensions if two
conditions are met. The first condition for strategic CSR is that CSR needs to become integrated
with the strategy of the firm. The second condition for strategic CSR is to measure and monitor
these new or additional values. We distinguish three ways in which CSR may provide value to a
firm, society and ecosystems: value creation, value integration and value redistribution. 22
Corporate Social Responsibility
4 • Table of contents
fsrforum • volume 14 • issue #3
SubscriptionEUR Students through membership FSR; costs e 5,00. Others through subscription. To obtain information, contact the editorial department; costs e 27.50 (including VAT and postage).
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AdvertisersBaker Tilly Berk
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BDO
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Philips
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PWC
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Ernst & Young
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Interview J.P. Balkenende 32
Expert on CSR
Column Joost Groeneveld PhD 38
Vestia; sociaal onverantwoord
Column professor 41
Karen Maas
FSR News
Word of the Chairman 43
News update 45
FSR former board member 46
FSR member 47
Activity reports 49
FSR Activity Calendar 60
Company Presentations Ernst & Young 6www.ey.nl/carriereOptiver 14 www.optiver.comGrand Thornton 36www.carrierebijGT.nlMinisterie van Financiën 50www.werkenvoornederland.nl/minfin
Table of contents • 5
Deze bedrijfspresentatie is gericht op het specifieke Corporate Responsibility beleid van Ernst & Young. In het onder-staande interview met de heer Van de Loo zal uitgebreid ingegaan worden op hoe dit CR beleid is ingericht en hoe dit tot uiting komt in de algemene bedrijfsvoering van Ernst & Young. Tevens kunt u op pagina 32 het inter-view met de heer Balkenende vinden, die net als de heer Van de Loo werk-zaam is bij Ernst & Young.
Zou u zich kort kunnen introduceren?Mijn naam is Paul van de Loo en ik ben sinds juli 2011 partner bij Ernst & Young. Tijdens mijn
studie Bedrijfseconomie aan de Erasmus Universiteit heb ik mij gespecialiseerd op het gebied
van Corporate Finance, waarna ik in het bedrijfsleven ben gaan werken. Na verschillende functies
te hebben vervuld bij bijvoorbeeld KPN, heb ik in eerste instantie de telecom adviespraktijk
opgebouwd bij Ernst & Young.
Sinds juli 2011 ben ik binnen Ernst & Young België en Nederland verantwoordelijk voor Climate
Change and Sustainability Services, ook wel Corporate Responsibilty and Sustainability Services
genoemd. Dat houdt in dat wij vanuit Ernst & Young diensten leveren aan organisaties zoals de
overheid en het bedrijfsleven op het gebied van klimaatsverandering en duurzaamheid. Deze
dienstverlening heeft betrekking op de gehele breedte van ons bedrijf: Assurance, Advisory, Tax
en de M&A afdeling. Specifiek ben ik verantwoordelijk voor de coördinatie van het contact met
onze klanten en de coördinatie van de verschillende opdrachten binnen Ernst & Young.
Zou u het CR beleid van Ernst & Young uit een kunnen zetten?Het CR beleid van Ernst & Young bestaat uit de vier E's: Environment, Employees, Entrepreneur-
ship en Community Engagement. De eerste twee E's hebben voornamelijk betrekking op ons
eigen productieproces. Wij als service gerelateerd bedrijf hebben feitelijk gezien een vrij een-
voudig productieproces. De benodigdheden voor het verlenen van diensten zijn een kantoor-
gebouw, kantoorartikelen, transport en bekwame werknemers. Wanneer je ons productieproces
vergelijkt met een industrieel bedrijf dan is de impact die wij hebben op dit proces relatief
beperkt. Het beleid rondom Employees richt zich bijvoorbeeld op een divers werknemers-
bestand, flexibele werkplekken en de gezondheid van de werknemer. Bij het Environment
beleid worden maatregelen getroffen om de impact op het milieu te beperken, zoals een auto-
kostenregeling die niet alleen ingesteld is voor de medewerkers maar ook voor de partners.
Daarnaast is het van belang hoe er met onze keten wordt omgegaan. Er worden bijvoorbeeld
ook eisen gesteld aan de partners binnen ons inkoopproces.
De grootste impact hebben wij echter op het gebied van Community Engagement en Entrepre-
neurship, wat tevens veel raakvlakken heeft met ons kennisgebied. Het meeste kunnen wij wat
betreft CR dus betekenen in het contact met de samenleving en met de organisaties waar wij
mee om gaan vanuit een kennis perspectief. Wat betreft Community Engagement hebben wij
gekozen voor een aantal partners die zich manifesteren op het vlak van CR en duurzaamheid,
waaronder Urgenda. Urgenda houdt zich bezig met de mobiliteitsagenda van Nederland in de
toekomst. Vanuit de kennis en kunde van onder andere Ernst & Young kan daaraan worden
bijdragen door het uitvoeren van scenariostudies of door kritisch te kijken naar het belasting-
plan van de toekomst. Dit soort projecten behandelen wij als zijnde commerciële projecten terwijl
het in feite pro bono-werk is. Tenslotte refereert Entrepreneurship naar het proces waarin wij
onze klanten begeleiden in het ontwikkelen van hun eigen CR strategie. Dit is tevens het gebied
waarin ik voornamelijk actief ben.
Hoe begeleidt Ernst & Young klanten in het ontwerpen van een passende CR strategie?Wij hebben voornamelijk contact met bestaande klantenrelaties, waardoor wij al weten of de
klant actief is op het gebied van CR en waar de problemen ontstaan bij het ontwikkelen of uit-
werken van de CR strategie. Vervolgens zal onze Client Service Partner contact opnemen met
de algemene directeur of de CEO van het desbetreffende bedrijf. Uit dit contact zal blijken of de
Ernst & Young
Company presentation
6 • Company presentation
fsrforum • volume 14 • issue #3
klant behoefte heeft aan een verdere ontwikkeling van hun CR praktijken, maar ook zal blijken
wat de belangrijskte reden is van waarom CR belangrijk is voor het bedrijf; dit kan zijn vanuit een
algemene overtuiging of doordat de afnemer het eist. Uiteindelijk wordt er dan een project gefor-
muleerd en zal er advies uitgebracht worden aan de klant. Hierbij zien wij vaak dat een bedrijf
weer dichterbij de core business komt door het heroverwegen van de algemene strategie. Op de
lange termijn leidt dit tot concrete voordelen, bijvoorbeeld richting de kapitaalverschaffers, de
supply chain of in ‘the war for talent’.
We doen dus als het ware een scan waaruit blijkt waar het belangrijk is en waarom de klant het wil.
Mocht een klant nu geen behoefte hebben aan de ontwikkeling van een CR strategie, wat doen jullie dan?Als een partij het echt niet wil dan gaan we daar ook niet op in, want dat heeft gewoon echt geen
zin. Het is belangrijk om je te realiseren dat daar waar wij de klant kunnen helpen om te ver-
anderen, we een grotere impact hebben dan als wij de klanten gelijk de rug toe keren.
Wij hebben echter wel criteria voor klantacceptatie. Indien een partij zich bijvoorbeeld schuldig
maakt aan kinderarbeid of verkeerd omgaat met hun personeel, dan zullen wij daar niet snel
een opdracht gaan doen. Tenzij wij dus van mening zijn dat we een gesprek kunnen aangaan
om dingen te veranderen, want dan heb je de grootste impact.
Hoe groot is de omvang van de CR praktijk binnen Ernst & Young?De CR praktijk van Ernst & Young zal op de korte termijn nog sterk gaan groeien. Momenteel
kijken wij voornamelijk vanuit een assurance perspectief naar maatschappelijke verslagen.
Ongeveer acht personen richten zich volledig op de controle van deze verslagen. In totaal contro-
leren wij 60 tot 80 assurance verslagen per jaar, waarbij de grote verschilt van C02 verfificaties
tot uitgebreide duurzaamheidsverslagen. Daarnaast worden er mensen vanuit de standaard
financial assurance teams betrokken bij specifieke opdrachten. Op den duur willen we deze
samenwerking gaan intensiveren voor zowel non financial als financial audit.
Als je kijkt vanuit een adviesbeleid dan zitten we daar echt nog aan het begin. Ik werk momenteel
met ongeveer zes anderen samen, sommigen die echt alleen met CR bezig zijn en anderen die
daarnaast ook werkzaam zijn binnen de algemene adviespraktijk. Een verdere uitbreiding kan
op drie verschillende manieren: we kunnen mensen trainen, recruiten of we kunnen een stra-
tegische samenwerking aangaan met andere partijen. We willen uiteindelijk op een praktijk
uitkomen van ongeveer 30 tot 40 personen.
Is er ruimte voor starters binnen deze CR praktijk of is enige ervaring op het gebied van CR een vereiste?Op het moment zijn de starters die CR gerelateerde opdrachten uitvoeren afkomstig vanuit de
standaard afdelingen, zoals assurance en advisory. De mensen waar ik intensief mee samenwerk
zijn dus over het algemeen mensen met ervaring op het gebied van CR en sustainability. Op den
duur willen we naar een normale pyramide structuur toe, waardoor we dan ook op staff en
senior staff niveau mensen nodig zullen hebben. De exacte vormgeving is echter tot nu toe nog
onduidelijk. Dit is met name afhankelijk van of we een samenwerkingsverband aan zullen gaan
met een derde partij. In de zomer verwacht ik daar meer duidelijkheid over te kunnen hebben.
Het CR beleid van Ernst & Young bestaat uit de vier E's: Environment, Employees, Entrepreneurship en Community Engagement.
Paul van de Loo - Partner Ernst & Young
Company presentation • 7
The business case for corporate social responsibility: a review of concepts, research and practice
By Archie B. Carroll and Kareem M. Shabana (2010)
IntroductionToday, one cannot pick up a newspaper, magazine or journal without encountering some discussion of the issue, some recent or innovative example of what business is thinking or doing about CSR, or some new conference that is being held. For all practical purposes, however, it is largely a post World War II phenomenon and actually did not surge in importance until the 1960s and beyond. Therefore, it is largely a product of the past half century.
8 • The business case for corporate social responsibility: a review of concepts, research and practice
fsrforum • volume 14 • issue #3
»
The term ‘corporate social responsibility’ is still in popular use,
even though competing, complementary and overlapping
concepts such as corporate citizenship, business ethics,
stakeholder management and sustainability are all vying to
become the most accepted and widespread descriptor of the
field. At the same time, the concept of corporate social per-
formance (CSP) has become an established umbrella term
which embraces both the descriptive and normative aspects
of the field, as well as placing an emphasis on all that firms
are achieving or accomplishing in the realm of social respon-
sibility policies, practices and results.
In this review commentary, the primary subject is the ‘busi-
ness case’ for CSR. In short, this refers to the arguments or
rationales supporting or documenting why the business
community should accept and advance the CSR ‘cause’. The
business case is concerned with the primary question: What
do the business community and organizations get out of
CSR; that is, how do they benefit tangibly from engaging in
CSR policies, activities and practices?
Background and historical perspectivesIn the 1950s, there was some limited discourse about CSR.
Frank Abrams, a former executive with Standard Oil Com-
pany, New Jersey, introduced concerns about management’s
broader responsibilities in a complex world (Abrams 1951).
Abrams argued that, as management was professionalizing,
companies had to think not just about profits but also about
their employees, customers and the public at large.
William C. Frederick, a noted contributor to the CSR literature,
argued that there were three core ideas about CSR that stood
out in the 1950s. These included the idea of the manager as
public trustee, the balancing of competing claims to corporate
resources, and corporate philanthropy business support of
good causes (Frederick 2006).
Though the 1960s seemed ripe for advances in social respon-
sibility thought, the decade was still reeling from Professor
Theodore Levitt’s admonitions about ‘the dangers of social
responsibility’. Levitt thought that social concerns and the
general welfare were not the responsibility of business, but of
government, and that business’s job was to ‘take care of the
more material aspects of welfare’. Levitt feared that attention
to social responsibilities would detract from the profit motive
that was so essential for business success.
As the 1960s transitioned into the 1970s and beyond, the par-
ticular emphasis in the CSR concept evolved primarily
through the academic contributions in the literature and the
slowly emerging realities of business practice. Formal defini-
tions of CSR began to proliferate in the 1970s, and the overall
trajectory was towards an emphasis on CSP (Carroll 1999;
Sethi 1975). The 1970s was the decade in which corporate
social responsibility, responsiveness and performance
became the center of discussions.
Frederick (1978) formalized this distinction by differentiating
corporate social responsibility (CSR1) from corporate social
responsiveness (CSR2). CSR1 emphasized companies ‘assuming’
a socially responsible posture, whereas CSR2 focused on the
literal act of responding or of achieving a responsive posture
towards society. In the mid-1970s, an emphasis on CSP more
clearly emerged. In one respect, CSP was an attempt to rec-
oncile the importance of both CSR1 and CSR2, but it was also
about placing an emphasis on achieving results or emphasizing
the outcomes of socially responsible initiatives (Carroll 1979;
Wartick and Cochran 1985; Wood 1991).
Arguments for and against CSRThe case against the concept of CSR typically begins with the
classical economic argument articulated most forcefully by
the late Milton Friedman (1962). Friedman held that manage-
ment has one responsibility and that is to maximize the profits
of its owners or shareholders. Friedman argued that social
issues are not the concern of business people and that these
problems should be resolved by the unfettered workings of
the free market system. Further, this view holds that, if the
free market cannot solve the social problems, it falls not
upon business, but upon government and legislation to do
the job. A second objection to CSR has been that business is
not equipped to handle social activities. This position holds
that managers are oriented towards finance and operations
and do not have the necessary expertise (social skills), to
make socially oriented decisions (Davis 1973). A third objection
to CSR is that it dilutes businesses’ primary purpose. The
objection here is that to adopt CSR would put business into
fields of endeavor that are unrelated to their ‘proper aim’
(Hayek 1969). A fourth argument against CSR is that business
already has enough power, and so why should we place in its
hands the opportunity to wield additional power, such as
social power (Davis 1973)? A fifth argument is that, by pursuing
CSR, business will make itself less competitive globally.
Arguments in favor of CSR typically begin with the belief that
it is in business’s long-term self interest to be socially responsible.
This view holds that, if business is to have a healthy climate
in which to function in the future, it must take actions now
that will ensure its long-term viability. A second argument in
favor of CSR is that it will ‘ward off government regulation’.
This is a very practical reason, and it is based on the idea that
future government intervention can be forestalled to the
extent that business polices itself with self-disciplined stand-
ards and fulfills society’s expectations of it. Two additional
arguments in favor of CSR include ‘business has the
resources’ and ‘let business try’. These two views maintain
that, because business has a reservoir of management talent,
functional expertise and capital, and because so many others
have tried and failed to solve social problems, business
should be given the chance (Davis 1973, p. 316). Another jus-
tification for CSR holds that proacting is better than reacting.
What do the business community and organizations get out of CSR?
The business case for corporate social responsibility: a review of concepts, research and practice • 9
This basically means that proacting (anticipating, planning
and initiating) is more practical and less costly than simply
reacting to social problems once they have surfaced (Carroll
and Buchholtz 2009). Finally, it has been argued that business
should engage in CSR because the public strongly supports
it. Today, the public believes that, in addition to its pursuits
of profits, business should be responsible to their workers,
communities and other stakeholders, even if making things
better for them requires companies to sacrifice some profits
(Bernstein 2000).
Over the past half century, many different definitions of what
CSR really means have been set out. One recent study identi-
fied 37 definitions of CSR (Dahlsrud 2006).Using content
analysis, this study identified five dimensions of CSR and
used frequency counts via a Google search to calculate the
relative usage of each dimension. The study found the following
to be the most frequent dimensions of CSR: stakeholder
dimension, social dimension, economic dimension, voluntar-
iness dimension and environmental dimension (Dahlsrud
2006). Another way to think about CSR is to identify the dif-
ferent categories of CSR and sort out companies’ activities in
terms of these different types, classes or kinds of CSR. Using
this approach, we decided to employ Carroll’s four different
categories of CSR, which include businesses’ fulfillment of eco-
nomic, legal, ethical and discretionary/philanthropic respon-
sibilities. This four-part definition of CSR has been stated as
follows: ‘The social responsibility of business encompasses
the economic, legal, ethical, and expectations that society
has of organizations at a given point in time’ (Carroll 1979,
p. 500, 1991, p. 283). Because this definition has been used
successfully for research purposes for over 25 years, it was
decided this might be a positive and appropriate definition to
use because of its enduring application in CSR research.
The essence of CSR: ethical and philanthropic responsibilitiesCarroll’s (1979, 1991) four-part definition of CSR identifies
four categories of responsibilities: economic, legal, ethical
and discretionary/philanthropic. These ‘responsibilities’ are
the expectations placed on the corporation by corporate
stakeholders and society as a whole. One of the major advan-
tages of Carroll’s definition is its expansion of the categories
of CSR that McGuire referred to in 1963. McGuire (1963, p.
144) argued: ‘The idea of social responsibilities supposes that
the corporation has not only economic and legal obligations,
but also certain responsibilities to society which extend
beyond these obligations.’ By identifying and distinguishing
the ethical and discretionary/philanthropic categories, Car-
roll explicitly spelled out what McGuire referred to as the
responsibilities that extend beyond the economic and legal
responsibilities. Carroll then made the notion of CSR more
explicit when he contended that the economic and legal
responsibilities are ‘required’, the ethical responsibilities are
‘expected’, and the discretionary/philanthropic responsibilities
are ‘desired’. By doing so, he made a distinction between the
traditional and the new responsibilities of the corporation.
Kotler and Lee (2005) essentially see CSR in the same way.
They define CSR as ‘a commitment to improve community
well-being through discretionary business practices and
contributions of corporate resources’.
The business case for CSR: What does it really mean?When one examines the history and evolution of CSR, the
idea of a business case for CSR has been developing almost
since the beginning. Even with early CSR initiatives, there
was always the built-in premise that, by engaging in CSR
activities, businesses would be enhancing the societal
environment in which they existed and that such efforts
would be in their long term enlightened self-interest.
Though CSR came about because of concerns about busi-
nesses’ detrimental impacts on society, the theme of improving
society was certainly in the minds of early theorists and
practitioners. With the passage of time and the growth of
resources being dedicated to social responsibility, it was only
natural that questions would begin to be raised about
whether CSR was paying its own way. Another incentive for
the development of the business case was probably a response
to Milton Friedman’s continuing arguments against the con-
cept, claiming that businesses must focus only on long-term
profits. If it could be demonstrated that businesses actually
benefited financially from CSR, then possibly Friedman’s
arguments would somewhat be neutralized.
It should be emphasized that a multitude of different busi-
ness cases for social responsibility have been developing over
the years. There is no single business case for CSR - no single
rationalization for how CSR improves the bottom line. Many
different arguments have been assembled to justify the com-
posite business case. The business case for CSR has been
broken down into four different categories by Simon Zadek.
Zadek has argued that companies pursue CSR strategies to
(1) defend their reputations (pain alleviation), (2) justify ben-
efits over costs (the ‘traditional’ business case), (3) integrate
with their broader strategies (the ‘strategic’ business case),
and (4) learn, innovate and manage risk (New Economy
Business case) (Zadek 2000). Kurucz et al. (2008, pp. 85-92)
also have set out four general types of business case for CSR
which overlap with Zadek’s. They maintain that there are
four different groupings of the business case based on the
focus of the approach, the topics addressed, and the underlying
assumptions about how value is created and defined. Their
four approaches include: (1) cost and risk reduction; (2)
gaining competitive advantage; (3)developing reputation and
legitimacy; and (4)seeking win-win outcomes through syner-
gistic value creation.
Evidence of the business case for CSR
Ethical responsibilities in practice.The ethical responsibilities of business ‘embody those standards,
norms, or expectations that reflect a concern for what con-
Management has one responsibility and that is to maximize the profits.
10 • The business case for corporate social responsibility: a review of concepts, research and practice
fsrforum • volume 14 • issue #3
»
sumers, employees, shareholders, and the community regard
as fair, just, or in keeping with the respect or protection of
stakeholders’ moral rights’ (Carroll 1991, p. 41). In essence,
ethical responsibilities refer to a corporation’s voluntary
actions to promote and pursue social goals that extend
beyond their legal responsibilities. These goals are of impor-
tance to society or to different stakeholders in society, but
their promotion and pursuit are beyond the corporation’s
immediate financial interest. The importance of these social
goals to society may be inferred from the presence of an
interest to identify them and measure and report corporate
performance regarding them. In response to the mounting
social and stakeholder concerns, many corporations are
adopting initiatives and programs directed at the ethical
responsibilities of business.
Philanthropic responsibilities in practice.The discretionary/philanthropic responsibilities of business
encompass ‘those corporate actions that are in response to
society’s expectation that business be a good corporate citi-
zen. This includes actively engaging in acts or programs to
promote human welfare or good will’ (Carroll 1991, p. 42).
Many businesses make donations directed at various causes
such as education, community improvement, and arts and
culture (Seifert et al. 2004). The Committee Encouraging
Corporate Philanthropy (CECP) reports that, according to a
2007 survey, the median total giving of Fortune 100 companies
was $46.31 million, with 71% of Fortune 100 companies
giving more than they did in 2006 (CECP 2009a). Bruch and
Walter (2005, p. 49) observe that ‘[i]n the United Kingdom
alone, leading publicly traded companies made donations to
non-profit organizations in 2003 and 2004 that were valued
at more than $1.6 billion and that equaled close to 1% of the
companies’ pre-tax profits’.
Business-case arguments for CSR practicesThe arguments are organized in four sections corresponding
to the four CSR arguments proposed by Kurucz et al. (2008)
which were described above as (1) cost and risk reduction; (2)
gaining competitive advantage; (3)developing reputation and
legitimacy; and (4)seeking win-win outcomes through syner-
gistic value creation.
Cost and risk reduction. Cost and risk reduction justifications constitute arguments
that contend that engaging in certain CSR activities will
reduce costs and risks to the firm. ‘[T]he primary view is that
the demands of stakeholders present potential threats to the
viability of the organization, and that corporate economic
interests are served by mitigating the threats through a
threshold level of social or environmental performance’
(Kurucz et al. 2008, p. 88).
T. Smith (2005) argues that CSR activities in the form of
equal employment opportunity (EEO) policies and practices
and environmentally responsible commitments enhance
long-term shareholder value by reducing costs and risks. He
contends that explicit EEO statements are necessary to illus-
trate an inclusive policy which reduces employee turnover
through improving morale. Smith’s argument is consistent
with the contentions of others (e.g. Berman et al. 1999; Rob-
inson and Dechant 1997; Thomas and Ely 1996) that ‘[l]ack
of diversity may cause higher turnover and absenteeism from
disgruntled employees’ (Berman et al. 1999, p. 490).Cost and
risk reduction may also be achieved through CSR activities
directed at the natural environment. Environmentally
responsible commitments may reduce the negative impact of
social concern
Corporate social responsibility activities directed at manag-
ing community relations may also result in cost and risk
reductions (Berman et al. 1999). Building positive commu-
nity relationships may contribute to the firm’s attaining tax
advantages. In addition, positive community relationships
decrease the amount of regulation imposed on the firm,
because the firm is perceived as a sanctioned member of society.
Cost and risk reduction arguments for CSR have been gaining
wide acceptance among managers and executives. In a survey
of business executives by PricewaterhouseCoopers cited in
Fortune (2003),73% of respondents indicated that ‘cost sav-
ings’ were one of the top three reasons why companies are
becoming more socially responsible. Cost savings obviously
attract top management attention as a specific bottom-line
benefit to CSR.
Gaining competitive advantage.The term ‘competitive advantage’ in this section is best
understood in the context of a differentiation strategy. In
other words, this section focuses on how firms may use CSR
practices to set themselves apart from their competitors. The
The business case for corporate social responsibility: a review of concepts, research and practice • 11
previous section, which focuses on cost and risk reduction,
illustrates how CSR practices may be used to build a compet-
itive advantage through a cost leadership strategy.
Competitive advantage justifications contend that, by engaging
in certain CSR activities firms may improve their competi-
tiveness. Stakeholder demands are seen as opportunities
rather than constraints. Firms strategically manage their
resources to meet these demands and exploit the opportuni-
ties associated with them for the benefit of the firm (Kurucz
et al. 2008). Competitive advantages was cited as one of the top
two justifications for CSR in a survey of business executives
reported in Fortune (2003).
Corporate social responsibility initiatives can also contribute
to strengthening a firm’s competitive advantage through
enhancing its relationships with its customers. Corporate
social responsibility initiatives were also found to have a pos-
itive impact on attracting investment. The business case for
corporate philanthropy may be made when it is justified
based on an economic rationale. In other words, corporate
philanthropy is substantiated ‘if it increases shareholder
returns’ (Buchholtz et al. 1999, p. 169). Porter and Kramer
(2002, p. 59) provide a premise for such an argument. The
authors maintain that a business may gain competitive
advantages through its philanthropic activities when such
activities are directed at causes where there is a ‘convergence
of interests’ between the economic gains and the social benefits.
Bruch and Walter (2005) argue that companies use philan-
thropy to enhance their competitive advantage through
combinations of market (external) and competence (inter-
nal) orientations. Through a market orientation, companies
design their philanthropic activities to fit external demands
and meet the expectations of key stakeholders. The companies
therefore improve their competitive advantage through
‘improved marketing and selling capabilities, higher attrac-
tiveness as an employer or better relationships with govern-
mental and non-governmental organizations’ (Bruch and
Walter 2005, p. 50).
Through a competence orientation, companies may align
their philanthropic activities with their capabilities and core
competencies. ‘In so doing, they avoid distractions from the
core business, enhance the efficiency of their charitable
activities and assure unique value creation for the beneficiaries’
(Bruch and Walter 2005, p. 50).
Strategic philanthropy, defined as ‘the process by which con-
tributions are targeted to serve direct business interests
while also servicing beneficiary organizations’ (Tokarski 1999,
p. 34), helps companies to gain a competitive advantage and,
in turn, boosts its bottom line (Seifert et al. 2003). Corporate
philanthropy, in this case, is used as a means of advancing
corporate interests. Corporate social responsibility initiatives
enhance a firm’s competitive advantage to the extent that
they influence the decisions of the firm’s stakeholders in its
favor. Firms build a competitive advantage by engaging in
those CSR initiatives that meet ‘the perceived demands of
stakeholders’ (Kurucz et al. 2008, p. 89). In other words, one
or multiple stakeholders will prefer the firm over its compet-
itors specifically because of the firm’s engagement in such
CSR initiatives.
Developing reputation and legitimacy. Reputation and legitimacy arguments maintain that firms
may strengthen their legitimacy and enhance their reputation
by engaging in CSR activities. Suchman (1995, p. 574)
defines legitimacy as ‘a generalized perception or assumption
that the actions of an entity are desirable, proper, or appro-
priate within some socially constructed system of norms,
values, beliefs, and definitions’. Fombrun and Shanley (1990)
explain that perceptions of a firm’s concern for society illus-
trates that the firm is able to build ‘mutualistic’ relation-
ships, which indicate that the firm is able to operate while
adhering to social norms and meeting expectations of different
stakeholder groups. Firms ‘focus on value creation by lever-
aging gains in reputation and legitimacy made through
aligning stakeholder interests’ (Kurucz et al. 2008, p. 90).
Reputation and legitimacy sanction the firm to operate in
society.
N. Smith contends that CSR activities enhance the ability of
a firm to attract consumers, investors and employees. He
states that ‘consumers report that many claim to be influ-
enced in their purchasing decisions by the CSR reputation of
firms’ (N. Smith 2003, pp. 61-63).
Corporate philanthropy is another CSR activity which aims
to enhance corporate legitimacy and reputation. Chen et al.
(2008, p. 131) posit that ‘corporate philanthropy may... be a
tool of legitimization....’The authors argue that some firms
12 • The business case for corporate social responsibility: a review of concepts, research and practice
fsrforum • volume 14 • issue #3
that have negative social performance in the areas of envi-
ronmental issues and product safety use charitable contribu-
tions as a means for building their legitimacy. Firms may
also use philanthropy to strengthen their legitimacy through
managing their local dependency and creating trust (Kamens
1985).
Corporations are also reasoned to enhance their legitimacy
and reputation through disclosure of information regarding
their performance on different social and environmental
issues (Brammer and Pavelin 2004). One such disclosure
practice is corporate social reporting. Corporate social
reporting refers to the issue of standalone reports that provide
information regarding a company’s economic, environmental
and social performance. The practice of corporate social
reporting has been encouraged by the establishment of the
GRI in 1997 and the launch of the Global Compact in 1999
(Antal et al. 2002). Through the issue of a social report, firms
are able to illustrate that their operations are consistent with
social norms and expectations, therefore they are legitimate.
Seeking win-win outcomes through synergistic value creation. Synergistic value creation arguments focus on exploiting
opportunities that reconcile the differing stakeholder
demands. Firms do this by ‘connecting stakeholder interests,
and creating pluralistic definitions of value for multiple
stakeholders simultaneously’ (Kurucz et al.2008,p.91).
Porter and Kramer (2002, p. 66) argue that, when companies
‘get the where and how right’, philanthropic activities and
competitive advantage become mutually reinforcing and
create a virtuous circle. They contend that corporate philan-
thropy may be used to influence the competitive context of
an organization, which would allow the organization to
improve its competitiveness and at the same time fulfill the
needs of some of its stakeholders. The notion of creating win-
win outcomes through CSR activities has been raised before.
Drucker (1984, p. 62) argues ‘the proper “social responsibility”
of business is to... turn a social problem into economic
opportunity and economic benefit, into productive capacity,
into human competence, into well-paid jobs, and into
wealth’. Wheeler et al. (2003) echo Drucker’s contention.
They posit ‘it will not be too long before we can begin to assert
that the business of business is the creation of sustainable
value - economic, social and ecological’ (Wheeler et al. 2003,
p. 20).
The win-win perspective to CSR practices is aimed at satisfying
stakeholders’ demands while, at the same time, allowing the
firm to pursue its operations. By engaging its stakeholders
and satisfying their demands, the firm finds opportunities
and solutions which enable it to pursue its profitability interest
with the consent and support of its stakeholder environment.
The win-win perspective to CSR practices provides a view in
which CSR is perceived as a vehicle that allows both the firm
to pursue its interest and stakeholders to satisfy their
demands.
ConclusionsThe business case for CSR refers to the arguments that pro-
vide rational justification for CSR initiatives from a primarily
corporate economic/financial perspective. Business-case
arguments contend that firms which engage in CSR activities
will be rewarded by the market in economic and financial
terms. To formulate a successful CSR strategy, firms must
understand that the benefits of CSR are dependent on medi-
ating variables and situational contingencies. Pivato et al.
(2008) illustrate the role of trust as a mediating variable
which shapes the relationship between CSR activities and
firm performance. Barnett (2007) set out the construct of
stakeholder influence capacity, which illustrates how situa-
tional contingencies may affect the impact of CSR activities
on firm financial performance. It is critical to apply the con-
tingency perspective as suggested by Barnett (2007) and
account for the role of mediating variables as proposed by
Pivato et al. (2008) in the exploration of the relationship
between CSR and firm financial performance. A contingency
perspective would allow the development of justifications for
the lack of a positive relationship between CSR and firm
financial performance in certain circumstances. In addition
it would provide a defense for the business case for CSR in
environments where the business case is argued to have
failed (e.g. De Schutter 2008; Valor 2008; Williamson et al.
2006).
The rationale for the business case for CSR may be catego-
rized under four arguments: (1) reducing cost and risk; (2)
strengthening legitimacy and reputation; (3) building com-
petitive advantage; and (4) creating win-win situations
through synergistic value creation (Kurucz et al. 2008). Cost
and risk reduction arguments posit that CSR may allow a
firm to realize tax benefits or avoid strict regulation, which
would lower its cost. The firm may also lower the risk of
opposition by its stakeholders through CSR activities. Legiti-
macy and reputation arguments hold that CSR activities may
help a firm strengthen its legitimacy and reputation by
demonstrating that it can meet the competing needs of its
stakeholders and at the same time operate profitably. A firm
therefore would be perceived as a member of its community,
and its operations would be sanctioned. Competitive advantage
arguments contend that, by adopting certain CSR activities,
a firm may be able to build strong relationships with its
stakeholders and garner their support in the form of lower
levels of employee turnover, access to a higher talent pool,
and customer loyalty. Accordingly, the firm will be able to
differentiate itself from its competitors. Synergistic value
creation arguments hold that CSR activities may present
opportunities for a firm that would allow it to fulfill the
needs of its stakeholders and at the same time pursue its
profit goals. The pursuit of these opportunities is only possible
through CSR activities.
Stakeholder demands are seen as opportunities rather than constraints.
The business case for corporate social responsibility: a review of concepts, research and practice • 13
START YOUR CAREER IN TRADING APPLY AT WWW.OPTIVER.COMWE ARE SCOUTING FOR BRILLIANT MINDS ONLY
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Company presentationDo you have what it takes to become our next trader at Optiver?
Optiver is een internationaal en innovatief handelshuis. Onze core business is electronische Market Making en arbitrage in financiële producten, zoals derivaten, aandelen en obligaties. We handelen voor eigen rekening, op eigen risico en we hebben geen klanten. Met kantoren in Amsterdam, Sydney en Chicago, 600 medewerkers en 30 verschillende nationaliteiten, wordt er wereldwijd 24 uur per dag gehandeld. Sven Hubens is sinds maart 2011 werkzaam als Trader bij
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Nelleke van ‘t Hoff
Company presentation • 15
fsrforum • volume 14 • issue #3
START YOUR CAREER IN TRADING APPLY AT WWW.OPTIVER.COMWE ARE SCOUTING FOR BRILLIANT MINDS ONLY
TRADINGBRILLIANTBRILLIANTBRILLIANT
IF YOU CAN ANSWER YES TO ALL 6, YOU’RE READY TO TAKE THE REAL TEST.
I HAVE UNLIMITEDAMBITION
I WORK HARDAND PLAY HARD
I DON’T CRACKUNDER PRESSUREI HAVE EXCELLENT
NUMERICAL SKILLSI DON’T LIKE TO
WASTE TIMEI THINK FASTER
THAN MOST PEOPLE
YES NO
IF YOU CAN ANSWER YES TO ALL 6,YOU’RE READY TO TAKE THE REAL TEST.IF YOU CAN ANSWER YES TO ALL 6,YOU’RE READY TO TAKE THE REAL T
Je staat aan het begin van je loopbaan, klaar om te laten zien wat je kan. Als rijkstrainee ontwikkel je je in twee jaar tot een breed inzetbare beleids-, staf- of projectmedewerker. Je doet op meerdere werkplekken ervaring op en krijgt gerichte opleidingen.
Daarna kun je solliciteren naar een reguliere functie bij een van de ministeries. Meer weten over het Rijkstrainee programma 2012? Kijk op www.rijkstrainee.werkenvoornederland.nl. Aanmelden tussen 2 en 16 april.
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Strategic Implications of Corporate Social Responsibility: Review and Agenda
By McWilliams, Siegel and Wright (2006)This is a summary of McWilliams, Siegel and Wright (2006)
INTRODUCTIONScholars have proposed many definitions of Corporate Social Responsibility, making theory
development and consistent measurement difficult. Here we define CSR as situations where a
firm goes beyond compliance and engages in “actions that appear to further some social good,
beyond the interests of the firm and that which is required by law” (McWilliams & Siegel,
2001). CSR activities include incorporating social characteristics or features into products and
manufacturing processes (e.g., aerosol products with no fluorocarbons or using environmentally-
friendly technologies), adopting progressive human resource management practices (e.g.,
promoting employee empowerment), achieving higher levels of environmental performance
through recycling and pollution abatement (e.g., adopting an aggressive stance towards reducing
emissions), and advancing the goals of community organizations.
fsrforum • volume 14 • issue #3
Strategic Implications of Corporate Social Responsibility: Review and Agenda • 17
Je staat aan het begin van je loopbaan, klaar om te laten zien wat je kan. Als rijkstrainee ontwikkel je je in twee jaar tot een breed inzetbare beleids-, staf- of projectmedewerker. Je doet op meerdere werkplekken ervaring op en krijgt gerichte opleidingen.
Daarna kun je solliciteren naar een reguliere functie bij een van de ministeries. Meer weten over het Rijkstrainee programma 2012? Kijk op www.rijkstrainee.werkenvoornederland.nl. Aanmelden tussen 2 en 16 april.
www.rijkstrainee.werkenvoornederland.nl
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However, managers, especially executives of multi-national,
multi-divisional companies are more interested in the conse-
quences of CSR. They are aware that business norms and
standards, regulatory frameworks, and stakeholder demand
for CSR can vary substantially across nations, regions and
lines of business. They are also aware that their divisional
managers are under constant pressure from employees, sup-
pliers, community groups, NGOs, and governments to
increase their firm’s involvement in CSR.
Unfortunately for both scholars and practitioners, the analysis
of CSR is still embryonic and theoretical frameworks, meas-
urement, and empirical methods have not yet been resolved.
Furthermore, it cannot be analyzed through the lens of a single
discipline. So, CSR is fertile ground for theory development
and empirical analysis.
THEORETICAL PERSPECTIVES ON CSRIn Table 1 we summarize selected articles on theoretical per-
spectives of CSR. Friedman (1970) wrote that the only
responsibility of business is to maximize shareholder wealth,
adding that the mere existence of CSR was a signal of an
agency problem within the firm. By this he meant that
agency theory implies that CSR is a misuse of corporate
resources that would be better spent on valued-added internal
projects or that should be returned to shareholders.
Freeman (1984) presented a more positive view of managers’
support of CSR. His stakeholder theory asserts that managers
must satisfy a variety of constituents, including workers,
customers, suppliers and local community organizations, who
can influence firm outcomes. Therefore it can be beneficial
for the firm to engage in certain CSR activities that non-
financial stakeholders perceive to be important, because,
absent this, these groups might withdraw their support for
the firm. Stakeholder theory was expanded by Donaldson and
Preston (1995) who stressed the moral and ethical dimensions
of CSR, as well as the business case for engaging in such
activity. Another perspective, stewardship theory (Donaldson,
1990), is based on the idea that there is a moral imperative
for managers to “do the right thing” without regard to how
such decisions affect firm financial performance.
Using institutional theory, Jennings and Zandbergen (1995)
analyzed the role of institutions in shaping the consensus
within a firm regarding the establishment of an “ecologically
sustainable” organization. A recent paper by Waldman,
Siegel and Javidan (2005) applies strategic leadership theory
to CSR. They conjectured that certain aspects of transforma-
tional leadership will be positively correlated with the
propensity of firms to engage in CSR and that leaders will
employ CSR activities strategically.
When firms engage in CSR strategically, the behavior can be
examined through the lens of the resource based view of the
firm (RBV) as popularized by Barney (1991). RBV presumes
that firms are bundles of heterogeneous resources and capa-
bilities that are imperfectly mobile across firms and that if
these resources and capabilities are valuable, rare, inimitable
and non-substitutable, they can constitute a source of sus-
tainable competitive advantage.
Table 1: Selected Theoretical Papers on CSR
Author(s) Nature of Theoretical Perspective(s) Key Argument/Result
Friedman (1970) Agency Theory CSR is indicative of self-serving behavior on the part of managers, and thus, reduces shareholder wealth.
Freeman (1984) Stakeholder Theory Managers should tailor their policies to satisfy numerous constituents, not just shareholders. These stakeholders include workers, customers, suppliers, and community organizations.
Donaldson (1990) Stewardship Theory There is a moral imperative for managers to “do the right thing,” without regard to how such decisions affect firm performance.
Donaldson and Preston (1995) Stakeholder Theory Stressed the moral and ethical dimensions of stakeholder theory, as well as the business case for engaging in CSR.
Hart (1995) Resource-Based View of the Firm For certain companies, environmental social responsibility can constitute a resource or capability that leads to a sustained competitive advantage.
Jennings and Zandbergen (1995) Institutional Theory Institutions play an important role in shaping the consensus within a firm regarding the establishment of an “ecologically sustainable” organization.
Feddersen and Gilligan (2001) Theory of the Firm Activists and NGOs can play an important role in reducing information asymmetry with respect to CSR on the part of consumers.
McWilliams and Siegel (2001) Theory of the Firm Presents a supply/demand perspective on CSR, which implies that the firm’s ideal level of CSR can be determined by cost-benefit analysis.
McWilliams, Van Fleet and Cory (2002) Resource-Based View of the Firm CSR strategies, when supported by political strategies, can be used to create sustainable competitive advantage.
Waldman, Siegel, and Javidan (2005) Theory of the Firm/ Strategic Leadership Theory
Certain aspects of CEO leadership can affect the propensity of firms to engage in CSR. Companies run by intellectually stimulating CEOs do more strategic CSR than comparable firms.
When firms engage in CSR strategically, the behavior can be examined through the lens of the resource based view of the firm (RBV).
18 • Strategic Implications of Corporate Social Responsibility: Review and Agenda
fsrforum • volume 14 • issue #3
»
Applying RBV Hart (1995) asserted that for certain types of
firms environmental social responsibility can constitute a
resource or capability that leads to a sustained competitive
advantage. Russo and Fouts (1997) tested this theory empiri-
cally using firm-level data on environmental and accounting
performance and found that firms with higher levels of
environmental performance had superior financial perfor-
mance, which they interpreted to be consistent with the RBV
theory.
Using the RBV framework, McWilliams and Siegel (2001)
advanced a more formal theory of the firm model of “profit-
maximizing” CSR. They outlined a simple model in which
two companies produce identical products, except that one
firm adds an additional “social” attribute or feature, that is
valued by some consumers. In this model, managers determine
the optimal level of resources to devote to CSR activities/
attributes by assessing the demand for CSR and also the cost
of satisfying that demand. An important implication of this
model is that the two firms will achieve the same level of
profitability. They call this the “neutrality effect.”
This theory of the firm perspective on CSR has several strategic
implications. First, CSR can be an integral element of a
firm’s differentiation strategy. Therefore, it should be consid-
ered as a form of strategic investment. Even when it is not
directly tied to a product feature or production process, CSR
can be viewed as a form of reputation building or maintenance.
Second, it is possible to generate a set of predictions regarding
patterns of investment in CSR across firms and industries.
For example, it predicts a positive correlation between CSR
and both R&D and advertising as elaborated by McWilliams
and Siegel (2000). This theory of the firm perspective can
also be expanded to address issues relating to industry evolution,
market structure, firm dynamics, and the role of asymmetric
information in the context of CSR.
In contrast to the ease of valuing CSR attributes, consumers
often find it difficult to determine if a firm’s internal opera-
tions meet their standards for social responsibility. The level
of asymmetric information regarding internal operations
may be mediated by the firm themselves or by activists. For
instance, companies such as McDonalds, Motorola and Nike
include CSR in their annual reports, which can be viewed as
a form of advertising, especially for more general types of
CSR. However, some consumers perceive this information as
biased, since it is filtered through senior management. Fed-
dersen and Gilligan (2001) assert that activists can play an
important role in addressing this concern, by supplying con-
sumers with independent information about CSR.
The relationship between CSR and advertising is an interesting
one and several stylized facts relating to industry evolution
and the nature of advertising are useful to consider. First, we
expect levels of investment in CSR to be higher for estab-
lished firms in more mature industries, since the extent of
product differentiation will be greater in such sectors and
consumers will, in general, have more sophisticated tastes
and knowledge regarding products and firms. It is clear that
such companies are likely to derive greater benefits from the
use of CSR for reputation enhancement/protection. Second,
if some forms of CSR do indeed constitute advertising, then
it is important to distinguish between persuasive CSR adver-
tising and informative CSR advertising. Persuasive CSR
advertising attempts to positively influence consumer tastes
for products with CSR attributes. It follows that this type of
advertising need not be firm-specific. Informative CSR adver-
tising simply provides information about the CSR character-
istics or CSR managerial practices of the firm. A high level of
CSR advertising can be viewed as a signal of product or firm
quality.
The question of whether firms can use CSR to achieve a sus-
tainable competitive advantage is important. Reinhardt
(1998) finds that a firm engaging in a CSR-based strategy can
only generate an abnormal return if it can prevent competitors
from imitating its strategy. In competitive markets this is
We define CSR as situations where a firm goes beyond compliance.
Strategic Implications of Corporate Social Responsibility: Review and Agenda • 19
and even coerced CSR would constitute a significant theo-
retical breakthrough. As other issues are resolved, we hope
that they lead to the emergence of an agreed-upon definition
of CSR.
Motivations for CSRAsymmetric information makes it difficult to study the ante-
cedents and consequences of CSR. Managers may perceive
that external stakeholders view CSR activity more favorably
if it is divorced from any discussion of the bottom line. With
this in mind, managers may not reveal the more practical
motivations (such as product promotion, labor cost control
and reputation building) behind their CSR activities, espe-
cially in corporate publications such as annual reports. This
lack of candid information has made it difficult to distinguish
between and discuss the different motivations for CSR.
Researchers need to use more direct methods, such as inter-
views and surveys, to “tease out” less self-serving informa-
tion about the motivations for CSR activity and improve the
precision of measurement of the private and social returns to
CSR.
Effects of CSRWe need to understand how strategic CSR affects society. An
example of strategic CSR is when a firm links the provision of
a public good to the sale of their (private) products (e.g., eco-
labeling). Bagnoli and Watts (2003) model this behavior and
find that the propensity of firms to engage in strategic CSR
depends on two factors: the intensity of competition in the
market and the extent to which consumers are willing to pay
a premium for social responsibility. The authors conclude
that there is an inverse relation between intensity of compe-
unlikely, since CSR is highly transparent, with little causal
ambiguity. Theoretical studies by Dutta, Lach & Rustichini
(1995) and Hoppe and Lehmann-Grube (2001) show that any
early-mover advantages that might be gained by offering
higher quality products (McWilliams & Siegel (2001) modeled
CSR as a “quality improvement” ) are eroded when competitive
strategies are observable.
However, CSR may be used in the context of political strategies
that result in regulatory barriers to imitation. For example,
firms could use government regulation to impose CSR on
rivals who do not employ an appropriate technology, thus
raising the costs of those rivals relative to the initiating firm.
McWilliams, Van Fleet, and Cory (2002) applied the RBV
framework to demonstrate how U.S. firms can use political
strategies based on CSR to raise regulatory barriers that prevent
foreign competitors from using substitute (e.g., one’s based
on low labor cost) technology.
RESEARCH AGENDA ON THE STRATEGIC IMPLICATIONS OF CSRThere are numerous unresolved theoretical and empirical
issues relating to the strategic implications of CSR. These
include
• reachingconsensusonthedefinitionofCSR
• determiningthemotivationsforCSR
• assessing the effect of CSR on the firm and stakeholder
groups
• determiningtheeffectsofleadershipandcorporateculture
on CSR activity
• identifyinginstitutionaldifferencesinCSRacrossmarkets
and countries
• establishing appropriate methodologies for measuring
cost and benefits of CSR
Definition of CSR There is a no strong consensus on a definition for CSR. CSR
has been used as a synonym for business ethics, defined as
tantamount to corporate philanthropy, and considered strictly
as relating to environmental policy. CSR has also been
confused with corporate social performance and corporate
citizenship. The lack of consistency in the use of the term
CSR makes it difficult to compare results across studies,
hampering our ability to understand the implications of CSR
activity. Distinguishing among strategic CSR, altruistic CSR,
CSR can be viewed as a form of reputation building or maintenance.
20 • Strategic Implications of Corporate Social Responsibility: Review and Agenda
fsrforum • volume 14 • issue #3
»
CSR Across Markets and CountriesAnalysis of the strategic implications of CSR is hampered by
cross-country/cultural differences in the institutions that
regulate market activity, including business, labor and social
agencies. Institutional differences lead to different expecta-
tions and different returns to activity. For firms operating in
multiple countries/cultures this complicates the process of
determining which activities to engage in and how much to
invest. As the knowledge base of CSR develops world-wide,
we will be better able to analyze and advise on CSR.
Evaluating the effects of CSRTable 2 presents selected examples of CSR studies. Most
empirical studies of CSR focus on the relation between it and
firm performance. Early studies used either the event study
methodology (which is based on analysis of short-run
changes in stock prices as a proxy for firm performance in
the aftermath of a CSR-related event) or regression analysis
(which uses an accounting measure of profitability, such as
return on assets, as the dependent variable in a regression
model that “explains” firm performance). These studies usu-
ally attempted to answer the question: do firms do well by
doing good? The reported results have ranged from showing
a negative relation between CSR and firm performance, to
showing no relation, to showing a positive relation. This
inconsistency of results may be a consequence of inconsistency
in defining CSR, inconsistency in defining firm performance,
inconsistency in samples, imprecision and inconsistency in
research design, misspecification of models, or some more
fundamental variance in the samples that are being analyzed
(McWilliams, et al., 1999).
McWilliams and Siegel (1997) critiqued the use of event
study methodology to measure the consequences of CSR.
tition and provision of CSR. That is, in more competitive
markets, less of the public good will be provided through
strategic CSR. Conversely, the less competitive the market,
the more public good will be provided. This is easy to under-
stand, since more competition results in lower margins and,
therefore, less ability to provide additional (social) attributes
or activity. Conversely, less competition leads to the potential
for higher margins and more ability to provide additional
attributes or activity.
An analysis of the provision of public goods by private firms
is a welcome addition to the management literature on CSR,
which has been primarily concerned with answering the
question: do firms “do well by doing good”? Showing that a
firm does well by doing good is often referred to as making
the business case for CSR. While understanding the relation
between firm performance and social performance is of pri-
mary importance in the management literature, a more
thorough understanding of the CSR phenomenon requires
that we take account of other stakeholders as well.
Leadership and Corporate CultureAlso needed is an examination of the role of organizational
culture and leadership in determining the importance of
CSR. Researchers could analyze how changes in corporate
control, particularly mergers and acquisitions, affect the type
and level of CSR activity within firms. Alternatively, changes
in top management might be examined to determine whether
leadership style and characteristics are more important than
corporate control/culture for predicting CSR activity. Under-
standing the role of leadership could be extended to under-
standing the decision making process and how decisions
about CSR activity are affected by demands from multiple
stakeholders.
Table 2: Selected Empirical Papers on CSR
Author(s) Methodology Nature of CSR Event/Action Key Results
Abowd, Milkovich and Hannon (1990) Event Study Human Resource Decisions No consistent pattern of increased or decreased stock price
Clinebell and Clinebell (1994) Event Study Plant Closures Longer periods of advance notice of plant closings result in greater losses in shareholder wealth
Posnikoff (1997) Event Study Divestment From South Africa Divestment enhanced shareholder value
Teoh, Welch, and Wazzan (1999) Event Study Divestment From South Africa Divestment had a neutral effect on shareholder value
Aupperle, Carroll, and Hatfield (1985) Regression Analysis An Overall Firm-Level Index of CSR There is a neutral relation between CSR and profitability
McGuire, Sundgren, and Schneeweis (1988) Regression Analysis An Overall Firm-Level Index of CSR Prior profitability was more closely related to CSR than was subsequent performance
Russo and Fouts (1997) Regression Analysis Environmental Performance There is a positive relation between environmental performance and financial performance
McWilliams and Siegel (2000) Regression Analysis An Overall Firm-Level Index of CSR–KLD Data
There is a neutral relation between CSR and profitability
Hillman and Keim (2001) Regression Analysis “Social Issues” CSR and “Stakeholder Management” CSR –KLD Data
“Stakeholder Management” CSR is positively correlated with shareholder wealth creation (market value added); “Social Issues” CSR is not
Strategic Implications of Corporate Social Responsibility: Review and Agenda • 21
The authors reported that the findings of event studies of
CSR appearing in top management journals were unreliable,
due to serious flaws in the research design and implementa-
tion of the event study methodology. They also cautioned
that the use of stock price as a metric for performance is not
appropriate for studying CSR because it is a firm level measure
and many CSR activities occur at the plant level or the product
level and, additionally, that stakeholders other than share-
holders are usually affected.
McWilliams and Siegel (2000) challenged the typical regres-
sion model used to test the relation between Corporate
Social Performance—often used as a synonym for CSR—and
firm performance. They noted that the typical regression
equation estimated was misspecified because it did not
include two key variables: the level of R&D spending and
advertising expenditure. Both of these variables have been
shown to be determinants of firm performance and, because
all three (R&D, advertising, and CSP) are elements of a
differentiation strategy, they hypothesized that R&D and
advertising would be correlated with a measure of CSP. The
results of McWilliams & Siegel’s estimation of the correctly-
specified, expanded equation demonstrated that the three
explanatory variables were correlated. Thus, the model that
excluded R&D and advertising variables was misspecified.
Most notably, they showed that when R&D and advertising
were included in the model, CSP was not a significant deter-
minant of firm performance, as had been reported in several
key studies.
Hillman and Keim (2001) propose that empirical tests of the
relation between CSR and firm performance should disaggregate
CSR activities into those that are strategic (stakeholder
management) and those that are altruistic (social issue
participation). Based on estimation of a disaggregated model,
they report that there is a positive relation between firm per-
formance (measured using market value added) and strategic
CSR and a negative relation between altruistic CSR and firm
performance.
Using the theory of the firm perspective of CSR, McWilliams
and Siegel (2001) developed hypotheses regarding the provision
of CSR attributes across industries and market structures.
These include that “the provision of CSR will depend on R&D
spending, advertising intensity, the extent of product differ-
entiation, the percentage of government sales, consumer
income, the tightness of the labor market, and the stage of
the industry life cycle” (p. 125).
They conclude that “there is some level of CSR that will max-
imize profits while satisfying the demand for CSR from mul-
tiple stakeholders. The ideal level of CSR can be determined
by cost-benefit analysis” (p. 125). While the costs of providing
CSR attributes may be easy for managers to determine, con-
sumer demand (the benefit) may not be. Consumer demand
for CSR is difficult to measure because CSR attributes are
among many attributes of a product. However, a possible
method for assessing how much consumers are willing to
pay for a given product characteristic or feature is hedonic
pricing, which involves using data on actual purchases, in
order to determine the implicit “price” of a particular attribute
(McWilliams and Siegel, 2001). Given this information, managers
could conduct a cost/benefit analysis of CSR. A major advantage
of hedonics, relative to other methods (e.g. focus groups), is
that it is based on observed, not hypothetical data.
CONCLUSIONFor firms employing a differentiation strategy, CSR can be a
valuable strategic resource, but one that is not completely
understood or trusted. Therefore, it is important to develop
accurate empirical models so that managers can make
informed strategic decisions about CSR.
We expect levels of investment in CSR to be higher for established firms in more mature industries.
22 • Strategic Implications of Corporate Social Responsibility: Review and Agenda
fsrforum • volume 14 • issue #3
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CSR as a strategic activity.Value creation, redistribution and integration
Karen Maas and Frank Boons (2009)
24 • CSR as a strategic activity. Value creation, redistribution and integration
fsrforum • volume 14 • issue #3
»
In recent years corporate social responsibility (CSR) has
become increasingly important as the concept which frames
the business contribution to sustainable development (Com-
mission of the European Communities 2002). Building on
generic definitions of sustainable development (WCED 1987)
it denotes a situation in which firms combine their economic
goals with taking responsibility for their ecological and
social impact.
In the view of the authors, CSR has potential to become a
strategic activity adding value on different dimensions—
business, society and ecosystems—if two conditions are met.
The first condition for strategic CSR is that CSR needs to
become integrated with the strategy of the firm. The second
condition for strategic CSR is to have the means to measure
and monitor these new or additional values. The reason for
this is twofold. On the one hand, given the public interest in
CSR, CSR is closely related to transparency, accountability
and legitimacy and requires some form of validation. On the
other hand, if CSR is to become a strategic activity, the firm
itself will have a need to monitor the impact of its activities.
Two critical questions that need answering are: How can the
value of business activities for a firm, society and ecosystems
be defined? And secondly: How can the contribution of activities
of the firm to such value be measured?
1) Defining the value of firm activities:
In general, the primary pursuit of firms is to create and
maintain value (Conner 1991). How to create and appropriate
value are central concepts in the (strategic) management
and organizational literature (Lepak et al. 2007; Verwaal et
al. 2008). However, what actually constitutes value is often
left unaddressed in these theories. Strategic management
theories explore the question of why one strategy is more
successful in creating and maintaining value than another,
given product, firm and industry characteristics. Those theories
basically boil down to two general types: competence-based
theories and governance-based theories. Competence-based
theories—including evolutionary economics and the
resource-based view—focus on value creation by explaining
the emergence and sustainability of economic rents (Barney
1991; Conner 1991; Barney et al. 2001). Governance-based
theories—including agency theory, transaction-cost eco-
nomics and property rights theory— mainly focus on value
appropriation by explaining the existence and boundaries of
economic institutions, such as firms, and employment rela-
tions (Williamson 1985, 1999; Makadok 2003). In both cases,
value is—implicitly—defined in terms of immediate or
future financial gains for firm owners.
Financial profit remains an important standard for optimal
functioning in the private sector (March and Simon 1993)
and it is more or less accepted that the main target of for-
profit firms is to maximize, in the long run, the wealth of the
shareholders of firms (Friedman 1970; Jensen 1998). From
this perspective, CSR is received with great skepticism as a
zero-sum game where the impact on companies mainly adds
costs and limits the freedom of firms through additional reg-
ulatory demands (Haigh and Jones 2006).
The management perspective of value as financial profit is
also challenged by insights from economic sociologists. They
have shown that economic value is not an objective fact, but
rather the result of judgments of individual consumers, pro-
ducers and other societal actors (e.g. financial institutions,
government, environmental and social groups).
Given the socially constructed nature of value it is not possible
to provide specific definitions: these emerge in the context of
interactions among economic actors and those that seek to
influence them. Together they enact the specific value pro-
vided for the firm, society and ecosystems. It is possible
though to reflect on different ways in which such value is
constructed. For this we draw from literature on innovation,
global commodity chains and stakeholder theory.
Firms derive profit from value-adding activities. If such
activities are performed more efficiently, the value-added
increases. In addition to such efficiency improvements, firms
may develop product innovations. This consists of creating
new value: the firm develops a new object, service or activity
which is perceived as valuable by some social group. This
may be the creation of a new market, or the development of
a new product based on the recognition of a new problem
field. Such innovations usually require collaborations with
other firms, knowledge institutes and governments, espe-
cially when they are aimed to reduce the ecological and
social impact of the firm or be more sustainable than the
product that is replaced (Weber and Hemmelskamp 2005).
Economic value is the result of judgments of individual consumers, producers and other societal actors.
CSR as a strategic activity. Value creation, redistribution and integration • 25
Such innovations may be considered as the core of a strategic
approach to CSR as they move the firm and its core activities
towards a redefined balance between economic revenues for
the firm, reduced impact on ecosystems and improved value
for society.
A second type of CSR concerns the integration of stakeholder
concerns into the firm’s strategy. Stakeholders are those
individuals and organizations that are influenced by, or are
able to influence, the activities of a firm (Freeman 1984). The
concept of CSR builds on the idea that the interest of all
stakeholders should not be sacrificed to the interest of the
shareholders and it is a firm’s task to create value with and
for its stakeholders. The purpose of the organization is thus to
create value for its stakeholders (or the interests they represent,
such as those of ecosystems), bringing into focus different
targets, including earnings for owners, satisfaction for
employees, product benefits for customers and taxes for society
(Post et al. 2002). The mutual dependence of firms and society
implies that any business decision, as well as any policy deci-
sion, influences society and other stakeholders as well as
businesses (Emerson 2003). Therefore, the main challenge is
to maximize value in win–win situations or to optimize value
in win–lose or lose–win situations.
A third type of strategic CSR activities can be drawn from the
literature on global commodity chains. Such chains refer to
the globally linked stages of a product’s life-cycle from the
extraction of raw materials through production, consumption,
to recycling and waste disposal (Gereffi 1999a, b). This
approach focuses on the international dimension of power
and dependence relationships, often between developing and
developed countries. Second, it addresses the issue of relative
power in the chain, identifying lead firms that control crucial
resources and generate most of the profits. Third, it views
mechanisms of coordination throughout the chain as a source
of competitive advantage. Lead firms choose coordination
mechanisms (varying from market transactions to network
forms and hierarchical relationships) that allow them to
achieve their goals. Finally, organizational learning is viewed
as the central mechanism through which firms consolidate
or improve their relative position towards other actors in the
chain. Based on the analysis of global commodity chains of food
products, apparel, electronics and automobiles, two distinct
types of commodity chain have been identified (Gereffi 2001).
Producer-driven commodity chains (automobiles, computers),
are led by large transnational corporations that coordinate
production and distribution into vertical networks. Buyer-
driven commodity chains (food products, apparel, toys) are
led by large retailers, marketers and branded manufacturers
that coordinate the development of decentralized production
networks in developing countries based on trade rather than
direct coordination. The global commodity chain approach
provides an analysis of what in debates about CSR is often
construed as a social issue: the dependence of farmers and
workers in developing countries on Western firms. Firms in
consuming countries hold power over producers of com-
modities such as coffee and cacao, but also apparel and con-
sumer electronics, and are thus able to appropriate most of
the value-added. Based on this analysis, a third type of strategic
CSR takes the shape of value redistribution as relationships
among commodity chains are altered to strike a more equal
balance among economic actors in producing and consuming
countries in terms of ecological, economic and social value.
Over the years, various initiatives have developed to forge
such a change in relationships, of which fair-trade programs
are the most well known.
2) Measuring the firm’s contribution
If CSR is to become a strategic activity, two conditions have
to be met. The first condition for strategic CSR was the inte-
gration of CSR within the strategy of the firm, which can be
distinguished in the three types outlined above. The second
condition for firms is to measure and monitor not only their
financial returns but also the value added (or destroyed)
across the environmental and social dimension. Current
practice tends to focus on measuring only a limited part of
the value that is generated by CSR. Management scholars
The main challenge is to maximize value in win–win situations.
fsrforum • volume 14 • issue #3
26 • CSR as a strategic activity. Value creation, redistribution and integration
»
have focused mainly on performance measurement measuring
the financial gains for the firm. The question about what
impacts those corporate CSR actions have, not only on the
bottom line but also on society and ecosystems, remains
largely unexplored (Margolis and Walsh 2003).
To be able to measure the impact of CSR on different dimen-
sions, a shift is needed from output thinking, focusing on a
single-dimensional firm perspective, to impact thinking,
which includes a social and ecosystem perspective (see Fig.
1). Performance measurement, traditionally used to measure
companies’ efficiency, profit and competitive advantage,
builds on output thinking. Measuring output does not enable
firms to assess their value added (or destroyed) across envi-
ronmental, social and economic dimensions. This indicates
that new methods capable of measuring impact are needed.
In business, generally accepted principles of accounting and
an international legal infrastructure have been established
over the years to help measure and report on financial
impact. Life-cycle assessment provides a framework and
indicators for the measurement of ecological impacts. For
social impact measurement, however, general accepted
standards do not yet exist. Nevertheless, social and ecological
impacts are often not explicitly included in measurement or
are even ignored. Next to this the impact and the dimension
of the impact (economic, environmental and social) vary on
a case-by-case basis depending on the CSR activity.
Impact measurement is not an end in itself. Neither the act
of measuring impact nor the resulting data accomplishes
anything itself; only when someone uses these measures in
some way do they accomplish something (Behn 2003).
Besides this, only if managers know what they want to do
with the measurement results can they select a collection of
impact measures with the characteristics necessary to help
them achieve these purposes (Maas 2009). Managers should
therefore begin by deciding on the managerial purposes to
which impact measurement may contribute. Managers
might want to answer questions from several perspectives:
•Howisvaluedistributedinthesupplychain?
•Howdostakeholdersseeus?
•Howcanwecontinuetoimprove?
•Howcanwecreatevalue?
•Howdoshareholdersseeus?
A measurement approach should be selected based on the
CSR activity undertaken by the firm—value redistribution,
value integration or new value creation—and the corresponding
impact. In the author’s typology of strategic CSR activities
they distinguish three ways in which CSR may provide value
to a firm, society and ecosystems. Each of these requires
different impact measures. Impact measurement in the case
of value redistribution should focus on the global commodity
chain perspective and answer the question: how is impact, on
different dimensions, distributed in the supply chain and
how could this be optimized in view of sustainable development?
Impact measurement in case of value creation through the
development of new products or new markets should focus
on a financial shareholder perspective and a societal perspective
and answer the question: how can we increase positive
impact on the different dimensions? Impact measurement in
the case of value integration should focus on the stakeholder
perspective and answer the question: how do stakeholders
see and value the firm?
Value creation for the firm through the development of new
products or new markets or by bottom-of-the-pyramid strat-
egies are comparable with general innovation activities. CSR
as new value creation is a process of collaborative innovation.
A key characteristic is that, at the level of the firm, but often
also at a system level, a new balance is struck between eco-
nomic, ecological and social impact. The difficulty of meas-
uring the impact of new value creation is dependent on
whether the innovation constitutes a departure from the
existing technological paradigm: that is, the current accepted
frame of reference on which firms and knowledge institutes
base their search for new technologies (Dosi 1982). When
new value creation takes the shape of efficiency improvements
Figure 1: Developments over time in the focus of performance measurement and value creation
CSR as a strategic activity. Value creation, redistribution and integration • 27
of processes and products, impact can be measured by com-
paring the old with the new situation.
If companies want to include social and environmental
impact next to the financial impact for the firm, they can use
the so-called social return on investment (SROI) method
(Lingane and Olsen 2004). SROI is a methodology pioneered
by the Roberts Enterprise Development Fund (REDF) in
1996. More recently the approach has been used to assess the
multi-dimensional impacts of CSR activities.
Value integration implies the effort of a firm to integrate
values espoused by stakeholders into its activities and organi-
sational routines that were previously disregarded. Problems,
solutions and impacts, whether intended or unintended, are
often the subject of ambiguity, uncertainty and disputes
(Roome 2001). Indicators for value measurement can be
selected directly through stakeholder consultation, as in the
case of Shell’s residential advisory board, by building learning-
action networks or indirectly by using different guidelines,
frameworks, standards and rating schemes which provide
information on potentially useful indicators.
Value redistribution includes the effort of a firm to change
the distribution of impact over the system actors. Redistribution
builds on the accepted definition of what is valuable. Previous
research used an extended version of the overall business
impact assessment (OBIA), originally developed by Unilever
(Taylor and Postlethwaite 1996), to analyse the environmental
and economic impact of supply chains (Jackson and Clift
1998; Clift and Wright 2000). These authors observed that
the primary resource industries, often located in developing
countries, incur disproportionately high environmental
impact but receive disproportionately low economic benefit.
Clift (2003) concludes that, in view of sustainability, the ratio
between environmental and financial impact along the
global commodity chain should be unity. Results from this
kind of measurement can be used to produce a more equal
distribution of economic and environmental impact along
supply chains.
ConclusionCSR has potential to become a strategic activity adding value
on different dimensions—business, society and ecosystems—
if two conditions are met. The first condition for strategic
CSR is that CSR needs to become integrated with the strategy
of the firm through value creation, value integration and
value redistribution. Whenever a firm engages in activities of
one or more of these types, it connects CSR to its core activities,
making it more than a ‘bolt-on’ exercise. The second condition
for CSR as strategic activity is to measure and monitor its
impact across environmental, social and economic dimensions
and, ideally, to incorporate those impacts into management
decisions. Measuring the impact of CSR is difficult because
any meaningful measurement needs a reference point in terms
of accepted criteria. Criteria have to be selected by taking the
perspective of the stakeholder into account. However, current
developments in measurement instruments focus mainly on
output measurement and emphasize the payback results of
CSR initiatives for companies instead of the impact along the
dimensions of the firm as well as the societies and eco-
systems on which its activities have an impact. A shift is
needed from output thinking, focusing on a single-dimen-
sional firm perspective, to impact thinking which includes a
social and ecosystem perspective. New measurement methods
capable of measuring impact are needed.
A measurement approach should be selected based on the
CSR activity undertaken by the firm—value redistribution,
value integration or new value creation—and the corresponding
impact. Managers should begin by deciding on the managerial
purposes to which impact measurement may contribute.
Value redistribution in a way is the easiest in terms of criteria.
As redistribution builds on an accepted definition of what is
valuable, CSR initiatives that fall into this category can look
at the relative equality of distribution of this value across
actors in the product chain. But as redistribution can also
involve changes in social practices, it mingles with the creation
of new value, complicating the measurement of impact.
New methods capable of measuring impact are needed.
28 • CSR as a strategic activity. Value creation, redistribution and integration
fsrforum • volume 14 • issue #3
Value integration brings more sets of values to those previously
espoused by the firm, and involves stakeholders in the strategic
process. In such instances of CSR, measurement may best
proceed through an assessment as part of the stakeholder
dialogue. For this to work, scores on different values do not
necessarily need to be integrated into one ‘grade’; for each of
the stakeholders, it is important to have insight into the way
in which their value is addressed by the firm. Value creation
is perhaps the most difficult to measure. As it involves the
creation of new products and/or services, it is embedded in a
process in which value of the activity of the firm at first is
uncertain. (Will consumers, governmental agencies and
other stakeholders accept the product/service?) Only after
market introduction is it possible to define value in any
meaningful way.
There is general agreement in literature that organizations
until now have done little work in evaluating the impact of
their CSR activities, specifically on a social and ecosystem
level (Margolis and Walsh 2003; Clark et al. 2004). There is
also consensus that organizations are beginning to express
greater interest in their impact (Young 2002). The SROI
methodology could be a useful approach to include social
and environmental impacts in measurement.
Future research might assess actual impact measurement
behaviour of firms. Besides this, it might be interesting to
look in more detail at existing impact measurement meth-
ods. Methods may differ in approach, perspective and metrics
and might be useful for specific situations. Finally, it would
be interesting to actually measure the impact of CSR for sev-
eral cases capturing the different ways in which CSR may
provide value to a firm, society and ecosystems.
Social and ecological impacts are often not explicitly included in measurement or are even ignored.
CSR as a strategic activity. Value creation, redistribution and integration • 29
w w w.ga a an.nU
© 2011 KPMG N.V., alle rechten voorbehouden.
Je kunt als bedrijf nog zo veel willen, je krijgt pas wat voor elkaar met goede mensen
KPMG biedt accountancy- en adviesdiensten aan
uiteenlopende organisaties. Alleen al in Nederland
hebben we 4.000 medewerkers, verspreid over
15 kantoren. We zijn ambitieus: we willen op zo
veel mogelijk terreinen de nummer één zijn in
ons vak.
Gááán!
We zijn dan ook voortdurend op zoek naar talentvolle
mensen met dezelfde passie. Zit jij zo in elkaar?
Dan wordt het tijd om kennis te maken. Dat kan via
www.gaaan.nu, ons talent- en ambitieplatform. Gááán!
helpt je bij je studie en je carrière en stelt je in staat
contacten te leggen met KPMG’ers. Je vindt er ook
alles over je carrièremogelijkheden.
Aan de slag als accountant
Bij KPMG Audit start je na je universitaire studie of
hbo-opleiding als trainee. Je gaat direct aan de slag
bij alle soorten klanten. Tegelijk volg je een opleiding
tot registeraccountant. Daarna ben je gekwalificeerd
registeraccountant en beëdigd om de financiële
rapportage van ondernemingen te verzorgen.
Of als adviseur
Bij KPMG Advisory begin je als junior adviseur en start
je direct met adviesopdrachten. Je volgt ook doel-
gerichte opleidingen. Afhankelijk van je universitaire
studie en interesse kun je kiezen uit verschillende
richtingen. Van organisatieadvies tot fusies en over-
names en van het kwantificeren van complexe risico’s
tot IT-advies.
Waar je ook voor gaat: kansen genoeg om samen
met je collega’s aan iets moois te bouwen. Wij zouden
zeggen: Gááán!
Meer informatie
Ga naar www.gaaan.nu of maak een afspraak met
het KPMG Recruitment Centre (020) 656 7162 of mail
naar [email protected].
-04473_BP_210x297mm_OF.indd 1 10-11-2011 12:15:58
Van scriptanttot trainee
w w w.ga a an.nU
KPMG
Recruitment Centre
Laan van Langerhuize 1
1186 DS Amstelveen
(020) 656 7162
www.gaaan.nu
een groep studenten in de afstudeerfase bij elkaar zit,
kun je met elkaar sparren en informatie uitwisselen.
Ook kreeg ik een coach toegewezen die mij wegwijs
heeft gemaakt in de organisatie en waarbij ik met al
mijn vragen terechtkon.
Je krijgt de tijd en mogelijkheden om het bedrijf, de
werkzaamheden en de collega’s te leren kennen.
KPMG organiseert bijvoorbeeld diverse activiteiten
voor scriptanten, zoals de Landelijke Scriptanten
dagen, etentjes, borrels, etc. Daarnaast heb ik via
KPMG kunnen deelnemen aan golflessen en kon ik
binnen een paar maanden mijn GVB halen.”
En nu aan de slag als trainee?
“Ik kijk terug op een geslaagde scriptiestage bij KPMG.
Mijn Master is met succes afgerond en ik heb een
geweldige werkgever leren kennen. Sinds september
werk ik fulltime als trainee; ik ben sindsdien al veel
leuke ervaringen rijker. Ik werk in wekelijks wisselende
teams aan opdrachten voor verschillende bedrijven.
Hierdoor leer je snel veel collega’s kennen en is het
werk erg divers. Mijn scriptie is dus een mooie eerste
carrièrestap geweest en ik kan iedereen dan ook
aanraden om met KPMG kennis te maken en te gaan
voor je scriptie!”
Wil jij ook je scriptie bij KPMG schrijven? Neem dan
contact op met het KPMG Recruitment Centre via
[email protected] of schrijf je in op www.gaaan.nu.
Kijk voor tips op facebook.com/kpmgscriptiecoach.
Stijn van der Heijden (27) heeft zijn scriptie bij KPMG
geschreven en is onlangs gestart als trainee in
Rotterdam. We vroegen Stijn naar zijn stageervaring
en start bij KPMG.
Waarom heb je ervoor gekozen om je scriptie bij
een bedrijf te schrijven?
“Ik heb na mijn Bachelor Economie de Master
Accounting, Auditing and Control gedaan. Tijdens een
inhousedag ontdekte ik de mogelijkheden om je scriptie
bij een groot accountancykantoor te schrijven.
Naast de theoretische kennis die ik in ruim vijf jaar
had opgedaan, wilde ik graag praktijkervaring op
doen. Ik ben daarom alvast op zoek gegaan naar een
potentiële werkgever om daar mijn scriptie te schrijven.”
Waarom KPMG?
“Tijdens mijn studententijd was ik erg actief als
wedstrijdroeier bij ARSR Skadi. Ik zocht een werkgever
waar je mensen vindt met dezelfde drive en passie.
Tijdens mijn kennismaking met KPMG vielen de
gedrevenheid en nononsensementaliteit mij op.
Niet alleen mooie verhalen, maar vooral daden.
Ook de Talentpool van KPMG vind ik erg aansprekend.
Dit houdt in dat je eerst een heel divers klantenpakket
hebt en dat je daarna een keuze maakt voor de sector
waarin je je gaat specialiseren. Voor mij voldoende
redenen om mijn scriptie bij KPMG te schrijven.”
Hoe heb je de scriptiestage ervaren?
“Ik kreeg alle ruimte om mijn eigen plan te trekken.
Zo kon ik het schrijven aan mijn scriptie afwisselen
met het opdoen van praktijkervaring. Doordat je met
“Ik heb een
geweldIge
werkgever
leren
kennen.”
© 2011 KPMG N.V., alle rechten voorbehouden.
-04459_Interview_210x297mm_OF.indd 1 27-10-2011 14:44:29
Interview withJan Peter Balkenende
Jeroen van Oerle and Anne van Driesum - Rotterdam, 13 February 2012
In 1974, Jan Peter Balkenende began his History studies at the Free University of Amsterdam. He had, however, a strong preference for Politics and Economics courses, and thus started a second study in Law in 1979. During this study period, Jan Peter Balkenende participated in the city council of Amstelveen, and remained a member of this council for 16 years. After graduating as a law student, he worked as a lawyer at the Netherlands' Universities Council, which acts as the forerunner of the VSNU. However, after just two years he was asked to work for the scientific office of the political party CDA. Jan Peter Balkenende promoted and became part-time professor of ‘Christian Social Thought’ at the Free University of Amsterdam in 1992. After 14 years of working for the scientific office, he received an offer to join the political party in the parliament. He became Prime Minister of the Netherlands in 2002, and remained in power for a total of 8 years. In 2011 he became a partner of Ernst & Young, and a professor at the Erasmus University in Rotterdam, where he teaches ‘Governance, Institutions & Internationalization’. At Ernst & Young, he leads the Corporate Responsibility strategy: You can find more information about Corporate Responsibility at Ernst & Young on page 6.
What was your incentive to improve the values and norms in the Netherlands during your presidency?During my study period, the left and right wings within
Dutch politics were fiercely opposed. First of all, the right
wing advocated for market liberation and the left wing advo-
cated extensive regulations by the government. In fact, until
a report about shared responsibility appeared, there was no
future at all for the Christian democracy. This report was
written by the scientific offices of the Christian democratic
parties, and it appealed to me because in it I found what I
could not come across in politics those days. I object to the
exaggerated role of the government as much as I disapprove
of a market solely focused on the continuity of returns. As
well as this, I am also more a proponent of team work, of the
polder model and bargaining economies: people need to rec-
ognize the importance of long term visions and the next gen-
eration; a principle that nowadays is called sustainability. It is
essential to incorporate this moral component in today’s
society. After all, in my opinion a situation in which this
moral component is only captured in the regulation of the
government, is incomplete. Moreover, I strongly feel that the
corporate world should take responsibility for their actions,
and that is why I raised awareness about sustainability, values
and norms during my presidency.
How would you define CSR? CSR means that companies integrate responsible and sus-
tainable entrepreneurship into their core business activities
and strategy. Successful companies are aware of how this
strategy generates value - not only for their financial bottom
line, but also for their employees, the environment and
broader society. To me, sustainability is more than just envi-
ronmental sustainability, it is also about adding value to your
social environment, which means that you have an eye for
the human aspects in your own organization too; how do you
treat your employees, suppliers and your clients? In the long
term, CSR as a strategy only works when it generates financial
value. In short – it actually concerns a triple bottom line: to
simultaneously create value for People, Planet and Profit.
How did Ernst & Young structure their CR policy? We use the four Es: Entrepreneurship, Employees, Environment
and Community Engagement. First of all, the E of Entrepre-
neurship stands for how we advise our clients and how we
can share knowledge. Our largest added value is delivering
fsrforum • volume 14 • issue #3
32 • Interview
»
high quality services – which, by nature, include our CR
expertise. The E of Employees refers to how we enable our
employees and work hard to provide a more diverse, healthy
and flexible work environment which aims to benefit those at
all levels of the company. The third E stands for Environment:
we invest in initiatives to reduce our carbon footprint – in
most of these initiatives, we have already seen a return upon
investment within just a few years. Examples in the area of
electric mobility, greening our office buildings and increasing
organic products in our restaurants highlight this. The last E
is that of Community Engagement, which means volunteering
and pro bono work during working hours. Through our Ernst
& Young Foundation, we share our knowledge with selected
non-profit organizations. Each of these partnerships is dedicated
to accelerating sustainable entrepreneurship, both in the
Netherlands and in developing countries.
In times of financial crisis, companies first save on R&D and marketing. Does that also apply to CSR? In the past, CSR was used in times of economic expansion.
Granted, the ideas were there, but CSR was just a secondary
activity, and nowadays you witness shifts towards sustainabil-
ity becoming a mainstream business strategy. The general
consensus is that by 2050, our global population will consist
of 9 billion people. In combination with this growth, we are
also conscious of the fact that we have a finite supply of natu-
ral resources on our planet, and this awareness has led to an
incremental increase in the practice of CSR.
Companies that use CSR as a PR instrument choose the
wrong strategy: during recessions, it will be removed from
the priority list. Furthermore, in comparison with 20 years
CSR as a strategy only works when it generates financial value.
ago, sustainability has become a true business driver. In
accordance with this, company policies are being set out
more coherently towards sustainable targets. Examples of
leaders, who consider this type of integrated strategic thinking
as a true business opportunity, are the CEOs of Unilever,
DSM and IKEA. This also has an impact on the way busi-
nesses report about their performance. In line with this, the
accountancy profession is changing too. Steered by the work
of the International Integrated Reporting Council (IIRC),
both non-financial and financial information are increasingly
being integrated into one report.
If companies shouldn’t use CSR as a PR instrument, then what are the benefits for companies to incorpo-rate CSR in their business strategy? For the last 20 years we have been possessed with the drive of
the shareholder: short term vision, quarterly reports and the
increasing power of shareholders all became guides to strategy
and development. Nowadays, businesses do not consider the
opinions of their shareholders alone, but they still take their
stakeholders into account.
At the Harvard Business School, Professor Eccles has con-
ducted research on 90 high sustainability and 90 low sustain-
ability companies. He used data from the time period 1993 to
2010. This research showed that companies who chose to use
sustainable measures had, on average, a 5 percent higher
return than companies that did not. This higher return is
due to the long term vision of companies that are “high sus-
tainability performers”.
The short term vision is typical for the American model. Do you see differences between CSR in America and Europe? When I became a professor at the Free University in Amsterdam,
Michel Albert, a businessman from the French Insurance
World, launched his book ´Capitalisme contre Capitalisme´.
He wrote this book after the fall of Communism and in it, he
predicted the rise of two types of capitalism: the Anglo-Saxon
and the Rhinelandic. The Anglo-Saxon model focuses on the
short term: making profits, less solidarity and a bad quality of
governance The Rhinelandic thought focuses more on the
long term: more social services, a better quality of governance
and increased solidarity. In fact, the Rhinelandic thought is
superior, but the Anglo-Saxon model has prevailed in the
current era. As a result, two problems have occurred in the
people need to recognize the importance of long term visions and the next generation
Interview • 33
United States of America concerning CSR: One of them is that one keeps doing business the
traditional way and that one donates money to charity. The second issue is the fear of legal
accusations, which prevents companies from presenting their results.
How does the Netherlands relate to the rest of the world concerning CSR? In the Netherlands, we have recently launched the Dutch Sustainable Growth Coalition, which
consists of eight large companies from the Netherlands: DSM, Akzo Nobel, Philips, Friesland
Campina, KLM, Heineken, Unilever and Shell. VNO-NCW and Ernst & Young support and facilitate
this initiative. These companies have united and asked themselves: how has sustainability
become such a key driver for our business model and growth strategy? Several of these busi-
nesses are the highest in ranking in their own category on the Dow Jones Sustainability Index.
Besides the Netherlands, countries in other areas of the world, for instance in Asia, are forerunners
in the practice of CSR. I have visited South Korea several times, as well as Singapore, Japan and
China. There are many companies located there which focus on what their core values are, and
who recognize sustainability as a business driver. Han Seung-soo, the former Prime Minister of
South Korea, is now chairman of the Global Green Growth Institute of Korea. Asians have a
true winning mentality and will, in my view, be the winners of tomorrow.
The European Committee has developed a strategy for a CSR policy in Europe. Does the implementation of this strategy differ per Member State of the EU? Currently governments are taking a defensive position because of the current financial situation
involving the public debt and the budget deficits. In my opinion, it is essential that NGOs and
companies take responsibility for social issues and environmental sustainability. We need
global awareness - and in that sense I am less optimistic than I was several years ago. In 2009 I
was at the G20 meeting in London: Back then there was a global sense of urgency to resolve the
financial crisis: a better financial architecture, more supervision, more control and a reduction
of the bonus culture. We had a shared responsibility to make sure the Copenhagen Climate
Summit would succeed. Furthermore, we wanted to conclude the WTO negotiations within the
year. Unfortunately, the current situation is as follows: the Chinese criticize the Americans, the
Americans criticize the Europeans and the Europeans criticize each other, which is not a good
situation. My belief is that the human mind is creative: People continue to invent things that
were unimaginable 10 years ago. Moreover, the human mind is so creative that we should focus
on preventing the situation in which there is a lack of sense of the common interest
Who is responsible for the recovery of the current situation: the government or the corporate world? I often quote Parag Khanna, a young researcher from the U.S.A., who has written the book
‘How to run the world?’. According to Parag Khanna we currently see the end of the traditional
nation State, a system that through the years has become familiar to us. The major issues were
solved through national decisions, international issues were solved with a supranational mindset,
and in cooperation with various nation States. The issues in which we believe in today, such as
sustainability, and the abolishment of poverty and climate change, exceed the boundaries and
capabilities of the nation State. If we want to solve these issues we need to create new alliances;
alliances of governments, multinationals, religious groups and NGOs who will work together
to find solutions for global problems. Which party will take the lead will depend on the situation,
Companies who chose to use sustainable measures had, on average, a 5 percent higher return than companies that did not.
fsrforum • volume 14 • issue #3
34 • Interview
for instance, the chemical sector took the initiative to continue to solve the climate issue when
the results of the Copenhagen Climate Summit were disappointing. Despite this idea however,
the governments or organizations such as the United Nations will remain essential.
Do you think that a shift in power from governmental regulations to the private sector will arise? I believe that the traditional welfare state will slowly fade away. During my college days, a social
problem was always defined as a political problem, and a political problem was solved through
the administrative system of regulation, planning and financing. You still need a government,
because you need civil rights, but there should be a greater symbiosis between the roles which
the government plays, and the roles of the private sector. The private sector should be free to
take its own responsibilities, as a system where the government makes all the decisions for the
private sector is no longer valid.
Do you think Europe will recover again?The problems are huge and the positive momentum is not here but elsewhere in the world. As
I have said before, Europe has become defensive and that is something that makes me worried.
I do think that Europe is able to handle the current situation: This is a continent with a wide
variety of cultures and in which democracy is very important. We have great companies and
traditions, and the human mind has the right skills to deal with the current challenges. How-
ever, if you start to think that the wealth we have generated after the Second World War will
always remain, then I am afraid you are mistaken. In the beginning of the 19th Century before
the Industrial Revolution started, China and India had half of the world’s wealth. This has
reduced to only 9 percent, but now they are back up to 25 percent and that will only increase
in the future.
Is a strong sense of values and norms necessary to make a successful career? I often work with starters. These young people know how to set up a project and how to close
deals, but they also realize that more must be done than just that. Various studies confirm that
young people expect their future employers to focus on CSR and look beyond short-term profits.
In the future, the mainstream of business professionals will understand that running a successful
business means that CSR is not about PR or a “nice to have”, but the key to market leadership.
Europe has become defensive and that is something that makes me worried
Interview • 35
“An instinct for growth”Grant Thornton focust op dynamische organisaties die willen groeien. Als gevolg hiervan ondergaan deze organisaties verande-ringen en hebben zij behoefte aan een breed scala (geïntegreerde) diensten. Dit kunnen zowel middelgrote bedrijven zijn als grote (internationale) ondernemingen. Wij helpen bedrijven bij het benutten van hun groeipotentie.
Wat verstaat Grant Thornton onder groei? Hieronder verstaan we zowel kwantitatieve als kwalitatieve groei. Dat wil zeggen, naast fi nanciële groei ook groei in cliëntrelaties, persoonlijke groei van medewerkers en het aanmoedigen van innovatie.
Jouw mogelijkheden binnen Grant ThorntonAudit & assurance Een ondernemer moet kunnen vertrouwen op zijn cijfers. Maar ook zijn investeerders, de belastingdienst en andere belangheb-benden kijken kritisch mee. Wij verrichten wettelijk verplichte én vrijwillige audits, fi nanciële en niet-fi nanciële controles. Onafhan-kelijkheid is daarbij van groot belang. We zijn in het bezit van een AFM-vergunning voor het verrichten van wettelijke controles, ook voor organisaties van openbaar belang. Dit onderstreept de kwali-teit die je bij Grant Thornton vindt.
Corporate fi nanceEen corporate fi nance adviseur begeleidt fusies & overname-trajecten van begin tot eind. Van de informatiefase tot het beklin-ken van de deal. Op zoek naar de best passende match, tegen de meest optimale voorwaarden. Als corporate fi nance adviseur houd je niet alleen rekening met de fi nanciële cijfers, maar ook met de emoties van de ondernemer. Ook bij waardebepalingen van on-dernemingen speel je een rol. Bijvoorbeeld bij verkoop, het zoeken naar investeerders of samenwerking met een nieuwe partner. En is er extra geld nodig om een fusie, overname of investering te fi nan-cieren, dan adviseer je over de haalbaarheid hiervan.
Transaction advisory services (TAS)De juiste prijs. Daar gaat het om bij een fusie of overname. Risico’s van fi nanciële, operationele of administratieve aard beïnvloeden de prijs. De verkopende partij probeert een zo positief mogelijk beeld van zijn onderneming te schetsen. Als TAS-specialist breng je risico’s én kansen van de verkopende partij in beeld.
Een belangrijk onderdeel is het onafhankelijke due diligence onderzoek. Een onderzoek waar veel vakgebieden samenkomen en waarbij met veel specialisten wordt samengewerkt. Door betrok-
kenheid bij het proces van begin tot eind, krijg je als TAS-specialist snel diepgaande kennis van het gehele overnameproces. Je werkt voor kopers en verkopers en voor fi nanciële investeerders (private equity-huizen).
Restructuring & performance improvement (R&PI) Bij restructuring gaat het om verbeteringen die de kasstroom van het bedrijf in stand houden. De focus ligt daarbij primair op het beheren van het werkkapitaal en cash. Als R&PI-consultant zoek je naar oplossingen om bijvoorbeeld de kostenstructuur en de winstmarges van het bedrijf te optimaliseren. Je kijkt hierbij verder dan alleen fi nanciële indicatoren.
Bij performance improvement ziet een bedrijf ruimte om haar marktpositie te verbeteren. Maar hoe? Als R&PI-consultant zoek je naar verbeteringsmogelijkheden op het gebied van interne processen, mogelijke kostenverlagingen of het aanboren van nieuwe groeimarkten. Ook hier kijk je verder dan alleen naar de fi nanciële indicatoren.
Corporate fi nance uitgelichtEvert Everaarts is, na een paar jaar in het buitenland gewerkt te hebben, sinds 2008 bij Grant Thornton in dienst. “Ik wilde weer terug naar het middle marketsegment, maar wel bij een kantoor met een groot internationaal netwerk. Grant Thornton sloot hier perfect op aan.”
De specialist advisory services van Grant Thornton is verdeeld in 3 afdelingen: corporate fi nance, transaction advisory services en restructuring & performance improvement. “Ons team bestaat momenteel uit 20 collega´s, gelijk verdeeld over de vestigingen Amsterdam en Rotterdam. Aangezien de 3 afdelingen fysiek dicht bij elkaar zitten, wordt er intensief samengewerkt en komt het voor dat collega´s voor beide afdelingen werkzaam zijn. Het is heel leuk om af te een project te doen buiten je eigen afdeling.”
Samenwerking“Met alle disciplines werk ik intensief samen. We zitten regel-matig aan tafel met onze juristen, fi scalisten, accountants en nog tal van andere disciplines die wij als Grant Thornton in huis heb-ben. Maar ook met deze disciplines van de tegenpartij, de koper of de verkoper. Ook werkt ons team intensief samen met leden van Grant Thornton International Ltd. Met name met de UK, Frankrijk en Duitsland, maar steeds vaker ook met kantoren in Azië.”
“Grant Thornton biedt mij een uitdagende leercurve waarbij je zelf aangeeft hoe snel je wilt groeien”
Meer informatie over Grant ThorntonGrant Thornton is een sterk groeiende middelgrote accountancy- en adviesorganisatie met ruim 500 medewerkers, geworteld in de Randstad en verankerd in het gerenommeerde internationale net-werk van Grant Thornton International. Je hebt hiermee toegang tot de expertise van meer dan 30.000 professionals wereldwijd in circa 100 landen.
Grant Thornton en ESJ Accountants & Belastingadviseurs hebben op 24 januari 2012 hun voornemen tot fusie aangekondigd. De geplande fusie resulteert in een organisatie met 14 kantoren, 70 partners, circa 700 medewerkers en een gezamenlijke jaaromzet van zo’n 72 miljoen euro. Op termijn zal de gehele organisatie onder de naam Grant Thornton opereren.
Wij zijn trots op onze sterke positie in het midden- en kleinbedrijf. Ook op de corporate markt hebben wij inmiddels onze eigen plek veroverd.
Grant Thornton kenmerkt zich door een pragmatische aanpak en een open en persoonlijke sfeer. We begeleiden je goed en waarderen een eigen inbreng.
Grant Thornton bij jou in de buurt:Alphen aan den Rijn - Amsterdam - Boskoop - Gouda - Leiden - Rijswijk -Rotterdam - Woerden
Meer informatie is te vinden op www.carrierebijGT.nl.
www.carrierebijGT.nl
Branches“Onze cliënten komen uit diverse branches. Zo ben ik onder meer betrokken geweest bij de verkoop van bedrijven in de medische, kinderopvang- en de logistieke branche. Ook op het gebied van waarderingen is er sprake van een diversiteit aan cliënten, zoals een groot internationaal opererend chemisch bedrijf, een metaal-verwerkingsbedrijf, een media-adviesbureau en een houthandel.”
Groeien en bloeien“Bij Grant Thornton bepaal je zelf hoe uitdagend je groeicurve is. Hiervoor wordt alle ruimte gegeven. Tijdens de projecten kun je zo veel mogelijk zelfstandig te werk gaan en daarnaast wordt het volgen van interne of externe studies aangemoedigd. Zo ben ik zelf momenteel bezig met de Executive Master of Business Valuation.”
Evert Everaarts, senior consultant corporate fi nance
“An instinct for growth”Grant Thornton focust op dynamische organisaties die willen groeien. Als gevolg hiervan ondergaan deze organisaties verande-ringen en hebben zij behoefte aan een breed scala (geïntegreerde) diensten. Dit kunnen zowel middelgrote bedrijven zijn als grote (internationale) ondernemingen. Wij helpen bedrijven bij het benutten van hun groeipotentie.
Wat verstaat Grant Thornton onder groei? Hieronder verstaan we zowel kwantitatieve als kwalitatieve groei. Dat wil zeggen, naast fi nanciële groei ook groei in cliëntrelaties, persoonlijke groei van medewerkers en het aanmoedigen van innovatie.
Jouw mogelijkheden binnen Grant ThorntonAudit & assurance Een ondernemer moet kunnen vertrouwen op zijn cijfers. Maar ook zijn investeerders, de belastingdienst en andere belangheb-benden kijken kritisch mee. Wij verrichten wettelijk verplichte én vrijwillige audits, fi nanciële en niet-fi nanciële controles. Onafhan-kelijkheid is daarbij van groot belang. We zijn in het bezit van een AFM-vergunning voor het verrichten van wettelijke controles, ook voor organisaties van openbaar belang. Dit onderstreept de kwali-teit die je bij Grant Thornton vindt.
Corporate fi nanceEen corporate fi nance adviseur begeleidt fusies & overname-trajecten van begin tot eind. Van de informatiefase tot het beklin-ken van de deal. Op zoek naar de best passende match, tegen de meest optimale voorwaarden. Als corporate fi nance adviseur houd je niet alleen rekening met de fi nanciële cijfers, maar ook met de emoties van de ondernemer. Ook bij waardebepalingen van on-dernemingen speel je een rol. Bijvoorbeeld bij verkoop, het zoeken naar investeerders of samenwerking met een nieuwe partner. En is er extra geld nodig om een fusie, overname of investering te fi nan-cieren, dan adviseer je over de haalbaarheid hiervan.
Transaction advisory services (TAS)De juiste prijs. Daar gaat het om bij een fusie of overname. Risico’s van fi nanciële, operationele of administratieve aard beïnvloeden de prijs. De verkopende partij probeert een zo positief mogelijk beeld van zijn onderneming te schetsen. Als TAS-specialist breng je risico’s én kansen van de verkopende partij in beeld.
Een belangrijk onderdeel is het onafhankelijke due diligence onderzoek. Een onderzoek waar veel vakgebieden samenkomen en waarbij met veel specialisten wordt samengewerkt. Door betrok-
kenheid bij het proces van begin tot eind, krijg je als TAS-specialist snel diepgaande kennis van het gehele overnameproces. Je werkt voor kopers en verkopers en voor fi nanciële investeerders (private equity-huizen).
Restructuring & performance improvement (R&PI) Bij restructuring gaat het om verbeteringen die de kasstroom van het bedrijf in stand houden. De focus ligt daarbij primair op het beheren van het werkkapitaal en cash. Als R&PI-consultant zoek je naar oplossingen om bijvoorbeeld de kostenstructuur en de winstmarges van het bedrijf te optimaliseren. Je kijkt hierbij verder dan alleen fi nanciële indicatoren.
Bij performance improvement ziet een bedrijf ruimte om haar marktpositie te verbeteren. Maar hoe? Als R&PI-consultant zoek je naar verbeteringsmogelijkheden op het gebied van interne processen, mogelijke kostenverlagingen of het aanboren van nieuwe groeimarkten. Ook hier kijk je verder dan alleen naar de fi nanciële indicatoren.
Corporate fi nance uitgelichtEvert Everaarts is, na een paar jaar in het buitenland gewerkt te hebben, sinds 2008 bij Grant Thornton in dienst. “Ik wilde weer terug naar het middle marketsegment, maar wel bij een kantoor met een groot internationaal netwerk. Grant Thornton sloot hier perfect op aan.”
De specialist advisory services van Grant Thornton is verdeeld in 3 afdelingen: corporate fi nance, transaction advisory services en restructuring & performance improvement. “Ons team bestaat momenteel uit 20 collega´s, gelijk verdeeld over de vestigingen Amsterdam en Rotterdam. Aangezien de 3 afdelingen fysiek dicht bij elkaar zitten, wordt er intensief samengewerkt en komt het voor dat collega´s voor beide afdelingen werkzaam zijn. Het is heel leuk om af te een project te doen buiten je eigen afdeling.”
Samenwerking“Met alle disciplines werk ik intensief samen. We zitten regel-matig aan tafel met onze juristen, fi scalisten, accountants en nog tal van andere disciplines die wij als Grant Thornton in huis heb-ben. Maar ook met deze disciplines van de tegenpartij, de koper of de verkoper. Ook werkt ons team intensief samen met leden van Grant Thornton International Ltd. Met name met de UK, Frankrijk en Duitsland, maar steeds vaker ook met kantoren in Azië.”
“Grant Thornton biedt mij een uitdagende leercurve waarbij je zelf aangeeft hoe snel je wilt groeien”
Meer informatie over Grant ThorntonGrant Thornton is een sterk groeiende middelgrote accountancy- en adviesorganisatie met ruim 500 medewerkers, geworteld in de Randstad en verankerd in het gerenommeerde internationale net-werk van Grant Thornton International. Je hebt hiermee toegang tot de expertise van meer dan 30.000 professionals wereldwijd in circa 100 landen.
Grant Thornton en ESJ Accountants & Belastingadviseurs hebben op 24 januari 2012 hun voornemen tot fusie aangekondigd. De geplande fusie resulteert in een organisatie met 14 kantoren, 70 partners, circa 700 medewerkers en een gezamenlijke jaaromzet van zo’n 72 miljoen euro. Op termijn zal de gehele organisatie onder de naam Grant Thornton opereren.
Wij zijn trots op onze sterke positie in het midden- en kleinbedrijf. Ook op de corporate markt hebben wij inmiddels onze eigen plek veroverd.
Grant Thornton kenmerkt zich door een pragmatische aanpak en een open en persoonlijke sfeer. We begeleiden je goed en waarderen een eigen inbreng.
Grant Thornton bij jou in de buurt:Alphen aan den Rijn - Amsterdam - Boskoop - Gouda - Leiden - Rijswijk -Rotterdam - Woerden
Meer informatie is te vinden op www.carrierebijGT.nl.
www.carrierebijGT.nl
Branches“Onze cliënten komen uit diverse branches. Zo ben ik onder meer betrokken geweest bij de verkoop van bedrijven in de medische, kinderopvang- en de logistieke branche. Ook op het gebied van waarderingen is er sprake van een diversiteit aan cliënten, zoals een groot internationaal opererend chemisch bedrijf, een metaal-verwerkingsbedrijf, een media-adviesbureau en een houthandel.”
Groeien en bloeien“Bij Grant Thornton bepaal je zelf hoe uitdagend je groeicurve is. Hiervoor wordt alle ruimte gegeven. Tijdens de projecten kun je zo veel mogelijk zelfstandig te werk gaan en daarnaast wordt het volgen van interne of externe studies aangemoedigd. Zo ben ik zelf momenteel bezig met de Executive Master of Business Valuation.”
Evert Everaarts, senior consultant corporate fi nance
lening marktrente Korte termijn Lange termijn
waarde betaling waarde betaling
variabel stijging neutraal stijgt neutraal stijgt
daling neutraal daalt neutraal daalt
vast stijging daalt neutraal
daling stijgt neutraal
Wanneer je ongevoelig bent voor de waardeverandering van
de lening, bijvoorbeeld doordat die in een jaarrekening toch
tegen nominale waarde wordt opgenomen, zul je door vaste
rente af te spreken alleen aan het betalingsrisico op korte ter-
mijn kunnen ontkomen. Over een langere termijn blijft de
waarde van de leningen gelijk en zal een dalende rente een
voordeel zijn en stijgende rente een nadeel. Dat voordeel is
plezierig, maar dat nadeel moet je zien te vermijden. Er van
uitgaande dat op basis van een historisch lage rente de
marktrente eigenlijk alleen omhoog kan, sta je er met die
relatief ‘vaste’ huuropbrengsten slecht voor.
In feite kan rente ‘oneindig’ hoog oplopen. Dat betekent dat
het negatieve prijsrisico op vreemd vermogen oneindig hoog
is. Nu zal het met die oneindigheid niet zo’n vaart lopen.
Maar zoals we ons nog kunnen herinneren uit de vroege
jaren tachtig: het hoeft niet bij een enkel procent-puntje te
blijven. De kans daarop? We kennen al een tijdje een historisch
lage rente, en ja, met een economie waar om de crisis te
bestrijden steeds maar geld in wordt gepompt, kan een kind
verwachten dat de rente gaat stijgen. Dus met een redelijke
kans op ernstige gevolgen verdient een ‘verzekering’ hier-
tegen wel degelijk aandacht. Je zou zelfs kunnen denken dat
de rente niet (veel) verder naar beneden kan. En als dat toch
gebeurt, duurt dat op basis van zulke waarnemingen zeker
niet erg lang. Wanneer een kind dat kan verwachten, geldt
dat a fortiori voor de bestuurderen van Vestia.
Dat biedt perspectief. Dan hebben de corporaties een bron
van inkomen die hier nog niet aan de orde is gesteld. Het is
zo eenvoudig, dat het al eerder genoemde kind – en dus ook
dat Vestia-bestuur - de was kan doen. Voor de exploitatie van
een rentedaling die niet wordt verwacht, bestaan financiële
instrumenten: derivaten. Heeft Vestia put-opties geschreven?
Ik weet het niet. Het enige wat ik daarover in de krant lees, is
dat het derivaten zijn geweest. Misschien waren het wel futures.
Daar kun je van dag tot dag op worden aangesproken.
En dan gebeurt het ongeluk: centrale banken besluiten de
rente laag te houden. Fijn voor de banken die deze lage rente
Vestia is een grote woningcorporatie in de Randstad. Zij
beheert bijna 80.000 huurwoningen. En zij is in problemen
geraakt. Daarin is zij niet uniek. In de pers worden oorzaken
genoemd. Als primaire oorzaak zie ik de kostenstijgingen die
harder gaan dan de huuropbrengsten. Niet verwonderlijk nu
die opbrengsten door inflatie zijn gemaximaliseerd en de
kosten niet. Zo’n discrepantie kan hard aankomen. Die
vraagt om financiële buffers die er misschien niet zijn, en
naar de aard van het productieproces ook niet zullen komen.
Dat is letterlijk tamelijk uitzichtloos.
Een ongeluk komt nooit alleen. Voorheen kon door verkoop
van woningen winst worden gemaakt. Nu de prijzen van
woningen niet meer stijgen en woningen niet meer zoveel
worden verkocht, is dit levenselixer opgedroogd. Nòg een
mogelijkheid om iets bij te verdienen was projectontwikkeling.
Maar dat is in het algemeen iets van lange adem. En het is
dus de vraag hoe lang ze bij Vestia hun adem kunnen inhouden.
Kennelijk niet lang genoeg. Dus nu houden wij allemaal
onze adem in.
Hoe erg is het? Dat hangt ervan af. Als er met vreemd vermogen
is gefinancierd betekent dit dat ze aflossingen en rente
moeten betalen. Die moeten natuurlijk uit de huuropbrengst
komen. Daarvan hebben we al gezien dat die afgezien van een
inflatie-correctie behoorlijk vast ligt. Zo ontstaat met rente
een vervelende mismatch. Die rentevoet beweegt namelijk
wèl op en neer. Het te betalen rentepercentage kun je wel
voor een tijdje vastzetten, maar niet voor altijd. Ten minste
op lange termijn is zij variabel en op korte termijn kan ze dat
zijn. Op korte termijn kan ze ook worden vastgezet. Beide
strategieën leveren risico op. Bij vastrentende waarden zit het
risico in de waarde van de lening (zie voorbeeld). Bij variabele
rente veranderen de rentebetalingen.
Veronderstel een lening van E 1.000 met een looptijd van 10
jaar en dan in eens af te lossen, met een marktconforme
rente van 5% op jaarbasis, te betalen aan het einde van het
jaar. De contante waarde van die lening bedraagt E 1000,-.
Nu daalt na 5 jaar de marktrente naar 4%. Bij de vastrentende
lening veranderen de betalingen voor rente en aflossing niet.
Wel stijgt de (contante) waarde van die lening naar E 1.045,-.
In feite neemt bij rentedaling de waarde van de schuld dus
toe. Bij een stijging van de marktrente op datzelfde moment
6% daalte de waarde tot E 958,-.
Drs. Joost G. Groeneveld
RA RV is directeur van
Wingman Business
Valuators B.V. te Breda en
voorzitter van de Stichting
WBO (register van
business valuators).
Hij was hoofddocent aan
de Economische Faculteit
van de Erasmus
Universiteit te Rotterdam.
Vestia; sociaal onverantwoord
K(r)anttekening | Drs. Joost Groeneveld RA RV1
38 • Vestia; sociaal onverantwoord
fsrforum • volume 14 • issue #3
niet doorgeven, en fijn voor de overheid die haar begrotingstekort door goedkope staatsleningen
op de markten kan afwentelen. Niet fijn voor de corporatie die dacht dat rentedaling weinig
kans had. Die onmogelijk geachte brand is dus toch uitgebroken. En als je moet bijstorten zijn
de gevolgen niet op termijn, maar zeer acuut aanwezig. Er moet geld op tafel komen. En dat
was er nu juist niet. Zoals een pokeraar die met zijn laatste geleende geld opnieuw verliest. Die
wordt tot op het hemd uitgekleed. Als het al daarbij blijft.
De vraag is gesteld of het Vestia-bestuur deskundig genoeg was voor dit spel. Misschien moet je
hopen van niet. Gewoon iemand die niet zo goed kon pokeren. Dan is het wel dom dat hij meespeelde.
Maar hij dacht dat hij er goed in was. Dat kan de beste overkomen. Behalve naar deskundigheid
moet de vraag worden gesteld of het tot de bestuursbevoegdheid kon worden gerekend. Mag
een bestuur van een woningcorporatie deze risico’s nemen? Mijn antwoord is nee. Maar dat zal
het bestuur weerspreken. Iemand die zichzelf overschat, ziet geen risico. Iemand die het spel
niet goed kent, evenmin.
En dan zijn er nog de toezichthouders. Het zou boeiend zijn te horen waar zij op hebben gelet.
Hebben zij de risico’s goed overzien? Hebben zij dit spel geaccepteerd? Zo ja, omdat het op
allerlei andere plekken ook zo werd gespeeld? Hebben zij hierover gerapporteerd en zo ja, aan
wie? De samenleving is miljarden euro’s verloren op een moment dat die niet erg dik zijn
gezaaid. Dat zullen we met ons allen weer moeten gaan betalen. Of laten we Vestia failliet gaan.
Dan komt de strop misschien wel bij een systeembank terecht, en dan mogen we die weer gaan
redden.
Een factor die heeft geleid tot innovatie van financiële instrumenten, is het streven naar verlaging
van agencykosten. Privatisering zal daar ook op zijn gericht. Kennelijk werden die agencykosten
voorheen niet voor niets gemaakt. Een goede agent is nog geen goede principaal.
1 Directeur Wingman Business Valuators B.V., Breda
Voor de exploitatie van een rentedaling die niet wordt verwacht, bestaan financiële instrumenten: derivaten.
Vestia; sociaal onverantwoord • 39
Meer weten over de carrière van Marc en zijn collega’s? Of benieuwd naar onze mogelijkheden? Scan de QR of surf naar onze website.
“Groeien tot het hoogste niveau dat voor mij haalbaar is. Dat is mijn toekomstvisie.”
Marc Buijs, assistent accountant
Accountancy - Belastingen - Advies
Onze ruimte, jouw groei
www.carrierebijGT.nl
Corporate Social Responsibility: from hype to strategy
Dr. Karen Maas
In the last decade accountability, legitimacy and transparency have become major issues for all
sectors. All around the world companies are increasingly confronted with rising public expectations
and stakeholder criticism. In response to these developments Corporate Social responsibility
(CSR) has become a widely applied concept. CSR is discussed in most large firms’ corporate
reports, (inter)national media and board rooms. Although many definitions of CSR exist, in
general the term CSR expresses a situation in which firms not only strive for economic short-
term profit but in which they adopt a broader view and take responsibility for their impact on
society. In corporate boardrooms managers are increasingly being asked to describe, for example,
their impacts on the environment or the local communities. CSR urges firms to assess their
impact across environmental, social and economic dimensions and to incorporate those
impacts into management decisions.
Traditionally, it was believed that value is either economic (created by for-profit companies) or
social (created by non-profit or nongovernmental organizations). Recently, the number of
mainstream corporate CEOs discussing the social and environmental performance of their
firms as a strategy for increasing the total value of their firms increased significantly (Emerson,
2003). A recent study of UN Global Compact and Accenture (2010) showed that 93% of 766
international CEOs say that sustainability will be one of the critical success factors of their
companies in the future.
Hence, it is not surprising that the link between CSR and the firms’ financial performance has
been the most debated and researched topic in the field of CSR. Although more than two hundred
available CSR-FP studies show mixed results, Wood (2010) concluded that the findings suggest
a positive association overall, while very little evidence of a negative association was found. A
recent longitudinal Harvard study shows that high performing sustainability firms outperform
their peers by 4,8% better result on the stock market (Eccles et al., 2011). Although we can still
question if the quest to the business case of CSR has ended, we need to move forward to other,
perhaps even more important topics. We should move away from the “why” question towards
the “how” question.
How can we optimize CSR activities and CSR results? In practice, this is a huge struggle for firms’
nowadays. Not only since the firms’ externally raised high expectations with their beautiful
CSR statements, but also because the internal ambitions are often huge. How do you change
the internal mind set from financially driven to shared value creation (Porter and Kramer,
2011). Do managers work towards sustainability, while they are rated on financial results? One
way to pursue sustainability is to reward sustainability targets (VBDO, DHV & Hay Group,
2010). Traditionally, executive remuneration mainly focused on financial performance. Recently,
however, performance criteria related to sustainability are also included in remuneration
schemes. From 490 of the largest firms world-wide, 161 use non-financial and sustainability
targets in their remuneration schemes (Maas en Rosendaal, 2012). In the Netherlands, 28% of
the AEX and AMX companies use sustainability targets for executive compensation.
Another, and even more pressing question is if CSR actually makes a difference? What is the
impact of CSR on society? Amazingly, this has been enormously understudied, in practice as well
as in academia. In conversation with CSR managers of large firms’, I often ask if they evaluate
their CSR activities and actually measure the social, eco-
nomic and environmental impact of their CSR strategy. And
how do they decide how to spend their money and where to
invest in; e.g. CO2 reduction, community investments pro-
grams or chain management? There seems not to be a lot of
strategy behind the decisions made. Evaluation of CSR seems
to be one of the most difficult things to do. First of all, this
can be explained by the lack of agreement on what should be
measured. Firms know what the inputs are and what activities
have been performed. Information on outcomes or even impact
is almost never available. Secondly there is no agreement on
how CSR should be measured, either in terms of analysis or
methods used.
Nevertheless, while the money available is limited and the
need for CSR is so great, evaluating the impact of their CSR
strategy impact is vital to achieve the greatest good possible
with their limited resources. Although we have come a long
way, there is still so much to know about the effectiveness
and efficiency of CSR. We need teach managers, board members
and also students the basics of CSR and to explain that CSR
is not a hype anymore. CSR came as a hype and will stay as a
strategy.
References:
Emerson, J. (2003), The blended value proposition: Integrating social and financial returns, California Management Review, 45(4): 35-51
UN Global Compact, Accenture (2010), A new era of sustainability: UN Global Compact-Accenture CEO Study 2010: 46-56
Wood, D.J. (2010), Measuring Corporate Social Performance: A Review. International Journal of Management Reviews, 12(1), 50-84
Eccles, R.G., Ioannou, I., Serafeim, G. (2011), The impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance, working paper (12-035), Harvard Business School
Porter, M., Kramer, M. (2011), Creating shared value: How to reinvent capitalism—and unleash a wave of innovation and growth. Harvard Business Review January–February
VBDO, DHV, Hay Group (2010), Sustainable remuneration: a guide linking sustainable goals to executive incentives.
fsrforum • volume 14 • issue #3
Corporate Social Responsibility: from hype to strategy • 41
Academisch toptalent Je eerste baan is tegenwoordig vrijwel nooit je laatste. Maar vaak wel de baan die de rest
van je carrière beïnvloedt. Droom jij van een loopbaan bij een multinational of de overheid, dan is de keuze voor je eerste
werkgever eenvoudig: Deloitte. Veel topbestuurders in Nederland danken hun huidige positie aan een carrièrestart bij Deloitte.
En dat is niet toevallig. Bij ons werk je namelijk al vanaf dag één voor toonaangevende organisaties aan innovatieve en
vooral duurzame oplossingen. Niet omdat duurzaamheid vandaag de dag in de mode is, maar omdat wij weten dat het
de sleutel vormt tot de businesskansen van morgen. Waardoor jij je kansen op de arbeidsmarkt ook weer verder vergroot.
Zoek jij de beste start van je carrière? Begin eerst hier: werkenbijdeloitte.nl.
Een duurzaam ontwikkelde carrière gaat langer mee.
DB-000-adv-regulier-basis-210x297-v10.indd 5 23-12-10 15:29
Dear members,
Spring has arrived and as we progress through the academic year many of the planned events
see the light of day. It is very rewarding for our board to see that the events we worked for are
now successfully taking place. I am excited as the FSR will cross borders very soon with the
European Finance Tour and the International Research Project. Next to these two journeys we
have the Female Business Tour, a day for the accountancy student as well as a day for the
finance student, the Corporate Finance Competition and the finals of the CleanTech Challenge
2012 coming up.
Looking back at the past half year I can say that I am proud on what we organized as board of
the FSR. However, we could not do it without our committee members, which work very hard
for all the activities the FSR has to offer during this year. As a reward for all the hard work we
travelled to Prague at the 3rd of February to spend a weekend full of activities over there.
As our board year is officially halfway we started looking for our successors, the XVth FSR
board! If you would like to challenge yourself, get in touch with numerous companies, students
and professors than a FSR board year is something for you! We are looking for six highly motivated
and capable students to take over and lead the FSR for a full year. If you are interested in a position
you can go to www.fsr.nl for more information regarding positions, application and deadlines.
The Female Business Tour is taking place at the 4th and 5th of April this year. Twenty female
top students will be invited to meet and work on cases for the Boston Consulting Group,
Deloitte FAS and ING during this two-day event. The event is organised for the second time as
last year proved to be a great success. Companies are diversifying their workforce more than
ever before and for them it is really important to get more women in board positions.
For the Finance student we offer another three events. The first will be the Finance Day, which
will provide bachelors students with the opportunity to familiarize themselves with the financial
sector. Next to the finance day we also have the appreciated Investment Banking Masterclass
with Training The Street (“TTS”). All large investment banks in London and New York hire this
firm to train their bankers for success. After the completing the TTS training you will receive
a certificate stating that you have completed the Masterclass with success.
For the real M&A enthusiasts we organize the Corporate Finance Competition in May. This
three day business course will take place with five participating companies at a luxurious location
somewhere in the Netherlands. One of the strengths of the Corporate Finance Competition is
that students really experience the differences between the large, mid-sized and smaller deals
the M&A sector is divided in.
We are currently heading towards the end of the year, however this will be the time to start
planning your next move and I am sure the FSR can be very helpful with that. I hope to see you
all during one of our master classes, workshops, cycles or other events. Feel also free to come
to our office on H14-06, if you have any question, or just for a coffee and chat!
FSR News
46
47
53
58
Column Gideon Sternfeld
Column Pete Schelvis
Banking Dinner
Gala
Word of the chairman
Wessel Ploegmakers
fsrforum • volume 14 • issue #3
FSR news • 43
Academisch toptalent Je eerste baan is tegenwoordig vrijwel nooit je laatste. Maar vaak wel de baan die de rest
van je carrière beïnvloedt. Droom jij van een loopbaan bij een multinational of de overheid, dan is de keuze voor je eerste
werkgever eenvoudig: Deloitte. Veel topbestuurders in Nederland danken hun huidige positie aan een carrièrestart bij Deloitte.
En dat is niet toevallig. Bij ons werk je namelijk al vanaf dag één voor toonaangevende organisaties aan innovatieve en
vooral duurzame oplossingen. Niet omdat duurzaamheid vandaag de dag in de mode is, maar omdat wij weten dat het
de sleutel vormt tot de businesskansen van morgen. Waardoor jij je kansen op de arbeidsmarkt ook weer verder vergroot.
Zoek jij de beste start van je carrière? Begin eerst hier: werkenbijdeloitte.nl.
Een duurzaam ontwikkelde carrière gaat langer mee.
DB-000-adv-regulier-basis-210x297-v10.indd 5 23-12-10 15:29
Beheer jij de sleutel van de schatkist? Wij zijn op zoek naar ambitieuze audit en financial trainees!
Anouk Marcelis is audit trainee bij de Auditdienst Rijk (ADR), onderdeel van het ministerie van Financiën. Zij studeerde Bedrijfseconomie in Antwerpen.
Anouk is in september 2011 begonnen als audit trainee. Haar trai-neelichting bestaat uit financial auditors (accountants) en IT auditors.
Auditdienst Rijk De ADR is een rijksbrede dienst die de interne auditfunctie van de minis-teries vervult. Hieronder valt de wettelijke controletaak (accountants-controle) en de vraaggestuurde auditfunctie (opdrachten op verzoek). Anouk werkt als financial auditor bij het klantcluster Volksgezondheid, Welzijn en Sport. Anouk heeft al een leuke klus achter de rug. Ze heeft een controle uitgevoerd bij de BES-eilanden. ‘Ik heb gecontroleerd of ze niet teveel geld hebben ontvangen en of ze het geld ook daadwerkelijk hebben uitgegeven aan de op voorhand aangegeven zaken.’
Audit TraineeshipTijdens het Audit Traineeship draait Anouk twee jaar volledig mee op verschillende werkplekken. Op deze manier doet ze ruime praktijkerva-ring op met de politieke, bestuurlijke en financiële werkelijkheid van de Rijksoverheid. Naast het werk volgen de trainees een Post Master-opleiding, bijvoorbeeld een RA-opleiding. Anouk volgt de opleiding Public Sector Auditing aan Nyenrode. ‘Zowel werk als studie zijn uitda-gend en op hoog niveau, ik ben blij dat ik hiervoor gekozen heb.’
Trudy Andriessen is financial trainee bij de directie Begrotingszaken, die deel uitmaakt van het ministerie van Financiën. Zij studeerde Politicologie in Amsterdam.
Trudy is in september 2010 als financial trainee begonnen. ‘Voor mij een ideale manier om in twee jaar tijd de Rijksoverheid goed te leren kennen.’
Directie BegrotingszakenDe directie Begrotingszaken is betrokken bij het opstellen van de Rijksbegroting, coördineert de Miljoenennota en organiseert het begrotingsproces. Trudy werkt voornamelijk aan de begrotings-presen-tatie. Ze kijkt welke informatie in de begroting moet komen. ‘Hier zijn allemaal voorschriften voor en op dit moment richt ik me op de herzie-ning van deze voorschriften.’ Dit moet ervoor zorgen dat de begroting voor iedereen duidelijk leesbaar is.
Financial TraineeshipTijdens het Financial Traineeship werkt Trudy op verschillende werkplekken. Ze is begonnen bij Economische Zaken, Landbouw en Innovatie. Trudy heeft zich bezig gehouden met het coördineren van de Algemene Rekenkameronderzoeken. Momenteel werkt Trudy voor een half jaar bij het ministerie van Financiën en vervolgens gaat ze aan de slag bij Dienst Justitiële Inrichtingen. ‘Het leuke is dat je meteen vol-waardig meedraait en direct verantwoordelijkheden krijgt.’ Trudy volgt ook een opleiding op de Rijksacademie voor Financiën, Economie en Bedrijfsvoering. De verschillende trainees trekken veel met elkaar op. ‘Het is heel fijn om ervaringen met elkaar uit te wisselen.’ Naast politi-cologen komen ook economen, bestuurskundigen en bedrijfskundigen in aanmerking voor het Financial Traineeship.
Kijk voor meer informatie over de traineeships op www.werkenvoornederland.nl/minfin. Solliciteren kan tot en met 20 mei 2012!
010612_F05.indd 1 12-01-12 09:12
News UpdateFrom hazelnut trees to Foxconn and iPhones, corporate responsibility is growing
Mountain Hazelnut Venture is planting trees, paying fair wages, and supplying customers in a triple win for corporate social responsibility.
In recent years the awareness of corporate social responsibility
has been given a massive impulse. Businesses recognize the
fact that short term shareholder thinking limits long run
company performance. In Europe, corporate social responsi-
bility has become one of the company operating pillars. The
West often finger-points at the East and Africa with respect to
hard core company effort in the area of corporate responsi-
bility. Western companies operating in the East, such as
Apple, have received most of that criticism on their corporate
policy practices in the East. However, recent developments in
operating structure throughout Asia give reasons to alter our
view on the inclusion of corporate social responsibility in
day-to-day business practice.
A new enterprise in the Southeast Asian nation of Bhutan is
one of many new companies developing a more holistic
approach to business. Mountain Hazelnut Venture’s goals are
lofty: combat deforestation by planting 10 million hazelnut
trees in the next five years, employ and empower 15,000
small holding farmer households with fair wages in rural
Bhutan and supply the European hazelnut demand by
exporting 40,000 metric tons of hazelnuts by the year 2020.
Mountain Hazelnut Venture is one of many emerging companies whose goals include the triple
bottom line of corporate social responsibility: people, planet, and profits. This is not some phil-
anthropic oriented non-profit seeking business. In the end, the focus is still on profit, but there
are many roads leading to Rome.
CSR is itself becoming big business. The Wall Street Journal releases a weekly “Corporate
Social Responsibility Weekly Recap.” The title “CSR Specialist” is a nascent career choice. Many
companies, like Nike, even release an annual corporate responsibility report, which they allow
to be dissected by the public.
Of course, paying Bhutanese farmers to plant trees is only one way for companies, big or small,
to be socially responsible. In 2007 the Center for Global Development released a report defining
corporate responsibility as standards compliance, charitable giving, resource engagement,
commercial leverage, and policy advocacy. A recent article from "International Development"
explains how each of them is defined in today’s corporate culture:
- Standards compliance: Companies adhere to higher standards of business practice, including
labor rights, working conditions, environmental protection, or anti-corruption.
- Charitable giving: Companies provide direct financial support to public organizations or non-
profits that work on issues reasonably aligned with the company’s interests and corporate
culture. It is deemed the most straightforward way for a company to contribute to development
efforts.
- Resource engagement: Companies donate their own goods, services, and expertise. According
to CGDev, this approach “arguably provides greater leverage to development activities than
cash because it brings to bear a company’s particular competitive advantages.”
- Commercial leverage: Companies leverage their commercial presence to support efforts that
can improve the lives of people they employ and communities where they operate.
- Policy advocacy: Companies use their influence to lobby home and host governments and the
international community for better policies.
This week, after months of public scrutiny, Foxconn Technology, a Chinese supplier to Apple
computers, announced that it would be raising wages for assembly line workers by 16 to 25 percent.
This is in line with operating changes in many Western companies producing in the East. At
first instance a decrease in profit margins of large corporations for the better good of corporate
social responsibility seems fairest. In the end, however, the Western consumer might even be
indulged to accept increased product prices for more humane ways of producing. Even television
programs like “blood sweat and luxuries” (BBC) have spend much money, time and effort to
change the point of view with respect to working conditions in developing countries. As consumer
awareness and activism grows, corporate responsibility is not only an important aspect of a successful
business model, but also a key tool in global development and poverty alleviation.
Part of the text comes from Stephen Oliver, Global Envision / February 28, 2012
Corporate soCial responsibility 'makes business sense'By Martha Moss - 29th February 2012
is Csr's Credibility swiftly reversing?
By Mark Lee Hunter- March 1, 2012
FSR news • 45
fsrforum • volume 14 • issue #3
do u.s. Corporations
need a gatekeeper?By Elene Cohen – 29th February 2012
Beheer jij de sleutel van de schatkist? Wij zijn op zoek naar ambitieuze audit en financial trainees!
Anouk Marcelis is audit trainee bij de Auditdienst Rijk (ADR), onderdeel van het ministerie van Financiën. Zij studeerde Bedrijfseconomie in Antwerpen.
Anouk is in september 2011 begonnen als audit trainee. Haar trai-neelichting bestaat uit financial auditors (accountants) en IT auditors.
Auditdienst Rijk De ADR is een rijksbrede dienst die de interne auditfunctie van de minis-teries vervult. Hieronder valt de wettelijke controletaak (accountants-controle) en de vraaggestuurde auditfunctie (opdrachten op verzoek). Anouk werkt als financial auditor bij het klantcluster Volksgezondheid, Welzijn en Sport. Anouk heeft al een leuke klus achter de rug. Ze heeft een controle uitgevoerd bij de BES-eilanden. ‘Ik heb gecontroleerd of ze niet teveel geld hebben ontvangen en of ze het geld ook daadwerkelijk hebben uitgegeven aan de op voorhand aangegeven zaken.’
Audit TraineeshipTijdens het Audit Traineeship draait Anouk twee jaar volledig mee op verschillende werkplekken. Op deze manier doet ze ruime praktijkerva-ring op met de politieke, bestuurlijke en financiële werkelijkheid van de Rijksoverheid. Naast het werk volgen de trainees een Post Master-opleiding, bijvoorbeeld een RA-opleiding. Anouk volgt de opleiding Public Sector Auditing aan Nyenrode. ‘Zowel werk als studie zijn uitda-gend en op hoog niveau, ik ben blij dat ik hiervoor gekozen heb.’
Trudy Andriessen is financial trainee bij de directie Begrotingszaken, die deel uitmaakt van het ministerie van Financiën. Zij studeerde Politicologie in Amsterdam.
Trudy is in september 2010 als financial trainee begonnen. ‘Voor mij een ideale manier om in twee jaar tijd de Rijksoverheid goed te leren kennen.’
Directie BegrotingszakenDe directie Begrotingszaken is betrokken bij het opstellen van de Rijksbegroting, coördineert de Miljoenennota en organiseert het begrotingsproces. Trudy werkt voornamelijk aan de begrotings-presen-tatie. Ze kijkt welke informatie in de begroting moet komen. ‘Hier zijn allemaal voorschriften voor en op dit moment richt ik me op de herzie-ning van deze voorschriften.’ Dit moet ervoor zorgen dat de begroting voor iedereen duidelijk leesbaar is.
Financial TraineeshipTijdens het Financial Traineeship werkt Trudy op verschillende werkplekken. Ze is begonnen bij Economische Zaken, Landbouw en Innovatie. Trudy heeft zich bezig gehouden met het coördineren van de Algemene Rekenkameronderzoeken. Momenteel werkt Trudy voor een half jaar bij het ministerie van Financiën en vervolgens gaat ze aan de slag bij Dienst Justitiële Inrichtingen. ‘Het leuke is dat je meteen vol-waardig meedraait en direct verantwoordelijkheden krijgt.’ Trudy volgt ook een opleiding op de Rijksacademie voor Financiën, Economie en Bedrijfsvoering. De verschillende trainees trekken veel met elkaar op. ‘Het is heel fijn om ervaringen met elkaar uit te wisselen.’ Naast politi-cologen komen ook economen, bestuurskundigen en bedrijfskundigen in aanmerking voor het Financial Traineeship.
Kijk voor meer informatie over de traineeships op www.werkenvoornederland.nl/minfin. Solliciteren kan tot en met 20 mei 2012!
010612_F05.indd 1 12-01-12 09:12
FSR Former board member
Gideon Sternfeld
It's been almost ten years since my fellow prospective board
members and I travelled to Zandvoort for a weekend to brain-
storm and plan the FSR's activities for the 2002-2003 academic
year. I have fond memories with many highlights from our
board year. On the serious side, I think we did well to organise
some outstanding events such as the International Banking
Cycle, Corporate Finance Competition and the International
Research Project that brought students in touch with some
of the world's most sought-after employers, enabling them to
put their skills on display through case work and informal
encounters. On a slightly less serious note, it was a great year
of meeting other motivated students and enjoying the odd
drink here and there to blow off steam in between events.
For me, the time in the FSR board really gave me a first taste
of what working life would be like. Each year a new board
takes over the reigns from its predecessors and with that you
also take over decades of hard work and you have a responsibility
to strive for excellence. The board year taught me responsi-
bility and, in my role as Commissioner External Relations, it
gave me a first stab at commercial negotiations and sales. For
me, the greatest achievement was that we managed to raise a
record amount from sponsors in the tough economic times
after the dotcom bubble burst.
I thoroughly recommend a year on the board to anyone
who's serious about their future: It's about meeting other
intelligent and ambitious people at university and within the
sponsor companies. It is also about applying your skills for
the first time in a real-life situation and achieving something
tangible and about honing your organisational skills, net-
working with representatives from attractive employers and
making the transition into professional life that will really set
you up for a great start to your career.
As for me, after my time in the FSR board, I had a renewed
sense of purpose and I set out to complete my coursework
and write my thesis. Once I had achieved that, I started off
work at a small independent derivatives trading firm. Whilst
this work provided me with a good insight into financial
markets, I soon realised that it was too monotonous for me
and I subsequently moved into consulting. After a few years,
I ended up working for Ernst & Young Advisory in the Perfor-
mance Improvement team. I worked on many interesting
finance related projects in the TMT sector, including a one-
year cost modeling project for a telecom operator in Thailand.
PassPort
Name
Gideon Sternfeld
age
32
residence
London (UK)
Employed at
Analysys Mason
Current position
Lead Consultant
Strategy & Transactions
Which Fsr Board
Fifth
Board function
Commissioner External
Relations
study
Financial Economics
Year of graduation
2004
Which car do you
drive
None, I take the (in)
famous tube to work
What do you drink
on a Friday night
Havana Club 7yr & Coke
Life Motto
Anyone who lives within
their means suffers from
a lack of imagination
After returning from Thailand, I was approached by a head-
hunter to join Analysys Mason in their London office.
Analysys Mason is probably unknown to most people in the
Netherlands, however within the TMT sector it is regarded as
a leading consultancy firm with 12 offices across the world
from which we have served clients in over 100 countries.
There is hardly a sector that is so dynamic and constantly
subject to change and (r)evolution and it is this dynamic that
makes the TMT sector such an interesting field. I would actually
challenge anyone to name an industry that has had more of
an impact on our daily lives in the past ten years. At Analysys
Mason we are at the forefront of this development and we are
sought out by many of the world's leading TMT companies
and financial institutions for strategy and regulatory advice.
I work in the strategy and transactions team and the majority
of my work revolves around advising banks and PE firms
during transactions. Part of my work revolves around carry-
ing out a comprehensive review of the target's market and its
competitive dynamics, the company business, commercial
and technical strategy as well as selected operational and
organisational aspects. In addition, my colleagues and I carry
out a detailed review of companies' business plans, including
assessments of projected revenues, and operational and capital
expenditures. We help our clients in evaluating potential
synergies as well as realistic upsides and downsides to the
management's business plan. On debt financing transactions,
we also develop realistic banking cases that are used as the basis
for determining a deal structure and associated covenants.
Besides the transaction related work, I also work with clients
to develop their long-term business plans. Recently, I have
also been involved in auctions for frequencies (spectrum)
used in mobile communications. For instance, I have helped
a mobile operator with the valuation of spectrum ahead of a
large auction, taking into consideration every single possible
auction scenario and using the valuation as the basis for an
auction strategy in auctions often raising billions of euro's.
Large sums mean large responsibilities and therefore the
work is demanding. In my day-to-day work I am surrounded
by very intelligent colleagues, typically working in teams of
4-6 people to deliver results under pressure. We do however
like to blow off steam after a job well done. In that respect, it
is not too dissimilar from my year in the FSR Board.
fsrforum • volume 14 • issue #3
46 • FSR news
FSR Member
Pete Schelvis
I joined the FSR in the first year of my IBA Bachelor, a lot of
my friends and fellow students joined and had informed me
that it was a valuable organisation to be part of. I didn’t really
use many of the FSR’s resources the first few years, perhaps
most of all the social events. However, later, when I was
actively seeking more exposure and event experience to gain
a deeper understanding of what job and employer I should be
aiming for after my studies, I participated in a few more
events.
The last FSR event I participated in was the Corporate
Finance Competition. I have to say that this event was organ-
ised very well. Five large potential employers are present
during three days of competition. You and four other partici-
pants form a team and compete against other teams during
various cases hosted/presented by each firm. Score is kept
and the team with the highest overall result is the winner,
the year I participated I was fortunate enough to be part of
that winning team. It was great fun, good for experience and
development of your skills. In addition it offered a perfect
platform to showcase your capabilities and get in touch with
representatives of the firms whom you might be lucky
enough to score a job interview with.
Such was the case for me, I was fortunate enough to be part
of a good team that worked as a unit. Creativity, intelligence,
enthusiasm and a bit of luck are all necessary ingredients
that are required to perform well here. The business cases are
the major focus of the event, however the face time during
the formal dinner and evening drinks with the firm repre-
sentatives offer a valuable opportunity to gain a better insight
into how the personalities of the firms differ and which
potential employer might be a good match for you personally.
During the dinner and the drinks I spoke to multiple firm
representatives, one of whom was the head of Rabobank
International M&A. I retained their business cards and
e-mailed them the next week. Interviews were scheduled
soon after.
I am currently employed at Rabobank International in the
Global Financial Management Traineeship Programme.
Throughout a year I am given the opportunity to discover
which department and discipline I am best suited for and find
most interesting. GFM is for a large part the Dealing room,
however also includes research, sales, operations and capital
markets. Rabobank International is a large global organisation
with major hubs in Sao Paolo, New York, London, Utrecht
and Hong Kong. Other trainees are spread out over all these
locations and we all keep in touch. Corporate culture has
been an experience in itself, people are very friendly and are
all very teamwork focused. Rabobank, in its principals, is dif-
ferent than any other bank out there, which stems from its
originating cooperative roots. You notice this in everything
the bank does; it is competitive, but will not compromise on
keeping the interests of the client central. As the highest
rated privately owned bank it enjoys a unique global position,
this is one of the reasons that when reliability of banks come
into question, Rabobank is known to be a reliable, client-
focused bank.
So far I have worked in the Dealing room as a trader and at
GFM eCommerce, where I have assisted in the development
of the global wholesale transaction portal. From both these
experiences I have learnt different lessons. I learnt that trading
is skill in itself, much more complicated than it might appear,
and that stakeholder management has a major influence on
every single individual working in the organisation. Investment
banking is no easy field to work in, however enthusiasm,
hard work and operating as a team player can bring you long
way. Participating in the FSR events can be very helpful and
you should definitely go out and explore, however pushing
too hard will be noticed. So my piece of advice is to just be
yourself. Well, be the best version of yourself.
PassPort
Name
Pete Schelvis
age
27
residence
Rotterdam
study
MSc Finance and
Investments & MSc
Strategic Management
Fsr event
Corporate Finance
Competition 2011
Internship
at/job at
Rabobank International
stationed at
which department
Global Financial
markets
Year of graduation
2010
What car do you
drive
Nissan 350Z
What do you drink
on a Friday night
Cocktail - Mojito
Life motto
Fortune favours the
bold
fsrforum • volume 14 • issue #3
FSR news • 47
At NIBC, entrepreneurial bankers start at the deep endAs a trainee banker at NIBC, you also have a daily job. Your assignments and responsibilities start from day one. And you’ll
have the chance to specialise, in for example mergers and acquisitions. You and your fellow analysts will follow our in-
company training programme at the Amsterdam Institute of Finance, led by professors from international business schools.
A flying start at the bank that thinks and acts like entrepreneurs. For more information, visit www.careeratnibc.com.
0185.10.003 NIBC_Arbeidsmarkt_Adv.indd 3 22-11-11 15:05
Financial Business Cycle 2012
Last January and February the Financial Business Cycle 2012
took place. During the three weeks we visited five different
top level companies: Two banks, two trading houses and one
multinational.
The cycle started with a visit at Kempen & Co. Starting with
an opening presentation. The next three presentations
explained to us more about some of the main divisions
Kempen & Co. has: Asset Management/Securities, Corporate
Finance, and Investments. As these presentations were given
by experienced employees from these departments, these
were very interesting and gave the participants a real good
insight in the daily activities of Kempen & Co. The presentations
were followed by a lunch, during which the participants
could integrate with several employees in an informal matter
and ask many questions. Afterwards an interesting securities
case was presented, in which the teams of participants were
asked to valuate two companies and give different types of
investors customized investment advice. The day ended with
a drink and dinner with a great view at one of the top floors
of the building.
Rabobank was the next company on our program. The day
started with a presentation about the structure and different
‘paths in to Rabobank’. The presentations were followed by a
short speed-dating session with trainees and employees of
the different departments and traineeships. This allowed the
participants to ask questions and listen to the different expe-
riences of the trainees. The next part of the program was a
consisted of a ‘koehandel’ game. In this game, students had
to make quick valuations of different companies and make an
offer on these through different types of auctions. The group
with the highest total value of companies combined with
cash won. The day ended with drinks, where even more trainees
joined us to share their experiences with us.
The third inhouse day of the Financial Business Cycle was at
Optiver. Starting with a presentation about the company and
an introduction in options and other derivatives. The students
got a little surprise: a mathematical test. After this mathe-
matical test we got a presentation by a wholesale trader fol-
lowed by a screen trader. During their presentations they
elaborated on the differences between their jobs, answered
questions, and gave us some insight in their jobs by telling
anecdotes. After a quick tour through the building the group
was divided in to teams which had to compete in a card game, which simulated the trading
done by Optiver. The day ended with pizza and drinks, where some traders joined us after the
markets had closed for the day.
The next company we visited was another trading company, Flow Traders. Walking into their
offices, the company looked a bit like every man’s ‘heaven’, the common relax area had a bar, a
pool table, a poker table and a lot of different arcade games. During the first presentation of the
day, it quickly became clear that it was not all fun and games at Flowtraders. The relatively
young company wants to grow substantially, which takes a lot of hard work. After several pres-
entations we got a tour on the trading floor. During this tour we got the opportunity to really
experience the working atmosphere at Flow Traders. Next, we had to do some quick thinking
in a bid and offer game and one of the participants could go home with a bottle of champagne.
The day ended when some traders joined us at an informal lunch.
The last company in the Financial Business Cycle 2012 visited was Shell. The day began with
some safety rules at Shell’s headquarter in The Hague, which indicated how serious Shell takes
its activities and that the company cared about the wellbeing of its employees and visitors. After
these precautions, the program continued with several presentations given by the recruiters,
trainees, and more experienced employees. The case Shell prepared for the participants was an
original manner to show the multicultural difficulties a Shell employee has to cope with. The
participants were divided into teams along with one goal: build a bridge and make sure every
team builds the same bridge. After a couple of ‘negotiation rounds’, the result was presented.
Of course, there was a catch simulating the multicultural and conversational difficulties of a
Shell employee. After the game the recruiter told us more about the application process at
Shell and invited us to have drinks.
We, as the committee of the Financial Business Cycle, can look back at an, another successful
edition of the Financial Business Cycle. We hope that the students who participated have
learned more about the variety of different employers and that they might even have made a
first step towards a good career.
fsrforum • volume 14 • issue #3
FSR news • 49
At NIBC, entrepreneurial bankers start at the deep endAs a trainee banker at NIBC, you also have a daily job. Your assignments and responsibilities start from day one. And you’ll
have the chance to specialise, in for example mergers and acquisitions. You and your fellow analysts will follow our in-
company training programme at the Amsterdam Institute of Finance, led by professors from international business schools.
A flying start at the bank that thinks and acts like entrepreneurs. For more information, visit www.careeratnibc.com.
0185.10.003 NIBC_Arbeidsmarkt_Adv.indd 3 22-11-11 15:05
Bij Financiën tel je meteen mee. Zeker als econoom.
Als ambitieuze academicus kun je overal aan de slag. Ook bij
de overheid. Daar moet je wel bewust voor kiezen, de
publieke zaak moet je ter harte gaan. Bij Financiën vertaal je
politieke keuzes in concreet beleid.
Het gaat daarbij om heel veel geld, zo’n 250 miljard euro per
jaar, een bedrag dat zo effectief en efficiënt mogelijk moet
worden ingezet. Resultaatgericht en projectmatig werken is
bij ons dan ook eerder regel dan uitzondering.
Tegelijkertijd opereren we in de context van hectische poli-
tieke verhoudingen en maatschappelijke ontwikkelingen.
Die dimensie maakt het werk extra spannend.
Vanaf dag één meedoenGa jij naar Brussel om de overheidsfinanciën van Europese
lidstaten te bespreken? Of wil je collega's in voormalige Oost-
bloklanden helpen bij het maken van een deugdelijke rijks-
begroting? Misschien werk je liever aan de Nederlandse
Rijksbegroting of zou je graag de minister in Washington
adviseren tijdens de jaarvergadering van de Wereldbank en
het IMF? Ook kun je meewerken aan het verzekeren van
exportkredieten of analyses maken van landenrisico’s.
Bij het ministerie van Financiën draai je gelijk volledig mee.
Kortom, je krijgt vanaf de eerste werkdag de kans om jezelf
te bewijzen. Om te laten zien dat je de verantwoordelijk-
heden aankunt. Uiteraard word je niet zomaar in het diepe
gegooid. Er zijn altijd seniorcollega’s die je coachen of als
mentor optreden.
Als econoom aan de slagTegenwoordig verschilt de overheid helemaal niet zo veel van
een bedrijf. Het gaat om het effectief en doelmatig inzetten
van middelen. Alleen gaat het op ons ministerie om iets grotere
bedragen: jaarlijks ruim 250 miljard.
Bijna altijd is de vraag hoe we dat gemeenschapsgeld op de
juiste manier gaan besteden, gezien de actuele maatschappe-
Company presentation
Bij het ministerie spelen economen een belangrijke rol.
fsrforum • volume 14 • issue #3
50 • Company presentation
lijke ontwikkelingen. Het antwoord vereist inzet, precisie en creativiteit, maar ook een scherp
gevoel voor politieke verhoudingen.
Wat wil je doen?Bij het ministerie spelen economen een belangrijke rol. Wat jij precies gaat doen, hangt
natuurlijk af van je achtergrond en belangstelling. Je kunt denken aan: het meeschrijven aan
de Miljoenennota, het handelen in de dealingroom, het initiëren en stimuleren van publiek-private
samenwerkingsverbanden, het risicomanagement van de staatsschuld, het aan- en verkopen
van bedrijven, het doorlichten van de financiële sector en het uitvoeren van audits.
Zo blijf je in bewegingBij het ministerie van Financiën tel je meteen mee. Maar het is natuurlijk belangrijk dat je je
ook snel verder ontwikkelt. Daarbij krijg je hulp in de vorm van allerlei individuele en collectieve
opleidingsprogramma's.
Financiën is voor economen een plek met heel veel doorgroeimogelijkheden. We kennen een
roulatiebeleid, zodat je steeds nieuwe dingen leert en je grenzen verlegt. Zowel op nationaal als
op internationaal niveau.
Hoe ver je komt, is ook een kwestie van ambitie en talent.
Kennismaken?Elk jaar organiseert het ministerie van Financiën de Studentendag voor academici vanaf het
tweede studiejaar. Tijdens deze dag krijg je een unieke kans om het ministerie van binnenuit te
leren kennen. Je draait een dag mee en wordt door enthousiaste medewerkers begeleid. Meer
informatie op www.studentendag.nl. Naast de studentendag zijn er verschillende andere
inhousedagen bij het ministerie van Financiën. Een overzicht is te vinden op onze website.
Traineeships bij het ministerie van FinanciënNaast onze reguliere startfuncties bieden wij ook traineeships aan. In september gaan het Audit
Traineeship, het Financial Traineeship en het Rijkstraineeprogramma weer van start. Een
mooie manier om de Rijksoverheid in twee jaar tijd goed te leren kennen.
Het Audit Traineeship is een programma van de Auditdienst Rijk. Als pas afgestudeerd acade-
micus krijg je de kans ervaring op te doen binnen de auditfunctie van de
Rijksoverheid. Je draait twee jaar volledig mee op verschillende werkplekken binnen verschil-
lende ministeries. Zo doe je ruime praktijkervaring op met de politieke, bestuurlijke en financiële
werkelijkheid van de Rijksoverheid. Daarnaast krijg je een
Post Master Accountancy of een Post Master IT-audit en een
intern opleidingsprogramma aangeboden.
Tijdens het Financial Traineeship werk je in drie verschil-
lende financiële functies. Je gaat aan de slag bij een directie
Financieel-economische Zaken van één van de ministeries en
je werkt een half jaar bij het ministerie van Financiën, de
Tweede Kamer, de Algemene Rekenkamer of een uitvoerings-
instantie. Daarnaast neem je samen met de andere trainees
deel aan een op maat gemaakt cursusprogramma.
Aanmelden voor het Audit- of Financial Traineeship kan tot
en met 20 mei 2012!
Daarnaast neemt het ministerie van Financiën ook ieder jaar
een aantal rijkstrainees aan. Het Rijkstraineeprogramma is
een breed programma voor starters met verschillende studie-
achtergronden. De aanmeldingsperiode voor het Rijkstrainee-
programma loopt van 2 t/m 16 april 2012!
Meer informatieWil je meer weten over werken bij het ministerie van Finan-
ciën? Kijk voor informatie over startfuncties, traineeships,
stagemogelijkheden en onze recruitmentactiviteiten op
www.werkenvoornederland.nl/minfin. Je kunt ook meteen
solliciteren via [email protected]. Telefonisch zijn wij
te bereiken via (070) 342 73 17 of (070) 342 69.
Tijdens het Rijkstraineeprogramma en het Audit en Financial Traineeship leer je de Rijksoverheid goed kennen.
Company presentation • 51
Start a finance career where you develop more than just your professional skillsGrow with Philips. Join a company that places great value on people as well as financial results. We challenge and empower you to make the most of your talents while working in multidisciplinary and international teams. You will be surrounded by passionate, insightful colleagues who share your drive to create superior customer experiences. Our growth depends on yours, so we’ll support you with career opportunities that let you accelerate in the directions to which you aspire.
Visit our website and give your financial career a boost while facilitating growth for our business.
Join 120 years of innovation
www.philips.nl/carriere
2012-0212_PHC_Financial adver 225x300.indd 2 15-02-12 15:42
FSR Banking Dinner
On the 29th of February the first edition of the FSR Banking Dinner took place in Restaurant
De Harmonie in Rotterdam. The successor of the Young Financials Dinner appeared to be very
successful. The participation of four well known Dutch banks led to a lot of applications. Out of
the many applicants twenty top students were selected to participate in this event. They had the
opportunity to meet four potential employers in an informal setting.
After all students and bankers were greeted with a welcome drink, the evening started off with
a short introduction by representatives of the four participating banks: ABN AMRO, Kempen &
Co, NIBC and SNS REAAL. The introduction was followed up by the dinner itself. The dinner
consisted of three courses. After each course the student switched from table to join another
bank. The three courses of Restaurant De Harmonie tasted delicious. The evening ended with
a social drink.
The FSR Banking Dinner has given the students the opportunity to extensively become
acquainted with the corporate culture, activities and differences of the four banks in an informal
setting. From the perspective of the FSR’s I considered the first edition of the banking dinner
to be very successful and therefore we would like to thank all the parties involved!
FSR news • 53
fsrforum • volume 14 • issue #3
Start a finance career where you develop more than just your professional skillsGrow with Philips. Join a company that places great value on people as well as financial results. We challenge and empower you to make the most of your talents while working in multidisciplinary and international teams. You will be surrounded by passionate, insightful colleagues who share your drive to create superior customer experiences. Our growth depends on yours, so we’ll support you with career opportunities that let you accelerate in the directions to which you aspire.
Visit our website and give your financial career a boost while facilitating growth for our business.
Join 120 years of innovation
www.philips.nl/carriere
2012-0212_PHC_Financial adver 225x300.indd 2 15-02-12 15:42
The FSR is looking for enthusiastic board and committee members for the academic year 2012-2013. As a board or committee member you have the opportunity to distinguish yourself from other students and to get connected to the corporate world. Are you a Bachelor 3 or a Masters student next year and do you have affinity with finance, accountancy or controlling? Grab this chance to become an active member at the FSR in one of the following positions:
Board positions: Committees:Chairman Accountancy Committee Secretary CleanTech Challenge CommitteeTreasurer Corporate Finance Competition CommitteeCommissioner External Relations European Finance Tour CommitteeCommissioner Activities FAN CommitteeCommissioner Finance Activities Female Business Tour Committee Finance Committee FSR Forum Editorial Committee International Banking Cycle Committee International Research Project Committee
Interested? Mail to [email protected]
FSR.NL
The FSR has opportunities for you in 2012-2013!
Become a BOard or committee member of the financial study association
rotterdam!
Board_members.indd 1 29-2-2012 14:22:00
Multinational Battle 2012
The Multinational Battle is a nationwide event jointly organized by the Financial Study association
Rotterdam, Financial Study association Amsterdam, Risk (Groningen), FS Focus (Maastricht)
and Asset Accounting & Finance (Tilburg). This year’s participating companies were Ahold,
Heineken, KPN, NS and PostNL. These five multinationals showed their career opportunities
with a focus on Finance, Accounting & Control. Each of the multinationals facilitated the qualification
round in one of the organizing cities. The four best students from this round in each of the five
cities were selected for the finals. Rotterdam had the honor to invite Heineken to the campus
of the Erasmus University on the 16th of February. During the qualification round the selected
students had the chance to meet Heineken during an informal drink and, most important, had the
opportunity to show their skills to the employees of Heineken during the case. After the case
Heineken selected the four best performing students who would continue to the final.
These four students had to represent Rotterdam during the finals from the 29th of February till
the 2nd of March. During these three days, the five battling teams from Amsterdam, Groningen,
Maastricht, Rotterdam and Tilburg stayed at a very luxurious location, Kasteel de Vanenburg.
The final consisted of solving cases from the participating multinationals, who ranked the
teams at the end of each case. Besides that, the students had lunches, drinks and dinners
together with employees and recruiters of the participating companies in order to get to know
the employees in a more informal atmosphere. It was a close call until the final case. The teams
were very competitive and tried to impress the employees of Ahold, Heineken, KPN, NS and
PostNL.
Unfortunately, at the end of the battle not the team from Rotterdam, like last year, but the team
from Tilburg had the highest score. They returned home with the cup for the ‘Winning team
Multinational Battle 2012’. We would like to thank the participating companies for their cooperation
and of course the students who made it to the finals for the great event!
fsrforum • volume 14 • issue #3
FSR news • 55
The FSR is looking for enthusiastic board and committee members for the academic year 2012-2013. As a board or committee member you have the opportunity to distinguish yourself from other students and to get connected to the corporate world. Are you a Bachelor 3 or a Masters student next year and do you have affinity with finance, accountancy or controlling? Grab this chance to become an active member at the FSR in one of the following positions:
Board positions: Committees:Chairman Accountancy Committee Secretary CleanTech Challenge CommitteeTreasurer Corporate Finance Competition CommitteeCommissioner External Relations European Finance Tour CommitteeCommissioner Activities FAN CommitteeCommissioner Finance Activities Female Business Tour Committee Finance Committee FSR Forum Editorial Committee International Banking Cycle Committee International Research Project Committee
Interested? Mail to [email protected]
FSR.NL
The FSR has opportunities for you in 2012-2013!
Become a BOard or committee member of the financial study association
rotterdam!
Board_members.indd 1 29-2-2012 14:22:00
Update of the International Research Project 2012
The International Research Project is in full swing! So far, the group is getting along very well
and is very enthusiastic about the research.
We've visited in-house days of Ernst & Young, KPMG, BDO, Deloitte, PwC and ROBECO and
attended a guest lecture by Varavo. In the coming weeks we'll visit Achmea. Besides the fact
that the in-house days are a great way to get to know the companies, most of them also focused
on the IRP research topic, being Corporate Social Responsibility (CSR). Therefore, these days
are also a great addition to the research.
The students are split in five groups researching the Transport, Commodities, Energy, Finance
and Consumer goods sectors. Each group will focus on the relationship between CSR efforts of
companies in their sector and company performance. As each group will look at the situation
in the Netherlands, Thailand and Vietnam, a comparison can be made between countries of the
relation between CSR efforts and company performance. Together, the research of the groups
should show a country wide analysis of this relationship. So far, it promises to be very interest-
ing research.
Besides the official activities of the project, we've also had some informal events to get to know
each other. And it's safe to say that everybody is getting along great! More so, as we approach
the departure date of the 22nd of April everybody is getting more and more excited about the
project. It will definitely be a very exciting trip as we already have some great companies on
board in Thailand and Vietnam that will welcome us into their offices.
We'll keep you informed!
fsrforum • volume 14 • issue #3
56 • FSR news
Active Members Weekend
This weekend is famous for its nice stories that come out of it, year over year! At Friday the 3rd
of February a group of 28 excited active members, last year’s board and the current board
departed from Schiphol airport to Prague for a long weekend full of activities.
Although the airplane had some delay, due to snowy weather conditions, we arrived full of
energy in Prague. We stayed in a hotel in the city centre and as the weekend was to short, we
quickly headed out to discover some of the nightlife this old city has to offer. With -22 °Celcius
on the thermometer outside the cosy and stylish clubs of Prague make you never want to leave
and head for home.
So after a relative short night the first activity of the weekend was already starting in the morning.
A bus took us outside the city centre to a shooting range where we could do some target shooting
with Kalashnikovs AK-47’s and some Magnums pistols. Everybody made it out alive and was
surprised by the shooting skills of former board member Kim de Vries. She won the day prize
for the best shooter of the day!
After this activity ten old Trabant cars and a little van lined up to pick us up for some sightseeing
sovjet style. The cars drove us around the city and we got the opportunity to try Trabant driving
ourselves at the parking lot of the old and abandoned Praha stadium. The Trabants dropped us
of at some Communist café where the vodka warmed us up a little! After a refreshing hour back
at the hotel room it was time for a dinner with a traditional Czech dish. I would like to tell you
its name but unfortunately I still have not found out as well!
The next exploration of the nightlife could begin and this time we headed toward the biggest
club in Central Europe, Karlovy Lazne. This club has over 5 stories and is indeed, very big! We
had reserved a special place for the group were they could poor their own drinks and this
seemed to work for them very well. We had a great night and had much fun hopping from floor
to floor!
The next day everybody was really tired but there was still one activity to do, we visited an old
beer brewery where we got a tour from a Czech man that spoke English remarkably well, for a
Czech guy. After this it was time to travel to the airport, where everybody fell asleep at the
McDonalds and was happy to go to bed early that night!
We had a good time and we look forward to next year’s active members weekend where we will
be the former board members and can enjoy another weekend full of short nights and good
times!
fsrforum • volume 14 • issue #3
FSR news • 57
FSR Gala dinner 2012
On the 14th of January, the FSR Gala dinner 2012 took place.
Together with the FSR board, active members, former FSR boards
and dates we had a wonderful evening at museumrestaurant 'De
Pappegay'. We were welcomed with bubbles to toast on a happy new
year. After that, the dinner started and between each course the
Chairman and former Chairmen gave a speech. At the end of the
evening, after the dinner, the DJ arrived and we concluded the FSR
Gala dinner 2012 with a drink and some dancing.
We would like to thank everyone for the great evening!
fsrforum • volume 14 • issue #3
58 • FSR news
FSR Alumni Association
Dear FSR Alumni,
It is with great excitement that I can inform you about the ins and outs of our beautiful Alumni
Association. The academic year is over its midway point and the current FSR Board is coping
with the last parts of –probably- the best year in their lives. In this section of the FSR Forum
we are delighted to provide you with a review of the FSR Alumni Friday Afternoon Event at the
Ketel 1 Drink. We also look forward to upcoming events such as the Old Boards Diner (OBD),
where all of the former FSR board members are invited to wine and dine, and the FSR Alumni
Golf Championship, where beginning and advanced level golfers are challenged to show their
golfing talent.
First, we like to review the past. We can joyfully look back at a more than successful Ketel 1
Friday Afternoon Drink at the Westelijk Handelsterein. All FSR Alumni members were invited
to meet up at the Ketel 1 Drink to enjoy the sparkling Ketel 1 jenever cocktails and keep up
with their fellow Alumni members.
If we switch from the past into the future, we can look forward to the OBD, which will be organized
by two former board members from the 13th FSR Board. On the 14th of April, all of the former
boardmembers of the FSR are invited for a diner at restaurant de Harmonie. This event is
traditionally the event with the highest density rate among all of the Alumni events.
The alumni board is furthermore planning a great golf tournament, the Philips FSR Alumni
Golf Championship, where the current Chairman of the FSR Alumni Association –Joris Kil-
will be challenged to defend his title and to become the first and only consecutive winner of the
Championship. During the day, advanced level golfers will compete with each other on an
ostentatious 9-holes course filled with outrageous water hazards, St. Andrews styled bunkers,
a Longest Drive and Nearie Competition. The inexperienced Alumni members can also expect
a beautiful day of golf. During a 2 hour clinic they will be thaught the basic skills of golf and as
icing on the cake they will show their new learned skills on a par-3 course!
As you can read, lots of networking and recreation events. We, as Alumni Board, would like to
invite all of the current and previous FSR committee and board members to join the network
and be part of the fun!
Together we can increase the strength of the FSR alumni network and make the events fun and
worthwhile to attend!
Bart Lips
Vice-Chairman FSR Alumni Association
fsrforum • volume 14 • issue #3
FSR news • 59
FSR Activity Agenda 2012
April Female Business TourIt might be a men’s world but it would be nothing without women
Potential Board and Committees drinkFor everyone who’s interested in the possibilities the FSR has
to offer you next year!
April/May International Research ProjectExamine the corporate world of Bangkok & Ho Chi Minhcity!
National Investment CompetitionInvest and be a winner!
May Bachelor Accountancy DayWill you choose for a career in accounting?
Corporate Finance CompetitionFive star event: hotel, companies and participants!
Finance DayWant to know what finance is all about…
Investment Banking MasterclassLearn to valuate, like an investment banker.
Cartoon: Deef Smits www.coolgraphix.nl
fsrforum • volume 14 • issue #3
60 • FSR news
© 2011 PricewaterhouseCoopers B.V. (KvK 3412089) Alle rechten voorbehouden.
www.werkenbijpwc.nl
Soms weet je precies welke smaak je wiltSoms wil je eerst nog van alles proeven
Kom verder met het Financial Traineeship
Financial TraineeshipStart september 2012Evi van Splunder088 792 73 [email protected]
Sta je op het punt je fi nanciële master af te ronden, dan ligt de wereld bij ons aan je voeten. Want als talent met een stevig fi nancieel fundament kun je proeven aan alle smaken van je vakgebied tijdens ons Financial Traineeship; een tweejarig coachings- en opleidingstraject. Wil je meer weten, neem dan contact op met Evi van Splunder. Of kijk op werkenbijpwc.nl/fi nancialtraineeship
4694-76 PwC RC FT A4 FSR Forum.indd 1 12/2/11 2:20:27 PM
Weten wat je kan,begint met weten waar je naartoe wilt.
Inge TjeerdsmaSenior Staff Audit FSO
Een succesvolle carrièrestart is meer dan een goede cijferlijst. Het begint met karakter en inzicht in jezelf. Ontdekken wie je bent, weten waar je naartoe wilt groeien én hoe je dat voor elkaar krijgt staat altijd aan de basis. Ernst & Young coacht jou actief op weg naar jouw succes. We bieden je volop kansen in de wereld van assurance, tax, transaction en advisory. Ontdek ze op ey.nl/carriere
E&Y_210x297mm_potentials.indd 1 03-11-10 17:11