Hang Seng Archives - SustainCase - Sustainability Magazine Insights on how you can protect the environment, maintain and increase the value of your company, through a structured CSR/Sustainability process with the use of the GRI Standards. Learn how Today's Best-Run Companies are achieving Economic, Social, and Environmental Success - and How You Can Too... Mon, 06 Mar 2023 14:17:40 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.4 Case study: How Hang Seng creates economic value for its stakeholders https://sustaincase.com/case-study-how-hang-seng-creates-economic-value-for-its-stakeholders/ Wed, 23 Nov 2022 07:09:54 +0000 https://ccprowebs.com/new-sustaincase.com/?p=14434 Hang Seng Bank Limited is a Hong Kong-based banking and financial services company and one of Hong Kong’s leading public companies in terms of market capitalisation, offering a wide array of financial services including online banking, savings, credit cards, loans, mortgages, and insurance. Hang Seng directly drives Hong Kong’s economy by supporting SMEs and local businesses, paying tax and being one of the region’s largest private sector employers, creating sustainable value for its employees, the government and other stakeholders. This case study is based on the ESG Report 2020 by Hang Seng, prepared in accordance with the GRI Standards and GRI […]

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]]> Hang Seng Bank Limited is a Hong Kong-based banking and financial services company and one of Hong Kong’s leading public companies in terms of market capitalisation, offering a wide array of financial services including online banking, savings, credit cards, loans, mortgages, and insurance. Hang Seng directly drives Hong Kong’s economy by supporting SMEs and local businesses, paying tax and being one of the region’s largest private sector employers, creating sustainable value for its employees, the government and other stakeholders.

This case study is based on the ESG Report 2020 by Hang Seng, prepared in accordance with the GRI Standards and GRI G4 Financial Services Sector Disclosures, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

Abstract

Hang Seng strives to generate and distribute value for all its stakeholders  Tweet This!, contributing to the positive development of its community through its investment in the environment, people and society. In order to create economic value for its stakeholders Hang Seng took action to:

  • create economic value for employees
  • create economic value for providers of capital
  • create economic value for the government
  • support communities

What are the material issues the company has identified?

In its 2020 ESG Report Hang Seng identified a range of material issues, such as customer privacy, anti-corruption, financial inclusion, diversity and equal opportunities. Among these, creating economic value for its stakeholders stands out as a key material issue for Hang Seng.

Stakeholder engagement in accordance with the GRI Standards

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups Hang Seng engages with: 

Stakeholder Group                Method of engagement
Customers ·      Daily operations and interactions

·      Financial market updates

·      Relationship manager visits and meetings

·      Seminars and conferences

·      Loyalty events

·      Satisfaction surveys

·      Online community
Shareholders

 

 ·      Annual general meeting

·      Corporate communications

·      Interim and annual reports

·      Results announcements
Employees

 

 ·      Surveys

·      Focus groups

·      Face-to-face interviews

·      Training and workshops

·      Performance and development discussions

·      Intranet

·      Staff mobile app

·      Business briefings

·      Town hall meetings hosted by the Chief Executive and business/function heads

·      Regular exchange meetings hosted by the Chief Executive and managers

·      Morning broadcasts

·      Symposiums

·      Forums hosted by businesses/functions to profile their work and expose staff to internal opportunities

·      Employee representation on staff retirement committee

·      Volunteer activities

·      Community investment programmes and communications
Business analysts and investors

 

 

 ·      Results announcements

·      Shareholder announcements and circulars

·      Annual general meeting

·      Investor relations meetings
Business partners

 

 

 ·      Visits and meetings

·      Seminars and events

·      Reports
Regulators

 

 

 

 

 ·      Meetings

·      Compliance reports

·      On-site/Off-site inspections

·      Ad hoc enquiries

·      Circulars and guidelines
Media

 

 

 

 

 ·      Briefings

·      Press materials

·      Senior leaders interviews

·      Results announcements

·      Informal meetings
Non-governmental organisations (NGOs)

 

 

 ·      Volunteer activities

·      Community investment programmes and communications

·      Visits and meetings
Financial sector peers ·      Hong Kong Association of Banks meetings and events
Professional bodies (including rating agencies)

 

 ·      Visits and meetings

·      Memberships

·      External audits

·      Index assessments and questionnaires
Suppliers

 

 ·      Risk management processes

·      Due diligence processes

·      Performance reviews

·      Visits and meetings

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Hang Seng engaged with its stakeholders through an online survey and one-on-one interviews. A total of 358 stakeholders participated in the online survey.

What actions were taken by Hang Seng to create economic value for its stakeholders?

In its ESG Report 2020 Hang Seng reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • Hang Seng’s staff are the engine of its success and the primary bridge between its business and the local community. Hang Seng rewards them with competitive compensation and benefits packages, and engages them with supportive and flexible working conditions. In 2020, Hang Seng paid HK$6,102 million for employee compensation and benefits.
  • Creating economic value for providers of capital
  • In 2020, Hang Seng paid HK$11,214 million to providers of capital.
  • Creating economic value for the government
  • In 2020, Hang Seng paid HK$2,287 million to the government in Hong Kong (and HK$92 million to the government outside Hong Kong).
  • Supporting communities
  • Hang Seng seeks to contribute to a prosperous and sustainable future for the communities in which it operates. Accordingly, during 2020, Hang Seng invested more than HK$30 million in its community investment programmes (including charitable donations and community sponsorships), bringing the total amount in the past 10 years to HK$282 million.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed

Disclosure 201-1 Direct economic value generated and distributed corresponds to:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

This case study is based on published information by Hang Seng, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.hangseng.com/cms/fin4/esg-report-2020/en/full-report.pdf

Note to Hang Seng: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How Hang Seng creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How Hang Seng promotes employee engagement https://sustaincase.com/case-study-how-hang-seng-promotes-employee-engagement/ Wed, 03 Feb 2021 06:58:16 +0000 https://ccprowebs.com/new-sustaincase.com/?p=12202 Founded in 1933, Hang Seng is one of Hong Kong’s largest listed companies and leading domestic bank. Recognising that its staff are the engine of its success and the primary bridge between Hang Seng’s business and the local community, , champions diversity and an inclusive culture, and empowers staff to perform at their best. This case study is based on the 2019 Corporate Sustainability Report by Hang Seng published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, […]

The post Case study: How Hang Seng promotes employee engagement appeared first on SustainCase - Sustainability Magazine.

]]> Founded in 1933, Hang Seng is one of Hong Kong’s largest listed companies and leading domestic bank. Recognising that its staff are the engine of its success and the primary bridge between Hang Seng’s business and the local community, Hang Seng seeks to create a work environment that promotes employee engagement  Tweet This!, champions diversity and an inclusive culture, and empowers staff to perform at their best.

This case study is based on the 2019 Corporate Sustainability Report by Hang Seng published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

Abstract

Hang Seng is committed to listening to and learning from its people, recognising them as individuals with a diverse set of strengths, needs and motivations. In order to promote employee engagement Hang Seng took action to:

  • implement the You Matter programme
  • launch a mobile app
  • conduct an employee survey
  • organise exchange meetings

What are the material issues the company has identified?

In its 2019 Corporate Sustainability Report Hang Seng identified a range of material issues, such as customer privacy, anti-corruption, financial inclusion, non-discrimination, climate change mitigation and adaptation. Among these, promoting employee engagement stands out as a key material issue for Hang Seng.

Stakeholder engagement in accordance with the GRI Standards              

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups Hang Seng engages with:

Stakeholder Group                Method of engagement
Customers ·      Daily operations and interactions

·      Financial market updates

·      Relationship manager visits and meetings

·      Seminars and conferences

·      Customer loyalty events

·      Customer satisfaction surveys

·      Online community
Shareholders

 

 ·      Annual General Meeting

·      Corporate communications

·      Interim and annual reports

·      Results announcements
Employees

 

 ·      Surveys

·      Focus groups

·      Face-to-face interviews

·      Training and workshops

·      Performance and development discussions

·      Staff intranet

·      Staff mobile app

·      Business briefings

·      Town hall meetings, hosted by Chief Executive and business/function heads

·      Regular exchange meetings, hosted by Chief Executive and managers

·      Speed networking events

·      Forums hosted by businesses/functions to profile their work and expose staff to internal opportunities

·      Employee representation on staff retirement committee

·      Volunteer activities

·      CSR programmes and communications
Business analysts/ investors

 

 

 ·      Results announcements

·      Post-results announcement briefings

·      Senior management meetings

·      Investor relations meetings
Business partners

 

 

 

 ·      Reports

·      Visits and meetings

·      Gatherings and seminars

·      Relationship-building events
Regulators

 

 

 

 

 ·      Meetings

·      Compliance reporting

·      On-site inspections

·      Ad hoc enquiries

·      Circulars and guidelines
Media

 

 

 

 

 ·      Briefings

·      Press materials

·      Senior management interviews

·      Results announcements

·      Social gatherings
Non-governmental organisations (NGOs)

 

 

 ·      Volunteer activities

·      Community investments and donations

·      CSR programmes/communications

·      Staff workshops

·      Visits and meetings
Financial sector peers

 

 ·      Strategic collaborations

·      Group circulars

·      Town hall meetings

·      Hong Kong Association of Banks meetings and circulars
Professional bodies (including rating agencies)

 

 ·      Visits and meetings

·      Memberships Committees/working groups

·      Workshops

·      External audits

·      Index assessments/questionnaires

·      Financial education programmes
Suppliers

 

 ·      Risk management processes

·      Due diligence processes

·      Performance reviews

·      Visits and meetings

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Hang Seng engaged with its stakeholders through an online survey and one-on-one interviews. A total of 260 stakeholders participated in the online survey, to rank the importance of identified topics.

What actions were taken by Hang Seng to promote employee engagement?

In its 2019 Corporate Sustainability Report Hang Seng reports that it took the following actions for promoting employee engagement:

  • Implementing the You Matter programme
  • Hang Seng implements the multipronged staff engagement programme You Matter, to foster an open, progressive and dynamic culture. The programme promotes key elements of Hang Seng’s brand, such as customer service excellence, inclusion and creativity. It also includes town hall meetings and exchange sessions with senior management, informal networking events, and forums in which heads of businesses and functions profile their work.
  • Launching a mobile app
  • To enhance communication, collaboration and collegiality, Hang Seng launched the mobile app H@SE in 2019. This interactive platform enables over 8,000 of Hang Seng’s Hong Kong employees to receive bank updates, to freely share comments and to cast votes on various topics, just like on other social media. This app is key to Hang Seng’s open and dynamic culture in which employees are encouraged to engage in transparent, direct and two-way communication with senior management and colleagues at all levels. An 85 per cent activation rate was achieved two months after the app’s launch. In 2019, more than 1,000 posts were published by Hang Seng’s units to communicate corporate information, important news and business-related stories. To generate feedback, polling questions were published and over 5,800 votes were received. Information about the bank is also conveyed to staff through business briefings, town hall meetings, the intranet, morning broadcasts, circulars and emails. Due consideration is additionally given to making sure there are appropriate notification periods and communication channels when any significant operational changes that could substantially affect staff are implemented.
  • Conducting an employee survey
  • Hang Seng conducts a biannual bank-wide employee survey. The response rate has risen from 38 per cent (first half of 2018) to 66 per cent (second half of 2019) and the number of employees who recommend Hang Seng as a great place to work is at 73 per cent, the highest since 2018. Additionally, a majority – 85 per cent – feel that the bank is genuine in its commitment to encouraging a speak-up culture.
  • Organising exchange meetings
  • Enhancing the approachability of senior leaders was the number one suggestion made by staff in Hang Seng’s surveys, when asked what would remedy a fear of speaking up. Accordingly, Hang Seng organised exchange meetings, to allow staff to speak with senior management. Staff enjoy their informality, and Hang Seng will continue to make them a core part of its engagement strategy. Hang Seng’s most recent survey, in the second half of 2019, confirmed that 85 per cent of employees were also willing to voice concerns when they saw behaviour that was considered wrong. Staff participation in exchange meetings increased from 14 per cent (second quarter of 2016) to more than 60 per cent (second half of 2019). Attendees hailed the sessions as interactive, constructive and fruitful.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standard addressed in this case is: Disclosure 402-1 Minimum notice periods regarding operational changes

Disclosure 402-1 Minimum notice periods regarding operational changes corresponds to:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

1) This case study is based on published information by Hang Seng, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to Hang Seng: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How Hang Seng promotes employee engagement appeared first on SustainCase - Sustainability Magazine.

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