Executive Summary
While it is critical for a business to earn a profit, it is also
critical for it to operate in an ethical and sustainable manner, which
is becoming increasingly crucial as our younger generations become more
aware of the detrimental influence we have on the environment.
This is where CSR (Corporate Social Responsibility) enters the picture.
CSR, or corporate social responsibility, is defined as a company’s
endeavour to enhance society and contribute to its long-term growth.
It is concerned with the environmental and social effects that a company
has on the society in which it works. Bank of Maldives management claims
that they are committed to continuing to operate as a sustainable and
responsible business, striving to make a positive difference for their
customers, communities, and employees while achieving sustainability
through their operations and maintaining strong risk management and
governance. The organization’s aim to be a responsible and sustainable
corporation drives the corporate social responsibility (CSR) strategy.
BML adopts a holistic approach to CSR, embedding responsibility into the
company’s culture and operations. The BML CSR Committee, which is made
up of senior executives from several divisions, oversees the CSR
projects. They actively collaborate with all sectors and demographics of
the Maldivian community and contribute to national and societal
development in the Maldives as one of the largest corporations in the
Maldives.
The goal of corporate social responsibility is to improve the long-term
viability of fundamental company operations. Its dedication to being a
sustainable and responsible organisation is shown in their policies,
practices, and Code of Conduct. It aspires to build its business
responsibly, in ways that benefit society, and to operate in an
ecologically, socially, and financially responsible manner.
We’ve looked at the theoretical understanding, relevance, and effect of
CSR, as well as the governance of BML, in this paper. Following a
description of the benefits and obstacles, recommendations for policies
and procedures were made.