Spearheading corporate sustainability transformation in banking industry: case study of CIMB Group (CIMB Bank Malaysia and CIMB Niaga Indonesia)
Sustainability issues, like growing inequality and the deterioration of natural livelihood make the transformation to a more sustainable economic system increasingly desirable and emerging. Moreover, the world is now dealing with unstoppable effects of global warming such as rising sea level, extreme temperature inclination, unpredictable flooding, scalable wildfire, and social economic problems such as income inequality, multidimensional poverty, difficulty in accessing basic education as well as health facilities. Thus, sustainable development calls for integration of the triple-bottom line namely environmental protection, economic empowerment and social inclusion to all sectors of society including the corporate sector and their relevant organisations, commonly phrased as corporate sustainability transformation and ESG integration. Moreover, organisations are increasingly being reminded that their policies and practices are likely to contribute to heightened social disparity and environmental degradation. They have started to adopt and transition to fundamental elements of sustainability into their business practices either as compliance or as stewardship beyond compliance. They also understand the need to drive business change, advocate for policy shifts towards sustainability, develop fine-tuned sustainable business model innovation and exemplary ESG standards by implementing holistic corporate sustainability transformation as their core organisational strategies and guiding principles. This study is an attempt to investigate and assess how the drivers of change theory introduced by Burke and Litwin shapes the dynamics and implementation of corporate sustainability transformation in the last four years at CIMB Group. This paper employs the case study approach to validate and verify the actual findings linked to the theories and concepts. Primary data were gathered through a series of in-depth interviews with Sustainability, ESG Integration and Islamic banking experts from both CIMB Malaysia and CIMB Niaga Indonesia. Secondary data is also undertaken to substantiate the research findings by way of employing content analysis through publicly available CIMB Group sustainability-related information.
Corporate sustainability transformation , Organisational change , Organisational transformation , Sustainability agenda , ESG integration , Sustainable finance
Wardhana, F. S. (2021). Spearheading corporate sustainability transformation in banking industry: case study of CIMB Group (CIMB Bank Malaysia and CIMB Niaga Indonesia) (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/3756