Bank Audi: Leading through Sustainability

<p style="color: rgb(197, 183, 131);"><strong> AWARD WINNER - Corporate Social Responsibility Award, European Foundation for Management Development (EFMD) Case Writing Competition</strong></p><br>Bank Audi, a leading financial institution, was founded in Lebanon in 1830 and, over the years, had been engaged in various forms of philanthropic, charitable giving embodying its responsibility towards its various stakeholders. The head of the corporate social responsibility (CSR) unit faced a prominent decision. How could the bank consolidate its CSR efforts—which had taken a largely philanthropic approach, especially between 2010 and 2012—in the context of a coherent strategy that built on the assessment of aspects that were material and critical to both the bank and its key stakeholders? Setting the bank’s CSR priorities would serve as the basis of a coherent CSR strategy for Bank Audi.

The case is appropriate to be used in both undergraduate and graduate courses relating to CSR and social entrepreneurship, corporate sustainability, international business, and strategic management programs. It introduces and explores the principle of materiality; strategic CSR; the value perspective; the business case of CSR; balancing social and business interests; human development, training, and education; collaborative value creation; and public/private partnerships. This case will provide students exposure to:<ul><li>the evolution of CSR from a philanthropic approach to a strategic approach;</li><li>materiality and the importance for a business to focus its CSR efforts on issues that are most material and critical to both the organization and its priority stakeholders;</li><li>a real-life materiality assessment process in the Middle East: from identification of priority stakeholders, to stakeholder engagement, to prioritization and validation of salient issues;</li><li>the importance of stakeholder engagement in a materiality assessment process;</li><li>the delineation of CSR pillars or strategic priorities from a diligent materiality process; and</li><li>the need for reporting on CSR and sustainability and measuring impact.</li></ul>

• materiality, strategic corporate social responsibility, CSR philanthropy, MENA