Admiral Group 1. Introduction - Overview of the company (200-300) (Laurens) 2. Porters framework what is their CSR strategy?

? (200-300) (Laurens) 3. Analysis through the Stakeholder Theory (1200-1300) a. Intro for analysis of stakeholders (Jos) b. Employees & Shareholder effective (Maggie) c. Customers shallow (Jos) d. Environment & Society lacking shallow/ not so important again shallow (Nazish) 4. Best CSR Practices for insurance companies (200-300 for each company) (Arpi & Nazish) 5. Recommendations (500) (all together) Some Ideas that were discussed Risk mitigation Core competencies not leveraged Customer complains increase Lack of transparency, no disclosure of what they do actually Theory definitions: The tragedy of the commons (or tragedy of the unmanaged commons) is a dilemma arising from the situation in which multiple individuals, acting independently and rationally consulting their own self-interest, will ultimately deplete a shared limited resource, even when it is clear that it is not in anyone's long-term interest for this to happen. Assessment guidance note! The module is assessed by a group work assignment of 3,000 words critically profiling a FTSE 100 company. You have been allocated a company but what do we mean by critical profile. First we are looking "A healthy critical analysis" of the company's annual report and CSR record - by healthy we mean what is good about it? and critical would be does what the Company say in their annual report actually stand up in the media and other scrutiny observations re reports from NGO's consumer groups, regulators etc In essence "do they walk the talk" This should then be looked at within the literature sources we covered in the first lecture - so look at the journals like JBE and locate the company's profile/csr strategy within an appropriate theoretical framework for example "stakeholder theory"; or a concept like the "Tragedy of the Commons". These are but two

examples, you should review appropriate theoretical frameworks to place and understand the company profile you have developed. Finnaly do not forget to draw upon the external lectures you have had in the past two weeks and the next two.

Hi all, here is the research i have thus far. at this point, i am looking for newspaper articles that we can include in our paper. Hope this helps! I don't mind at all if you hold the meeting today.

Arpi

http://www.admiralgroup.co.uk/culture/csr/index.php Good site to view their CR initiatives

http://www.admiralgroup.co.uk/investor/financial_reports.php Site with all of their annual reports

Theory definitions: The tragedy of the commons (or tragedy of the unmanaged commons) is a dilemma arising from the situation in which multiple individuals, acting independently and rationally consulting their own self-interest, will ultimately deplete a shared limited resource, even when it is clear that it is not in anyone's long-term interest for this to happen.

Stakeholder theory is attached to give us a better idea of what it is. Also, Admiral's 2011 report (only CR part is attached) Also attached is a CSR theory paper that i found that i think will be useful.

Stakeholder Theory:

According to Stakeholder, two possible strategies, first oen not se oeefectice being used by admiral grp, porters Teaching children in local community about risk, insurance etc. would be a better idea, core competency For sustainable and long term profits, CSR strategy shd create competitive advantage

Society & Environment

Admiral Groups core activities for the welfare of local communities entail mainly charity work including sponsorship of local events in the South Wales area, encouraging its employees to engage in local charities, clubs and organisations through its Community Chest initiative in areas of sports and arts and by providing financial support to charities (Admiral Group Report 2011). Although these fragmented philanthropic activities involving employee engagement help Admiral group attract and retain the talent but we believe that Admiral Group does not leverage its full potential by supporting the local community just through charity thereby having a limited impact. The fact that it does not use its core competencies of knowledge of risk management and intellectual pool of employees with business acumen and knowledge of finance industry for philanthropic activities makes its social welfare initiatives less effective. Its CR initiatives are neither strategic nor operational but cosmetic in nature. Admirals main motive behind such sponsorship seems likely to raise their profile as a good employer and enhance its brand image rather than to actually contribute to society in a bigger way. Moreover, it is very important for a company to track and measure the impact of its philanthropic activities on society, which is missing in the case of Admiral Group (Porter 2006). According to Porter, the more closely linked a social problem is to a companys business, the greater the chances to leverage the firms resources and competencies to benefit society (Porter 2006). Admiral Groups CR strategy does not seem to be in alignment with their business goal of reducing the risk and enhancing safety given their association with charities working in totally different dimensions like sports, emotional distress counselling etc. Moreover this leads to non-usage of the concept of shared value creation, which can act as a source of competitive advantage for a firm, in case of Admiral Group (Porter 2006). The group claims its commitment to measuring and reporting its key environmental performance indicators and reducing its footprint on environment. Its plans of moving to a environmental friendly green building by 2014 which works on sustainable solutions like rain water harvesting and electricity generation through photo-voltaic panels is appreciable but there is a lack of transparency in terms of data on its carbon emissions, the targets for reduction and reduction achieved till date.

References: Admiral Group Plc (2011), Annual Report 2011 [Online], Available at: < http://www.admiralgroup.co.uk/investor/financial_reports.php >

Recommendations: Business Goal (development of safer communities) The mutual dependence of corpo- rations and society implies that both business decisions and social policies must follow the principle of shared value. (Porter 2006) Comment on CSR Rating ranking. Can educate people on reducing their financial risks. Supporting the non-profits with the similar goal in alignment to business goals, economic development and educating people about managing finances etc. Educate on Highway safety, drunk driving and auto safety. Can educate people on measures to reduce consumption of energy usage with green driving ideas, proper driving principles like inflated tyres, driving at a steady cruising speed having an impact on environment through pollution reduction promoting public transport. Work on things like seat belt and rollover protection, booster seats or other safety research w.r.t driving.

Other points: Arpis Part: Can mention how State Fram sued the government and forced them to have a regulation of airbags installed in the cars, thus helping save 3000 lives a year and at the same time helping their business by lesser claims of fatal accidents. Shareholders: Corporate Governance: Risk mitigation & transparency: less credit