Exploring Corporate Sustainability in the Insurance Sector: A Case Study of a Multinational Enterprise Engaging with UN SDGs in Malaysia

Agnes Pranugrahaning, Jerome Denis Donovan, Cheree Topple () and Eryadi Kordi Masli
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Agnes Pranugrahaning: Swinburne Business School, Swinburne University of Technology, John Street, Hawthorn, VIC 3122, Australia
Jerome Denis Donovan: Swinburne Business School, Swinburne University of Technology, John Street, Hawthorn, VIC 3122, Australia
Cheree Topple: Swinburne Business School, Swinburne University of Technology, John Street, Hawthorn, VIC 3122, Australia
Eryadi Kordi Masli: Swinburne Business School, Swinburne University of Technology, John Street, Hawthorn, VIC 3122, Australia

Sustainability, 2023, vol. 15, issue 11, 1-22

Abstract: Multinational enterprises (MNEs) are increasingly expected to integrate sustainability into their core business activities, moving beyond philanthropy or public advocacy. In particular, the financial sector is expected to support the Sustainable Development Goals (SDGs) as it plays a critical role in promoting sustainable development through its key roles as risk managers, insurers, investors and lenders. It has been acknowledged that the sector has the power to direct investments towards sustainable activities, encourage sustainable business practices, and promote sustainable development more broadly. However, for MNEs, including insurance companies, examining sustainability practices across subsidiaries operating in expanded geographic contexts becomes complex. Implementing corporate sustainability strategies is challenging, particularly when their globally-developed strategy intersects with local operations. However, limited attention has been given to the sustainability practices adopted by the financial sector at the subsidiary or local levels. This study aims to fill this gap by examining how multinational insurance companies operating in emerging markets manage their sustainability practices, particularly in aligning their global sustainability strategy with local operations. Utilising a corporate sustainability assessment process framework and focusing on the case study context of Allianz in Malaysia, this study provides a comprehensive picture not only of the sustainability practices that have been implemented but also of the important role that global and local operations play in translating global strategies to achieve sustainability into meaningful and contextualised local agendas for sustainability.

Keywords: corporate sustainability; corporate sustainability assessment; sustainable development; UN SDGs; Asia Pacific; developing countries; financial sector; MNE (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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