Jockey club (BES Case study).pdf - European Journal of Sustainable Development(2016 5 4 483-496 Doi 10.14207\/ejsd.2016.v5n4p483 ISSN 2239-5938 The Hong

Jockey club (BES Case study).pdf - European Journal of...

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European Journal of Sustainable Development (2016), 5 , 4, 483-496 ISSN: 2239-5938 Doi: 10.14207/ejsd.2016.v5n4p483 | 1 Centennial College, An Independent College Established by The University of Hong Kong, Hong Kong. The Hong Kong Jockey Club: Driving Sustainability and Riding High Together – A Case Study Yihong Yao 1 , Dongya Li 1 Abstract In recent years, sustainability has become a popular topic for both business and society. There is little dispute that companies and organizations have increasingly paid attention to social and environmental issues, and thus sustainability has come under the spotlight. However, The Hong Kong Jockey Club (“HKJC” or “the Club”), the largest single taxpayer and non-government charitable donor in Hong Kong, has been paying attention to environmental and social issues for decades although its “sustainability efforts” were not given a label for most of that period. The year of 2009 was a milestone of the HKJC’s sustainability endeavors as in this year the HKJC formed its first Sustainability Committee, raising sustainability to the strategic level within the Club. The first sustainability report of HKJC was released in 2011, making the HKJC’s dialogue with the community, also within the Club, transparent. In 2014, the Club introduced Supplier Sustainability Guidelines, aiming to increase the sustainability standards of the Club’s business partners, and in turn, of all local businesses. This case depicts how HKJC achieved sustainability through its endeavors in the environmental, social, and governance (ESG) areas, thus contributing to the community and enabling a better future for its stakeholders and for society as a whole. This case also discusses the evolution of the HKJC’s sustainability governance structure and strategy, the progress of HKJC’s sustainability practices from 2009 to 2016, and HKJC’s sustainability challenges. Keywords: Hong Kong Jockey Club, sustainability governance, sustainability practice, sustainability innovation, carbon footprint, supplier sustainability, stakeholder engagement, case study 1. Introduction In recent years, sustainability has become a popular topic in both business and society. Business sustainability is defined as the status of “businesses that can survive shocks because they are intimately connected to healthy economic, social and environmental systems; they create economic value and contribute to healthy ecosystems and strong communities” (Financial Times Lexicon, 2016). The global economy, the environment and political institutions have been experiencing quick structural changes, forcing businesses to change their strategies from one for short-term profitability to the other for long-term sustainability (Werbach, 2009). Companies and organizations have increasingly paid attention to social and environmental issues, and thus sustainability is placed under the spotlight. Environmental issues bring pressures for senior executives when they make decisions and require them to rethink how they could reach a balance between business growth and environmental concerns, and even how they could capitalize the opportunities and benefits from sustainability practices and innovations

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